Lot 3775
1857 $3 Gold. PCGS graded AU-55 PQ. A tiny mark between S-O and another below ITE, but generally very choice overall for this scarcer P-mint issue. Wonderful surface color. Mintage was 20,891 pieces.
The history of the 19th century is peppered with bank runs and overextended stock markets. A financial panic erupted in October this year, which was blamed on the failure of the New York City branch of the Ohio Life Insurance Co., a collapse which was in turn blamed on over-speculation in railroads and real estate. Banks crashed as people lined up to remove their currency and gold deposits; as a result, within days almost 5,000 businesses failed. The Panic of 1857 brought unemployment to the cities. Rural areas went back to using the barter system for the exchange of goods (PCGS # 7976) .
Estimated Value $2,100 - 2,200.
Frank McCarthy Collection.
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| Realized $2,645 |
