1878 Three-Dollar Gold Piece. AU-58 (PCGS). CAC. The quintessential type issue in the three-dollar gold series, the 1878 is represented here by a thoroughly PQ, visually stunning near-Mint example. Vivid golden-apricot color blankets surfaces that retain much of the original, softly frosted mint finish. Sharply to fully defined throughout, this delightful coin is sure to sell for a strong premium.<p>During and after the Civil War, coins continued to be hoarded, especially those made in gold and silver. The passage of the Specie Resumption Act of January 14, 1875, mandated that the Treasury Department redeem federally-issued currency for specie (gold or silver) beginning on January 1, 1879. Leading up to the resumption of these payments, the Mint struck large quantities of gold coins of all denominations in anticipation of increased demand for commerce. Once paper money achieved parity with gold in December 1878, the expected greater demand for coins did not materialize, especially for the three-dollar gold piece.<p>In 1878, the Philadelphia Mint struck 82,304 three-dollar gold pieces pursuant to the Specie Resumption Act, second only to the initial 1854 in terms of number coined. As the denomination was seldom seen in circulation in the East, many of the coins sat in Treasury coffers until they were eventually melted. Even so, enough coins survived in bank and other reserves to be acquired by numismatists in the early 20th century, making the 1878 one of the most obtainable and popular three-dollar issues for gold type sets. From the Huberman Collection. Acquired from Beacon Hill Coin, March 1966.
