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Sale 5
Lot 1232
A Choice AU-50 1854-D. PCGS graded AU-50. We are proud to present the key date to the regular issue $3 gold pieces, the 1854-D. Mintage figures closed the year at a meager 1,120 coins for Dahlonega, this being the first year of issue perhaps a few were saved. History would later know that this would be the only year $3 gold pieces would be produced in Dahlonega. This particular coin boasts lovely satiny gold color, clean fields and devices that show few bagmarks or other surface abrasions. Light wear on the upper curls of Liberty only, specifically the curls over her eye, ear and lower neck curls. Similarly, the reverse wear is noted only on the uppermost leaves in the wreath. In order to help identify this rarity, we note a tiny scratch on the reverse under the letters LLA of DOLLAR, midway between that word and the date. Struck from lightly clashed dies, both obverse and reverse.
The PCGS Population Report currently shows 6 graded this high, with 21 others in slightly better grades of About Uncirculated, and a single mint state 62 coin. As this is the most expensive regular issue date, we suspect that many coins have been submitted more than once and are reflected multiple times in the population census. Breen estimated that only 5 or 6 were known in about uncirculated of this date. The real figure is probably between 10 and 20 in this grade range. As the possibility of a higher certified grade always exists (and higher market value, of course), and with several competent grading services now available, the various population reports are becoming more skewed with higher and higher numbers of some truly rare coins that have been submitted several times for certified grading. As always in numismatics, a knowledgeable collector will take the time to learn how to properly grade, and thus properly value any coin for their collection. We can't emphasize this enough, the more a person learns about coins and their preservation, as well as cleaning techniques (both good and bad), common repairs (seen all too often on coins) the better a collector will be able to properly value coins.
The following history notes from Breen:
"As a denomination, the $3 gold coin was first hatched back in 1832, but was soon dropped in favor of just a $2.50 and $5 gold coin for the Mint Act of June 28, 1834. Later, when the Act of March 3, 1845 authorized issue of postage stamps at the rate of 5¢ for a prepaid letter this amount was reduced to 3¢ for a prepaid letter in 1851. Congressmen appeared to believe (following the faulty reasoning of Mint Director Robert M. Patterson) that the main purpose of the new 3¢ would be to buy postage stamps without using the unpopular, heavy, and often filthy copper cents. Accordingly, the Mint Act of Feb. 21, 1853, best known for authorizing lightweight silver coinage with arrows at date, also included a fine-print clause authorizing issue of a $3 gold coin, to weigh 77.4 grs. at 900 fine, for uniformity with other current gold pieces. Congressmen believed that this coin would be convenient for exchange for rolls or small bags of silver 3¢ pieces, and for buying sheets of 3¢ stamps--always bypassing use of copper cents."
We pick up again later in the introduction to the series from Breen's Encyclopedia: "The usual story has it that $3 gold coins were made only so long as the letter rate remained 3¢, being discontinued when it was changed again, and perhaps in part because of the letter rate change. Whether or not this was the intention of Congress, nevertheless $3's saw little postal use in the West and South, as they were minted in Dahlonega and New Orleans only in 1854, and in San Francisco for circulation only 1855-57 and 1860. Threes thus represent relics of an interesting but abortive experiment; today they are among the most highly coveted of American gold coins. No specific reason was advanced for their discontinuance, though low mintages 1879-89 (testifying to little public demand) may have had something to do with it."
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| Realized $28,175 |
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