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Sale 69
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Lot 1979
1854-O. NGC graded AU-58. Only 24,000 struck. The only "O" mint $3 Gold coin. The $3 gold piece was authorized by the Act of February 21, 1853, a very important piece of legislation from a numismatic viewpoint, an act which also affected the silver coinage, namely the reduction in weight of the half dime, dime, quarter, and half dollar, and the addition of arrows alongside the date to indicate the new standard. Whether or not the $3 denomination was actually necessary or worthwhile has been a matter of debate among numismatists for well over a century. At the time of its introduction, 1854, the $3 had as a close companion–the long established $2.50 quarter eagle. The first year’s mintage was struck at three mints, the only time this occurs: Philadelphia (no mintmark), New Orleans ("O") and Dahlonega, Georgia ("D").
Lustrous and very sharply struck with attractive light golden color. Complete though not exactly letters in the obverse legend as well as in the denomination; the date is less sharply impressed into the die also than on later issues. The denticles on both sides are very well made with considerable separation between them. This may be one of the earlier strikes before considerable die lapping erased or "broke" some of the devices. The planchet is free of irregularities while the surfaces are choice to very choice in line with the high grade placement at the ‘58’ level. Although not as rare a date as the 1854-D, the 1854-O is generally available only in much lower circulated grades from About Uncirculated such as Very Fine or (on occasion) Extremely Fine. This handsome specimen is well above average in terms of both its technical quality and its overall eye appeal. Pop 107; 18 finer (PCGS # 7971) .
Historic Note: The new $3 denomination was designed by James B. Longacre, who became chief engraver at the Mint in 1844, after the death of Christian Gobrecht. The obverse features the head of an Indian princess, facing left, wearing a feathered headdress upon which is a band inscribed LIBERTY. The inscription UNITED STATES OF AMERICA surrounds. The same motif was later used on the Type III gold dollar 1856-1889.
The reverse displays one of two "agricultural wreaths" by Longacre enclosing 3 DOLLARS and the date. This particular version was later used on the Flying Eagle cent reverses of 1856-1858. As is demonstrated, Longacre liked to replicate his own work.
The $3 design was continued without major change from beginning to the end, except that issues of the year 1854 alone have the word DOLLARS in smaller letters than do the pieces from 1855 to 1889.
Estimated Value $10,000 - 11,000.
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| Realized $10,350 |
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