1873 Three-Dollar Gold Piece. Close 3. AU-55 (PCGS). This is an appealing Choice About Uncirculated example of a rare and enigmatic entry in the three-dollar gold series. Light pinkish-honey color blankets both sides, accented by wisps of pale silvery iridescence. Modest prooflike reflectivity remains in the protected areas, and the overall sharp detail to the design elements confirms the assigned grade.<p>The mintage figures for 1873 show only 25 Proofs were struck and record nothing about circulation strikes. For many years numismatists assumed that was accurate, but beginning in the 1920s, it was noted that the number of available specimens exceeded the recorded mintage. Examination of suspected circulation strikes shows areas of weakness atypical of carefully produced Proofs, and many specimens are also prooflike - like the present example - a feature often noted for circulation strikes of low mintage issues. In addition, many survivors show wear from normal commercial use. In their 2005 reference on three-dollar gold pieces, Q. David Bowers and Doug Winter concluded:<p><em>"Today, circulation strikes, all of the Close[d] 3 variety, are rare. As nearly all show significant wear, logic suggests that they were issued in one of two ways: (1) Bought at a premium in the East and used in commerce on the West Coast, or (2) Held at the Treasury or by banks and released into circulation after December 17, 1878, when gold and paper achieved parity for the first time since late 1861. As the wear on most pieces is extensive, the West Coast scenario is more likely."</em><p>While Proof coins were struck with both the Close 3 and Open 3 logotype, circulation strikes display only the Close 3. This places the production period for these coins in early January 1873, before the Close 3 logotype was abandoned. Why these coins were not recorded in the official figures for the year is unknown, and may merely be a clerical oversight. Since then, many scholars have attempted to estimate the mintage, quantities that vary from 100 pieces to as many as 1,000. Regardless, survivors are very rare in any grade. The specimen offered here will surely see spirited bidding at auction.<p> From the Huberman Collection. Acquired from Beacon Hill Coin, March 1966.
