(1837-1842) Gold $1 BECHTLER 28G, N Reversed, PCGS AU55

It is with great pleasure that we at AUCM present for review a Territorial Gold Rarity, Gold $1 BECHTLER 28G, N Reversed, graded PCGS AU55. Ron Guth writes, "This variety shows the N of ONE engraved backwards. The engraver may have made an attempt to correct the error, as a faint diagonal of a proper N can be seen beneath the incorrectly engraved N. While this variety is popular, it is among the most common of the Bechtler $1 varieties. ... Only one die variety (Kagin 4) features the reversed N."

The 47-year-old Christopher Bechtler arrived in New York from Germany  in 1829, accompanied by his sons, August and Karl, and his nephew, Christopher Jr. In 1830, the Bechtlers moved to North Carolina and lived north of Rutherfordton. In July of that same year, Bechtler, who was an expert in gold, opened a jewelry and clock repair enterprise in Rutherfordton. North Carolina miners and merchants petitioned the U.S. Congress in 1831 to establish a branch mint in that gold-rich region. Their efforts fell on deaf ears. After the affront by Congress, several miners approached Bechtler and proposed the idea of having him assay their gold and then convert it into coins. For the gold-smitten Bechtler, it was a match made in heaven.

The Betchlers minted three denominations: $1, $2.5 and $5, struck in 20kt, 21kt and 22kt fine gold. The coins were considered to be of honest weight; the variation in fineness was attributed solely to the limited technology available at the time. Bechtler’s services were reasonably priced: he charged 2 to 2.5 percent for assaying and coining gold dust. The federal standard for gold coins was lowered on August 1, 1834, and the Secretary of the U.S. Treasury recommended to the Philadelphia Mint director that coins struck thereafter carry that date. This was not done on federal coins, but Bechtler placed the August 1, 1834, date on four varieties of his $5 pieces to avoid problems with Treasury officials.