1863 G$1 MS(PCGS#7562)

February 2026 Showcase Auction - The James A. Stack, Sr. Collection Part II

Auctioneer

Stack's Bowers

Lot Number

23002

Grade

MS61

Price

11,700

Lot Description

An impressive example of this elusive Civil War era gold dollar. Boldly defined and handsomely toned, both sides exhibit vivid orange-apricot highlights on dominant honey-olive color. Full mint luster remains, and there are just wispy, singularly inconspicuous handling marks to define the grade. Both the quality and eye appeal are far superior to what one might expect to see in an MS-61 holder, confirmed by this coin's inclusion in the highly select group of only 10 Mint State 1863 gold dollars in all grades to have received approval from CAC.<p>Circulation strike gold coinage at the Philadelphia Mint remained limited in 1863, as the Civil War reached its turning point with the Union victories at Vicksburg and Gettysburg. The suspension of gold specie payments in December 1861 drove these coins from circulation in the East and Midwest, and after one final high mintage of 1,361,355 pieces in 1862, circulation strike gold dollar coinage plummeted to just 6,200 pieces in 1863. Writing in the second (2008) edition of their <em>Encyclopedia of U.S. Gold Coins: 1795-1933</em>, Jeff Garrett and Ron Guth cut right to the point, stating that the 1863 is "very rare in any condition." Indeed, most were melted, and given that the few survivors are predominantly About Uncirculated or Mint State, this issue clearly did not circulate to an appreciable extent. This is typical of most gold and silver issues from the Philadelphia Mint struck during the Civil War and Reconstruction eras; the coins were hoarded domestically or exported, and eventually melted as bullion.<p>With just 50 to 80 Mint State coins believed extant (per Q. David Bowers, <em>A Guide Book of Gold Dollars</em>, 2011), the 1863 is the rarest Philadelphia Mint gold dollar after only the legendary 1875, of which only 400 circulation strikes were produced. The two finest known examples are both certified PCGS/CAC MS-68: the Virgil Brand specimen that most recently appeared at auction in Heritage's August 2015 sale of the Duckor Family Collection of Gold Dollars; and the highly publicized specimen from the "Chapman Set" of Gold Dollars that was likely acquired directly from the Philadelphia Mint by Major W.B. Wetmore at the time of issue. The latter example realized $192,000 in our November 2024 Showcase Auction, lot 5325.<p>The fact that most Mint State 1863 gold dollars extant are in lower certified grades than the Brand-Duckor and Wetmore-Chapman specimens does not diminish their numismatic significance or desirability in the slightest. All are scarce survivors of a popular, eagerly sought, yet challenging Civil War era issue. The James A. Stack, Sr. specimen offers originality and premium quality at a grade point that is accessible to a greater number of advanced collectors. With more potential collectors can come greater competition, of course, and an 1863 gold dollar with the attributes of the Stack specimen is particularly deserving of an aggressive bidding strategy.