This stunning Gem Proof 1875 $3 is beautiful bright yellow with heavily frosted motifs and deeply reflective fields resulting in spectacular cameo contrast. The strike is crisp throughout. Hints of faint frost adorn the obverse field, especially in front of Miss Liberty’s profile, while the reverse is fully mirror-like. Marks and blemishes are few and far between on this example. Though Mint records indicate 20 examples of this rare prize were struck, those 20 pieces may represent the coins delivered on February 13 and sold in complete gold Proof sets. A few others are believed to have been made. The 1875 is the most important and rarest date in the series after the unique 1870-S. In fact, an 1875 Proof $3 was the first American coin to sell for a sum in excess of $100,000 at auction. In 100 Greatest U.S. Coins (2003), Jeff Garrett and Ron Guth listed the 1875 Proof $3 as number 17 and estimated that 20 to 30 exist today. They commented: In the field of United States gold coinage, the year 1875 has a magical allure. Indeed, the 1875 gold dollar, quarter eagle, three-dollar gold piece, half eagle and eagle are all formidable rarities. However, the 1875 three-dollar gold piece has been a long-time favorite among numismatists, given its tiny mintage and perennial fame. In American commerce in 1875, silver coins continued to be hoarded. Despite efforts to redeem the Postage and Fractional currency notes that had been in circulation since August 1862, they were still found in circulation and collecting them had become a numismatic pastime. Confederate currency had also become popular in collecting circles. Meanwhile at the Mint, coinage of silver dimes, quarters, and half dollars picked up as the Treasury anticipated placing them into circulation in large numbers. The twenty-cent piece was introduced as a convenient medium of exchange for the western portions of the country where silver still circulated freely, though the public took them for quarter dollars in some instances. Silver continued to glut the international market making miners in the West unhappy. In December 1875, the Senate approved a bill that was taken up by the House and passed on January 7, 1876, stipulating that gold coin payments would resume January 1, 1879. Early American Coins by Sylvester S. Crosby was published, a book that was a sensation in 1875 and is still considered invaluable to numismatists today. Among coin auctions, Edward Cogan’s sale of the M.I. Cohen Collection included an 1804 dollar that brought a resounding $325! This lovely 1875 Proof is one of the most important highlights in the D. Brent Pogue $3 collection, and a coin that may easily set a new record for price. PCGS# 98039.
