The Harry W. Bass, Jr. Collection - Part II

SECTION TWO

Sunday Morning, October 3, 10:00 AM Sharp

United States Gold Coins: Lots 646-1968

$3 GOLD COINS 1854-1889

The Bass Collection $3 Gold Dollars

A Beautiful Selection

Among denominations of the mid-19th century the $3 series was a prime favorite of Harry W. Bass, Jr. During his lifetime of collecting he formed a complete set, virtually defined by the unique 1870-S, but also including such elusive dates as 1873, 1875 (in particular), and 1876. These have been retained by the Harry W. Bass, Jr., Research Foundation. This collection will be detailed in the sylloge we are preparing to illustrate and describe $3 coins and other specialties.

The present sale brings to the auction forum a wide range of additional $3 pieces acquired by Harry Bass. It was his philosophy that if he purchased one choice coin, and another came along, he would buy the second one as well, and sometimes he bought a third or a fourth. The present catalogue showcases the business strike $3 pieces that are being sold, offering the finest of each. Additional pieces will be sold in Sale III, but, generally, the present sale contains the finest pieces. At a later date Part III will also offer Proofs.

Unusual among numismatic buyers, Harry Bass realized the true rarity of many of the business strike $3 issues. As is the case in other gold denominations, the Bass coins include pieces of a quality seldom seen elsewhere. Included are notable specimens of the elusive issues of the low-mintage, seldom seen varieties of the 1860s and 1870s, followed by truly exceptional coins from the low-mintage and ever-popular decade of the 1880s.

History of the Three-Dollar Gold Coins

The $3 gold piece was authorized by the Act of February 21, 1853, a very important piece of legislation from a numismatic viewpoint, an act which also affected the silver coinage, namely the reduction in weight of the half dime, dime, quarter, and half dollar, and the addition of arrows alongside the date to indicate the new standard. Whether or not the $3 denomination was actually necessary or worthwhile has been a matter of debate among numismatists for well over a century. At the time of its introduction, 1854, the $3 had as a close companion–the long established $2.50 quarter eagle.

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 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.

Mint records reveal that on April 28, 1854, in advance of the regular coinage, 15 Proof coins were sent by James Ross Snowden to the secretary of the Treasury. Regular coinage was accomplished continuously from 1854 to 1889 at Philadelphia.

Expectations were high in 1854, and 138,618 $3 coins were struck at the Philadelphia Mint, accompanied by 1,120 at Dahlonega and 24,000 at New Orleans. Obviously, it was anticipated that the $3 would become an integral part of the American coinage system. However, reality proved otherwise. This beginning was also the end for Dahlonega and New Orleans, and no other $3 pieces were ever struck at either facility.

The next year, 1855, saw a drastically reduced production of just 50,555 $3 coins at Philadelphia. For the first time, San Francisco struck the denomination, in a quantity of 6,600. From that point onward the trend was downward, touching a low of 2,133 in 1858. The San Francisco Mint produced $3 pieces of the varieties 1855-S, 1856-S, 1857-S, and 1860-S, after which only the 1870-S $3 was made, the latter coin considered to be unique today.

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. However, none are really common, as the low mintages indicate. The year 1881 saw a business strike production of only 500 pieces. Of these, perhaps 100 survive, most of which show signs of wear or impairment, possibly providing a window to study conditions affecting the survival of all $3 coins of the era. It seems likely that once members of the public acquired such pieces, they tired of them, and eventually most coins became rubbed, nicked, or otherwise were reduced to less than pristine condition.

During the entire range of the $3 series the total business strike mintage amounted to only 538,074 coins. Proofs are estimated to have been struck in a quantity slightly over the 2,000 mark.

Collecting Considerations

All $3 coins are scarce on the numismatic market today, and most are rare, some being extremely so. Despite this observable reality, the vast majority of $3 date and mintmark issues are quite inexpensive. Of the 43 dates and mintmark varieties listed in the latest (53rd) edition of A Guide Book of U.S. Coins, only eight catalogue for over $1,000 in VF grade (these being 1854-D, 1865, 1870-S, 1873, 1875, 1876, 1877, and 1881). Of those select years, only three catalogue for more than $10,000 (the 1870-S, 1875, and 1876). It can be seen that 35 different dates and mints of $3 gold coins catalogue for less than $1,000, and some of these are listed from $475 to $700. The series is more affordable than generally realized.

The student of the $3 series will soon realize that various date and mintmark issues can be quite inexpensive and readily available in such grades as VF and EF, but in Mint State are extreme rarities. In general, the dates that are typically encountered in Mint State are but three: 1854, 1874 (the rarest of the trio), and 1878. Beyond that, Mint State coins of the low-mintage 1879-1889 dates come to market with some frequency.

All other dates and mintmarks range from rare to very rare to extremely rare in Mint State. For purposes of comparison, a Mint State 1865 $3 gold coin (business strike mintage: 1,140) is at least 10 to 20 times rarer than an 1884 (business strike mintage 1,000).

Mintmarked $3 issues were not widely sought until after the publication in 1893 of Augustus G. Heaton’s Mint Marks monograph, and even then not many numismatists paid attention to them. An early aficionado of the denomination was William H. Woodin, famous industrialist who in 1933 became President Franklin D. Roosevelt’s first secretary of the Treasury. Woodin loved $3 coins and cherished his collection. He was one of several who have owned the unique 1870-S $3 over the years, this being the coin now held by the Harry W. Bass, Jr. Research Foundation.

Proofs were made of all dates of $3 coins from 1854 to 1889. All are rare, with some being extremely so.

For the numismatist, $3 gold coins offer a remarkable combination of high rarity with relatively low cost for many issues. Upon close inspection, just about every variety has something of interest to relate. Salient points are discussed in the notes provided with most of the coin descriptions.

Incredible 1854 $3 Gold

Superb Gem MS-66

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646     1854 MS-66 (PCGS). Sharply struck, deeply lustrous and frosty, and absolutely gorgeous in every aspect. A winning-quality business strike example of the first year of issue.

While the 1854 is not elusive in lower grades, it becomes quite hard to find in MS-65 and exceedingly difficult in MS-66. Numbers aside, beyond the MS-66 grade the coin has wonderful aesthetic appeal. All of this said, we expect to see a great deal of attention as this crosses the block.

PCGS Population: 5; 3 finer (MS-68 finest).

For $3 pieces, 1854-1889, little has appeared in print concerning die varieties. All are of the same basic type, save for the issues of 1854 which have the DOLLARS in smaller letters than in 1855-1889. On the working dies, mintmarks (as applicable) and four-digit date logotype punches were entered, resulting in some variations in placement. For reference points in determining date location, the highest part of the right-side ribbon is often employed, this determining how far a date is placed to the left or right in relation to it. Vertical placement can be described by the distance from the date to that point, and also the distance from the date to the word DOLLARS above.

Date in "normal" position for this year, comfortable in the field, but closer to the highest ribbon point than to the word DOLLARS.

From Stack’s sale of the DiBello Collection, May 1970, Lot 740.

Lustrous 1854 $3

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647     1854 MS-64 (PCGS). A sharply struck and very beautiful specimen displaying an extraordinarily large amount of frosty mint lustre, a very "live" coin. No doubt if a half dozen PCGS-certified MS-64 1854 $3 pieces could be found and arranged side by side, the piece offered here would be the finest of the group. While the collector by dates will find this piece quite desirable, the greatest demand for it will probably come from the type set enthusiast, representing as it does the first year of issue of the denomination and the only year with the word DOLLARS in small letters.

Purchased from Steve Tebo, October 30, 1972.

Prooflike 1854 $3 Gold

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648     1854 MS-63 (PCGS). Obverse and reverse highly prooflike and highly unusual as such–for most business strike $3 pieces are well endowed with frost. For this reason alone this is a very special coin and should bring a premium price. Both sides are of rich golden color with a slight area of copper toning at the upper right of the obverse. A splendid piece which should see intense bidding activity.

From Rarcoa’s section of Auction ’86, August 1986, Lot 913.

Lustrous 1854 $3 Gold

649     1854 AU-58. Highly lustrous and very attractive. Fully as nice as some pieces we have seen designated as Mint State, even at levels higher than MS-60. A visual treat.

The obverse and reverse dies are notably clashed, and very interestingly so. Around the head of Miss Liberty is seen the outline of the interior of the reverse wreath, while on the reverse just the opposite is true–Miss Liberty’s profile can be seen. This is some of the most remarkable clashing we have ever seen on any $3 date, and no doubt it was acquired by Harry Bass because of this curiosity.

From Lester Merkin’s sale of June 1970, Lot 439.

650     1854 AU-50. Much mint lustre still remains, particularly on the reverse. An attractive example of the date and grade, ideal for a type set.

In his notes Harry Bass stated that this was a very early die state.

From Quality Sales Corp.’s sale of September 1993, Lot 1140.

Highly Important 1854-D $3

Sole Dahlonega Issue

Mintage: 1,120

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651     1854-D AU-55 (PCGS). An especially high-grade example, sharp and well struck, save for the dentils which on all authentic specimens are lightly defined in certain areas (cf. Walter Breen’s Complete Encyclopedia of U.S. and Colonial Coins No 6347).

The date logotype is especially deeply punched into the die, connecting the 5 and 4. As noted under our description for the $2.50 series, it seems to have been a situation in many instances that dies for Charlotte and Dahlonega were made with deeper detail than those used in Philadelphia. The reason for this is unknown. Further, the date logotype is placed slightly lower on this than on the previously offered Philadelphia issues.

The D mintmark, the same as used on the 1854-D $5 gold, tilts slightly to the right.

Although the course of events is not known with clarity today in 1999, in 1854 great things were expected of the $3 denomination. Apparently, no one took the time to realize that the $3 piece was very close to the already popular $2.50 denomination, and thus did not have much of a market niche to fill, although such pieces might have been useful to anyone who wanted to buy silver three-cent pieces in groups or 100-subject sheets of three-cent postage stamps. In any event, after the first issue it was realized that the denomination was redundant, and although 138,618 had been struck at Philadelphia, a few in Dahlonega and 24,000 in New Orleans, never again did the mintage at Philadelphia even approach the quantity of the first year. Related information is included in the general introduction to the $3 series above.

Regarding the 1854-D, the 1,120 pieces struck were placed into circulation. So far as is known, not a single numismatist collected $3 pieces by mintmark varieties in or even near the 1854 year. Decades later, when interest did develop, examples were already rare. Today probably fewer than 100 pieces survive totally, with most of these being VF, occasionally EF, rarely higher.

As a low-mintage $3 piece, as the only Dahlonega variety in the series, and as the first year of issue, the 1854-D has always commanded a position of importance and respect. To these considerations can be added the grade of the presently offered piece, one of the finer examples known, even edging out our memorable Columbia Collection piece auctioned last year, thus rounding out the description and desirability of a specimen that will attract great attention when it crosses the block.

Purchased from Herbert Tobias, February 1972.

Popular 1854-O $3 Gold

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652     1854-O AU-58 (PCGS). Brilliant with much lustre remaining, particularly in the protected areas. A lovely specimen of this popular issue, desirable and remarkable as the only New Orleans coin of this denomination.

This coin is from the stronger-impressed of two die pairs recorded. On the obverse and reverse the letters are bold, including the mintmark. Breen calls this his No 6348.

Purchased from the Coin Gallery (Abner Kreisberg and Jerry Cohen), May 19, 1972.

Important 1854-O $3

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653     1854-O AU-55 (PCGS). Rich yellow gold surfaces. Much lustre still remains. Important as the only New Orleans Mint $3 gold coin.

From the lighter-impressed of the two major die varieties of this year, the present piece has the letters on the obverse (particularly at STATES OF) and the reverse (particularly the mintmark) lightly defined. At this point the die has been relapped, with obverse losing the lower 40% of the initials J.B.L. on the neck truncation, and reverse losing low-relief details (including in its entirety the thin leaf normally seen to the left of the date).

On the present specimen there is a skein of die breaks on the lower part of the reverse, including at the mintmark and the top ribbon end to the right. The specialist will find this to be a particularly interesting specimen.

Purchased from N.K.S., June 19, 1967.

Exceptional Quality 1855 $3

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654     1855 MS-64 (PCGS). Lustrous and frosty. A coin of truly exceptional quality. Unlike the 1854, which comes to market in Mint State with some frequency, high-grade pieces dated 1855 are few and far between. We venture to say that in the present grade, the 1855 is at least three or four dozen times rarer than an equivalent 1854! However, the market value does not represent any such differential. Here, again in our opinion, is an excellent value possibility.

PCGS Population: 7; 6 finer (MS-66 finest).

The obverse displays diagonal striae or finish at an approximate 45° angle from the vertical, from upper left to lower right, indicating that the present piece is probably an early impression from this die.

From Quality Sales Corp.’s sale of the Beck Collection, February 1976, Lot 204.

Another High-Grade 1855 $3

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655     1855 MS-63 (PCGS). Brilliant and lustrous. Somewhat prooflike on the obverse. Another example of a date which in Mint State is very difficult to locate. Another find for the specialist.

Both obverse and reverse dies display diagonal die striae indicating that this piece must have been one of the earliest impressions from the die pair.

From Stack’s sale of August 1971, Lot 2058.

Scarce 1855-S $3

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656     1855-S AU-58 (PCGS). Struck in bright yellow gold. Obverse and reverse somewhat prooflike, especially evident when the coin is held at an angle to the light.

PCGS Population: 3; 2 finer (MS-62 finest).

The 1855-S represents the first San Francisco coin of this denomination. Six thousand business strikes were produced, virtually all of which were placed into the channels of commerce, where most became extensively worn. Today, a typical grade for an 1855-S is VF, or, occasionally, EF.

Purchased from Superior, March 1978.

Lustrous 1856 $3

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657     1856 MS-63 (PCGS). A delightful Mint State coin with deep, rich lustre almost three dimensional in character. Similar to the 1855, the 1856 is seldom seen in Mint State, although it is readily available in lower grades. The present coin is quite special.

Purchased from Julian Leidman, February 18, 1972.

Splendid 1856-S $3

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658     1856-S Medium S. MS-64 (PCGS). Brilliant and frosty. A lustrous specimen that ranks as one of the finest we have ever seen. A highly important coin.

PCGS Population: 2; none finer.

Late state of the reverse die with some bulging evident at the center, particularly above the denomination, crack or flaw at base of second L (DOLLAR); leaf to left of date partly disconnected. Small curve above S mintmark is probably a clash mark, not a repunching.

Purchased from Superior, March 1978.

Sharp 1856-S $3

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659     1856-S Medium S. AU-58 (PCGS). Bright yellow gold as is par for California coinage of the decade. The obverse is mostly prooflike. A very nice example of the date and mint.

The production of the 1856-S $3 pieces was much more generous than the output of the preceding year, and some 34,500 were struck. Varieties exist with different sizes of mintmarks, the present being "medium" and having a vestige of repunching at its top (over smaller letter?). The reverse die seems to have been lightly relapped, diminishing certain low-relief details (such as the leaf to the left of the end of the date) and also what seems to be a die break below the second L (DOLLARS). The relapping seems to have been done by holding the die by hand against a grinding wheel, rather than mounting it in a jig for this purpose. Accordingly, the relapping is not completely plane. All of this is quite interesting to study under high magnification and no doubt provided a degree of fascination to Harry Bass.

Purchased from the Goliad Corporation, October 30, 1972.

660     1856-S Medium S. EF-45. Light medium gold surfaces. An attractive example of the variety and grade.

Late die state, somewhat similar to the previous offering, but lacking the bulge above the 3, crack or flaw still visible at base of second L (DOLLAR). Prooflike surface within protected areas. No clash marks at mintmark.

From Quality Sales Corporation’s sale of January 1975, part of Lot 236.

661     1856-S Medium S. EF-40. Bright yellow gold. Another attractive example from the same source as the preceding.

Early die state. Prooflike surface within protected areas. No clash marks at mintmark.

From Quality Sales Corporation’s sale of January 1975, part of Lot 236.

Memorable Quality 1857 $3

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662     1857 MS-63 (PCGS). Highly lustrous and frosty, almost three-dimensional in this aspect. Exceedingly sharply struck. A splendid specimen of a $3 date that is rarely seen at this level.

PCGS Population: 10; 1 finer (MS-65).

Obverse with traces of wreath ribbon clash around Miss Liberty. Some die lines are still visible at the right border. Apparently a fairly early impression.

Reverse with date logotype in large numerals this year, on the present die somewhat lightly impressed. Clash marks from Miss Liberty’s head are seen in several areas.

Purchased from Superior, March 1978.

663     1857 AU-50. Light yellow gold. Somewhat prooflike.

Obverse with broken upper left serif in I’s (Breen 6358, "rare"). Fairly early die state of obverse and reverse with many parallel die striae. Reverse with tiny raised rust area to right of final date digit. Date logotype slightly higher on the die than for the preceding 1857.

Purchased from Bonanza Coins, March 5, 1973.

AU 1857-S $3

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664     1857-S AU-58 (PCGS). Brilliant and lustrous. The reverse, if graded separately, could be assigned a number one or two notches higher.

PCGS Population: 2; 1 finer (MS-63).

The mintage of this year was 14,000 pieces apparently all from a die which Breen calls "Large S."

Purchased from Superior, March 1978.

Once-Famous 1858 $3

A Classic of Yesteryear

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665     1858 MS-63 (PCGS). Lustrous and beautiful, an outstanding, indeed thrilling example of one of the great rarities in the $3 series, although not widely recognized as such today. Just 2,133 were struck, all for commerce. The few collectors who desired an example of this date obtained Proofs. The entire production took place from a single pair of dies on August 26, 1858. Subsequently, the pieces were released into circulation, where they became widely scattered.

Today, probably 100 to 200 business strikes exist. Regarding these, Walter Breen comments "usually VF to EF, very rare above AU." Mint State coins are so rare that often years elapses between our handling an example by private treaty or at auction.

Today in 1999, the 1858 is not singled out for the fame it is due, as a reading of mintage figures alone does not tell the entire story. One can compare the 1858 with certain low production figures of the 1880s and conclude that the 1858 is a "lesser" coin. However, to do this is to overlook the fact that issues of the 1880s were saved numismatically in significant quantities while pieces dated 1858 were not. The difference is all important.

PCGS Population: 3; 1 finer (MS-65).

The present piece is from a fairly early state of the die pair. Later, two fine cracks develop on the obverse at about the 2:00 position (in his notes, Harry Bass noted that fellow Texas collector John Murrell had one of this later die state).

From Lester Merkin’s sale of June 1972, Lot 414.

Highly Lustrous 1859 $3

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666     1859 Breen-6361. Repunched 1 and 9 in Date. MS-65. Some light burnishing and friction visible in a small area near the left border on the reverse, an area which seems to have some light planchet irregularity. Possibly a spot was removed. Except for this, the piece is just about as nice as we have ever seen for a business strike. In-person examination is suggested, for overall the coin is beautiful.

PCGS Population: 4; none finer.

Reverse with repunched 1 and 9, the 9 being particularly so. Breen notes; "usually VF to EF, very rare in AU or better." Most probably he had never seen a specimen of the quality offered here.

From Stack’s sale of the Groves Collection, November 1974, Lot 537.

Prooflike 1859 $3

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667     1859 Breen-6361. Repunched 1 and 9 in Date. MS-60 PL. A splendid specimen from an early state of the dies, with some striae and a generous measure of die polish. When seen, $3 pieces of this date are apt to be in much lower grade.

The first and last digits of the date are repunched, the 1 slightly so, the 9 measurable so. A highly important coin for the specialist.

Described by Harry Bass as "repunched 1 and 9" which would be equal to Breen-6361, but the repunching eludes the cataloguer. Instead, the upper right of the 9 is noticeably repunched, while the first three digits are not. Seemingly, this die was recorded by Breen.

The date logotype is deep into the working die. Breen describes the numerals as "oddly shaped" and attributes them to Anthony C. Paquet, who at the time was a Mint employee. Upon inspection, the upper left serif of the 1 has an unusual curved shape, the 5 is unusually thick at the right and with a small ball to the left, and the 9 is quite squat, with the lower part being much smaller than the upper section. All $3 pieces of 1859 are from this logotype punch.

Splendid Mint State 1859 $3

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668     1859 Breen-6362. Repunched 1 and 8 in Date. MS-62 (PCGS). Deeply lustrous and frosty. A very pleasing example of the date. The mintage was 62,247 pieces, of which perhaps 300 to 500 exist today, nearly all are lower grade. Writing in his Encyclopedia in 1988, Walter Breen noted, "No Mint State examples seen in many years." Again we mention that the true rarity of certain coins is becoming masked indeed obliterated, by certification figures from the grading services–as it is popular practice to send the same high-grade or rare coins to multiple services and even sometimes to the same service. Thus, one single coin can appear as several coins in terms of grading service numbers! As time goes on, such numbers will increase and not decrease, with perhaps the eventual situation that certain true rarities will appear to be quite plentiful–until you actually try to find one.

In his notes Harry Bass observed that this particular die pair was earlier used to strike Proofs of this date. In the present use there are light clash marks evident on obverse and reverse, and no hint of Proof surface.

Purchased from Superior, March 1978.

669     1859 Breen-6362. Repunched 1 and 8 in Date. AU-50. Light yellow gold surfaces. A very attractive example of the variety.

First two date numerals repunched as noted.

From Paramount’s sale of April 17, 1967, Lot 666. In his notes Harry Bass observes: "my first auction!" Thus, the pedigree is particularly significant.

670     1859 Breen-6362. Repunched 1 and 8 in Date. EF-45. Bright yellow gold surfaces, somewhat prooflike.

Purchased from N.K.S., December 21, 1971.

Superb Gem 1860 $3

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671     1860 MS-66 (PCGS). A splendid specimen which is one of the very finest known–an elegant combination of exceedingly high numerical grade plus truly wonderful surfaces–sharply struck, satiny and lustrous. Medium gold with a few brown flecks on the reverse. No doubt this was an early impression from the dies and was saved for some special purpose, not recorded.

This identical specimen is the only Uncirculated pieces specifically mentioned by Walter Breen in his Encyclopedia. He further noted that at any Mint State level the issue is "very rare."

PCGS Population: 1; 2 finer (MS-67 finest).

Date logotype deeply impressed into die. The upright of 1 appears larger at the base than at the top.

From Stack’s sale of the Bareford Collection, December 1978, Lot 129.

Elusive 1860-S $3

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672     1860-S MS-62 (PCGS). Brilliant and lustrous, a high-grade example with virtually full mint frost. A prize example of this elusive variety. Such pieces are not seen often.

PCGS Population: 1; none finer.

The mintage of the 1860-S $3, all with a small S mintmark on the reverse, amounted to 7,000 pieces. Some 2,592 were considered to be light in weight and were stored at the mint until 1869, when they were melted into bullion. Thus, the net circulation mintage is only 4,408.

The 1860-S represents the latest-dated collectible San Francisco Mint $3. The only later issue is the famous 1870-S, showcased in the Eliasberg Collection in 1982, and now retained by the Harry W. Bass, Jr. Research Foundation.

From Abe Kosoff’s sale of the Shuford Collection, April 1968, Lot 1922, later acquired by John N. Rowe, III, and Michael Brownlee, subsequently sold to Harry Bass.

Lustrous 1861 $3

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673     1861 MS-64 (PCGS). A beautiful specimen. The surfaces are a mixture of slight prooflike character and satiny lustre, overall giving a beautiful appearance and creating a cameo effect for the portrait. A truly lovely 1861, business strike that will be appreciated by the advanced collector and connoisseur. A rarity so fine!

PCGS Population: 7; 1 finer (MS-65).

The mintage amounted to 5,959 pieces, all coined in March 1861 from a single pair of dies. The obverse shows diagonal striae (at a 45° orientation), seemingly a characteristic of all pieces struck (Walter Breen notes "with thin letters and field striations on the obverse"). The date logotype was rather lightly impressed into the die, giving the figures a delicate appearance.

From Lester Merkin’s sale of April 1970, Lot 692.

674     1861 EF-40. Bright yellow gold. Much mint lustre is still visible. Only 5,959 $3 pieces were minted this year. Most or all went into circulation, with the result that the typical grade seen today is VF or EF.

Date logotype very lightly impressed into the die. The present reverse die is also relapped, making the light impression seem even more so.

From Stack’s sale of February 1972, Lot 688.

Gem 1862 $3

Mint State Rarity

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675     1862 Breen-6367. Without Distinct Neckline. MS-65 (PCGS). An outstanding gem specimen with satiny lustre, a coin with a tremendous amount of eye appeal and, in this condition, a notable rarity. For further interest Breen noted: "Very rare. Forward edge of neck blurred into field (die repolishing)."

PCGS Population: 1; none finer.

Under magnification the die resurfacing seems to have been done with a rotating wire brush, which left many striae on the die. Earlier, the die had clashed, and even after resurfacing a number of evidences are seen of the reverse wreath to left and right of Miss Liberty’s portrait.

The reverse die also resurfaced, probably at the same time, as the resurfacing style seems identical. Similarly, some contact marks still remain. A highly interesting $3 to view under magnification, and an important item for the advanced specialist.

Purchased from Fred Sweeney, September 18, 1972.

Scarce 1862 $3

676     1862 Breen-6367. Without Distinct Neckline. AU-55. Another specimen of this variety, with bright yellow gold surfaces.

With wire brush die effects as earlier described.

A truly interesting, exciting specimen for the specialist. Perhaps the notes in the present catalogue, combined with those to come in the sylloge plus notations recorded elsewhere (specifically by Breen) will engender a new era of study of die peculiarities and characteristics of the 1854-1889 $3 series.

Breathtaking 1863 $3

Incredible Gem

Classic Rarity

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677     1863 MS-65 (PCGS). Brilliant and lustrous. A coin of incredible rarity and incredible beauty. One of the most important $3 pieces in the present sale.

Only 5,000 business strikes were made in 1863, a low enough number in its own right. However, more pieces than usual seem to have disappeared, with the result that today we believe that no more than 200 to 250 survive, nearly all of which show extensive circulation. The present coin is a marvelous exception.

Harry Bass in his notes observed that this is struck from the same dies used to make Proofs this year, although the present specimen has no indication of Proof surfaces.

The obverse shows prominent clash marks from the reverse, while the reverse shows two sets of outlines from Miss Liberty, slightly overlapping. Under magnification the coin is absolutely fascinating!

The date logotype was somewhat irregularly made this year with the 18 closely spaced and the 6 with wider separations on both sides. The 3 is somewhat irregular, with the knobs (such as they are) at the top and the bottom being of odd shape, the top being truncated.

Purchased from Rowe and Brownlee, July 30, 1968.

Marvelous 1864 $3

Prooflike Business Strike

Prime Rarity

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678     1864 MS-65 (PCGS). Semi-prooflike obverse and reverse. A marvelous specimen, well struck, with excellent detail and a beautiful appearance–anything and everything that could be asked for in a circulation strike.

Only 2,630 pieces were made this year, of which we estimate that fewer than 150 survive today. Most of these, quoting Breen, "are usually VF to EF, very rare above, extremely rare Uncirculated." Another fantastic coin, a prime target for the connoisseur and specialist.

PCGS Population: 2; 1 finer (MS-66).

Obverse and reverse with light die finish marks, no doubt indicating an early strike (although with limited mintages, there is no such thing as a truly late strike). Date logotype first lightly repunched into die, slanting down to the left, then corrected, with the result that the first two digits show repunching. The digit 4 on this and certain other logotypes for the denomination is somewhat ungainly, presenting an overly large interior area.

Purchased from Fred Sweeney, September 18, 1972.