The D. Brent Pogue 1861 $3 is a pleasing pale honey-gold gem with frosted motifs and reflective, satiny fields that form a modest but unmistakable cameo contrast. An abundance of luster is present along with traces of warm olive iridescence. The obverse details are sharp and full though there is a modicum of weakness at the reverse bow as often seen. Struck from early die states with diagonal surface striae on both sides. This is the Bowers Die State I (The United States $3 Gold Pieces, 1854-1889, Q. David Bowers and Douglas Winter, 2005) with no reverse clash marks and no vertical striae. There are some tiny ticks on Liberty’s chin and neck, and some others in her tresses. The reverse reveals a tiny mark at the left ribbon end and a patch of natural planchet surface that was unaffected by the strike in the 12:00 position; the rest of the reverse is exceptional in quality. Made from a single pair of dies to the tune of 5,959 pieces, this low-mintage issue can be found in EF and AU without too much difficulty. Mint State coins can be found with diligence but the population all but disappears in choice and gem Mint State grades. Beginning in late December of 1861 and lasting until December 1878, no gold coins were paid out at face value at the Mint in Philadelphia. After this point $3 gold pieces did not circulate in the East and Midwest, and only small supplies were held by bullion dealers, banks, or exchange offices. While the denomination circulated in the West, the population was mainly older coins when seen at all. Mintage of $3 gold pieces was contemplated for San Francisco and New Orleans in 1861 with both mints receiving two dies each, but no coinage was forthcoming. PCGS# 7982. NGC ID: 25MG.
