Ron Guth: The Bechtler family of North Carolina (later Georgia) struck gold coins using local ore in the 1830s and 1840s. They struck gold Dollar coins well before the U.S. Mint did, and the Mint may have looked to these coins for inspiration -- nhot so much for their simple design but as the model for a new, unanticipated denomination.
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.
Stephen L. Schechter Collection - Heritage 8/2007:2125, $29,900