What is a Gobrecht Dollar?

 

What is a Gobrecht Dollar?

For silver dollar collectors, there are few coins as sought-after as the Gobrecht dollar. The coin was minted for only three years, and only 1,900 Gobrecht dollars were ever produced during this mintage run. As such, the Gobrecht dollar is one of the most valuable and desirable silver dollars in the world. Depending on condition, year, and variety, Gobrecht dollars sell at auction for anywhere from $6,000 to hundreds of thousands of dollars.

Although the Gobrecht dollar is highly sought-after, especially by type collectors, the coin’s prohibitively high value means that very few investors will ever add one to their collections. Still, the Gobrecht’s role in American coinage history is undeniable. The coin’s popularity helped reignite public interest in coin collecting, and its iconic designs laid the groundwork for decades of subsequent American silver dollars. 

On this page, you’ll be able to learn more about the Gobrecht dollar, including the coin’s history, designs and specifications, and value. 

About the Gobrecht Dollar

The Gobrecht dollar began as an experiment. Prior to this coin’s release, the last circulating silver dollar was minted in 1803. As a result, the U.S. Mint facility at Philadelphia only minted a very limited number of the new Gobrecht dollar. Its purpose? To assess public demand for a new silver dollar for circulation. 

After its release, the Gobrecht dollar received near-universal acclaim from collectors and the public. The popularity of the Gobrecht dollar also led to a resurgence in the popularity of coin collecting, a trend that persists even today. Below, we’ll take a look at the history, specifications, and designs of the iconic (and pricey) Gobrecht dollar. 

History of the Coin

In 1835, Director of the United States Mint Robert M. Patterson decided to try to reform and redesign the coinage of the United States. He enlisted the help of Christian Gobrecht, a German-American inventor and the acting Chief Engraver of the U.S. Mint at the time. Gobrecht used artwork by two artists, Thomas Sully and Titian Peale, to create the final design for what would eventually become the Gobrecht dollar. 

Following a few trial strikes, the U.S. Mint introduced a small number of Gobrecht silver dollars into circulation in 1836. Because of both the limited quantity of initial strikes and controversy surrounding the placement of Gobrecht’s name, the Gobrecht dollar actually comes in several different design varieties – all of which are highly collectible. 

Gobrecht Dollar Designs

Although the Gobrecht dollar was struck with several notable design changes, the coin’s general artwork remained largely unchanged from 1836 until its discontinuation in 1839. 

The obverse of the coin features a seated Lady Liberty. She sits atop a rock and holds the shield of the United States at her side. This obverse design was originally penned by Thomas Sully before being engraved by Gobrecht. The seated liberty design went on to become a mainstay of American coinage designs in the 19th century, appearing on U.S. half-dimes, dimes, quarters, and half-dollars throughout the 1800s. 

The reverse of the Gobrecht dollar features another American icon – the bald eagle. Based on Titian Peale’s sketch, Gobrecht’s eagle flies through the air. Originally, this eagle was surrounded by stars, but these stars were removed during a redesign by Gobrecht himself two years later in 1838. 

Another major design change to occur on the Gobrecht dollar involved the engraver’s name. Gobrecht’s signature originally appeared in relatively large letters below the rock where Lady Liberty sits. After a small quantity of Gobrecht dollars were circulated in Philadelphia, collectors complained that Gobrecht’s name was too prominently displayed on the coin’s obverse. As a result, most circulated Gobrecht dollars feature the engraver’s names in small letters at the base of Lady Liberty’s rock. 

Today, Gobrecht dollars featuring the designer’s name under the rock are considered extremely rare and valuable. In 1838, mint artists removed Gobrecht’s name from the coin entirely, but only around 300 Gobrecht dollars with this new design were minted. Both varieties, Gobrecht’s name on the base of Lady Liberty’s rock and the absence of his name on the coin, are highly sought-after by type collectors. 

Gobrecht Dollar Specifications

The very first Gobrecht dollars were minted with a composition of 89.2% silver and 10.8% copper. In 1837, a new law standardized the silver content for U.S. coins at 90%, so subsequent releases of the Gobrecht dollar were minted with 90% silver and 10% copper. The weight of a Gobrecht silver dollar ranges from approximately 26.73-26.92.

How Much Are Gobrecht Dollars Worth?

Gobrecht dollars are extremely valuable, even in the lowest possible grades. The limited mintage of this coin, along with the coin’s role in early American numismatics, make it very sought-after among coin collectors. That being said, the value of a Gobrecht dollar can vary significantly depending on a few key factors, including:

• Rarity
• Condition
• Variety and Gobrecht Name Placement

Rarity and Surviving Specimens 

Gobrecht dollars are exceedingly rare in any condition and variety, but certain varieties of this iconic American coin are considered more valuable than others. Generally, the estimated mintage of a coin should be indicative of how rare – and valuable – that coin is likely to be. The Gobrecht dollar is no exception. 

The most valuable Gobrecht coins are limited varieties, such as the variety featuring his name below Lady Liberty’s rock. This Gobrecht dollar variety was minted in extremely small quantities in order to assess how the coin would be received among local collector community in Philadelphia. 

Although these coins are still worth thousands of dollars even in poor condition, the most affordable version of the Gobrecht dollar is the 1836 variety, which features a small version of Gobrecht’s name at the base of Lady Liberty’s rock and stars surrounding the flying eagle on the coin’s reverse.

Remember – Condition Matters!

Condition tends to be the single most important factor in the appraisal of a silver coin, and the Gobrecht dollar is certainly no exception to this rule. Coins are generally graded on the Sheldon Scale, a coin grading system that assigns coins a numerical rating from 1-60, depending on the coin’s degree of design preservation. 

1836 “Name On Base” Gobrecht dollars graded a 3 by PCGS are valuated at around $7,000, but the same coin graded MS66 has an estimated value of $425,000. The same trend is true for other, rarer varieties of the Gobrecht dollar. These coins are so rare that they’re extremely valuable in poor condition, but mint-state coins are worth considerably more. 

Gobrecht’s Name Placement – An Important Distinction

At the time of the coin’s release, the placement (and size) of Gobrecht’s name on the Gobrecht dollar was subject to considerable controversy. Initial reviewers in the Philadelphia area criticized how prominent Gobrecht’s name had been placed on the obverse of the coin, so the U.S. Mint amended the dollar coin’s design to place a smaller version of his name at the base of Lady Liberty’s rock. 

As a result, the rarest (and most valuable) variety of the Gobrecht dollar is the coin that was circulated among coin collectors in Philadelphia. Very few of these original coins were minted, making them some of the most expensive U.S. coins on the market. Also very rare is the last non-restrike version of the Gobrecht dollar, which featured no artist name. Only 300 of these new coins were minted in 1938, making surviving specimens very valuable. 

The Gobrecht Dollar Legacy

The legacy of the Gobrecht dollar in American and coinage history is undeniable. The coin was minted at a time of massive political and economic upheaval in the United States, and it was produced at a time when the U.S. Mint itself was going through the sustained growing pains of a newly formed institution. 

Gobrecht, with the help of the artists he enlisted for this dollar, created a set of designs that would persist on American coins for decades. Today, modern American coins still frequently harken back to the designs that Golbrecht penned, designs that helped to reignite America’s pride in its coinage and inspired a new generation of U.S. coin collectors. 

Final Thoughts: What is a Gobrecht Dollar?

Most of us will never have the opportunity to add a Gobrecht dollar to our coin collections, but it’s impossible to deny how important this coin is to the history of both the United States and American numismatics. Aside from inspiring an entire set of circulating silver coins during the 19th century, the iconic designs of the Gobrecht dollar helped shape the field of coin collecting and numismatics as we know it today. 

For that, we can thank Gobrecht – and his controversially placed name! 

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