1887 Three-Dollar Gold Piece. MS-64 (PCGS).Delightful rose-orange surfaces are fully frosted in finish with a razor sharp strike. The 1887 is among the more underrated low mintage circulation strike three-dollar gold issues from the 1880s. Although 6,000 coins were produced -- a generous total when compared to the mintages of issues such as the 1885 and 1886 -- the 1887 is surprisingly scarce in todays market. Writing in 2005, Q. David Bowers and Douglas Winter account for no more than 300 survivors in all grades, this in comparison to an estimate of upward of 200 coins extant for the 1886 despite a mintage that is 1/6 that of the 1887 (1,000 vs. 6,000 pieces). Apparently, very few examples of the 1887 found their way into bank reserves, from which they were later obtained by dealers such as Thomas L. Elder during the early years of the 20th century. We believe, in fact, that most circulation strike 1887 threes remained at the Mint and were eventually melted. The present example, conditionally scarce at the near-Gem grade level, represents a significant find for the astute collector specializing in this challenging odd denomination gold series of the 19th century.
