1886 Three Dollar Gold $3 PCGS AU55. Only 1,000 three dollar gold pieces were struck for circulation, with an additional 142 Proofs struck for collectors. Most of the mintage has survived, but the supply is limited because of the low output of the Mint this year. The three dollar denomination had already fallen into disuse by the time the 1860s had arrived, and a whole generation had grown up in the United States that did not use these coins in commerce. However, the Mint continued to strike this denomination, usually in low numbers, until it was finally discontinued in 1889.

To make matters more complicated, it must be noted that all 1886 three dollar gold pieces were struck from the same pair of dies, regardless of format. As such, it is extremely difficult to discern the very scarce business strikes from the rare Proofs. No fully acceptable evidence has been found, and it has raised a discussion which already continues for many years. It is not always clear what diagnostics the grading surfaces appear, but it seems that every coin submitted is individually studied.

The present coin appears to be a business strike to us, because of the fields being only moderately prooflike, and the presence of some circulation wear (most likely from handling at the Mint, at banks or by unconscious collectors of the past). Some of the design features are not fully impressed, usually an indication of a business strike, but this is barely noticeable on the present coin. Orange-yellow color looks very pleasing on this scarce gold coin, with abundant, satiny luster visible in the protected fields. A low-mintage issue of a denomination which has become increasingly popular in recent years, this coin should please every specialist or type collector.