Goldberg Coins and Collectibles

Sale 62

The Pre-Long Beach Coin and Currency Auction

$3.00 Gold

Lot	Photo	Description	Realized
Lot 2102		1854. NGC graded MS-66. Lovely gold and orange toning on both sides. Well struck with great eye appeal. Walter Breen in his encyclopedia gives a learned discussion of the origin (and later demise) 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." According to published reports, even so late as the 1930s the Treasury was melting Three-dollar Gold pieces as they were received. This was in line with President Franklin Roosevelt's 1933 demonetization order. Since the denomination ceased actively circulating in 1889, the Treasury had nearly fifty years in which to separate out any Three-dollar pieces which flowed through. Is it any wonder, then, why this denomination is one of the rarest, regardless of date, mint, or state or preservation? The present specimen ranks among the finest 1854 first-years certified. Creamy gold surfaces eddy and churn with almost "frothy" luster, which no doubt caught the eye of the graders who assigned it to the coveted 66 group. In addition, the coin possesses a nice, clear-cut strike for all areas with outstanding detail at the feather headdress puffs as well as the fine wreath detail on the reverse. James B. Longacre designed the $3 gold piece. His other distinctions include the gold $1, flying eagle cent, two-cent, three-cent silver and nickel pieces, shield nickels, among others. Pop 9; 1 finer in 67 (PCGS # 7969) . Estimated Value $18,000 - 20,000. View details and enlarged photos Check results on similar lots	Realized $20,125
Lot 2103		1854. NGC graded Very Fine Details, improperly cleaned. Still a decent evenly worn example. First year of Type (PCGS # 7969) . Estimated Value $500 - 550. View details and enlarged photos Check results on similar lots	Realized $690
Lot 2104		1854 NGC graded AU Details. Mount removed and harshly cleaned (PCGS # 7969) . Estimated Value $450 - 500. View details and enlarged photos Check results on similar lots	Realized $460
Lot 2105		1854-O NGC graded AU Details. Obverse damage. Only 24,000 pieces struck. The only "O" mint $3 Gold coin. Lightly toned; a few random field marks consistent with this grade. Scarce. The $3 denomination, which was rarely popular with the public, continued to be issued in small numbers until 1889 when the denomination was eliminated along with the gold dollar and nickel three-cent piece (PCGS # 7971) . Estimated Value $2,000 - 2,200. View details and enlarged photos Check results on similar lots	Unsold
Lot 2106		1855. EF-40. Lightly cleaned at one time. Estimated Value $700 - 750. View details and enlarged photos	Realized $604
Lot 2107		1866. NGC graded MS-65. Well struck and glittering with brillliant mint luster, untoned. Only 4000 struck. The 1866 $3 gold coin, of which just 4,000 circulation strikes were made, is a stand-out entry in the list of rarities from this decade. We estimate no more than 180 worn pieces exist, to which can be added 25 to 40 in Mint condition. Among the Mint State coins this is one of the finest, tied with one other from NGC, with few others even close to this category. A coin such as this makes a person pause to reflect how significant a rarity it is; a very high-grade sale of $3 pieces would probably consist of a mixture of Mint State and Proof coins, for in some instances Proofs are more obtainable than are Gem Uncirculated examples. For certain rarities there are instances where more submissions have occurred than there are separate coins in actuality. This doesn't seem to be the case here (see below). The popularity of these services has brought many old-time collections out of the woodwork, as it were, with the result that today there are many choice and gem pieces available in certain series that were not known as recently as a quarter century ago. Pop 2; none finer (PCGS # 7987) . Estimated Value $25,000 - 30,000. View details and enlarged photos Check results on similar lots	Unsold
Lot 2108		1868. PCGS graded MS-62. CAC Approved. Nicely toned. Only 4,850 pieces struck. Here is a rare, low mintage 1868, an elusive issue from within this most marvelous of the marvelous $3 Indian head pieces. The obverse is well struck, definitive for the design, showing the details of the hair, the plumes, and legend. The fields are satiny. The reverse is likewise well defined excepting only the ribbon bow. All told this piece crosses the finish line well ahead of most survivors in terms of aesthetic appeal. Pop 41; 41 finer (PCGS # 7989) . Estimated Value $5,500 - 6,000. View details and enlarged photos Check results on similar lots	Unsold
Lot 2109		1870. PCGS graded AU-55. A lovely two-tone specimen with light signs of circulation, there is notable luster within and around the devices. Only 3,500 struck. Pop 19 (PCGS # 7991) . Estimated Value $1,800 - 1,900. View details and enlarged photos Check results on similar lots	Realized $2,185
Lot 2110		1874. NGC graded Extremely Fine Details, improperly cleaned. A decent looking coin (PCGS # 7998) . Estimated Value $550 - 600. View details and enlarged photos Check results on similar lots	Realized $834
Lot 2111		1878. PCGS graded MS-63. A very choice example with unbroken mint luster throughout, the kind that gleams and ripples across the surface. Without the least qualm, we give our opinion, a Premium Quality coin for the given grade (PCGS # 8000) . Estimated Value $3,800 - 4,000. View details and enlarged photos Check results on similar lots	Realized $4,600
Lot 2112		1878. PCI graded MS-64. A very attractive looking coin that was probably cleaned years ago. Our grade is MS-62. Estimated Value $2,000 - 2,200. View details and enlarged photos	Realized $2,415
Lot 2113		1882. PCGS graded MS-64. Only 1,500 pieces struck. Beautiful semi-reflective surfaces with the frosty luster that is a part of it whipsawing back and forth as the viewer tilts the coin under examination. And what does one find but endless radiance and uncompromising beauty. Low survival rate, as well, which only makes sense given the 1,500 mintage: Pop 23; 11 finer (PCGS # 8004) . Among later Philadelphia Mint coins, mintages were very low, save for 41,800 struck in 1874 and 82,304 in 1878. Regarding these two higher-mintage dates, it is likely that thoughts of the resumption of payments of gold coins at par, which had not been done since December 28, 1861, would create a demand for $3 pieces. However, the experts at the Treasury Department were wrong, and no widespread interest ever developed. Coinage reached an especially low point in 1873, when only a few hundred pieces seem to have been struck. Mint records are silent on circulating coinage of this year, and the best we can do is guess. A few years later, even fewer coins were made, with just 20 being struck in 1875 and only 45 in 1876, these being Proofs for collectors. Beginning in 1879 and continuing to the end of the series in 1889, there was a modest investment and speculative interest by the public in $3 gold coins, and more Mint State pieces were saved than would have been the case otherwise. Estimated Value $10,000 - 11,000. View details and enlarged photos Check results on similar lots	Unsold
Lot 2114		1883 PCGS graded Genuine. Spots removed. Only 989 struck. Our grade is MS62. Lovely light gold toning with mirror surfaces. A nice coin, and one of the most sought-after years for its exceedingly low mintage. In order to discourage speculator demand for the few Proofs that were struck each year, the Mint decided to issue some commercial strike $3 gold pieces even there was no demand for them. This continued until 1889 when the $3 denomination was abolished per the terms of the Coinage Act of 1890 (PCGS # 8005) . Estimated Value $3,500 - 4,000. The Dr. Charles Richman Collection. View details and enlarged photos Check results on similar lots	Realized $4,830
Lot 2115		1885. NGC graded Proof 58. A hint of light tone. One tiny mark below the F in Of on the obverse. Only 109 struck. The $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 reverse displays an "agricultural wreath" enclosing 3 DOLLARS and the date. The reverse wreath was later used on the Flying Eagle cents of 1856-1858. As is demonstrated, Longacre liked to copy his own work. The $3 design was continued without major change from beginning to the end, except that issues of the year 1854 alone have the word DOLLARS in smaller letters than do the pieces from 1855 to 1889. Pop 4; 18 finer (PCGS # 8049) . Estimated Value $4,000 - 4,400. View details and enlarged photos Check results on similar lots	Realized $4,600
Lot 2116		1886. PCGS graded MS-63. Housed in an Old Green Holder. Lovely golden toning on both sides. Only 1,000 pieces struck. Reflective surfaces. Pop 6; 6 finer, 5 in 64, 1 in 65 (PCGS # 8008) . Estimated Value $11,000 - 12,000. View details and enlarged photos Check results on similar lots	Realized $11,500