Photos used with permission and courtesy of Heritage Auction Galleries

Description:
The Type 2 design modification of the three cent silver coin failed to improve striking quality so additional, apparently successful, modifications were done to alleviate the problem, giving us the third type of the series. However, a growing surplus of small denomination coins since the mid-1850’s combined with the start of the Civil War resulted in decreased use, circulation, and production of three cent silver coins. Most of the Type 3 coins were produced from 1859 through 1862, with mintages dropping significantly from 1863 through 1872. The last year of the series, 1873, was a proof-only issue.

The obverse of Type 3 coins displays the words “United States of America” around the periphery of the field, with the date centered at the bottom. Compared to Type 1 and Type 2 coins, these letters are narrower and more widely spaced (considered by some indication of assistant designer Paquet’s influence) and the date numerals are smaller. In the center is a national shield superimposed on a six-pointed star, which has two outlines. Slight ridges radiate from the shield to each point of the star, giving the star a beveled appearance. The reverse has thirteen equally spaced six-pointed stars around the periphery of the field. The center displays a stylized, beaded letter “C”, almost Arabic in style, which encloses the Roman numeral three; thus identifying the denomination as three cents. An olive branch or sprig is located above the Roman numerals, with a bound cluster of three arrows below. All Type 3 trimes were produced at Philadelphia so none displays a mint mark.

Type 3 three cent silver coins are relatively affordable in lower circulated and mid-mint state grades. Reflecting mintage numbers, 1863 and later coins are the more expensive than the 1859 through 1862 dates, at four to ten times the price, and collectively are considered key coins of the series. Type 3 proofs are generally more available and affordable than either Type 1 or Type 2 proofs (and even Type 2 circulation strikes), with mintages ranging from a low of 460 in 1863 to a high of 1,000 in each of the years 1860, 1861, and 1870. Cameo and deep cameo proofs are listed in population/census reports and command slightly higher (cameo) to substantially higher (deep cameo, MS66 and above) premiums. Repunched varieties are listed in both circulation and proof coins, and generally list for significantly higher prices than the standard issues.

Specifications:

Designer: James Barton Longacre, assisted by Anthony C. Paquet
Mintage: 1,573,400 circulation; 10,840 proof
Denomintion: Three cents (3/100)
Diameter: ±14 mm, plain edge
Metal content: 90% silver, 10% copper
Weight: 0.75 grams
Varieties: Not extensively studied, but several repunched varieties are listed in population/census data.

Additional Resources :

The Official Red Book: A Guide Book of United States Coins. R.S Yeoman (author), Kenneth Bressett (editor). Whitman Publishing.
A Guide Book of United States Type Coins. Q. David Bowers. Whitman Publishing.
The Experts Guide to Collecting & Investing in Rare Coins. Q. David Bowers. Whitman Publishing.
Walter Breen’s Encyclopedia of U.S. Coins. Walter Breen. Doubleday.

Last Updated : 05/22/2008

Photos and descriptions used with permission and courtesy of Heritage Auction Galleries

The 1858 Seated dollar is the most famous proof of the series due to its status as the only “proof-only” date issued from 1840 to 1873. It is also one of the least understood coins among all American numismatic treasures from a mintage estimated at about 80-300 coins. Only one finer example of the date has been certified by NGC.

Numismatist Duncan Lee, a well-known specialist in the Seated coinage arena, compiled a brief study of proof Seated dollar rarity, published in the August 2006 “Monthly Supplement” of the Coin Dealer Newsletter. A two page study, Lee provides excellent information.

For 1858, he writes: “The 1858 is the only Proof-only date in the Liberty Seated silver dollar series. All known survivors were struck from one obverse die paired with at least two reverse dies, one being the same reverse die used for some 1856 and 1857 proofs …. Several others were made with the reverse die which was used to produce some 1859 proofs.”

A particular challenge in the study of early proof coins is determining what information is valid and what is not. In his Proof Encyclopedia, Walter Breen described two different reverse dies. Unfortunately, this single example has certain characteristics of both dies!

For the second reverse, Breen recorded that the “claws touch, two lower arrowheads touch shafts; often, depressed mark (from foreign matter on die) in field near beak.” The Kaufman collection coinshown above clearly has the shallow depression near the beak, but has the claws separated and the two lower arrowheads not near the shafts above. It also has a straight die line in the narrow space over ITE of UNITED, and this die line is identical to that appearing on the 1856 proof dollar in this collection.

Die notes for the proof dollars are in need of substantial overhauling, as different authors use different notations with little consistency. In addition to revamping the die notes, considerable study is still needed to make accurate mintage determinations.

Sold on August 8, 2007 at the Heritage Milwaukee (ANA) Sale #444 for $54,625.00
Specifications:

Designer: Christian Gobrecht
Mintage: Estimated 300
Denomintion: $1.00
Diameter:  ± 38.1 millimeters
Metal content: Silver - 90% Copper - 10%
Weight: ± 26.73 grams
Varieties: Reeded

Additional Resources :
Ex Kaufman Collection

Last Updated : 05/15/2008