C BECHTLER G$1, N REVERSED MS63
1837-42. 28g WITH N REVERSED. ONLY FOUR COINS GRADED HIGHER.
When gold was discovered in various places across the United States the new problem of transporting this precious metal back to the Philadelphia mint to be used for coinage arose. The federal government ignored this issue along with the copious amounts of gold discovered, which was an issue for those already experiencing a shortage of coin. To add insult to injury, states without mints were not allowed to strike their own coinage anymore. Instead local economies where gold was discovered had to rely on the barter system of "pinches of gold" to purchase and exchange goods since there was such a lack of actual coinage and no nearby mints. This method was highly unreliable, however, and soon metal workers found a loophole in the federal coin striking law. To appease the shortage without sending the gold to Philadelphia, private parties were able to make coins. When the first gold strike occurred in the Georgia area around 1830 gun makers and jewelers began striking coins; this particular coin was created by the second private issuer in the Georgia area. C. Bechtler was a German immigrant jeweler who struck three denominations for eighteen years: one dollar, two-and-one-half dollars, and five dollars.