Lot 2102
1854. NGC graded MS-66. Lovely gold and orange toning on both sides. Well struck with great eye appeal.
Walter Breen in his encyclopedia gives a learned discussion of the origin (and later demise) of this odd-sounding denomination: "The usual story has it that $3 gold coins were made only so long as the letter rate remained 3¢, being discontinued when it was changed again, and perhaps in part because of the letter rate change. Whether or not this was the intention of Congress, nevertheless $3's saw little postal use in the West and South, as they were minted in Dahlonega and New Orleans only in 1854, and in San Francisco for circulation only 1855-57 and 1860. Three's thus represent relics of an interesting but abortive experiment: today they are among the most highly coveted of American gold coins. No specific reason was advanced for their discontinuance, though low mintages 1879-89 (testifying to little public demand) may have had something to do with it."
According to published reports, even so late as the 1930s the Treasury was melting Three-dollar Gold pieces as they were received. This was in line with President Franklin Roosevelt's 1933 demonetization order. Since the denomination ceased actively circulating in 1889, the Treasury had nearly fifty years in which to separate out any Three-dollar pieces which flowed through. Is it any wonder, then, why this denomination is one of the rarest, regardless of date, mint, or state or preservation?
The present specimen ranks among the finest 1854 first-years certified. Creamy gold surfaces eddy and churn with almost "frothy" luster, which no doubt caught the eye of the graders who assigned it to the coveted 66 group. In addition, the coin possesses a nice, clear-cut strike for all areas with outstanding detail at the feather headdress puffs as well as the fine wreath detail on the reverse. James B. Longacre designed the $3 gold piece. His other distinctions include the gold $1, flying eagle cent, two-cent, three-cent silver and nickel pieces, shield nickels, among others. Pop 9; 1 finer in 67 (PCGS # 7969) .
Estimated Value $18,000 - 20,000.
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| Realized $20,125 |
