Two rare 1792 patterns led bidding at Heritage’s April 27 to May 1 auctions during the Central States Numismatic Society 77th annual convention in Schaumburg, Ill., with one nearly hitting the $1 million mark. At $22.3 million, the total for the U.S. coin portion of the sale fell below totals of the last few years, but many exciting rarities still traded hands in Chicagoland.

Here is one of three that caught my eye and are the focus of this week's Market Analysis.

The coin:

1836 gold dollar pattern, Proof 66+

The price:

$28,200 

The story:

The small-sized gold dollar was first struck for circulation in 1849, but prior to its issuance, gold dollar patterns were struck 13 years earlier. The 1836 gold dollar pattern shows the influence of contemporary Mexican coins with Christian Gobrecht’s design showing a Liberty cap on the obverse with rays emanating and a simple design with the denomination in a wreath on the reverse.

Documentation has placed the striking of these patterns, listed as Judd 67 in the series reference, to before March 14, 1836. Some think that the patterns tested the Mint’s ability to compete with the privately issued Bechtler dollars produced in the South that enjoyed wide acceptance in that region. With perhaps 30 to 40 examples of the pattern known today (though restrikes exist), the issue remains popular as the first gold pattern produced by the U.S. Mint.

The example offered at CSNS is graded Proof 66+ by Professional Coin Grading Service and sold for $28,200.

Keep reading this Market Analysis:

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'Visually intriguing' double-denomination error almost surreal

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