This beautiful premium quality Gem is among the finest and most attractive three-dollar gold pieces that we have ever handled. Satin luster mingles nicely with vivid, fully original, orange-gold patina. Surfaces this smooth are rarely seen in circulation strikes of this type, and here they are nearly pristine. This exceptional coin would be a welcome inclusion in the finest type or date set of classic U.S. gold coinage. Outstanding! At 82,304 pieces the mintage of the 1878 $3 gold piece is the second highest after 1854. Except for this and the similarly aberrant 1874 (41,800 pieces struck), the highest mintage three-dollar gold issue from the later years of this series is the 1887 -- with just 6,000 circulation strikes produced. In 1875, the federal government mandated that, beginning on January 1, 1879, gold coins would once again be exchangeable at par with paper currency. This would return gold coinage to active commerce in the eastern part of the United States for the first time since banks suspended gold specie payments in December 1861, due to the uncertain economic climate brought about by the onset of the Civil War. In anticipation of this event, the Mint increased gold coin production in 1878 to build up its stocks of such pieces. The market also anticipated the date the mandate was due to take effect, and on December 17, 1878, gold achieved parity with paper on its own. However, the contemporary public showed little interest in exchanging paper currency for gold and, even if they had, it is unlikely that many people would have requested three-dollar gold pieces. The denomination was unpopular almost from the time of authorization in the mid 1850s, and with supplies of 1878 coins quickly accumulating at the Mint and in bank reserves, yearly mintages fell off sharply again beginning in 1879and continuing through the series end in 1889. Most of the 1878 three-dollar gold pieces that remained in the Mint were eventually melted. Enough were paid out to banks, however, which eventually sold them at a premium, that the 1878 now ranks as the most plentiful issue of its denomination in all grades. The term "plentiful" is relative, however, for the three-dollar gold piece as a type is scarce in an absolute sense, very scarce in lower Mint State grades, and rare at and above the Choice level. The 1878 emerges as a major condition rarity in the finest grades. With the legion of high quality gold type collectors in today s hobby, we expect this important Gem to sell for a very strong bid. CAC has stickered just nine examples at this grade level. ， Est. $15,000-$25,000
