Lot 1430
1862 $3 Gold. NGC graded Proof 66 Ultra Cameo. In NGC holder 3210948-003. Tied for finest certified Proof 1862 $3 gold piece. A fully struck and untoned gem. While occasionally seen in auctions, the 1862 Proof three-dollar gold piece tends to be found in lower grades with hairlines being the main grade-limiter. A bright reddish golden sheen, this lovely specimen is sharply contrasted between frosty devices and rolling glowing fields. The devices are razor-sharp in striking definition, and all areas are equally free of distracting spots or blemishes. In fact, the outward appearance seems to suggest an even better, museum-quality status. One of the most spectacular Ultra Cameo gold Proofs of any denomination that bidders will remember seeing in an auction. Only 35 struck in proof. Pop 2; None finer.
Monetary conditions in the Eastern part of the nation were disturbed in the early 1860s. Few depositors were bringing their bullion to the Philadelphia Mint for coinage. That, in part, explains the low business-strike emission of 5,750 pieces for the three dollar gold in 1862. As for the Proofs, it has been observed that the Proof die from 1861 was reused for the 1862 strikes, and accordingly only the tops of the JBL (James Barton Longacre) initials on the bust truncation are visible, the result of die polishing. This specimen has a high wire rim on both sides; this appears to be from extra sharp die pressure applied to the gold planchets.
Estimated Value $70,000 - 80,000.
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