In the fall of 1986 the Breen-Julian theory for attributing original and restrike Gobrecht dollars was universally accepted in the numismatic community. Collectors, dealers, auction companies and the 40th edition of The Guide Book used the theory, as did a fledgling grading service named PCGS. At that time, my research was devoted solely to identifying the original issues of December 1836, March 1837 and December 1839. As such, my efforts were concentrated on a study of the 1836 and 1839 Gobrecht dollars. At the time of publication of my first article on Gobrecht dollars in November, 1986 (Reference 4), I was a voice in the wilderness who believed that die alignment IV 1836 and die alignment IV 1839 coins from perfect dies represented the issues of March 1837 and December 1839. A few years later Andrew Pollock began his research for his book on patterns. Our correspondence confirmed that his research yielded the same results as mine, and he began to believe that I was correct. As was shown in Part I of our previous article (Reference 1), approximately 400 dollars of the original issue of March 1837 were struck in die alignment IV and its variants. While these coins raise serious questions about the validity of the Breen-Julian theory, it is the coins dated 1839 that prove that this theory is not correct. By 1990, I was convinced that there was no such thing as an 1839 Gobrecht dollar in die alignment I (or die alignment II for that matter) and offered a $500 reward to anyone who could produce one for inspection. This offer was repeated in Lot 2203 of the Eliasberg Collection where Dave Bowers catalogued an 1839 Gobrecht dollar in die alignment IV from perfect dies as an original issue of December 1839. Since the offer was first made, there has been no report of an 1839 dollar in die alignment I by any collector, dealer, auction house, authentication service or grading service, and the offer still stands. Mike Carboneau has done extensive research on the 1838 Gobrecht dollars, and his work also suggests that the 1838 dollars don’t exist in die alignment I. However, this conclusion is still tentative and is not as certain as that inferred for the 1839 dollars. All of the evidence that we have seen indicates that no Gobrecht dollar in die alignment I was struck at the United States Mint after December 1836, and none in die alignment II after the first ~120 dollars were made in March 1837. All Gobrecht dollars dated 1838 and 1839, both originals and restrikes, were struck in die alignments III and IV or their variants. All of the evidence to date indicates that the Breen-Julian theory is incorrect. Nonetheless, a theory promulgated and endorsed by two numismatic titans is not to be taken lightly. As of 2001, both The Guide Book and PCGS continue to use it. However, ANACS has discontinued using the Breen-Julian theory for classifying 1839 dollars and is currently using the theory that is supported in this article. Mike’s observation of a rotated die for a die alignment II variant proved to be the key that allowed us to solve the puzzle surrounding the Gobrecht dollars of March 1837. It also provided us with a new avenue of research for all other Gobrecht dollars. It turns out that rotated dies are common throughout the Gobrecht series, both for originals and restrikes. Most 1836 die alignment I dollars have the head of Liberty opposite the DO of DOLLAR, but there are some die alignment I coins with a rotated reverse and the head of Liberty near the E of ONE, as shown below. 1836 J60/P65 Dollar, Die Alignment I variant with a reverse die rotation of 13 degrees. The head of Liberty opposite the space between the E in One and the D in Dollar. Reprinted with permission of Heritage Numismatic Auctions Inc. Copyright HNAI. With the 1838 dollars in die alignment III we have also found several different rotations. In some cases, the head of Liberty is opposite the E of ONE and the eagle appears to be flying slightly upward. This may account for two 1838 originals which have been listed in the PCGS population report. Other 1838 and 1839 dollars have been seen with rotated reverse dies in the opposite direction; for example, with the eagle flying slightly downward. Our research indicates that all original 1839's exist in approximate die alignment IV orientation and were made from perfect reverse dies. Original 1839 dollars have been observed with the head of Liberty opposite the F in OF, and in some cases opposite the O in OF. Other variations might also be possible. In the case of the 1839 restrikes, there has been many more die rotations. In some extreme cases the head of Liberty has even been seen opposite the first A in AMERICA with the eagle flying downward (see Lot 1339 of Numisma 95). Other examples have been observed with the head of Liberty opposite the space between the F in OF and the first A in AMERICA (see Lot 6449 of the Heritage 2001 ANA Sale). In any case, all of the 1839 restrikes that we have examined have had microscopic reverse die cracks primarily through the top of MERI. With respect to the original issue of March 1837, Mike and I both thought that a 33o rotation with the head of Liberty opposite the right side of the F in OF was the maximum extent of rotation. However, Mike has recently discovered another coin at the ANA Money Show in Salt Lake City. This piece has a 36o rotation with the head of Liberty to the right of the F in OF. As more precise measurements are taken and more Gobrecht dollars are examined, we feel that many more rotated dies will be discovered. Our research has shown that at the time of the original strikings of December 1836, March 1837 and December 1839, a number of high grade proof coins were saved. In the case of the issue of December 1836 and to a lesser extent with the issue of December 1839, a number of specimen strikes were made. They are characterized by strong, nearly perfect strikes and pristine surfaces, except for the inevitable cleaning. These coins were given to politicians, dignitaries and mint officials. A large number of souvenir pieces were obtained at each initial striking, and this explains why the majority of die alignment II coins extant are in high proof condition. The issue of December 1836 specimen strikes and souvenir pieces do not have the die line from the eagle’s top wing as the die was scratched later in the striking. Examples of the original 1836 specimen strikes are the personal coins of President Andrew Jackson and Christian Gobrecht which were sold at auction in the recent past and the piece that appeared as Lot 6447 of the Heritage 2001 ANA Sale. 1839 presentation strikes are represented in Lot 2203 of the Eliasberg Sale and Lot 554 of Stack’s October 1999 Sale. Production strikes are often softly struck as illustrated by the December 1836 and December 1839 coins shown on pages 395 and 399 of the Collective Volume No. 3. In 1836 the United States hadn’t produced a silver dollar in over 30 years. When the new Gobrecht dollar regular issue coinage began, it was a proud moment for our country, especially for the U.S. Mint. There was a large initial demand for an example of the new dollar coinage, and these presentation strikes and souvenir pieces are the primary sources of a number of beautiful specimens that are available today. The purpose of this article is to review the data that we have collected on 1838 and 1839 dollars during the last eight years of research. Our research, together with the information on the Gobrecht dollars residing in the Smithsonian Institution lead us to argue that the original issues of 1838 and 1839 were made in die alignment IV, not die alignment I; and that these coins were made from perfect reverse dies. Many of the original 1839 dollars exist in circulated and/or damaged condition. As for the 1838 restrikes, it appears that all were made in die alignment III; some with uncracked reverse dies and some from cracked reverse dies. Almost all of the 1838 dollars, both originals and restrikes, are found in Proof-60 or higher grades. Our observations indicate that none of the 1838 dollars were purposely deposited into circulation and that all 1838 dollars can be considered patterns. 1839 restrikes are found in both die alignment III and die alignment IV, and all were struck from a cracked reverse die. Even after eight years of research, there are still many unanswered questions concerning these interesting coins. We believe that further research needs to be continued in this area. Hopefully, our articles will spark the interest of other numismatists to continue this work. Continue on to General Overview