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May 23 , 2014

COIN OF THE WEEK

1885 $3 GOLD PCGS MS63
Click on Coin Image to enlarge

1885 Three Dollar Gold

1885 $3 Gold PCGS MS63- $13,800.00

1885 $3 PCGS MS63. The 1885 three-dollar gold piece had an original mintage of only 801 pieces. It is fundamentally rare in all grades. In its population report, PCGS shows 16 in MS63 condition. These numbers do not account for crossovers or resubmissions.

The market for rare numismatics of high quality is very healthy and growing. This specimen of the rare 1885 $3.00 gold would work in a complete set of $3.00 gold (under 2M for a quality set, figure 2 years to complete, including the proofs), a type set of gold coins, a box of twenty* or just as a good gold coin to own.

Please contact me by email or telephone 1-800-624-1870 to reserve this great coin.

This low mintage, Mint State 1885 Three Dollar Gold piece has exceptionally clean and original surfaces. Subdued mint luster is present within the devices. The strike is above average with details on most of the feather tips, Liberty’s hair, and the wreath details. The two central numerals of the date are strong. According to Breen the same obverse die was used to make proofs for this date.

The Indian Princess motif was created by James B. Longacre. He had to make a design for the three dollar gold coin that would be distinctly different from the quarter and half eagle coronet designs. The design, similar to his gold dollar Large Head, shows a head of Liberty facing left in profile wearing a stylized headdress. Inscribed on the headband is LIBERTY. She is surrounded by the words UNITED STATES OF AMERICA. In using the Indian Princess design, Longacre felt that he was creating something that was uniquely American rather than an adoption from the classics. The reverse of the piece shows an open wreath of corn, cotton, wheat, and tobacco tied at the bottom with a bow. The denomination 3 appears at the top center of the wreath, with DOLLARS and the date below within the wreath. Longacre liked the wreath design so much that he adopted it for use on the small cent of 1856.

In 1851 a law was passed that authorized a three-cent piece and also made the postage rate three cents. Two years later a new law was passed authorizing a light weight silver three-cent coin and a three-dollar gold coin. Evidently lawmakers believed that the gold coin would be useful to buy rolls of three-cent coins and sheets of stamps. Its closeness to the quarter eagle, which was widely used, made the denomination somewhat illogical, and the public proved indifferent to them.

In 1854 the first and largest mintage was produced. Many were saved as souvenirs. Others briefly circulated and ended up being used for jewelry. Only 1854 had smaller letters in DOLLARS. The other dates all have large letters for the denomination. Mintages were limited after 1854. The 1873 issue had two varieties, an open 3, which was the original, and a closed 3. Both were used for proof coins. In 1872 dies with closed 3s were made for all denominations. Chief Coiner Snowden complained that the 3 could easily be taken for an 8. New dies were prepared with open 3s.

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NEW COINS ADDED - (The week of 5/23/2014)

J-138 1852 G$1 Mint Error, NGC PF64 CAC

1857 Gold $1 Mint Error PCGS AU53 Struck 5% off Center

1893-O $10 Gold Mint Error, PCGS AU58

1922-S Peace Dollar Mint Error, Broad Struck, NGC AU58

1957 Franklin 50C Mint Error NGC MS65FBL

1972-S Lincoln 1C Two Coins Boneded Mated Pair NGC PF63BN

1968-S 25C Double Struck on 5C Blanchet NGC PF65 CAMEO

1973-S Silver Dollar Mint Error, 40% Broadstruck, NGC PF64 CAMEO

1865 Indian Cent Mint Error, PCGS VG10

1897 $5 PCGS AU55 CAC Gold

1851 Gold $1 NGC MS66

1851-C Gold $1 PCGS MS63

1852-C Gold $1 NGC MS61

1853-C G$1 NGC MS62

1853-C G$1 NGC MS64

1853-D G$1 NGC MS61

1886 $10 Liberty NGC MS63

1886-S $10 Liberty NGC MS64+

1894 $10 Liberty NGC MS65

1896-S $10 Liberty NGC MS63

Very Truly Yours,

Tom Pilitowski
www.usrarecoininvestments.com
Toll Free:
1-800-624-1870
Email: TomPilitowski@yahoo.com

 


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