1867 Silver Three-Cent Piece. MS-66 (PCGS). CAC--Gold Label.This beautiful Gem three-cent piece exhibits warm, original multicolored toning. A soft satin texture is seen on both sides, and the surfaces readily uphold the validity of the coveted Gold Label sticker from CAC. This premium quality example is sure to sell for a strong bid.This denomination was brought about by a change to a three-cent postage rate, this being the usual explanation at the time. The main <em>real reason</em> was that all silver coins had disappeared from circulation. Authorized by Act of Congress on March 3, 1851, the silver three-cent piece was introduced at a time when the California Gold Rushs influence on the world gold market made the exportation of silver profitable. Accordingly, and to prevent the newly introduced coins being withdrawn from circulation like their contemporary half dime, dime, quarter, half dollar and silver dollar counterparts, the silver three-cent piece was initially authorized at a weight of 0.80 grams and a composition of 75% silver, 25% copper. At this standard the silver value of this coin was only 86% of its face value, making the silver three-cent piece the United States Mints first subsidiary coin struck in precious metal. Congress achieved its goal with this composition, since the silver three-cent piece initially enjoyed widespread circulation in an era when other silver coins had become rare in commercial channels. Illustrative of the initial popularity of the silver three-cent piece are the generous circulation strike mintage from the Philadelphia Mint in 1851, 1852 and 1853: 5,447,400, 18,663,500 and 11,400,000 coins, respectively.In 1853, however, events occurred which marked the beginning of the end for the silver three-cent piece. The Act of February 21, 1853, made the other silver denominations apart from the dollar subsidiary, allowing them to once again circulate without fear of exportation and/or melting at the hands of speculators. Accordingly, contemporary demand for the silver three-cent piece waned, and yearly mintages for circulation fell off markedly beginning in 1854. That year also saw the production of the first silver three-cent pieces in a composition of 90% silver, 10% copper, the weight also lowered to 0.75 grams. This change was stipulated by a supplement to the Act of February 21, 1853, passed by Congress on March 3 of that year, and it was intended to bring the composition of this denomination in line with that of the other subsidiary silver denominations. In order to distinguish pieces struck in this revised composition, the Mint modified the design slightly by raising the border of the star and adding two extra lines to further outline this device. This design, known in numismatics as the Type II silver three-cent piece, proved short lived and was replaced with the Type III design in 1859, which dropped one of the two extra outlines around the star.Indicative of the unpopularity of the silver three-cent piece during the later years of this series, the Philadelphia Mint struck only 4,000 circulation strikes in 1867. Yearly mintages would be similar through the series end in 1873, which had a Proof-only delivery of 600 pieces and no circulation strikes produced. That the circulation strike 1867 is a scarce to rare coin in all grades can be surmised from the low mintage. Mint State survivors are particularly elusive, the present upper end Gem ranking among the finest certified and, undoubtedly, the finest known.
