Proof
1863 Three Dollar Coin Deserves Attention
By Greg Reynolds for CoinLink - February 27,
2007
Three
dollar gold coins were minted from 1854 to 1889. Three dollar gold coins and
one dollar gold coins were the first issues to depict an American Indian, or a
portrait that is generally interpreted as being an 'Indian.' Indeed, she is
often referred to as an 'Indian Princess'!
 |
| 1863 $3 Gold. NGC graded Proof 65
Cameo |
A Proof $3 gold coin dated 1863
became 'news' when it was auctioned on Feb. 13 by the firm of Ira and Larry
Goldberg, at the Crowne Plaza Beverly Hills. The Goldbergs auction was held
just prior to the Long Beach (CA) coin, stamp and collectible expo, Feb. 15 to
17. This 1863 proof three is certified Proof-65 Cameo by the Numismatic
Guaranty Corp. Coins that grade '65' or higher are gems.
While it is
rarer than several of the Proof $3 gold issues of the 1880s, it is far from
being the rarest proof three. Indeed, it is widely believed that at least half
a dozen dates are rarer in proof format, including some in later years.
Nonetheless, 1863 dated coins were minted while the Civil War was raging, and
coin collecting was just 'taking off.' Three or four great collections of U.S.
coins had been formed, and several others were in their infancy. A Proof 1863
three has more historical and cultural significance than most other dates in
the series.
As there are so few people who have
collected proof threes by date, much pedigree research has not been done
regarding several dates.
Proof 1863s may be much rarer
than most advanced collectors and dealers realize. The widely reported mintage
figure of thirty-nine may not be accurate, or could be misleading as some could
have been melted for future gold issues. The totals reported by the NGC and the
Professional Coin Grading Service probably include a large number of
resubmissions.
I am not convinced that the PCGS and the NGC have
certified more than ten different Proof 1863 three dollar gold coins. Auction
records are few and far between, and also include repeat appearances of some of
the same coins.
John J. Pittman was a specialist in early proof silver
and gold coins, and he collected all series by date up to a point that varied
among series. If a 19th century date was very rare in proof format, but not
nearly as rare in business strike format, then he certainly sought to obtain a
proof example.
In 1998, when David Akers auctioned Pittman's proof $3
gold coins, an 1854, an 1856, an 1867, an 1869, an 1872 and an 1876 were
featured. Pittman did not, however, have a proof 1863!
