Designed by: James Barton Longacre
Issue Dates: 1854-1889
Composition: 90% gold, 10% copper
Diameter: 20.5 mm
Weight: 5.015 grams (77.39 grains)
Edge: Reeded
Proof Mintage: 2,060 (estimated)
Making its debut four years prior to the regular striking of Proofs for collectors, the first few $3 Gold piece Proofs are all extraordinarily rare. Estimated mintages range from 4 to 12 pieces during the 1854 to 1858 period and each year’s survivors can probably be counted on one hand. Appearances at auction are perhaps a few times per decade.
The Mint began keeping mintage records in 1859, when it recorded 80 pieces struck in Proof. However unsold coins were melted at the end of the year, and it is likely a good percentage of the original mintage met that fate. Noted gold authority David Akers noted: “Proofs are very rare with no more than ten to twelve pieces known. One previously unaccounted for proof is in the collection of the Royal London Mint.” Although mintages slightly in excess of 100 pieces were recorded for the next two years, most of them, like the 1859, went unsold and were later destroyed. Akers again comments: “Mint records indicate that 119 proofs were struck, but undoubtedly the vast majority of these were melted since the 1860 is just as rare in proof as any of the other dates in the 1860's, and it actually has fewer auction appearances in our 238-catalog auction survey than the 1857, 1858, or 1859.”
Apparently, the Mint learned that these Proofs had limited popularity, and as a consequence for the next 20 years or so, curtailed their mintage to the 20–50-coin range. During the decade of the 1880s mintages slowly increased, regularly reaching three-figures after 1884 and peaking at 291 pieces in 1888. Survivors from this period are likewise more numerous, with most dates estimated to have between 50 and 100 pieces extant today. As one might expect, the 1888 is the most common, with 150-200 believed to have survived.
Two dates, the 1875 and 1876 are Proof-only, and while their Proof mintages are typical for the period, they command substantial premiums (particularly the 1875) due to the absence of any business strikes.
Most certified Proof $3’s fall into the PR-63-65 range, but there are enough PR-66’s around so that most people willing to pay the price (generally mid-five-figures) can acquire one without too long of a wait. PR-67’s on the other hand are quite scarce, and even dates in the late 1880s will require a healthy upper five-figure or low six-figure check and a long search. Cameos and Deep/Ultra Cameos are not terribly rare as a percentage of the Proof $3’s known, making up just over 40% of PCGS’s certified output and some two-thirds of NGC’s.
