Although authenticated and certified by PCGS as a planchet flaw, in AU condition, and encapsulated in a PCGS Genuine holder, there is more to the story... It is actually a Mint Error and the accurate terminology is lamination.
Realizing $26,400 in August 2024 in the Stacks Bowers August 2024 Global Showcase Auction - Session 3 - Rarities Night (Lot #3274), it is one of the bargains from the auction for several reasons: rarity, condition and price.
Stacks Bowers described it as "minimally marked and unusually well-composed for the assigned grade, wispy hairlines are noted solely for accuracy." Upon examination of this coin in hand, I would assign a conservative numerical grade on a minimum of AU 55. Several world class experts specializing in early Branch Mint U.S. gold coins, upon viewing this coin in person, graded it AU 58 and agreed that it is a mint error and belongs in a regular PCGS holder with a designation of mint error and a numerical grade.
Coin World featured this coin in an October 27, 2024 article after it sold in Stacks Bowers. Coin World stated that "in contrast to many Details grades seen on coins, this 1861-D Indian Head gold dollar's Details grade is due to a Mint made error, rather than improper handling."
Click here to read the Coin World article...
Recently, Heritage Auctions sold two 1861-D $1 gold coins, certified AU 55 by PCGS, for $72,000 and $78,000. Additionally, Heritage Auctions sold two 1861-D $1 gold coins graded PCGS AU 58 for $84,000 and $96,000.
This extremely rare 1861-D Dahlonega, Georgia gold coin, struck at the U.S. Branch Mint, is the only U.S. issue struck entirely under Confederate authority. The Dahlonega Mint closed in June of 1861. PCGS estimates a mintage of 1,000, and The Guide Book of United States Coins estimates a mintage of 1,250. It is rare in all grades. These were struck from a single die pair and were poorly produced. Many 1861 $1 gold coins have mint error defects, splits, cracks and laminations.
This piece exhibits considerable luster, original surfaces and toning, and is a high-end almost uncirculated example. It is the second most valuable gold dollar in the series. Only the 1849-C Open Wreath variety is more valuable.
Gold Errors are featured in
my NLG Award winning book,
World's Greatest Mint Errors.
