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

Three-Dollar Gold Pieces

Welcome to paradise in the $3 gold series! The following offering, brief in length, is the numismatic equivalent of having an art sale that has nothing but Rembrandt paintings in it! From the first offered piece—a glittering Proof 1855 of immense rarity and breathtaking beauty—to the last—an amazing 1887 Proof with a "story" equaled by few other gold coins anywhere—this offering is one that will be remembered for all time. Of course, one must not overlook the 1875—the classic rarity of the entire $3 series! Indeed, in the annals of numismatics the quality and completeness of a high-grade offering of $3 pieces is usually judged by the presence or absence of the 1875 (one must forget about the unique 1870-S, the only known example of which is held by the Harry W. Bass, Jr. Research Foundation). And, indeed, in the present sale the 1875 meets the test of quality and significance.

Conceived in legislation in 1853 and first coined in 1854, $3 was envisioned to join the lineup of American gold denominations, which at the time included the $1, $2.50, $5, $10, $20. It was said by some that the $3 piece would facilitate the purchase in sheets of three-cent stamps and would also make it easy to buy a group of 100 silver three-cent trime coins, although such benefits seem tenuous at best—at least in retrospect.

Although hopes were high at the beginning and in 1854 the $3 pieces were struck at the Philadelphia, Dahlonega, and New Orleans mints, the coins soon proved unpopular, mintages fell, and no more were struck at either Dahlonega or New Orleans. In the next year, 1855, $3 pieces were struck in San Francisco, and coinage continued intermittently through 1860, seeing extensive service on the West Coast (seemingly more accepted in circulation than their cousins were in the East and Midwest, this based upon the amount of wear observed on extant coins).

Mintages declined and were generally small in the 1850s, as in the channels of commerce the $3 was redundant to the somewhat close denomination of the $2.50 quarter eagle. In a word, the $3 pieces were a nuisance to commerce. This made them rare and, of course, they have been anything but a nuisance to numismatists! Indeed, any $3 coin is scarce, some are rare, and some are extremely rare. After December 1861, such coins no longer circulated in the East and the Midwest, and mintages fell even further.

In December 1878, $3 pieces once again circulated at par, and many were paid out into banking channels. However, they seemed to remain in bank vaults, not to actively enter commerce, and years later Henry Chapman would state on numerous occasions that much of the mintage of 1878, 1879, and 1880 went to the melting pot. For 1878 this did not make a great deal of difference, as the production was generous. However, the mintage figures for 1879 and 1880 were quite restricted to begin with.

Beginning in a significant way in the 1890s, many numismatists became interested in forming sets of $3 pieces. Prominent in this regard was William H. Woodin, whose cabinet was absolutely complete (including the unique 1870-S). In 1911 the set was consigned to New York dealer Thomas L. Elder, who offered it at auction. Woodin was so excited with the results that he penned a long article in The Numismatist concerning the fantastic benefits of rare coin investment. Woodin was no ordinary observer. At the time he was the president of American Car & Foundry, manufacturer of railroad and other heavy equipment, and was one of America’s most successful and most prominent industrialists. A renaissance man before the term was invented, Woodin was interested in autographs, music, and numerous other pursuits, autographs, books, music, and other pursuits and, later in life, even composed a symphony and wrote a march. In 1933, newly inaugurated President Franklin D. Roosevelt named Woodin as his secretary of the Treasury, a post he held for nearly a year, until he was forced to resign for health reasons.

Today in the year 2000, the $3 is as popular with numismatists as it has ever been. Among the various dates and mintmark varieties from 1854 to 1889 (excluding the 1870-S), the "stopper" is the 1875—of enduring fame and brilliance. Next in line for difficulty of acquisition is the 1876, followed by the rather curious (from a technical viewpoint) 1873. After that it is a horse race, with contenders including the 1854-D and several dates in the 1860s and 1870s, all of which are rare, and none of which is impossible to find—although choice pieces may take some effort.

Of all the later (after the early 1830s) gold series, Harry W. Bass, Jr. found the $3 denomination to be the most fascinating. He kept quite a few notes on observations, a number of which will be shared in the sylloge or museum-style catalogue that we are preparing for the Harry W. Bass, Jr. Research Foundation. There are multiple enigmas, some of which are discussed at length or at least touched upon by Walter Breen in his various writings, most particularly in his 1977 Proof Coin Encyclopedia and his 1988 Complete Encyclopedia of U.S. and Colonial Coins. More research attention has been paid to the nuances of the 1873 $3 coinage than any other single date, but there are surprises with other years as well. And, who can disagree with our contention that the 1887 double-struck Proof $3 in the present sale—the final lot in the $3 offering—is of immense importance and of great curiosity value (we studied it for quite a long time under magnification during the cataloguing process).

Three-dollar gold coins from the Bass Collection, gathered and preserved with care, are now brought to the auction venue for your consideration.

Landmark Proof 1855 $3

From the Eliasberg Collection

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271     1855 Proof-64 (PCGS). This impressive jewel has rich reflective greenish yellow fields with frosted bright yellow gold devices. Every detail is boldly rendered. A few very minor hairline scratches are noted, including two faint scratches at left obverse. Perhaps just four examples are known, the others include the Garrett Collection coin, a third from the F.C.C. Boyd World’s Greatest Collection sale, and a fourth offered as part of the Ed Trompeter Collection. First year of a subtype with larger letters in DOLLAR, a font that would continue through the end of this denomination in 1889.

In Thomas L. Elder’s March 1911 offering of this coin as part of the William H. Woodin Collection, he stated: "1855 Brilliant yellow Proof. First one offered in this condition. Almost unique in this state." If Elder was discussing all previous auction offerings, rather than just those in his own sales, he overlooked at least three 19th-century appearances, including the 1864 McCoy Collection sale, 1883 Woodward 59th Sale, and 1895 Winsor Collection sale. The phrase "almost unique in this state" suggests he was aware of at least one other such coin.

Another interesting side note results from B. Max Mehl’s offering of a Proof in his 1950 Golden Jubilee Sale of the Jerome Kern Collection. He stated "I can find no record of auction sale in the past several decades," apparently overlooking the Proof example he had sold six years earlier in his 1944 offering of the Belden E. Roach Collection

The importance of the present Proof 1855 $3 piece cannot be overstated. As a class, Proofs of this denomination are not generally available until the dates of the 1880s, except the 1875 and 1876 (which are the most available of all issues before that time). It may well be the situation that years will elapse before another auction offering of a Proof 1855. Thus, for the present coin the price paid is, of course, very important, but the opportunity may be even more so. The day after the sale the successful bidder will possess this coin, while many other serious numismatists may spend the rest of their lifetimes looking without success.

PCGS Population: 2; none finer.

(At this point we must confess that the research our team of a half dozen or more people has been doing on gold coins, with catalogues dating back to before 1860, has brought to light in one place more citations, old-time comments, and other information than no rare coin researcher or auctioneer—including ourselves—has ever had available before. Among inconsistencies are some in our own catalogues, which in the final text will be pointed out here and there —we mention this simply to be objective.)

On the obverse, full Proof surface is seen among all the letters and their interior parts except for the top of the first A (AMERICA) which is partly filled in, and part of the top of the second A. On the neck truncation, just the tops of the JBL initials are available, the rest apparently having been removed by the preparation of the mirror surface of the Proof die (alternatively, by light impressing of the master die).

On the reverse the high point of the right wreath ribbon is below the lower right of the first five; the date is closer to the wreath ribbon than to the letters above it. Date slopes very slightly down to the right, as measured by comparing the distances from the top of the 1 to the L (DOLLARS) above and the top of the second 5 to the letters AR above it. Die highly polished, inside leaf left of date partially missing for lower 2/3 of its distance, part of the right interior ribbon loop mostly missing, significant space at wreath apex. Similar to the obverse, the reverse was highly polished to create the mirror Proof surface.

From Superior’s sale Auction ‘85, July 1985, Lot 934. Earlier from our sale of the Louis E. Eliasberg, Sr. Collection, October 1982, and from the William H. Woodin Collection (Thomas L. Elder, March 1911).

Delightful 1856-S $3

From the Garrett Collection

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272     1856-S Small S. AU-58 (PCGS). Reverse rotated very slightly counterclockwise. A lovely example with frosty yellow gold lustre. Sharply struck with most details boldly defined. Only a few very minor surface abrasions are noted. Walter Breen noted this variety with small mintmark to be very scarce, usually weak, and in low grades. This is the second San Francisco Mint issue of the denomination, and one of only a handful of collectible issues from this mint. Of 206 submissions graded by PCGS, only eight are finer than this. Among all coins graded by this service, the average grade is just 37.

In the past decade, only five finer examples have appeared for public auction sale. Current estimates suggest 350 to 500 survive in all grades, or just over 1% of the original mintage of 34,500 coins.

A new reference has made its debut: United States Gold Coinage: Significant Auction Records, 1990-1999 has recently been published, surveying 322 auction sales from held from 1990 to 1999. Compiled by Jeff Garrett and John Dannreuther with Tom Mulvaney serving as project director, this reference is a valuable source of price and pedigree information. In addition, condition rarity and market availability can be derived from this information. As an example, this 1856-S issue is not a rare coin when all grades are considered, with 48 auction appearances last decade. However, just five Mint State appearances (two MS-64 and three MS-61) and four AU-58 sales appear in this listing.

From our sale of the Garrett Collection, Part I, November 1979, Lot 419. Earlier from William Hesslein, January 20, 1920.

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273     1856-S Small S. EF-45. Light yellow gold with minor hairlines, perhaps from an old cleaning. Light abrasions and other imperfections are also noted. Another example of the very scarce Small Mintmark variety.

Purchased from Superior, March 1978.

Amazing Gem Proof 1859 $3

Tied for Finest PCGS Certified

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274     1859 Proof-65 (PCGS). A lovely cameo Proof with frosted bright yellow devices surrounded by reflective gold fields. Minor granular planchet imperfections, as made, in the obverse field give a slightly frosty appearance.

Probably only a dozen or fewer are known. Mintage is generally reported as 80 coins, however, most of these probably remained unsold and were melted. In Stack’s 1962 sale of the Wolfson Collection, they suggested that only six to 10 were struck. Later, in 1995, Stack’s reported that 80 were struck but only 35 sold. Only two auction appearances occurred in the past decade, one in Superior’s sale of the Ed Trompeter Collection, the other in Stack’s sale of October 1995.

It is readily seen that the present 1859 is not only incredibly important in view of its superb high grade, but also for its extreme rarity. Years may pass before another example of equivalent quality becomes available.

PCGS Population: 5; none finer.

Right outer curve of digit 9 is recut. A small raised lump between 3 and second L is the result of a clash mark from Liberty’s ear.

Purchased from Abe Kosoff, August 1973.

Mint State 1859 $3

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275     1859 MS-60. From same reverse die as the Proof in the previous lot with outer curve of digit 9 repunched. An attractive example with lustrous bright yellow gold surfaces and few minor abrasions. Just 15,558 were struck with only 40 to 60 Mint State survivors.

Obverse and reverse dies heavily clashed. On the obverse, traces of the wreath outline are seen in front of and behind the head of Miss Liberty and are quite fascinating to study under high magnification. The reverse die is identical to that used to strike the preceding Proof, a remarkable situation. This indicates that the Proof had to have been made at a later date. The reverse die in the present impression is clashed, with the clash mark from Liberty’s ear being visible below the 3, but more prominent on this and on the Proof; the 9 is recut, at center. The outline of the portrait of Miss Liberty is seen incuse within the wreath. The leaf to the left of the date is intact, and the interior part of the ribbon bow to the right is complete. After relapping and high polishing, the clash marks of the Liberty portrait were removed, the leaf at the left became lighter, and part of the details within the wreath were lost, etc.

From Superior’s sale of the Gilhousen Collection, February 1973, Lot 292.

Choice Proof 1865 $3

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276     1865 Proof-63 (PCGS). This delightful Proof has light cameo contrast with reflective mirrored fields and lightly frosted devices. Some minor hairlines are noted, along with lint marks as minted. Regardless of its status as a circulation strike or Proof, this date is one of the most elusive in the entire series of three-dollar gold coins from 1854 to 1889. Just 25 Proofs were struck with approximately half surviving today. Only three auction appearances occurred in the 1990s.

This variety was described by Walter Breen as a restrike, with the obverse used on 1867 and 1868 Proofs. Possibly, however, this was the first year of use for this obverse die, with later use in 1867 and 1868. Our call, not that it makes any difference as the restrike is much rarer, is that the present coin is an original. The entire matter admits of more study, at the conclusion of which perhaps new conclusions will be drawn.

PCGS Population: 3; 7 finer (Proof-65 finest).

Die notes: Obverse from highly polished Proof die. Top interior part of E (UNITED) filled in; ditto for nearly all of top part of "A (STATES); ditto for top part of both A’s (AMERICA). On truncation, most of J (JBL) visible except for lower right of curve, the B and L only about half visible.

Reverse with date level, closer to ribbon than to word above, with high part of ribbon being above lower right part of 6. Leaf to left of date complete, part of interior right ribbon detail missing. Wreath barely meets at apex.

Purchased from Abe Kosoff, August 1973.

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277     1866 AU-58. A lovely example with lustrous deep yellow gold surfaces and light pinkish orange toning around certain peripheral details on the obverse. Minor hairlines and abrasions are noted, however, none are serious. A scarce date that is hard to find in nice quality. Just 4,000 coins were minted.

Date slants slightly down to the right (as measured from the tops of the digits to the letters above); right part of base of first 6 over highest part of ribbon.

Purchased from RARCOA, February 1972.

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278     1870 AU-58 PL. Prooflike light yellow gold fields with very lightly frosted devices. Reminiscent of cameo Proofs of this era, however, this example is a circulation strike. Years ago it was common to designate such pieces as Proof in catalogues. Light hairlines and minor surface marks are noted. Only 3,500 were minted with very few survivors finer than this.

From New Netherland’s 61st Auction, June 1970, Lot 463.

Impressive Proof 1872 $3

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279     1872 Proof-64 (PCGS). A lovely cameo Proof. A small streak of toning is just inside the left wreath branch, extending to the border at 11:00. This is a very elusive issue with just 30 Proofs struck in addition to 2,000 circulation strikes.

Over the years, relatively few Proofs of this date have ever appeared on the market—and often a long period of time will occur between auction presentations. The coin offered here displays superb visual appeal with rarity and the ever-present opportunity factor. All too soon, the Bass III sale will be a memory, and holders of the catalogue will consider it to be a "wish bone"—contemplating the treasures offered, and wishing that they had bid more to acquire them. We are already hearing this for coins in the Bass I and Bass II sales!

PCGS Population: 6; 2 finer (both Proof-65).

From Stack’s sale of the Scanlon Collection, October 1973, Lot 2222.

Important 1873 Closed 3 $3

Classic Circulation Strike

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280     1873 Closed 3. AU-58 (PCGS). An attractive example with lightly reflective fields and lustrous devices. Minor abrasions are visible in the fields. Normal reverse die, not concave as on certain Proofs. Although the present piece displays prooflike surfaces, it also has raised die striae, and is believed by us to be a circulation strike, not a Proof. This issue is very rare, whether Proof or circulation strike. Perhaps 50 to 60 examples exist in all grades from an unknown original mintage, as this issue was not included in the Mint Report.

Among circulation strikes this is one of the nicest we have seen in a long time. Typically, circulation strikes are seen at the EF level and with nicks and marks.

The "situation" with 1873 $3 pieces has been widely discussed in the literature including by Harry X Boosel, Walter Breen, David Akers, and the present editor (QDB); for an overview see our Eliasberg U.S. Gold Coin Collection, 1982.

Today in 2000 the matter is hardly settled, and it is not known whether there are restrikes in addition to originals, and if so, how they can be differentiated, and when the restrikes may have been made. Further, although it seems likely that several hundred 1873 Closed 3 $3 pieces were minted and placed into general circulation, the Annual Report of the Director of the Mint is completely silent and mentions no such coins. Further, it is conventional wisdom that among Proof gold coins of the year 1873, all have the Closed 3 date digit. However, certain 1873 Proof $3 coins known to have been distributed early in 1873 as part of full gold sets have the Open 3. The present commentaries are simply an introduction to the situation; as noted, a fuller explanation can be given elsewhere.

The present piece is believed by us to be a circulation strike, not a Proof. For the record some die characteristics are given herewith:

Obverse: Struck from highly polished, prooflike dies. Top of A (STATES) mostly filled in, exhibiting only a small depression. Top of first A (AMERICA), complete interior of R, and top of second A filled in. Upper 75% of JBL monogram visible. Some raised marks at top of neck near jaw, minor. Some raised marks near bottom of neck.

Reverse: Die with vertical striations, leaf left of date partially missing, interior of right ribbon partially missing but more visible than on most Proofs of various dates. Wreath apex with space. 3 with slightly doubled outline. Bottom of 7 to left of highest face of ribbon.

Description of four-digit Closed 3 date logotype: 1 with wide serifs, very close to 8; 73 close but distinctly separated, 87 slightly wider than 73. Top and bottom interior of 8s approximately the same size; 8 leans slightly right. 3 with top knob more prominent than bottom knobs fairly close, base of 3 high.

Purchased from Abe Kosoff, August 1973.

Wonderful Gem Proof 1874 $3

Tied for Finest PCGS Certified

An American Numismatic Classic

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281     1874 Proof-65 (PCGS). Attractive cameo Proof with frosty yellow gold devices surrounded by reflective deep yellow fields. A few very minor hairlines are noted, along with a small patch of very fine planchet granularity. Although 1874-dated circulation strikes are among the most common of this denomination, Proofs are an entirely different story. Just 20 such coins were struck with 10 to 14 surviving today. Numerous "Proofs" have appeared in past auction sales, however, it is probable that many of these were actually prooflike circulation strikes.

In the lineup of Proof $3 coins, the 1874 ranks very high—an American numismatic classic offered only when great specialized collections come to market. As a matter of interest, significantly more of the famous 1875 Proofs have appeared in sales over the years, and exist today, than do Proofs dated 1874! Long existing in the shadow of the 1875, and with its limelight taken away somewhat by the availability of circulation strikes, the Proof has been an orphan. Today, an enlightened generation of buyers recognize exactly how rare the Proof 1874 $3 is. This, in combination with the elegant quality of the present coin, yields a piece that is one of the most important in the present offering.

PCGS Population: 4; none finer.

On the obverse the top of the first A (STATES) is filled in. The top of the first A (AMERICA), about a third of the top of the R, and some slight part of the second A are filled in. First left feather in headdress with polished background, isolating just the veins, a situation somewhat reminiscent of contemporary Proof dollars. Initials JBL on truncation about 40% visible at their tops. Some tiny evidence of die rust in field past second A (AMERICA), visible only under high magnification. Slight die polishing at front of neck, particularly at the point it joins the jaw. A few raised dots are seen on the neck, as are some disconnected diagonal die lines mainly opposite the front of the second curl.

Reverse from highly polished Proof die. Interior of left ribbon bow completely filled in and bottom of right interior filled in, quite unusual for any Proof in the series. Date logotype about centered between DOLLARS and highest point of ribbon bow, with highest point of ribbon directly below lower left serif of 4.

Purchased from Stanley Kesselman, June 1974.

Attractive Mint State 1874 $3

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282     1874 MS-62 (PCGS). A delightful prooflike circulation strike in light yellow gold. Pleasing cameo contrast on both obverse and reverse. A few very minor imperfections, including hairlines and abrasions, are normal for the MS-62 grade, and are precisely why the coin is not graded higher. An attractive type coin, with the third highest overall population of any $3 gold issue, behind 1878 and 1854.

Perhaps the microscopic defects that we often describe as planchet granularity are actually a characteristic of the coinage dies. If several coins show similar defects in exactly the same location, defying the odds of planchets being similarly placed in the die, one after another, then we must assume that such defects are actually in the die itself.

From a different die pair from the preceding, as is logical. The date is lower, closer to the ribbon bow than to the word above it, with the highest point of the ribbon bow between the bottoms of 7 and 4 (1874). Lower left interior of ribbon bow completely filled in, lower right interior of ribbon bow about half filled in—the same characteristic is seen on the Proofs.

From Superior’s sale of December 1972, Lot 1915.

Famous 1875 $3 Rarity

Key to the Date Series

An American Numismatic Classic

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283     1875 Proof-64 (PCGS). A lovely Proof with richly lustrous, deep yellow gold devices and reflective greenish gold fields. Just a whisper of deep orange patina is noted. A beautiful specimen of one of the great classics in American numismatics—far and away the rarest date in the entire $3 series 1854-1889, and on an absolute basis, exceeded in rarity only by the unique 1870-S. Year in and year out, generation after generation, a fine collection of $3 pieces has been defined by the presence or absence of the 1875.

Three-dollar gold coins of 1875 are only known in Proof quality. Both originals and restrikes were described by Walter Breen in his Complete Encyclopedia. He noted that originals have the same obverse used for 1874 Proofs. Perhaps 10 to 12 examples survive with this description. Breen’s restrikes are from dies which exhibited prominent rust marks on OL of DOLLARS with 12 to 15 examples known. We cannot dispute the total of 22 to 27 coins, however, feel the mintage is closer to 50 coins, including both varieties. Regardless of specific totals known or minted, actual time of mintage is not specifically identified, with the exception of February 13, as recorded by Breen.

Walter Breen raised the thought that although 20 Proofs were reported to have been delivered on February 13, 1875, some additional pieces were made later. These later pieces are sometimes called "restrikes," but it is not at all certain whether they were made after 1875 or within the year 1875, but later than February 13. Research is ongoing. To a large percentage of potential buyers, this entire point is moot and perhaps should not even be mentioned. Indeed, the vast majority of American auction catalogues, including those of recent times, don’t even take up the question. However, we like to be technical, feeling that this contributes to the overall desirability of a specific issue.

As to whether the present piece is an "original" or a "restrike" cannot be determined with precision. Printed data including that by Walter Breen, vary. The present piece is definitely from the obverse used to coin the 1874 Proof $3. By this definition the coin qualifies for an original by Breen. However, the reverse does have some raised "rust marks" at OL (DOLLARS), which per Breen puts it into the restrike category. Concerning the date position, our evaluation of it is given in the notes below.

Harry W. Bass studied this piece and stated that the obverse is the same as that used to strike the Proof 1873 Open 3 gold coins (which are known to have been included in the full gold Proof sets of that year). The reverse was noted by Harry as having raised "rust lumps" on part of DOLLARS, suggesting a restrike connection.

As is seen, the difference between "originals" and "restrikes" is a bit fuzzy as per contemporary literature, and perhaps if more details are learned from other specimens, the situation would become more clear.

In the meantime, and forever, the 1875 $3 stands tall and proud as the coin that everyone wants, but few people can have!

The Bass Collection offered here is from the Louis Eliasberg Collection. A finer pedigree cannot be imagined!

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

Further notes regarding this coin are by present cataloguers (Mark Borckardt and Dave Bowers) with the incorporation of certain notes gathered years ago by Harry W. Bass, Jr.:

Obverse from the identical die used to coin the Proof 1874 $3 earlier offered, but with some minor differences in characteristics. On the present coin the bottom of the first S (STATES) and top of A are filled in. The top of the first A (AMERICA), part of the top of the R, and partially the top of the final A are filled in. Minor microscopic raised marks are seen in the field past the final A. Truncation letters JBL visible only at the tops. Same die characteristics as described for the 1874, with some raised areas, light Proof polish at the top of the neck, diagonal lines on the neck in front of the second curl, etc.

Reverse die: field highly polished, opening at wreath apex, lower left of wreath ribbon filled in and left 40% of right ribbon interior filled in—interesting characteristics. Leaf at left of date intact. Date 1875 low and slants very slightly down to the right 1 (1875) is closer to the left serif of the L directly above it than the 5 is to the right stand of the A above it. On the uprights of the O and first L are some scarcely visible "lumps" which Walter Breen has described as "prominent rust marks."

From our sale of the Louis E. Eliasberg, Sr., Collection, October 1982, Lot 301. Earlier from the Charles S. Wilcox Collection (Chapman brothers), November 1901; John H. Clapp Collection.

Lovely Choice Proof 1881 $3

Classic Rarity

Incredible Low Mintage

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284     1881 Proof-64 (PCGS). A wonderful cameo Proof with bright yellow gold devices and deeply reflective fields. This is one of the rarest three-dollar gold coins regardless of manufacturing method. Just 500 circulation strikes and 54 Proofs were struck. Perhaps 15% of the circulation strikes survive today, and about half the Proofs. All told, the surviving population in all qualities is fewer than 100 coins. Since all known circulation strikes have prooflike surfaces, many have been confused with actual Proofs. Resultant from this, true Proofs such as that offered here are much rarer than generally believed.

Year in and year out, the 1881 $3 has been the apple of the eye of many a connoisseur. Most have had to be content with such grades as EF, AU, or lower grade Proofs. The present coin is indeed exceptional, combining high numerical designation with generous eye appeal—a delightful specimen of one of the great classics.

Obverse: Deep mirror surfaces generating the familiar "orange peel" fields typical of Proofs of this era. Top of A (STATES) filled; top of first A (AMERICA) and part of top of second A filled. Initials JBL on truncation vary from about 80% of the first letter, J, to about half of the final, L. The portrait has polished Proof surface below the ear and on the neck and the intersection between the first and second curls.

Reverse with die highly polished, space at wreath apex, inner parts of wreath bows brilliant, including at the center (more so than on typical earlier-dated Proofs), leaf at left intact. Date 1881 low and slanting up to the right (as measured by the distance from the first 1 to the O (DOLLARS) above and the distance from the second O to the right foot of A; highest point of ribbon over right side (not edge) of second 8.

Purchased from Abe Kosoff, August 1973.

Attractive Cameo Proof 1882 $3

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285     1882 Proof-64 (PCGS). Normal date without repunched 2, characteristic only of Proof examples. Deep greenish gold fields surround lightly frosted yellow devices. A delightful cameo Proof example for the specialist or type collector. Very slight scuff marks are noted on Miss Liberty’s cheek and are no doubt why PCGS did not grade this as Proof-65 or Proof-66. Overall this is a truly gorgeous specimen, one of the very finest we have ever seen—from a combination of a high technical grade plus aesthetic appeal. Another rarity (as are all Proof three-dollar gold coins) with only 25 to 35 examples known from a mintage of just 76. Note: for the entire run of Proofs from 1854 through 1889, fewer than 1,000 exist today.

The top (flat) surface of 188 in the date have tiny abrasions that may have been a characteristic of the die. On no other point of the design are similar abrasions found. Gorgeous!

Obverse Proof from different die than the earlier-described 1881. Left interior bottom of E (UNITED) partly filled. Top of A (STATES) filled. Top of first A (AMERICA), top and bottom of R, and top of second A filled. Initials JBL on truncation are nearly complete for the first and last letter and with the B about 75% complete. No areas of Proof polish in the die below ear or in front of curls.

Reverse with date level, slightly closer to ribbon than to word above. Interior leaf at left intact. Opening at wreath apex. Interior parts of ribbon bows polished left and right, less so at the center, partly frosty at the band rising within at the left. In date, top of 8 partially filled. 2 perfect (not repunched).

Purchased from Abe Kosoff, August 1973.

Incredible Quality 1887 $3

PCGS Proof-66

Tied for Finest Certified

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286     1887 Proof-66 (PCGS). This superb gem example has nearly flawless watery fields and lustrous, bright yellow gold devices. A coin for the connoisseur. Clearly the highlight, in the terms of ultrahigh grading numbers, of the present offering of Proof $3 gold coinage. Toward the end of this denomination, Proof mintages (and thus current populations) steadily increased. For 1887, 160 Proofs were struck with approximately 50 to 60 known today. Even this quantity of known survivors is rare in the numismatic scheme of things. Consider, for example, that such a population is about 1/10th of that of the famous Proof 1895 Morgan dollar.

This is the second similarly graded example we have handled in the past year. Last August, we sold an example from the Childs Collections, also graded Proof-66. A few other examples have received a similar grade, with all of these representing the finest known examples. Reverse die about 160° different from the obverse (as opposed to the normal 180°).

PCGS Population: 9; none finer.

Obverse: Top of A (STATES) partially filled. Top of first A (AMERICA) filled; top of second A with a small amount of Proof surface, more so than typically seen on any Proof. Initials JBL with J nearly complete, B about 50% present, and L about 60% present. Unusually smooth and satiny facial features.

Reverse: Wreath apex barely closed. Leaf left of date intact. 1887 quite low and with high point of ribbon over lower right interior edge of second 8. Interior of wreath bows, including center, with high Proof polish. A pair of "showcase" Proof dies from a technical viewpoint—much care having been taken in their preparation. On the date, the high parts of the first two digits are somewhat irregular, probably from the die not filling completely. All of the numerals are slightly rounded on their top surfaces, in contrast with the plane surfaces of the next offered lot.

From Stack’s sale of the DiBello Collection, May 1970, Lot 789.

Intriguing Triple Struck 1887 $3

Choice Cameo Proof

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287     1887 Breen-6403. Triple Struck. Proof-64 (PCGS). Arguably the most interesting coin in the present catalogue! Choice cameo Proof with greenish gold fields and frosty yellow gold devices. A few minor abrasions are noted.

Completely triple struck with the reverse die inverted between impressions. The obverse doubling is offset about one millimeter while the reverse is perfectly inverted. A third strike is also visible. Three varieties of 1887 Proof $3 exist, based on die alignment. A few Proofs are known with medallic alignment, many more with normal coin alignment, and two or three (including the coin offered here) struck once with medallic alignment and then with coin alignment, the reverse die (or the obverse die as the results would be the same) being rotated 160° between strikings (should be 180°, and sometimes noted as such in the literature, but the die alignment is the same as the preceding lot and is slightly off register from 180°). The first catalogue appearance of this variety of which we are aware was in Lester Merkin’s November 1965 sale.

Notes by Harry W. Bass, Jr., below tell us more about this exciting coin.

BASS NOTES: PROOF. Twice minted! First, struck with medal die alignment, upset 180° [ sic; actually 160° is closer] as 1(a)/A(b). Then restruck twice with dies in normal coin alignment. OBV. TWO previous strikings preceding final striking. One earlier strike evidenced by portions of letter images slightly to right of final letters. Another earlier strike evidenced by additional portions of letter images appearing well to right of final letters, that of (C)A being almost entirely visible. In particular, note UNITED and AMERICA. Locations will vary as these images result from hand placement of the flan into the press. Thin vertical die lines in front of ear and small curl, as well as one below ear lobe. Diagonal line connects TY. 50% of J.B.L. visible. REV. TWO prior strikings here as well. One with images of devices upset 180°, the other oriented as final strike but rotated a bit. Second 8 centered over loop below.

From Stack’s sale of the Ullmer Collection, May 1974, Lot 431.