The 1860 is sometimes regarded as a reasonably common date but this is far from the case. While sometimes relatively available in circulated grades, it is scarce in the lowest Uncirculated grades and it becomes very scarce in MS62 and above. This example is among the nicest looking examples for the date and grade that I have handled in some time. It has attractive soft, frosty luster with sharp detail and very choice surfaces. In my experience, very few 1860 Three Dollar gold pieces are found with an original appearance as most have been chemically enhanced to appear bright. This is an outstanding example that would be difficult to improve upon.

Only five Three Dollar gold pieces were struck at the San Francisco mint and the 1860-S is the rarest collectible issue of these. The mintage figure for the 1860-S is 7,000 but it is believed that 2,592 were melted in December 1869 when it was discovered that they were lightweight. Today, an estimated 125-150 are known with probably no more than four or five properly graded Uncirculated pieces accounted for. The present example is one of just four graded in AU58 by PCGS and it has the best luster I can recall having seen on a circulated 1860-S Three Dollar. There is just a slight amount of wear visible on the obverse while the reverse is fully Uncirculated. There is a small inverted S-like mark at around 5:00 on the obverse that serves as quick identification. Given the fact that all three of the PCGS Uncirculated 1860-S’s are off the market in tightly-held collections (I have personally placed two of these) I would have to think that this is an awfully important coin for the Three Dollar gold collector putting together a top-notch set.

Along with the 1869, the 1870 is one of my favorite “sleepers” in the Three Dollar series. In fact, when I have built complete high grade sets of Threes, the 1870 is usually one of the last coins that I am able to find. There were a total of 3,500 business strikes produced and of the 300-400 that are known today, the majority grade EF40 to AU50. In Uncirculated the 1870 is very scarce and it becomes rare in MS62. This example has light to medium orange-gold color with some lime accents in the obverse fields and reddish-gold at the upper reverse. There are some light old scratches on the reverse at the center that are slightly detracting. PCGS has yet to grade an 1870 Three Dollar higher than MS64 and just two at that level, making this MS62 amongst the highest coins graded by this service.

You’d think that with a mintage of just 2,000 business strikes that this date would be better recognized as a rarity. Nevertheless, it is not a coin that is well-known outside of the specialist community. When available in Uncirculated, the typical 1872 is a very baggy MS60 to MS61 with poor eye appeal. This example is exceptionally choice for the grade and it, in fact, ranks as one of the nicer 1872’s that I have seen in some time. It has a blend of mint frost and prooflike reflectiveness below medium to deep natural orange-gold color. There are a few light hairlines in the left obverse field that keep this piece from attaining a higher grade but it has the naked-eye appearance of at least an MS63—if not better. If you check auction prices, you’ll see that this date is almost never available in grades higher than MS62 and that MS62’s only are offered a few times per year.

Sit back for a second and take in this Numismatic Nugget…the 1881 Three Dollar gold piece has an original mintage figure of 500 (!) business strikes. That’s right…500 coins. You can count on one hand the number of 19th century gold coins with a mintage figure this low and not many of them are as affordable as the 1881. This is a pleasant example for the grade with prooflike surfaces below wispy orange-gold splashes; the obverse is deeper in hue than the reverse. There are some lights marks on the surfaces that are consistent with the grade but this is an attractive example of one of my very favorite issues in this intriguing denomination.

Small Eagle reverse. BD-4, Rarity-5. The 1795 is certainly among the most popular of all early half eagles and for good reason. It is, of course, the very first year in which this denomination was ever produced and, along with the 1795 eagle, it is one of the first two gold coins struck at the fledgling United States mint. An estimated 8,707 were produced and it is likely that as many as 750 are known today. From the standpoint of numbers graded, the 1795 Small Eagle half eagle isn’t a “rare” coin in AU grades. But the PCGS and NGC numbers are misleading because they include many really ugly coins as well as numerous pieces that I feel are enthusiastically graded, to say the least. If you have been looking for a 1795 half eagle you probably know that most have been processed and that recolored, unoriginal coins are the norm rather than the exception. That’s why I was so excited to buy this piece at the recent Long Beach show. It was found a few months ago in England and it is what I would call a “Gem AU” with gorgeous, fully original orange-gold and reddish-colors encircling medium to deep green-gold centers. The surfaces are nearly flawless with a virtual lack of abrasions and no adjustment marks. In fact, the only negative thing I could say about this coin is that the strike is a bit weak at the centers but this appears to be the case for most examples of the BD-4 variety; even those in high grades. Over the last five years, prices for this issue have risen significantly on account of intense demand. When the market for early gold first started to rise, nice AU 1795’s were worth around $30,000-35,000. Today, nice AU’s are worth around $50,000-60,000 but when you consider the historic significance of this issue I don’t think they are overvalued. In fact, I’d say that this specific coin is a good value considering the fact that I’ve seen really unattractive AU55 coins sell for over $50,000 at auction in the last year. I’ve tried not to get too carried away about this coin but I should stress it represents a truly unique opportunity for the advanced collector to own an impressive example of one of the most important United States gold coins.