1878 $3 MS(PCGS#8000)

June 2023 U.S. Coins Auction

拍卖行

Stack's Bowers

批号

2064

等级

MS65

价格

63,561

详细说明

Exceptionally Vivid Gem Mint State 1878 $3 Gold 1878 Three-Dollar Gold Piece. MS-65 (PCGS). A magnificent Gem with lovely, vivid color in deep rose, pale powder blue and warm orange-apricot to both sides. Sharply struck with a bold satin to softly frosted finish, it ranks among the finer certified not only of the issue but of the entire denomination. One of the most desirable gold type coins in this sale, and equally well suited for inclusion in an advanced collection of this challenging 19th century odd denomination series. At 82,304 pieces the mintage of the 1878 three-dollar gold piece is the second highest for the type after 1854. Except for this and the similarly aberrant 1874 (41,800 pieces struck), the highest mintage three-dollar gold issue from the later years of this series is the 1887 - with just 6,000 circulation strikes produced. In 1875, the federal government mandated that, beginning on January 1, 1879, gold coins would once again be exchangeable at par with paper currency. This would return gold coinage to active commerce in the eastern part of the United States for the first time since banks suspended gold specie payments in December 1861, due to the uncertain economic climate brought about by the onset of the Civil War. In anticipation of this event, the Mint increased gold coin production in 1878 to build up its stocks of such pieces. The market also anticipated the date the mandate was due to take effect, and on December 17, 1878, gold achieved parity with paper on its own. However, the contemporary public showed little interest in exchanging paper currency for gold and, even if they had, it is unlikely that many people would have requested three-dollar gold pieces. The denomination was unpopular almost from the time of authorization in the mid 1850s, and with supplies of 1878 coins quickly accumulating at the Mint and in bank reserves, yearly mintages fell off sharply again beginning in 1879 and continuing through the series' end in 1889. Most of the 1878 three-dollar gold pieces that remained in Mint and Treasury Department stocks were eventually melted. Enough were paid out to banks, however, which eventually sold them at a premium, that the 1878 now ranks as the most plentiful issue of its denomination in all grades. The term "plentiful" is relative, however, for the three-dollar gold piece as a type is scarce in an absolute sense, very scarce in lower Mint State grades, and rare at and above the Choice level. The 1878 emerges as a major condition rarity in the finest grades. With the legion of high quality gold type collectors in today's hobby, we expect this impressive Gem to sell for a strong bid. PCGS# 8000. NGC ID: 25MZ. Click here for certification details from PCGS. Image with the PCGS TrueView logo is obtained from and is subject to a license agreement with Collectors Universe, Inc. and its divisions PCGS and PSA.