SOLD – $1.00 – 1849 Open Wreath, No L, PCGS MS65 CAC

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1849_1_no_l_P65_CAC.jpg
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SOLD – $1.00 – 1849 Open Wreath, No L, PCGS MS65 CAC

5,750.00

Serial Number 26591896

PCGS Lookup Number 7501

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This variety, which uses the First Head obverse punch, is notable as the very first gold dollar struck at the Philadelphia Mint in 1849. The mintage has traditionally been stated to be as low as 1,000 coins but this is clearly not correct and it is more likely that around 10,000 were made. Today, the 1849 No L gold dollar is reasonably available in lower grades and can be found even in MS63 to MS64 but Gems are very scarce.

When this date comes nice, it comes really nice and this example is an exceptional coin with a hammered strike, frosty luster and splendid natural green-gold color that turns to a rich rose at the central reverse. A very faint toning streak extends out from the left foot of the 1 in the value.

The last two APR’s for the 1849 Open Wreath, No L dollar in PCGS MS65 were $5,175 and $5,763, respectively, in February and March 2010.

PCGS has only graded four finer examples than this and a PCGS MS66, if available, would cost close to $10,000.

CAC has approved five in this grade with none finer.