Goldberg Coins and Collectibles

Sale 48

Lot 1244

1889 $3 Gold. PCGS graded MS-66. A well struck gem example exhibiting full rich mint bloom colors. Popular last year of issue and only 2300 minted. A entirely lustrous example whose bright golden brilliance whirls dizzily around the surface. And as if that weren't enough to entice bids out of even the most inflexible buyer, this piece is also about as fully struck as these are normally found, with just terrific detail in the hair and feathers, the leaves in the wreath and all letters in the legends. A sterling example! Pop 10; 2 in 67 (PCGS # 8011) .

The $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 coinage act of 1890 called for the prohibition of the minting of the three-dollar gold piece, stating, "the piece shall not be struck or issued by the Mint of the United States." The provisions of the act also stipulated that the current circulation of the coins was to be called in and withdrawn and that "all laws and parts of laws in conflict with this act are hereby repealed."

Essentially, not only did this act demonetize the three-dollar (along with the gold dollar), but it also repealed and ended the gold dollar as being "the unit of value", or statutory standard of the monetary system of coinage -- hence ending the short lived "gold standard", as declared in the coinage act of 1873.
Estimated Value $26,000 - 28,000.


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