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Sale 39
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Lot 2223
1869 $3 Gold. NGC graded Proof 65 Ultra Cameo. In NGC holder 1848569007. Two tiny "pimples" before the nose mentioned for identification purposes. A resplendent orange-gold example of this formidable Proof, boldly struck overall, in fact razor-sharp on the key high points of the design. The devices have "ultra" frosty yellow cameos, with deeply mirrored fields lapping up against them as though from a crystal clear lake. Critical examination of the surfaces reveal smooth Gem quality originality that confirms the Proof 65 grade level. Unlike a few non-cameo competitors that turn up at auction over wide spaces in time, this piece is astounding and appears to fully merit the distinction, since the portrait and letters, as well as the wreath and reverse legends, all exhibit uninterrupted mint frost that pleasantly contrasts the mirror fields.
This is an amazing representative of an exceedingly rare issue, and it is tied with one other as the only Ultra/Deep Cameo specimens known to the two major grading services. NGC Census: just 2 in Ultra Cameo grades. PCGS has yet to certify a single specimen as Deep Cameo.
As with the Proof 1868, the 1869 has an original mintage of a mere 25 coins. Of this already limited total, only 12 to 14 pieces have survived, including several impounded in museum collections. For the collector or investor seeking a truly rare coin, the Proof 1869 $3 gold piece comes highly recommended.
Without mincing words, all Proof $3 gold pieces are very rare coins. Some are exceedingly so, especially those made in the 1860s which were produced in tiny amounts, although presumably sufficient numbers to supply annual sales to collectors. Two, the 1875 and 1876, enjoy heightened demand from date collectors as Proof-only deliveries. Others are the focus of nearly the same degree of buyer attention due to paltry original mintages for their identically dated business strike counterparts. Examples from this final group include the 1881, 1883 and 1885. As for the remaining issues, none can even be remotely described as common. In fact, the most frequently encountered Proof $3 in today's market, the 1888, has an extant population of fewer than 150 coins -- definitely a limited total when viewed in the wider context of numismatics.
The origins of this odd denomination stretch all the way back to 1832, when Representative Campbell P. White of New York introduced a bill calling for minting of a Three-Dollar gold piece with a weight of 75 grains. The bill never reached a vote, however, and it would be several years before the federal government returned to the idea of authorizing a Three-Dollar gold piece. In 1851, Congress reduced the postal letter rate to three cents while simultaneously authorizing the Mint to strike Three-Cent pieces in base silver to expedite purchase of stamps. The Mint Act of February 21, 1853, while best known for reducing the weight of most silver coins and adding arrows at both sides of their dates, also included a clause authorizing production of a Three-Dollar gold piece. Apparently, Congressional leaders anticipated that this denomination would expedite exchange of Three-Cent silver rolls and/or purchase of full sheets of Three-Cent stamps. Business strikes and proofs were produced every year from 1854 through 1889 with the exception of 1875 and 1876, when only proofs were struck. Pop 2; none finer.
Estimated Value $60,000 - 70,000.
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| Realized $74,750 |
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