The Goloid Dollar

There were two kinds of goloid dollars, one issued in 1878 and the other in 1880. They were intended to constitute part of an international gold currency, and to act as a compromise between the extreme gold advocates and the extreme silver advocates. They were cast in the United States Mint according to an admixture of gold and silver devised by a Mr. Hubbell, living in Washington, D. C. Such experiments upon new designs at the National Mint are at the discretion of the Treasury Department, and are called "Patterns."

Hubbell pushed his "goloid dollar" scheme with much skill, until at length he brought Alexander H. Stephens, of Georgia, then in Congress, and a member of the Committee of Ways and Means, to take an active interest in his project. With the approval of Mr. Stephens the designs were struck off. The sets consisted of one-dollar, two-dollar, four-dollar, and twenty-dollar pieces. In 1879 there were five hundred and eighty-six sets.

The proportional amalgam of the goloid dollar was 16 1/10 grains of silver, 1 9/10 grains of copper, to one grain of gold, or "sixteen to one."

The second issue of goloid dollars in 1880 had proportionately twenty-four grains of silver to one of gold.

The "goloid dollar" scheme never had the sanction of Congress, in fact it was never reported to that body. It is not mentioned in encyclopaedias, nor do the dictionaries so much as give the word "goloid."

These experimental coins are now very rare. At a sale a few years ago, where one was offered, it was guaranteed that only twenty-five were now in existence.