LOT Heritage Rare Coin Galleries  /  2006 November Signature Coin Auction #420  / 

2148

1875 $3 PR65 Deep Cameo PCGS. Like most rarities in th

Currency:USD Category:Coins & Paper Money / US Coins Start Price:1.00 USD Estimated At:1.00 - 1,000,000.00 USD
1875 $3 PR65 Deep Cameo PCGS. Like most rarities in th
<B>1875 $3 PR65 Deep Cameo PCGS.</B></I> Like most rarities in the U.S. series of coins, much has been written about the 1875 three dollar gold pieces. Official Mint records indicate that just 20 of these coins were struck, but this figure seems impossibly low given more than that number are known to exist. At one time, Walter Breen and Wayte Raymond tallied more than 30 different examples. Current estimates suggest a population of 25 to 35 coins.<BR> The 1875 three is one of the 100 greatest U.S. coins, according to authors Jeff Garrett and Ron Guth. In their book of the same title, they discuss this issue:<BR><BR> "In the field of United States gold coinage, the year 1875 has a magical allure. Indeed, the 1875 gold dollar, quarter eagle, three dollar gold piece, half eagle, and eagle are all formidable rarities. However, the 1875 three dollar gold piece has been a long-time favorite among numismatists, given its tiny mintage and perennial fame. In the early 1880s, when it was realized that the $3 denomination might be discontinued (which did happen in 1889), numismatists began to collect the defunct series with vigor. As more and more enthusiasts began to focus on the $3 denomination, the 1875 emerged as a prime rarity."<BR><BR> In an effort to explain the considerable numismatic population of this issue, Walter Breen claimed that some examples are originals and others are restrikes, produced in later years and unknown quantities. A general rule for proof gold coins is that half the mintage still survives, and this suggests a mintage of 50 to 70 coins. Assuming that 20 of these were struck in 1875, then 30 to 50 of Breen's restrikes were coined in later years. However, David Akers objected to the restrike theory of Breen:<BR><BR> "The term 'restrike' has been used when discussing the 1875, but properly used, the term 'restrike' denotes a coin that is struck in a year later than its date. Such has not been conclusively proven to be the case with the 1875 three dollar gold piece, and although there are differences between known specimens, it is more than likely that they were merely struck at different times during the same year rather than in different years."<BR><BR> Both 1875 three dollar pieces offered in the present sale are from the same die pair, Breen's Original. Among surviving specimens, this example is one of the finest. It is the finest example certified by PCGS, with only one higher grade coin certified by NGC. This is a special coin with heavily frosted devices set against deeply mirrored fields with splendid lemon-gold color and splashes of deeper yellow toning. It is boldly struck with fully visible die characteristics on both sides. This is undoubtedly the example from the Richmond Collection, sold by David Lawrence in 2004. Attempts to pinpoint any earlier pedigree have been difficult. It has similarities to the example we sold in August 2001, and also to the Norweb Collection coin. However, it also has similarities to the other example in the present sale. For example, note the tiny "planchet flake" in the left obverse field between I of UNITED and Liberty's chin, present on both coins. A few other similar tiny blemishes are visible on both coins.<BR><I>Ex: Richmond Collection, Part I (David Lawrence, 7/2004), lot 1288 $166,750.</B></I><BR><I>From The Blowing Rock Collection.</B></I><BR><BR><b>Shipping:</b> Coin/Currency (<a target="_blank" href="http://www.heritageauctions.com/common/shipping.php">view shipping information</a>)
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