1861 1C CSA Restrike-Gold (Proof)
Obverse & Reverse
The story of the 1861 Confederate Cent is one of the great romantic narratives in American numismatics, born of secrecy, fear, and serendipitous rediscovery. In 1861, with the Civil War ignited, agents of the newly formed Confederate States of America sought to establish a national coinage. They contracted Robert Lovett, Jr., a skilled private die sinker in Philadelphia, to design and produce dies for a one-cent piece. Lovett's elegant design featured a classical bust of Liberty in a Phrygian cap, reminiscent of the French 'Libertas' ideal, surrounded by 'CONFEDERATE STATES OF AMERICA'. The reverse depicted a wreath of quintessential Southern agricultural products—cotton, corn, wheat, tobacco, and maple—with a bale of cotton at the bottom proudly bearing his initial, 'L'. Lovett struck a small number of pattern cents, perhaps a dozen, in copper-nickel, the same composition as the Union's Indian Head cent. However, as the war intensified, Lovett grew terrified of being discovered and prosecuted for treason. He ceased all work, hid the dies and the dozen coins he had struck, and told no one of his commission. The Confederacy's grand plans for a national coinage never materialized, and Lovett's secret remained buried for over a decade. The secret came to light in 1873. According to lore, Lovett, after having a drink at a Philadelphia bar, accidentally spent one of his original Confederate cents. The unusual coin was recognized by a savvy bartender, and word eventually reached Captain John W. Haseltine, a prominent coin dealer, Civil War veteran, and astute numismatist. Haseltine tracked down Lovett and, after some persuasion, purchased the remaining original cents and, most importantly, the original, undamaged dies. Seeing a commercial and historical opportunity, Haseltine, in partnership with J. Colvin Randall and Peter L. Krider, decided to produce restrikes for the burgeoning collector market in 1874. To distinguish them from the copper-nickel originals and to create a hierarchy of rarity, he struck them in three metals: copper (55 reported), silver (12 reported), and a tiny, prestigious issue of just seven pieces in gold. These were not clandestine copies but openly sold collector's items, marketed via circulars to the numismatic community. The gold specimens, struck as Proofs, represented the pinnacle of this offering and are today considered among the greatest prizes in the realm of Confederate numismatics. After Haseltine's strikings, the dies passed through other hands before being defaced. They were later acquired by Robert Bashlow in the early 1960s, who used transfer dies made from the now-canceled originals to produce a large quantity of 'second restrikes' for the Civil War centennial, which are easily distinguishable by their rough surfaces and evidence of the die damage.
Associated EventAmerican Civil War
Reason For MintingThis 1874 restrike was produced as a collectible item for numismatists after the original, long-hidden dies from the failed 1861 Confederate coinage proposal were rediscovered.
Minter HistoryJohn White Haseltine (1838-1925) was a distinguished Philadelphia coin dealer and a Captain in the Union Army during the Civil War. After the war, he became a central figure in the city's numismatic scene, known for his expertise and for handling many important collections and rarities. His acquisition and subsequent striking of the Confederate cent dies cemented his legacy, creating a series of historic collectibles that remain highly sought after. He employed the young Chapman brothers, who would themselves become legendary dealers. Haseltine was not the original engraver, but the minter of the 1874 restrikes, using the dies created by Robert Lovett, Jr.
Historical SignificanceThe Haseltine gold restrike is a direct, tangible link to the Confederacy's abortive attempt to create a national coinage. Struck from the original 1861 dies, it is considered a 'restrike' but is numismatically far more important than a simple copy. Its extreme rarity and its connection to the pivotal chapter of American history make it a premier collectible, bridging the gap between the hopes of the Confederacy and the historical curiosity of a later generation of collectors.
N/A
Denomination1 Cent (Pattern)
Minting Period1874
Assayer/MinterJohn W. Haseltine (using original dies by Robert Lovett, Jr.)
Geographic OriginPhiladelphia, Pennsylvania
Obverse DescriptionA left-facing bust of Liberty wearing a Phrygian or Liberty cap. The portrait is classical in style, with hair tied in the back but with long tresses flowing down her neck. The bust is sharply truncated.
Obverse InscriptionCONFEDERATE STATES OF AMERICA / 1861
Reverse DescriptionAn agricultural wreath open at the top, composed of stalks of corn, wheat, maple, and tobacco. At the bottom is a bale of cotton with a prominent 'L' (for Lovett) engraved upon it, tied with a bow. Within the wreath is the denomination.
Reverse Inscription1 CENT
CompositionGold
Stated Fineness Actual Fineness Weight6.46 grams
Diameter19.00 mm
EdgePlain
7
Survival Estimate6-7
Rarity ScaleR-8 (Very Rare)
This issue combines the allure of Confederate history, extreme rarity, a fascinating backstory, and the prestige of being struck in gold from original dies. It is a cornerstone item for advanced collectors of Civil War numismatics, patterns, and classic American coinage.
Key VarietiesThe primary varieties related to the 1861 Confederate Cent dies are: 1. **Original 1861 Patterns:** Struck in copper-nickel. About 12-15 known. 2. **Haseltine Restrikes (1874):** Struck from the perfect, original dies in Proof format. This includes the 7 gold pieces, 12 silver, and 55 copper. 3. **Bashlow 'Second Restrikes' (c. 1961):** Struck from transfer dies created from the original dies after they had been heavily canceled and defaced. These are identified by raised lines, lumps, and rust pitting on their surfaces. They were struck in large quantities in various metals (bronze, silver, goldine, etc.) and are much more common and affordable. 4. **Smithsonian 'Third Restrikes' (2011):** Modern commemorative issues struck for the 150th anniversary of the Civil War, authorized by the Smithsonian Institution which now holds the original dies. Struck in gold, silver, platinum, and copper, they are modern collectibles and distinct from the 19th-century issues.
Authentication TipsA genuine Haseltine gold restrike must be struck from perfect dies, showing no evidence of the rust, cancellation marks, or cracks seen on the later Bashlow issues. The surfaces should exhibit the characteristics of a mid-19th-century Proof striking, typically with some reflectivity in the fields. The strike is usually sharp. Weight and metallic composition analysis are crucial. Beware of gold-plated copper or silver Haseltine restrikes, or modern fakes. Authentication by a top-tier grading service (PCGS or NGC) is essential for a transaction of this magnitude.
Shopping ConsiderationsFor a coin of this rarity, any example is a major acquisition. A premium quality specimen would exhibit deeply mirrored fields, potentially with cameo contrast on the devices. The surfaces should be as free as possible of hairlines, contact marks, or signs of cleaning; many high-end collectors will pay a significant premium for an example with original, unmolested surfaces. Look for a sharp strike on the high points of Liberty's hair and the details within the wreath. Given the tiny population, any example that appears on the market will generate intense interest. Provenance to a major historical collection adds significant value and desirability.
A coin's grade is its condition, rated on a 1-70 scale. For rare coins, this is the most critical factor in determining value, as a tiny difference in preservation can mean a huge difference in price.
Relevant Grade TypesAll seven of the original 1874 Haseltine gold restrikes were special collector issues struck as Proofs (PR or PF). No business strikes of the gold restrikes were ever made or intended. Therefore, they are only graded on the 1-70 Proof scale. Any example showing circulation would be considered impaired or damaged. It is crucial to distinguish these 19th-century Proofs from the modern 2011 Smithsonian restrikes, which are also Proofs but are entirely different numismatic items.
Mint State CharacteristicsAs these are Proof strikings, the term 'Mint State' (MS) is not applicable. An ideal Proof example would display sharp, squared-off rims and deeply mirrored fields, creating a 'black and white' cameo effect against frosted devices. However, 19th-century striking technology varied, so the degree of cameo contrast can differ between the known examples. The softness of the gold makes these coins susceptible to minute hairlines and contact marks, even from careful handling over 150 years. The strike should be full and complete, rendering all details of Lovett's design with precision.
Circulated Wear PatternsNot applicable, as this coin was never intended for circulation. Any wear would be considered post-striking damage and would result in a 'Details' or 'Impaired' grade, drastically reducing its value. Signs of handling or friction would first appear on the highest points: Liberty's cheek, the hair above her ear, and the high points of the wreath on the reverse.
Key Factors For ValueFor the Haseltine gold restrike, value is determined by several key factors. First is the certified grade; a single point difference (e.g., PR63 vs. PR64) can mean tens of thousands of dollars. Second is surface quality: pristine, original surfaces with deep mirroring command the highest prices. Third is eye appeal, which includes the degree of cameo contrast and the richness of the gold coloration. Finally, a CAC sticker, indicating premium quality for the grade, adds a significant premium and is highly sought after by discerning collectors.
PCGS Price Guide
| Grade | Price | Population |
|---|---|---|
| 62 | N/A | 2 |
| 63+ | N/A | N/A |
| 64 | N/A | 2 |
| 67 | N/A | N/A |