1870 Three-Dollar Gold Piece. MS-64 (PCGS). CAC. Pale yellow-gold surfaces support fully struck and attractive design motifs. A high degree of luster engages the somewhat prooflike surfaces, resulting in a modest cameo contrast. Walter Breen noted that many examples of this date are "deceptively prooflike." Perhaps he intended to say that some coins offered as Proofs are mirrorlike circulation strikes. If so, and in high grades, they are even rarer than Proofs! Indeed, many $3 gold cabinets contain a choice AU example of this issue, about the best condition typically available. The strike is sharply rendered throughout, the surfaces further enhanced by an even overly of lovely pinkish-gold color.<p>This coin is an old friend that we had the honor of selling on two previous occasions. The first was in October 1999, when it appeared as lot 685 in our (Bowers and Merenas) sale of the Harry W. Bass, Jr. Collection, Part II. More recently it sold as lot 3111 in our February 2016 Pogue III Sale.<p>The Philadelphia Mint produced just 3,500 circulation strikes of this denomination in 1870, survivors of which are rare and seldom offered in any grade. Fewer than 300 are believed extant, most of which are lightly circulated EF and AU coins obtained from the reserves of banks and bullion brokers by numismatic dealers during the early 20th century. With a mere 25 to 30 Mint State coins extant (per Bowers and Winter, 2005), the 1870 is a greater condition rarity than even such other challenging three-dollar gold issues from its era as the 1868 and 1871. At the high-end Choice Mint State category the population is so small that one can count the pieces on one hand. The reappearance of the D. Brent Pogue specimen at public auction affords a new group of specialists in the challenging $3 denomination an opportunity that may not present itself again for years to come. Selections from the Aberg Collection. Ealier ex Fred Sweeney, 1972; Harry W. Bass, Jr.; our (Bowers and Merenas) sale of the Harry W. Bass, Jr. Collection, Part II, October 1999, lot 685; Great Lakes Collection; Larry Hanks, by sale, en bloc, October 2005; our sale of the D. Brent Pogue Collection, Part III, February 2016, lot 3111.
