1859 Three-Dollar Gold Piece. JD-1. Rarity-7-. Proof. Unc Details--Altered Surfaces This phenomenal three-dollar gold rarity is from a historically significant era for United States Mint Proof coinage. It is a beautiful specimen with quality and eye appeal that far exceed what one might expect for the assigned grade. Evidence for the PCGS qualifier is difficult to locate, and all we see are vivid golden-yellow surfaces characterized by a boldly cameo finish. The fields are deeply mirrored and, under close inspection with a loupe, reveal subtle traces of "orange peel" texture, especially on the obverse. The design elements are satiny with full striking detail. The appearance is pleasingly smooth overall, provenance concerns alone compelling us to mention a couple of tiny nicks in the lower left obverse field before the letter U in UNITED. Worthy of a close look and also perhaps reconsideration by the graders at PCGS; this coin would not disappoint in a straight graded holder.<p>The first Proof three-dollar gold issue with a reported mintage, the 1859 hails from an era in which the Mint was just beginning to market yearly Proof coinage to a wider number of collectors. This initiative, attributed to Director James Ross Snowden, coincided with the first boom in numismatics as a hobby in the United States during the late 1850s. In anticipation of strong demand from contemporary collectors, the Mint produced 80 Proof 1859 three-dollar gold coins. The significant purchasing power represented by gold coins at that time, however, precluded strong sales, and many unsold examples were destroyed in the Mint during the early 1860s. Others may have been released into commerce in later years, or possibly acquired by Mint insiders and eventually sold to collectors during the final decades of the 19th century. However the coins were distributed, or not, survivors of this early Proof gold issue are exceedingly rare today and seldom offered.<p>Curiously for an issue with just 80 coins struck, the Mint used two die pairings for the Proof 1859 that combine two obverses with a single reverse. This points to multiple striking periods throughout the year, likely separated by a considerable amount of time. JD-1, offered here, is the more "common" of the two varieties, but with only 10 to 12 specimens known (per John W. Dannreuther, 2018) it is clearly a major rarity in an absolute sense. The obverse die of this pairing is identifiable by a few light die lines from the top of the fourth plume in Libertys headdress and at the upper left serif of the letter B in LIBERTY. The even rarer JD-2 attribution is known by only three to five coins and utilizes an obverse die with a few lumps on Libertys forehead.<p>Off the market since the mid 1990s, the specimen offered here is not included in Dannreuthers 2018 census for the issue. It is one of the most significant Proof three-dollar gold pieces that we have ever handled, a highlight of the present collection, and a coin that will be just right for another world class cabinet. From the Huberman Collection. Earlier ex our (Stacks) 60th Anniversary Sale, October 1995, lot 1521. Lot tag included.
