1862 marked the final year that gold dollars were produced in quantity, and it was the final year that more than 200,000 pieces were struck for circulation. Throughout the year, the Philadelphia Mint's output totaled to an immense 1,361,355 pieces. This was not only the highest mintage since 1856, it is also the 5th largest of the series, and the 2nd for the type introduced in 1856.

As a result of the very high mintage of circulation strikes, this is one of the most common issues of this type. The majority of these pieces did not circulate, or only saw short circulation following the Civil War. After specie payments had been suspended, circulation of both gold and silver coinage completely ceased, and all pieces were either hoarded by banks and the general public until years after the Civil War.

The 2nd year of the Civil War saw severe battles, with victories on both sides. The first key victory of the Union was in February, when Brigadier General Ulysses S. Grant took over Fort Donelson in Kentucky. He was promoted to Major General, it was the 2nd victory in Kentucky after he had taken over Fort Henry earlier the same month. Later that year however, the confederacies had their victories.

It became obvious that the Civil War could not end soon, as many people had hoped earlier. In early July, the Union army was halted by General Lee near Richmond, Virginia. Lost battles, retreats and many deaths had stopped General George McClellan to further attack the confederate army.

This series of six battles, later named the Seven Days Battles, would have widespread influence on the Civil War for a period to come. Losses were heavy on both sides, where a total of 200,000 men had fought during the past month of the Peninsula Campaign, which had commenced in March when it was launched in southeastern Virginia. The goal of the Union, capturing the Confederate capital, Richmond, was never obtained and in the end, the whole campaign seemed useless.

Another city that was captured was New Orleans. On April 25, Union Admiral David Farragut sailed with a large number of vessels into the largest seaport of the south. During the following week, the city was taken over without a single loss from both sides, and continued to be prepared from destruction. An important seaport and entry to the Mississippi, this Union victory was one of the key victories early in the war.

Gold dollars of this year are readily available, a result of both the high mintage and non-circulation of this issue. Most of the remaining pieces remain in uncirculated grades, as the gold dollar denomination did not circulate at all in the eastern states, especially not after the Civil War had started. A few high grade pieces of this date exist, which are often included in type sets to represent the final type of the gold dollar. With some searching, a fine and good looking piece should be easily found, unlike the later dates struck in the Civil War.