Lot 1475
1854-O. PCGS graded AU-55. A decent strike in natural greenish color gold with choice surfaces enlarging the overall effect of originality provided by the high AU grade. Only 24,000 struck. We challenge any bidder to find a comparable smooth-surfaced AU55. The task might be daunting! Pop 36 (PCGS # 7971) .
It has been suggested that the $3 had utility in the purchase of 100-subject sheets of three-cent stamps, or the acquisition of silver three-cent pieces in quantities of 100. In any event, the $3 proved to be less than convenient, and after the first year of coinage, production dropped sharply. In a way the same general pattern was followed by certain other series of the time, including the silver and nickel three-cent pieces and the two-cent piece. All were launched to high hopes, but the first several years proved to be the times of glory, followed by a decline.
The new $3 denomination was designed by James B. Longacre, who became chief engraver at the Mint in 1844, after the death of Christian Gobrecht. The obverse features the head of an Indian princess, facing left, wearing a feathered headdress upon which is a band inscribed LIBERTY. The inscription UNITED STATES OF AMERICA surrounds. The same motif was later used on the Type III gold dollar 1856-1889. The denomination DOLLARS in in small letters on the 1854-P,O and D issues; it is in larger letters from 1855 until the end of the series (1889).
Estimated Value $10,000 - 11,000.
The Frank McCarthy Collection.
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