The 1865 gold dollar was the last of the gold dollars produced during the American Civil War. After four years of severe fighting between the Union Army and the Confederate Army, the latter finally all surrendered in May of the year. By that time, all 1865 gold dollars had been struck in Philadelphia, and no more would be produced afterwards.

The total mintage of a mere 3,700 pieces, the smallest for any of the Civil War gold dollars, was struck on January 27. Later in the year, another 25 proof pieces were produced for collectors. As the previous gold and silver issues struck in the Civil War, all were hoarded and circulation was virtually non-existent. Although this issue remains rare, uncirculated pieces are the majority of the select number of offerings.

1865 saw the end to the bloodiest war ever held in the United States. Raging though out the western part of the continent, it was the Union army that came out victorious. Although there had been a large number of Union victories in battles, it was the occupation of Richmond, Virginia, the capital of the Confederacy that ended the war. On April 3, Union troops marched into Richmond, after taking nearby Petersburg with some difficulty. The city had been left unoccupied by Confederate troops, who had the order to set all remaining warehouses and supplies on fire. This fire, however, would destroy a large part of the city.

Less than a week after Richmond had fallen to Union troops, the Confederate army, led by General Robert E. Lee surrendered at Appomattox. The terms were rather liberal, as Lee was free to go with his man if they would not take up arms against the north again. Lee, who had been offered General command of the Union army in early 1861, gratefully accepted these terms.

The total number of surviving 1865 gold dollar is similar to the previous years, despite the lower mintage. Approximately 75 to 85 pieces are known in all grades, the majority being between high AU or in low uncirculated grades. The population reports, which show ca. 80 pieces graded by both NGC and PCGS, are influenced by many resubmissions in hope of a higher grade. As with the other gold dollars struck after the early 1860's, circulation was very limited and the majority of the pieces were hoarded and later melted. During their hoarding and afterwards, however, pieces were not much cared for and many show heavy bagmarks and signs of cleaning. Original, high grade mint-state examples of this date are very rare.