Goldberg Coins and Collectibles

Sale 63

Lot 1484

1888. NGC graded MS-65. A well struck gem glittering with luster, untoned. Rare low mintage date as a mere 5,000 were struck. Pop 38; 16 finer in 66 (PCGS # 8010) .

The rise and demise of this most unusual $3 denomination: Walter Breen in his encyclopedia gives a learned account of the origin (and later extinction) 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."
Estimated Value $13,000 - 15,000.

Realized $14,375

Go to lot:  

Home | Current Sale | Calendar of Events | Bidding | Consign | About Us | Contact | Archives | Log In

US Coins & Currency | World & Ancient Coins | Manuscripts & Collectibles | Bonded CA Auctioneers No. 3S9543300
11400 W. Olympic Blvd, Suite 800, Los Angeles CA 90064 | 310. 551.2646 ph | 310.551.2626 fx | 800.978.2646 toll free

© 2011 Ira & Larry Goldberg Coins & Collectibles, All Rights Reserved