1881 Three-Dollar Gold Piece. MS-61 (PCGS). OGH. This sharply struck, handsomely toned example offers exceptional eye appeal at the assigned grade level. The surfaces are remarkably smooth, appearing pristine at many angles. Careful study reveals wispy hairlines that preclude a higher Mint State grade. The aesthetic appeal is strong, nonetheless, as both sides have vivid deep rose-orange patina and modestly semi-reflective fields. For the assigned grade, it is difficult to imagine a more appealing example of this key date three-dollar gold issue.<p>With only 500 coins struck for commercial use, the 1881 has the lowest mintage among circulation strike issues of this denomination. The entire mintage was achieved in a single delivery in June or July of that year. Few, if any, saw active commercial use, the coins instead remaining as part of bullion reserves until they were eventually destroyed through melting. A small number of examples -- 125 or fewer coins -- were retrieved from banks through the efforts of numismatic dealers such as Thomas L. Elder, who sent circular letters to cashiers and tellers. Since Elder and others in this regard were active during the early 20th century, the coins they retrieved were lightly circulated and, indeed, the typical 1881 encountered in todays market grades EF or AU. Only two or three dozen Mint State examples have come down to the present day, and they are eagerly sought by both series specialists and other advanced collectors of classic U.S. Mint gold rarities.
