Lot 1446
1888. NGC graded MS-65. A well struck gem glittering with luster, untoned. Rare low mintage date as a mere 5,000 were struck. Pop 38; 16 finer in 66 (PCGS # 8010) .
The rise and demise of this most unusual $3 denomination: Walter Breen in his encyclopedia gives a learned account of the origin (and later extinction) of this odd-sounding denomination: "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. Three's 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."
Estimated Value $13,000 - 15,000.
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| Realized $10,465 |
