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The following is excerpted from Clifford Mishler’s Coins: Questions & Answers
Q: Were one-dollar gold coins ever used, or were they just hoarded?
A: The fact that so many circulated pieces are available today substantiates that they were actively employed as a medium of exchange. Gold coins were a favorite of the business community because they had an intrinsic worth independent of the ability of a government to support its money. Generally speaking, gold dollars were produced in substantial quantities—between three-quarters and four million annually from 1851 through 1857, following a combined total of 1.17 million for 1949 and 1850—only at the Philadelphia Mint, although 1.13 million were produced at the New Orleans Mint from 1849 through 1855, with only modest amounts being minted annually at the Charlotte, Dahlonega, and San Francisco mints from 1849 through 1861.
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