Goldberg Coins and Collectibles

Sale 75

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Lot 1264

1878. PCGS graded Proof 66. CAC Approved. Good mirrors and outstanding eye appeal. Proof-only date. No three cent nickels were struck for ciculation in 1877 and 1878 due to the overabundance of small change in circulation (see historic note below). This situation was brought on by a severe depression in 1877 that caused hoards of coins to come back into circulation. Housed in an Old Green Holder. Only 2,350 struck. Pop 85; 16 finer, 3 in 66+, 12 in 67, 1 in 68. (PCGS # 3774)
Historic Note: It had long been thought that the subsidiary coins which suddenly disappeared in 1861-62 during the Civil War were melted or sent to Europe and sold as bullion. As a matter of fact only a small proportion were disposed of in this way. The great majority went to countries where they had values as coins above their bullion values, some to Canada but most to Latin-America. Their dramatic reappearance began in earnest in December 1877. The capacity of Latin-America to absorb United States silver was obviously limited in those days, but there was some place for new coins even after the wholesale exportation of 1862, and in later years the mints continued to coin silver for bullion dealers who shipped the coins to Latin-America and brought back gold or foreign silver coins. After June, 1862, the United States mints were, so far as silver was concerned, merely establishments conducted for the benefit of New York and San Francisco bullion dealers. Estimated Value $600 - 700

Realized $1,006

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