 As of January 2001, PCGS has reported 34 1839 (J-104) coins in their population report. NGC has reported 30 J-104's and ANACS has reported 9 J-104 dollars. All of the PCGS coins have been classified as “RES” (e.g., restrikes). No 1839 dollars have been identified by PCGS as “ORG” (e.g., an original), although PCGS has reserved a coin number for this possibility. PCGS classifies 1839 dollars according to the Breen methodology; that is, die alignment I coins would qualify as originals, and die alignment IV and III coins are restrikes. The authors of this report disagree with the Breen classification strategy for Gobrecht dollars. Aside from the Gobrecht dollar issue of 1836 in die alignment I, and perhaps the restrikes made in die alignment III, we can find no justification for assigning a correlation between die alignment orientations and restrike versus original classification for these coins. This includes the die alignment IV dollars dated 1838 and 1839. This conclusion also applies to the issue of 1837, as illustrated in Reference 1. Above are 2 examples of the 1839 Dollar, J104 in alignment IV certified as a restrike by PCGS and an original by ANACS. We believe that both of these with no die breaks are originals. NGC does not distinguish between restrikes and originals in their coin classification. ANACS does distinguish between restrikes and originals; however, they have recently dropped the Breen die alignment theory for classifying 1839 dollars. Currently, ANACS will identify an 1839 dollar as an original, if it is in die alignment IV and has no reverse die cracks. This new classification strategy is illustrated by the ANACS Proof-45 1839 dollar shown in Figure 3, and identified as an original. Clearly, there is no agreement at the certification companies as to how to distinguish between original and restrike 1839 dollars. Very little historical information, including mintage figures and die alignment data, exists regarding the Gobrecht dollars dated 1838 (J-84) and 1839 (J-104). In fact, Walter Breen mentioned in his 1954 monogram (page 17 of “The Secret History of the Gobrecht Coinages 1836-1840" - Reference 5) that: “There is no basis for the traditional figure of 300 dollars of 1839 other than the Director’s Report for that year. No dollars are mentioned in the Bullion Journals. No correspondence relating to them has survived.” Not only is the mintage figure of 300 for the 1839 dollars not certain, but the 25 to 50 figure that is often mentioned for the 1838 mintage can not be verified. The Gobrecht dollars of 1836-1839 are an interesting but preplexing issue of coins. Some Gobrecht dollars are patterns, some represent regular circulating issues, and others seem to exist only as restrikes made many decades after the originals. All of this occurs within a short three-year series. It is quite interesting that so little is really known about these coins. Our research began with a review of the published literature. After reviewing this material, the next logical step was to attend coin shows and major auctions and observe what is really available. Unfortunately, Gobrecht dollars exist in such small numbers that only a few coins (mostly dated 1836) are usually found at any major coin show. In fact, so few 1838 or 1839 dated dollars are available at any given time that our research as had to span eight years in order to see a sufficient number of these coins to draw any general conclusions. As previously mentioned, some 1838 dollars in die alignment III have been reported without reverse die cracks (e.g., Lot 2202 of the Eliasberg Collection, Bowers and Merena Auction, April 6-8 1997); however, the vast majority of the 1838 dollars (in die alignment III) that we have inspected, were made from a cracked reverse die. One specific crack is prominently located at the top of MERI. This crack seems to have begun at the M and then worked its way toward the I in AMERICA. No die alignment I 1838 dollars have been observed by the authors of this article, and none have been reported by other researchers in recent memory. In addition, the two J-84ORG coins listed in the PCGS population report (Reference 7) have not been verified. Either no 1838 die alignment I dollars were made, or only a very small number were minted, and almost none of this original mintage has survived to the present. It is just possible that the two J-84ORG coins mentioned in the PCGS population report are actually rotated die alignment III restrikes. It is known that some 1838's exist in rotated variations of die alignment III, as shown below. Examples of 1838 (J-84) dollars with various die alignments showing the angle of rotation (pellets level = 0 degrees). All of the illustrated coins are in approximate die alignment III (coin turn) orientation. All of these coins have reverse die cracks and represent restrikes. An 1838 (J-84) dollar in die alignment IV is shown later on. Based on our research, it appears that the first set of 1838 dollars were probably made in die alignment IV, not die alignment I; and were probably struck in 1838 and/or 1839 from perfect reverse dies, making these coins either “originals” or “second originals” (using the terminology that is frequently applied to the issue of 1837). It is also noted that nearly all 1838 dollars appear in grades of Proof-60 or higher, and almost all of these coins have been observed in die alignment III orientation. However, a few die alignment IV coins are known (e.g., the Norweb specimen; see page 40 of Reference 9). We have not examined any “circulated” 1838 dollars, but a small number of examples do appear infrequently in auctions and may represent “pocket pieces” or coins with “cabinet friction”. No 1838 dollar is believed to have been deposited into the US banking system. Therefore, all 1838 dollars can be considered patterns; most of which are restrikes sold to collectors in the late 1850's and 1860's. The mintage of 1838 dated dollars is unknown since no official reports exist; however, based on certified population report and auction data, the 1838 dollars are significantly more rare than 1839 dollars (e.g., ~200 1838 dollars versus ~400 1839 dollars). It is frequently mentioned that 1839 dollars are common in circulated grades and rare in high grade. Based on our observations, and a review of auction data going back to 1972 it appears that this statement is not correct. In general, 1839 dollars are frequently encountered in Proof-63 and 64 grades and are relatively rare in all circulated grades, especially in undamaged condition. Many of the circulated 1839 dollars that we have examined have been severely damaged (cleaned, repaired, whizzed, polished, etc.). These coins would not normally be encapsulated by either PCGS or NGC. Therefore, the PCGS and NGC population reports do not adequately account for the actual number of circulated 1839 dollars, since they don’t count the number of damaged coins. Only a small fraction appear in circulated condition; with most of the circulated coins generally falling in the upper categories of EF to AU. Only a very small fraction of 1839 Gobrecht dollars have been observed in lower grades (VG-VF). Apparently, many of the 1839 dollars that were deposited into circulation were removed shortly after reaching the general population. Only a small number of coins actually circulated for any length of time. In comparison, a large number of high-grade restrikes have been observed. Again, not a single 1839 (J-104) dollar in die alignment I was observed during our research; however, we did observe many J-104 coins in die alignment IV and die alignment III. The image below shows three typical 1839 dollars with normal die orientations (other variations have been observed). Examples of 1839 (J-104) dollars with various die alignments showing the angle of rotation (pellets level = 0 degrees). The coins on the left and middle are in approximate die alignment IV orientation (medal turn - Head of Liberty opposite the O or F in OF); and the coin on the right is in die alignment III (coin turn - Head of Liberty opposite the N in ONE). The coin on the left (XF-40) has no reverse die cracks, but has been harshly cleaned (i.e., a “problem coin”). The middle coin (PR61) and coin on the right (PR62) have reverse die cracks in MERI. The coin on the left is an original while the middle and right coins are restrikes. PCGS has been keeping population statistics since 1986 and they have yet to encapsulate even one “original” 1839 dollar. Furthermore, many other prominent numismatists have remarked that they too have not seen an 1839 dollar in die alignment I (see page 530 of Reference 6 and page 44 of Reference 9). Besides the official mint records that state that 300 dollars were made in 1839, other independent information indicates that 1839 dollars were in existence before the first restriking period of 1857-1860. That is, not all 1839 dollars are restrikes, some must be originals. For example, an 1839 dollar is mentioned in the June 12-13, 1855 auction conducted by M. Thomas & Son’s of Philadelphia (Lot 363). Also, on page 514 of Bowers’ Silver Dollar Encyclopedia (Reference 6), an 1839 dollar is mentioned as Lot 167 of the George Massamore’s sale of the Hunter and Andrews collections, March 20, 1885; and, a testimonial included with the coin description states that this coin had been acquired by a nephew of Mrs. Hunter in 1839 when he worked at the US Mint. The historical evidence suggests that some 1839 dollars must have been made in 1839; however, there are many lingering questions. First, it is not clear that all 300 coins that were reported to have been minted in 1839 were actually dated “1839". Certainly, the 600 coins made in 1837 were dated “1836". Likewise, it is possible that some of the 300 dollars minted in 1839 may have been dated “1838". Unlike the 1839 dollars, the 1838 dollars were not deposited into commerce, but instead were held back for special purposes. It is evident that many 1839 dollars made their way into circulation, but it is not clear if these coins were deposited in the US banking system or were simply traded for other silver bullion coins of equal value directly at the US Mint (note: the reported mintage figure for December 1839 suggests that these coins could not have been deposited with the United States Bank in Philadelphia since this bank had closed its doors on October 10, 1839 [see page 527 of Reference 6]). Finally, since the 1839 mintage occurred late in the year, it is not known if the 1839 dollars were actually placed into circulation in 1839 or 1840. All of our observational data on J-84 and J-104 dollars are shown in Tables 1 and 2. These data were obtained from 1993 through September 2001 and were collected from verified auction catalog data, coins inspected on the bourse floor of major coin shows, advertisements, and/or private collections. An effort was made to eliminate duplicate entries when known. The information shown in these tables may differ from the printed auction descriptions due to cataloging errors that were identified by personal inspection of the coins or discussions with auction house personnel. In some cases, small rotational variations were observed, but for the purposes of Tables 1 and 2, all coins were grouped into the standard four die alignment categories. Table 1 presents the number, grade, and the die alignment for 1838 J-84 coins that we have examined or for which we have verified information. These data indicate that most 1838 dollars exist in Die Alignment III and usually appear in high proof grades. This information also indicates that only a few 1838 dollars exist in Die Alignment IV and that no 1838 dollars were observed in Die Alignment I. Table 1 - 1838 Judd 84 Gobrecht Dollars - Estimated Grades for Coins Observed During Study
Comments: No J-84 coins were observed in Die Alignments I or II. There were 19 Die Alignment III coins observed in the study, 4 coins were raw and 15 were certified. The Eliasberg coin was initially graded as a raw Proof-64 but it was later certified by NGC as a Proof-65. The majority of Die Alignment III coins have reverse die cracks. The Smithsonian coins was graded Proof-60 and is in Die Alignment IV. The grade of this coin was reported by Richard Doty. Table 2 shows that we observed 57 1839 J-104 dollars during the last eight years, with 13 coins in Die Alignment III and 44 coins in Die Alignment IV. In the Die Alignment IV category, 13 were in circulated grades and 31 were in high grades. For the 13 circulated J-104 coins, 5 were damaged and would not be certified by PCGS or NGC. Note that the data in Table 2 applies only to J-104 coins and no J-105 coins are included. Based on the Table 2 data, the overall circulation rate for 1839 dollars is about 23% of the total number observed, with about half of the circulated coins existing in damage condition. In comparison, the PCGS data indicates a circulation rate of only 14%. Since damaged coins are not included in the PCGS or NGC population reports, it appears that the certified coin data under represents the number of 1839 dollars in circulated grades. Table 2 - 1839 Judd 104 Gobrecht Dollars - Estimated Grades for Coins Observed During Study
Comments: No J-104 coins in Die Alignment I or II were observed and none are known to exist. There were 13 coins observed in Die Alignment III, 2 were raw and 11 have been certified. There were 44 J-104 coins observed in Die Alignment IV, 20 were raw and 24 have been certified. There were 13 circulated coins among the Die Alignment IV coins with 5 of the raw circulated coins being damaged. PCGS and NGC do not certify damaged coins. ANACS will certify some damaged coins but most of the damaged J-104 coins we observed have not been certified. The J-104 Smithsonian coin is in Die Alignment IV and has been graded Proof-60. The grade of this coin was reported by Richard Doty. There are several arguments that suggest that the 1839 dollars found in circulated or damaged condition, and made in die alignment IV from perfect reverse dies, are part of the original issued coins from 1839, and are not restrikes from the 1850's. Two arguments are presented as follows: 1. If the die alignment IV coins (from perfect dies) are not the original issued coins from 1839, then what silver dollars were made in 1839? It certainly cannot be the die alignment III coins which are found in later die states. And it clearly can not be the die alignment I coins, since none are known to exist. 2. If all of the die alignment IV coins are restrikes made in the late 1850's or later, and subsequently sold or traded to collectors, then their population distribution should look like the 1838 dollars or the 1839 dollars in die alignment III. However, the die alignment IV and III coins have very different population distributions. For example, if all of the 1839 die alignment IV coins are restrikes, and since many of these coins appear in circulated grades, then why don’t we also see an equal percentage of die alignment III coins in circulated grades? Why would collectors of these coins, who paid a premium to get them in the first place, decide to spend the die alignment IV coins while saving the die alignment III coins? Also, why would collectors somehow separate die alignment IV coins into those with cracked reverse dies and those without reverse die cracks and then spend (i.e., circulate) those coins with perfect reverse dies while keeping those coins exhibiting reverse die cracks in high grades? Altogether, the collective evidence indicates that the Breen-Julian theory is simply not correct in identifying the original issue of 1839. Based on our research, the issue of 1839 is comprised entirely of die alignment IV coins made from perfect reverse dies. The reason that a significant number of die alignment IV coins appear in circulated grades is that the original issue was made in die alignment IV and that many of these coins were purposely deposited into circulation by the US Mint, probably through transactions conducted at the Mint with the public. The abuse that these coins suffered was not due to the collectors that obtained 1839 dollars in the late 1850's and 1860's, but rather from the general public during the 1840's. R. W. Julian has suggested (see page 506 of Reference 6) that the Mint had purposely “circulated” the Gobrecht dollars at the Mint to offer collectors a choice of conditions. Again, this does not make sense that the Mint would have “circulated” only die alignment IV dollars and not die alignment III coins. Furthermore, if the Mint made “circulated” 1839 dollars, then why didn’t they also make “circulated” versions of the 1801-1804 proof dollar restrikes, or the 1851 proof restrikes, or the 1852 proof restrikes, etc.? It makes more sense that all of the 1839 restrikes were made and sold in high-grades, and that the circulated dollars represent the original issued coins. One possible scenario that might explain the die alignment IV configuration for the “original” 1838 and 1839 dollars is summarized as follows: Suppose the 1838 die alignment IV coins were actually made in 1839 just before the striking of the 1839 dollars. Since the 1838 dollars were made in a year different than 1838, these coins were purposely orientated in medallic alignment, like the issue of 1837, and not in die alignment I. Afterwards, the 1839 dollars were simply struck without re-orientating the reverse die. Therefore, the issue of 1839 is comprised of a small number of 1838 dollars made in die alignment IV (on purpose), and a larger number of 1839 dollars, also made die alignment IV (but selected accidentally). Both sets of coins would have perfect reverse dies. Alternatively, it is also possible that the die alignment IV configuration was simply preferred over the “onward and upward” orientation, and both sets of coins were made in die alignment IV (on purpose). If some 1838 dollars were made in 1839, then these coins would contribute to the mintage figure of 300 for the year. This is important since it appears that there is not enough 1839 dollars in die alignment IV (either circulated or from perfect reverse dies) to account for a 300 coin mintage. Note that there is some precedence for producing coins in one year from dies held over from the preceding year. For example, the coins made in 1837 were not dated 1837 but rather 1836 from dies made in 1836, and some of these coins were also made in die alignment IV. Our estimates of the number of 1839 dollars that were made in 1839 is between 200 and 250 coins. The remaining number of coins would then be the 1838 dollars struck in die alignment IV. In this scenario, the 1838 dollars in die alignment IV (from perfect reverse dies) would be “second-originals” following the logic associated with the issue of 1837. Although the 1838 dies were probably made in 1838, it is very likely that no 1838 dollars were actually struck in 1838. Table 3 compares our observational data with the certified population data from PCGS, NGC, and ANACS for 1839 dollars. From this table it is clear that a majority of 1839 dollars appear in grades of Proof-62 or higher. Only 23% of the 1839 dollars that we observed appeared in circulated grades. An even smaller percentage of the certified coins were circulated. Table 3 A Summary of the Observation and Certified Population Data for 1839 (J-104) Dollars.
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