LOT Old Heritage Auctions  /  2007 May/June Long Beach, CA Sig. US Coin #438  / 

2308

1854 $3 PR62 PCGS. The exact number of 1854 proof thre

Currency:USD Category:Coins & Paper Money / US Coins Start Price:1.00 USD Estimated At:1.00 - 1,000,000.00 USD
1854 $3 PR62 PCGS. The exact number of 1854 proof thre
<B>1854 $3 PR62 PCGS.</B></I> The exact number of 1854 proof three dollar coins minted is unknown. From 1854 through 1858 the Mint did not record the number of proof gold pieces struck each year. This lack of proper recordkeeping changed in 1859 as demand for mint products increased, thanks partly to the new small cents. The increased demand for proof coins produced a need for a more structured system of producing, documenting, and marketing proof issues. In his <I>Encyclopedia of United States and Colonial Proof Coins,</B></I> Walter Breen notes a document indicating that Mint Director Snowden sent 15 "specimens" to the Secretary of the Treasury, a document Breen found in the National Archives giving the manufacture date of April 28, 1854. This is significant, since regular coinage of the 1854 three dollar gold began a few days later, on May 1. If it could be proven that only 15 proofs dated 1854 were struck, then ownership of a proof of this year would mean possession of one of the first three dollar pieces ever minted, since 1854 is the first year for this peculiar denomination.<BR> However, experts generally agree that more than 15 proofs were issued in 1854. Breen even suggests a mintage of "15+" in his 1977 reference on the subject. One theory is that restrikes must have been made later in the year since more than one die pair was utilized to produce 1854 proof threes. Breen actually identifies two different obverse dies and the Garrett & Guth reference on U.S. gold coinage suggests that two different reverse dies were used, although this may be a typographical error. Despite those earlier efforts, recent research suggests that only one die marriage was used for the 1854 proofs, which can be substantiated with image-overlay technology. For numismatists today, the exact mintage is perhaps less important than the number of survivors. The combined population of 1854 three dollar proofs NGC and PCGS have graded is, coincidentally, 15, which certainly includes at least a few resubmissions. Auction records reveal a similar number of different examples of this rare-date proof.<BR> The obverse of this coin reveals a few light handling marks in the right obverse field, along with a tiny dark toning spot midway between the E in AMERICA and the headdress. A long scratch runs from the I in UNITED to the bottom of the neck, and a tiny planchet lamination is just behind Liberty's eye. The reverse appears considerably nicer than the obverse, with much field-device contrast and a high-end appearance for the grade. A historic and important coin with an equally illustrious pedigree. Population: 3 in 62, 4 finer (5/07).<BR><I>Ex: Paramount (11/1967), lot 796; John Jay Pittman Collection (David Akers, 5/1998), lot 1886.</B></I><BR><BR><b>Shipping:</b> Coins & Currency (<a target="_blank" href="http://www.heritageauctions.com/common/shipping.php">view shipping information</a>)
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