Three Dollars - Lots 679-710
The Harry W. Bass, Jr. Collection - Part II
Three Dollars - Lots 679-710
Highly Important 1865 $3
Prooflike Business
Strike
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679 1865 MS-64 (PCGS). Prooflike. An outstanding specimen, one of the finest seen, of this elusive and rare issue. The business strike mintage of the 1865 amounted to an incredibly low 1,140 pieces. The number known today is believed to be fewer than 100 coins altogether, with VF and EF being typically encountered grades. Breen notes: "very rare. Business strikes, made on February 27, are usually in low grades, Extremely rare in AU, prohibitively rare Uncirculated."
As a general observation, business strike $3 issues of the 1860s are very difficult to find, this being particularly true of the 1863 and onward. Mint State pieces, while not unheard of, appear on the market only at widely spaced intervals. It seems to have been the case that the few collectors desiring the denomination at the time of issue simply purchased Proofs. Business strikes were completely ignored. Thus, the survival of a splendid piece such as the 1865 offered here is a matter of rare chance.
PCGS Population: 4; 2 finer (MS-66 finest).
Date logotype deep into die with slight repunching at the last two figures. Oriented low and level, called an "original" by Breen, although no restrikes were made of circulating issues.
Purchased from John N. Rowe, III, September 24, 1966.
Rare 1866 $3
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680 1866 AU-55. Bright yellow gold. Somewhat prooflike. A splendid specimen of this prime rarity. Only 4,000 business strikes were produced, of which only a few survive today.
The date logotype this year was made by punching the final 6 deeper into the die than the first 6, giving the final 6 a somewhat larger appearance, although the same punch was used when the logotype was made. On the present die, the digit 1 is especially prominent, probably indicating that the punch was not evenly applied into the working die. Other technicalities could be studied.
Purchased from Fred Sweeney, September 18, 1972.
681 1866 AU-50. Another attractive example of this elusive $3 date.
Die pair as preceding.
Purchased from Bonanza Coins, March 3, 1973.
Marvelous 1867 $3
Superb Gem MS-66
Key Date
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682 1867 MS-66 (PCGS). Highly prooflike, closely resembling a Proof striking. A marvelous, virtually incredible quality piece without an equal anywhere in numismatics.
The mintage of the 1867 was a very low 2,600 pieces with most survivors grading EF to VF, punctuated by an actual AU, but seldom by a Mint State. Another extraordinary opportunity for the connoisseur and specialist.
PCGS Population: 2; 1 finer (MS-67).
Business strikes were delivered on January 24, 1867. Apparently there was no further call for the denomination.
The date logotype is deeply punched into the die, yielding a bold appearance. A crack is seen from the border to the second lowest leaf on the right.
Both obverse and reverse dies were given a high degree of polish, and under magnification parallel polish lines can still be seen. Perhaps before the mintage ended on this particular January day in 1867, the lines were worn away.
From Stack’s sale of the DiBello Collection, May 1970, Lot 767.
Important Business Strike 1868 $3
Choice Mint State
Low-Mintage Date
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683 1868 MS-63 (PCGS). Highly prooflike. Rich golden surfaces with splashes of magenta on the obverse and reverse borders. An extremely appealing coin, one of the finest business strikes ever to pass under our view. An incredible opportunity for the connoisseur and specialist.
From Lester Merkin’s sale of April 1970, Lot 694.
Fantastic Gem 1869 $3
Prooflike MS-65
Classic Rarity
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684 1869 MS-65 (PCGS). Beautiful prooflike surfaces. Sharply struck. An incredible specimen of this rare date, one of only 2,500 business strikes produced. Another highly important, actually incredible opportunity for the connoisseur and specialist. While Part III of the Harry W. Bass, Jr. Collection will include a number of high-grade $3 pieces, the "first cut" of quality business strikes appears in the present sale.
PCGS Population: 1; none finer.
Reverse die oriented about 160° in relation to the obverse, instead of the normal 180° Last digit of date logotype lightly repunched.
From Stack’s sale of the Bareford Collection, December 1978, Lot 136.
Beautiful and Rare
1870 $3
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685 1870 MS-64 (PCGS). A beautiful specimen with so much Proof surface in the field that many cataloguers, particularly decades ago, would have called this a Proof striking, and, indeed, perhaps it was a presentation piece of some kind. Reflective of this, Breen has written, "some Uncirculated pieces are deceptively prooflike."
The low business strike mintage for this year–only 3,500–plus the beautiful appearance of the present specimen combine to yield a coin that will deservedly attract quite a bit of attention when it crosses the auction block.
PCGS Population: 2; none finer.
In his notes Harry Bass observed that the same obverse die was used to strike $3 pieces the year before, 1869.
On the reverse, the date logotype is placed higher on business strikes than on Proofs, providing handy distinguishing characteristics, as the reverse die itself quite resembles a Proof, as noted earlier. The prooflike character may have been caused by relapping, as certain low-relief details are weak, this being particularly true of the thin leaf to the left of the date. Under magnification some raised die finish lines can be seen. In today’s era, few collectors endeavor to acquire $3 pieces by die varieties, and even if they did, the opportunities available to Harry Bass are not available now. However, it is interesting to make notes of such varieties when they are observed.
Purchased from Fred Sweeney, September 18, 1972.
Another Important
1870 $3
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686 1870 MS-63 (PCGS). Highly prooflike. A stunningly beautiful specimen, a coin which will quickly catch the eye of the connoisseur. With a mintage of only 3,500 business strikes, the 1870 has long been recognized as a key issue. High-grade examples are especially rare, with prooflike pieces occasionally offered as full Proofs in the past (before the days of certification and the publication of technical information).
The present piece is a landmark for the specialist. Few equivalent pieces exist.
PCGS Population: 5; 2 finer (MS-64 finest).
On the obverse some light clash marks can be seen around the portrait around Miss Liberty.
On the reverse the date is more heavily punched into the die toward the right. As Breen mentions, the leaf to the left of the date is isolated, typically evidence of relapping, but possibly the original state of the die (if so, this would indicate that the master die was lightly impressed into the working die). The present specimen shows occasional clash marks and die lines around the wreath, particularly on the right. At the wreath apex the die is noticeably bulged.
From Abe Kosoff, August 1973, through a trade transaction.
A Final 1870 $3
687 1870 AU-58 PL. Another truly beautiful example of this very elusive $3 date.
Dies as preceding, but an earlier state, without bulge. The isolated leaf is present, as it may be on all impressions.
Purchased from Superior Galleries, February, 1973, Lot 304.
World Class 1871 $3
Superb Gem MS-66
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688 1871 MS-66 (PCGS). Highly prooflike. An incredible, almost unbelievable specimen–ranking as one of the very finest in existence of any business strike $3 of this era.
In the present instance, the 1871 is of remarkably low mintage, as only 1,300 were struck. Of that number, probably fewer than 100 survive today most of which are in EF to AU. There was no numismatic interest in preserving business strikes, as collectors purchased Proofs.
We suggest that all caution be discarded when bidding on this piece, as it may be a long time, if ever, before another opportunity is offered.
PCGS Population: 1; none finer.
Date deeply punched and low on the die.
Purchased from Colonial Coins, August 8, 1972.
Key 1872 $3 Gold
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689 1872 AU-55. A splendid example with a warm golden coloration. The 1872, with a mintage of only 2,000, is one of the key rarities of its era. Relatively few survive. Of those, most cannot match the combination of grade and aesthetic quality offered here. A tiny planchet lamination is seen on the jaw of Miss Liberty.
Date logotype high on the die, closer to the word DOLLARS than usual. Some finish lines may be seen.
From our sale of the Austin Collection, June 1974, Lot 1022.
Highly Important 1873 $3!
Closed 3 Business Strike
A Key to the Series
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690 1873 Closed 3. MS-62 (PCGS). Highly prooflike, closely resembling a Proof, and no doubt apt to be called a Proof by some–without serious argument. The finer of two beautiful pieces of this date offered in the present sale.
PCGS Population: 3; none finer.
Dies normal (not deeply dished). From the same dies as the following lot. The mintage figure is not known, but is probably only a handful of pieces. Walter Breen comments; "most survivors are VF to EF none seen Uncirculated. Proofs are very rare."
According to the same writer, in late autumn 1872 dies with the closed 3 were prepared. Unfortunately, few records were kept concerning the actual production of 1873 $3 pieces, which today exist in several varieties, open and closed 3, and with field variations within those varieties. Concerning the presently offered variety, Breen says: "Paradoxically, closed 3’s are known, rarely in Proof state, usually in F to EF grades; there is no Mint record of their coinage, and as some of these pieces have obverse dies identified as dating from 1879, they have been characterized as restrikes. However, preservation of other closed 3’s does not permit positive identification of their obverse dies with coins of any other date, and the suggestion has lately been advanced that these latter may represent a delivery of a few hundred original 1873’s probably in January, mostly for circulation, omitted from Mint records in error. On the other hand, some Proof restrikes of 1873 are rarer than originals, most notably the ‘dished’ coins, which have the appearance of convex obverse and concave reverse."
The entire matter suggests that further study is needed. As it may be a possible interest, we give below our commentary relating to 1873 $3 pieces as printed in our catalogue of the Eliasberg Collection, October 1982 under Lot 299. Today, in 1999, the state of the art has not changed measurably, and further study is still suggested.
Meanwhile, the 1873 continues to stand tall and proud as one of the great rarities in the $3 series, as a date being third in line after the 1875 (just 20 struck) and 1876 (45). Accordingly, the present coin, very attractive and very rare, should engender substantial notice as it crosses the block. Below we reprint some comments from our Eliasberg Collection catalogue of 1982, which are still relevant today.
Among various $3 pieces, the 1873 is the third rarest Philadelphia Mint date, on the heels of the 1875 and 1876. The appearance of this specimen at auction is always an important occasion, and the offering of two pieces in the present sale is all the more remarkable.
Excerpted from our Eliasberg Catalogue
In general, Walter Breen, building on research conducted by Harry X Boosel, believes that 1873 issues with Open 3 are "original" coins and those with Closed 3 are "restrikes." However, the distinction is not clear, for apparently certain of the Open 3 issues were restruck at a later date.
David Akers takes an opposing view and, to condense his detailed comments, notes in conclusion that "it is indeed possible, and in fact it is my opinion, that all 1873 $3 gold pieces were minted in 1873."
The situation is complex. The Mint lists a production figure of 25 examples struck of the 1873 $3 issue, all Proofs. No pieces were reported for circulation. Taken alone, such a production figure would place the 1873 $3 as one of the greatest of all American coin rarities. However, from surveys of existing collections, auction offerings, and other appearances in the numismatic marketplace, it is apparent that more than 25 pieces exist today. David Akers traces the auction appearances of 75 pieces. Allowing for duplicate offerings of the same coin, this still would indicate an original mintage of more than 25, especially if one considers that pieces impounded in museums, coins which have not traded hands in the past half century, are not included in his survey. Walter Breen estimates the total population of 1873 $3 issues at slightly over 70 pieces.
David Akers further cites the opinion of Harry Bass, the well-known Texas gold specialist, concerning the 1873 Closed 3 $3 piece with the "dished" appearance–the precise variety offered for sale now:
"One variety of the 1873 Closed 3 $3 gold piece is markedly ‘dished,’ that is, it has a convex obverse and a concave reverse. This variety is the so-called ‘dished restrike.’ However, Harry Bass claims that the dished pieces are in fact, the true ‘originals.’ I [David Akers] feel that these dished pieces are merely the Proofs with the Closed 3, whereas the other Closed 3 pieces are business strikes. Therefore, since both were, in my opinion, minted in 1873, both can lay legitimate claim to being ‘originals.’ The two Proofs listed below [in David Akers’ enumeration of auction appearances] were both the dished variety which, by the way, is the rarest of the 1873 $3 gold piece varieties."
Using the information printed by David Akers, the coin offered here gains the status of not only being an original but, further, being the rarest and consequently the most desirable variety among the originals!
What probably happened is this: 1873 was a time of interesting productions at the Mint. Special pieces were often made up for private and unofficial sale to collectors. Indeed, from about 1858 until the mid-1880s there were many "fancy pieces" produced. In 1873 25 Proof $3 pieces were produced for sale to collectors. Sometime in the same year it developed that there was no government request for business strikes. Officials at the Mint realized that a Proof rarity had been created, a coin which would stand out in the series as a "Proof only" issue. Accordingly, additional pieces were made. Whether these were made during the calendar year 1873 or shortly thereafter is not know. In the present writer’s opinion they were not made significantly later. If they were made in 1874, rather than in 1873, this is not a "big deal" numismatically. It is to be remembered that nearly all of the 1879-dated Flowing Hair $4 Stella issues were in fact produced during the following year, 1880. This was done openly, and was not considered to be an abnormal practice. It is entirely possible that later in 1873, or sometime in 1874, an additional quantity, perhaps 100 or 200 hundred pieces, of 1873 $3 pieces left the dies. Complicating the equation is the fact that numerous specimens known today show extensive signs of circulation. In fact, far more worn coins have appeared in sales over the years than have Proofs! The "Uncirculated" or "frosty" surface. Rather, even slightly worn ones seem to have been struck as Proofs. Still there is the possibility that 1873 $3 pieces were indeed produced for circulation. David Akers believes that of all of the Closed 3 issues he describes as having appeared in auctions, 45 in all, just two were Proofs, and these were of the dished variety. The others were described as "Uncirculated," "AU," or lesser grades. If indeed the "Uncirculated" and "AU" coins possess mint frost–and the present writer has not examined them–then it seems logical that pieces were indeed made for purposes of commerce.
Going further with the information given by David Akers, he lists the auction appearances of two Proofs with Closed 3 from dished dies, seven Proofs of the Open 3 variety, and 10 Proofs which the auction cataloguers did not identify. Presumably most of these 10 were of the Open 3 type. This is a total of 19 auction appearances. Including duplicate appearances of the same coin, this might net to say, 10 or 12 different Proof 1873 $3 pieces. If this is indeed the case, then the original Proof mintage of 25 pieces might be correct. Under this reasoning, it would be logical to believe that the true situation was that 25 Proofs were made and that business strikes of an unknown quantity were also produced. It could be assumed that perhaps a couple hundred or so business strikes were issued. Why weren’t they listed in the Mint report? They may have been omitted due to an error or oversight. There are numerous other instances of this happening. For example, neither the 1827 quarter nor the 1841 quarter eagle, two well-known rarities in other series, are listed in the Mint report. And, who’s to say that any Mint report from the 19th century is precisely accurate? Compounding the mystery is the absence of coins with lustrous or frosty surfaces characteristic of business strikes…
From Stack’s Auction ’85 sale, July 1985, Lot 1899.
Famous 1873 $3 Rarity
Closed 3
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691 1873 Closed 3. AU-58 (PCGS). Attractive light yellow gold. Prooflike surface still remains in protected areas, perhaps struck from Proof dies. Fields normal (not deeply dished, the dished varieties being called restrikes by some).
Another opportunity to compete for the third rarest Philadelphia Mint coin in the $3 series, coming on the heels of the 1875 and 1876. Taken on its own, an AU-58 1873 Closed 3 is an impressive rarity and a very desirable piece, certainly one of the finest we have ever seen.
PCGS Population: 2; 3 finer (Proof-65 finest).
From Stack’s sale of the Alto Collection, December 1970, Lot 106.
Frosty 1874 $3
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692 1874 MS-64 (PCGS). A frosty specimen, the inauguration of several pleasing 1874 business strikes in the present sale. As we noted in the introduction to the $3 series, there are only three dates that are relatively readily available in Mint State, these being the 1854, 1874, and 1878. Of these, the most elusive is the 1874.
Date logotype large this year. On the present die the logotype is more deeply impressed at the right side than at the left side of the date.
Purchased from Superior Galleries, February 1973.
Another Splendid
1874 $3
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693 1874 MS-64 (PCGS). A splendid specimen with coruscating frosty lustre on obverse and reverse, ideal for the date and grade. As the 1874 is one of the few issues later in the series that can be found in Mint State, the present piece is a candidate for a high-grade type set. However, the date specialist will not want to overlook it either for it is fine for this purpose as well.
From Paramount’s sale of February 1975, Lot 530.
Prooflike 1874 $3
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694 1874 MS-62 (PCGS). Virtually fully prooflike. A splendid coin which at a quick glance appears to be a Proof. However, upon study it is more likely a business strike and, in fact, was classified by Harry Bass as such. The obverse and reverse are of attractive yellow gold. A very attractive coin which will merit enthusiastic competition as it crosses the block.
This may have been what could be called an inadvertent Proof. Upon close examination the dies clashed, in fact, virtually the entire outline of Miss Liberty’s face can be seen within the wreath on the reverse to the left. Perhaps after this occurred, the pair of dies was removed from the coining press, lightly relapped and polished to remove nearly all the marks, and then used for coinage, (such procedure having precedents). Moreover, on pieces recognized as Proofs, the date logotype is positioned very slightly to the left of where it is on the present coin.
From Stack’s sale of the Scanlon Collection, October 1973, Lot 2225.
Famous 1876 $3 Rarity
Splendid Proof
A Key to the Series
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695 1876 Proof-64 (PCGS). Rich yellow gold surfaces. A very nice example of this famous rarity.
Mint records state that 45 Proof specimens were struck of the 1876 $3, without any related business strikes, thus isolating 1876 as a "Proof-only" issue, with only the 1875 having similar status. For many years the 1876, along with the 1875 and to a lesser extent the 1873, have been considered the key Philadelphia Mint issues of the series.
Walter Breen estimated that 25 or 30 exist today, while David Akers in his study cited sale records for 45 pieces (a figure which includes duplicates listings of the same coin). It is our view that perhaps two dozen or so different specimens exist today.
Walter Breen’s Encyclopedia of United States and Colonial Proof Coins 1722-1989 gives the following information:
"The earlier issue, 20 specimens struck on February 19, perfect dies; the 25 made on June 13 have slight traces of die rust in the feathers. Only the one variety seen (Harry Bass says there is another): obverse with two short parallel lines slanting down into lower part of left upright of I in LIBERTY, and a small curved line on neck paralleling second or lowest protruding curl (counting that below ear as first). Reverse: Date heavy and about centered, large knob logotype as on cents. Some 25 to 30 survive, but at least 7 or 8 are impaired."
Virtually no differential has been made in auction offerings in print concerning die states, and thus it is not possible to know how many surviving pieces are from the unrusted dies and how many are from the rusted. Indeed, considering the extreme rarity of the 1876 date, probably no one other than Harry Bass would even dream of collecting them by die states!
The present coin offers an ideal combination of rarity and outstanding eye appeal.
Obverse die rusted in the headdress, called a "restrike" by Harry Bass in his notes. He further observed that this was the first example he had seen of this die. No parallel lines are seen near the I of LIBERTY, but they may have existed on an earlier state. Interestingly, Walter Breen’s Encyclopedia of U.S. and Colonial Coins, (published later than his Proof Encyclopedia), Breen mentions nothing about unrusted or rusted dies, or anything else. On the other hand, those dated 1875 are divided into originals and restrikes. As is the case with the earlier-discussed 1873, much evidence yet remains to be gathered concerning the rare, 1873, 1875, and 1876 $3 pieces, how they were issued, when, and in what sequence.
Regarding the rusted obverse on the present piece, this would seem to be irrelevant with regard to any issue of restrike versus original, as the obverse is undated and it would seem to have been an easy matter to have taken an unrusted die had restrikes been made. In other words, there is no reason why a particular obverse would have been saved from 1875 and used years later to make restrikes, when years later another obverse could have been used. This element remains somewhat of a mystery.
The reverse shows no significant sign of rust. Whether there are additional die states of the reverse the writer does not know.
From Stack’s sale of the Alto Collection, December 1970, Lot 109.
Landmark 1877 $3
Prooflike Cameo
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696 1877 MS-64 (PCGS). A prooflike cameo, a glittering beauty. Only 1,468 pieces were struck making this one of the lowest mintage issues in the entire series. The present coin, combining high grade and excellent aesthetic aspects, will attract wide attention when it crosses the auction block.
PCGS Population: 2; none finer.
Breen notes that business strikes are from two obverse dies and a single reverse die, but does not describe the obverse die differences.
Purchased from Stan Kesselman, July 1974.
Frosty 1878 $3
Type Set Candidate
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697 1878 MS-64 (PCGS). Lustrous and frosty, as this date is usually seen. Among later issues this has the highest mintage, some 82,304 business strikes. Thus, the present piece is an ideal candidate for a high-quality type set.
On the reverse the date is ever so slightly repunched, with extra material seen under high magnification within the upper loops of both 8s. Water Breen says that there were three business strikes with "normal" date made this year and one "overdate," specific details not delineated.
From Stack’s sale of the DiBello sale, May 1970, lot 778.
Memorable 1879 $3
Prooflike Gem
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698 1879 MS-65 (PCGS). Lustrous, somewhat prooflike surfaces. Sharply struck and very beautiful. A "showpiece" quality example of this popular date.
The business strike mintage of the 1879 $3 amounted to just 3,000, making it one of the lower figures in the series. However, beginning in this year there was some speculative attention paid to the $3 denominations (more particularly to the $1 denomination, however) and more specimens were saved than would have otherwise been the case. By way of comparison, the 1863 $3, with 5,000 business strikes made, is much rarer in gem preservation than the 1879 with just 3,000. Some discussion of the method of distribution and rarity is given in the introduction to the present denomination.
Over the years the 1879 has been very popular, the low-mintage figure attracting many buyers. While gems such as this are not absolute rarities, the demand for gold coins is so widespread that whenever a new one comes on the market there is a great demand for it.
From Superior’s sale of December 1972, Lot 1917.
Superb Gem 1880 $3
Mintage: Just 1,000
Pieces
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699 1880 MS-66 (PCGS). A superb gem specimen, lustrous and frosty with some prooflike aspects–one of the finest specimens we have ever seen of this popular low-mintage date.
The demand for the 1880 is perennial, and with the quality just described, this coin will no doubt engender a great amount of interest.
PCGS Population: 3; none finer.
From Lester Merkin’s sale of April 1970, Lot 703.
Key 1881 $3 Gold
Mintage: only 500
Pieces!
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700 1881 MS-63 (PCGS). Somewhat prooflike.Business strikes, delivered on June 4, exist "mostly in low grades" (per Breen) for reasons not clearly known. However, one might suspect that members of the public who enjoyed buying $3 coins during the mini-speculation in this series soon tired of their holdings, and the coins were mishandled. The net result is that we have in the 1883 $3 a date that not only has an incredible, almost believable low business strike production, but a very small population of extant Mint State pieces. Thus, the Bass Collection specimen is exceedingly important. We expect much interest when this piece crosses the auction block.
PCGS Population: 4; 4 finer (MS-66 finest).
Date logotype heavily impressed into the die, somewhat more deeply at the top than at the bottom.
From Paramount’s sale of February 1971, Lot 1028.
Prooflike 1882 $3
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701 1882 MS-64 (PCGS). Prooflike surfaces, closely resembling a full Proof. A very attractive example, one of the finest seen. Indeed, this piece could easily be assigned a higher grade, in our opinion.
Date logotype lightly repunched, with vestige of earlier, higher 2 above the final digit. Years ago, before studying the subject carefully, we felt that the 1882 $3 was made by using a three-digit logotype, 188, and then adding the 2 (or other digit on other dates) as appropriate. However, it is our current belief that a four-digit logotype was used, that one end of the logotype punch touched the die and was impressed, creating the artifact just mentioned. As observed elsewhere in the present catalogue, the field of careful technical research relating to 19th-century die making, logotype preparation, and minting procedures is still an area offering many research and study possibilities. Already, more has appeared in print in the past 25 years in various journals and books than in the preceding 100 years.
Purchased from N.K.S., October 9, 1970.
Prooflike 1883 $3
Mintage: 900 Pieces
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702 1883 MS-64 (PCGS). Highly prooflike. A splendid specimen which many may attribute as a full Proof. The mintage of 900 pieces adds to the appeal of this gorgeous coin.
Harry Bass notes that the obverse of this piece was also used to strike Proofs of the 1881 $3.
Purchased from Bonanza Coins, March 5, 1973.
Proof 1884 $3
Key Date
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703 1884 Proof-62 (PCGS). Considered by Harry Bass to be a business strike, and marked by him "rarest business strike in the 1880s." Lovely light golden surfaces. Some scattered marks on mirrorlike fields, particularly on the obverse, account for the 62 designation.
As has been noted elsewhere in this catalogue, delineation as to what is a Proof gold coin as opposed to prooflike business strike is not clear, and in some instances conventional wisdom needs to be modified. John Dannreuther is currently studying the $1 gold series in this regard, and no doubt some of his findings will have counterparts in the $3 series. Harry Bass identified this as a business strike by the tiniest of tiny markers, a little "spine" or "spur" hidden in the dentil spaces high above AT (STATES).
On the reverse the date is deeply punched into the dies. The 8 and 4 touch.
From Superior’s sale of February 1973, Lot 319.
Gem 1885 $3 Rarity
Mintage: Just 800
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704 1885 MS-65 (PCGS). Somewhat lustrous, but more notably with a prooflike surface. A splendid example of this low-mintage date. Again, here is a numismatic attraction, a landmark.
PCGS Population: 9; 5 finer (MS-66 finest).
Date logotype impressed into working die at medium depth. Business strikes were produced in March of the year.
Purchased from Superior, March 1978.
Important Proof
1886 $3
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705 1886 Proof-64 (PCGS). Considered to be a prooflike business strike by Harry W. Bass, Jr. You can "pay your money and take your pick"–the jury is out on exactly what constitutes a Proof and what does not from $1 and $3 coins of this era, as noted.
In the present instance, PCGS considers this to be a Proof, and as such it is one of only 142 pieces struck. On the other hand, if you agree with Harry Bass and consider this to be a business strike, it is one of 1,000 pieces struck.
Either way, the 1886 is a highly important, much sought after date. This and all other $3 pieces of the era are greatly prized, and justifiable so.
Walter Breen’s Complete Encyclopedia of U.S. and Colonials Coins refers readers to his Proof work for the "stigmata" (seems to be a misadaptation of a religious term) describing Proofs, of which Breen considers there to be two varieties. These are as follows:
B-1: Upright of 1 below the right curves of O (DOLLARS).
B-2: Upright of 1 between OL. Date seems to slant down slightly. The dies of the 1,000 business strikes (including, alas, some deceptive first strikes) plus a minority of Proofs.
Again, there is no clear delineation. The point is perhaps moot–no doubt it will stay snug in its PCGS holder and will by virtue of this become a Proof.
From Pine Tree Rare Coin Auctions’ sale of September 1973, Lot 470.
Gorgeous Proof 1887 $3
Misaligned Dies
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706 1887 Proof-64 (PCGS). A splendid Proof, not at all equivocal. Obverse and reverse dies aligned in the same direction. Rich golden Proof surfaces. A truly splendid specimen, one that combines rarity with a generous measure of eye appeal.
Although 160 Proofs were struck, it is our opinion that the majority of these went to speculators, with the result that once the novelty of ownership passed, such pieces became damaged. Today the Proof population is probably no more than 75 pieces. Breen suggests over 30 with just a few of these being with the erroneous die alignment.
Purchased from Superior, March 8, 1978.
Another Splendid Proof 1887 $3
Correctly Aligned
Dies
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707 1887 Proof-64 (PCGS). Another specimen, rich gold similar to the preceding. Dies aligned normally.
Purchased from Stack’s, November 1, 1985.
Remarkable 1887 $3
MS-65 Business Strike
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708 1887 MS-65 (PCGS). A business strike of remarkable quality, brilliant with much mint lustre, and no prooflike surface. A splendid example of a quality seldom seen.
The business strike production this year amounted to 6,000, many of which went to investors and speculators. However, most of these became lost, and today we estimate the population to be in the range of 1,000 to 1,500 pieces, or perhaps, a quarter of the mintage figure.
The present coin, of exquisite beauty, will satisfy the date specialist as well as the type collector.
This is Breen’s Double Die Obverse, No 6401. Some doubling is seen on the obverse letters, particularly to the right.
Purchased from Superior, March 1978.
Superb Gem 1888
$3
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709 1888 MS-66 (PCGS). Lustrous and frosty with satiny surfaces, no prooflike character. An absolutely wonderful business strike, one that will be exciting even to the specialist who has seen just about everything.
Only 5,000 business strikes were made this year, and of that number just a handful compare in quality to the piece offered here.
From Quality Sales’ auction of the Beck Collection, February 1976, Lot 330.
Beautiful 1889 $3
Final Issue
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710 1889 MS-64 (PCGS). Deeply frosty and lustrous, a truly superb specimen of the last year of the denomination. The high grade plus stunning visual appeal of this coin combine to yield yet another numismatic prize.
In his notes Harry Bass observed that on this die the second 8 of the date is to the left of center over the right bow loop.
From Stack’s sale of the Shapero Collection, October 1971, Lot 953.
