Lot 1240
Important "Proof of Record" 1857 $3 Gold. PCGS graded Proof 64. This important Proof rarity (PCGS indicates a mintage of only 5 coins!) is, in effect, what in Europe they call a "Proof of Record." That means none was made for collectors, but rather that Proofs were coined in tiny numbers for the government's record of what was made. Mostly, in Europe, such Proofs were placed in museum collections. It's a good, useful term because it notifies collectors that great rarity and special purpose stand behind such coins. And, therefore, a real opportunity to acquire. That's exactly what we have here: a coin with a mintage so minute that almost nobody can own one. This important specimen, which may forever be identified by a tiny incuse S-shaped lintmark at the 5:30 o'clock position just below the portrait, exhibits a mild cameo contrast on both sides and a glowing deep-gold toning. It's a choice piece of American numismatic culture.
While this neat coin can stand alone for its importance, it may be useful to place it into its historical context. This will only make its value all the more appreciated. In June of this year, the United States signed an early treaty with Japan, then in the early stages of industrialization but socially still a largely feudal society, and very much isolated from the West. The treaty allowed American ships to enter and trade in the port of Nagasaki. Back home, James Buchanan had recently taken office as our 15th President, and his inaugural speech pledged a policy of noninterference with Southern States' slavery. And in March 1857 a momentous Supreme Court decision was handed down, the infamous Dred Scott judgment, in which the Missouri Compromise of 1820 was deemed unconstitutional. It involved a black slave named Scott whose owner moved him from Missouri (a slave state) to Illinois (a free state) and then back to Missouri. Scott sued his owner for freedom, but the Supreme Court ruled that the slave never stopped being a slave, even though he stood on free soil for a while, and as such he did not possess the right of a common citizen to sue in a federal court. By effectively siding with a slave owner, the Court outraged Northerners. The case still stands as a major metaphorical brand added to the bonfire that erupted into civil war only a few years later. It was out of such madness that this wonderful momento of American innocence and purity was born--an image of Liberty portrayed, curiously enough, by an Indian.
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| Realized $26,450 |
