1862 $3, DC PR (PCGS# 98025)

2013 January 9-14 US Coin FUN Signature Auction - Orlando #1181

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    Heritage Auctions
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Lot Description
1862 $3 PR66 Ultra Cameo NGC. According to Walter Breen's Proof Encyclopedia, the 1862 three dollar gold issue in proof format is "about equally rare with the quarter eagle," that is, quite rare in the scheme of proof gold overall. The estimates for survivors of that issue, the quarter eagle, range from about 11 to 17 pieces, although we are sure that Breen intended the lower number, as that was his estimate; higher numbers more recently come from PCGS and Garrett-Guth. As with all other proof gold issues dated 1862, the three dollar was struck in the recorded amount of 35 pieces, although the Mint for decades had a habit of reporting the proofs struck rather than the number actually sold, usually consigning leftovers to the crucible at the end of the year without further ado (or mention). Of course, attrition usually took its toll as well. The current population data show eight submissions at PCGS including one piece in PR65 Deep Cameo, with nine grading events at NGC, including the present piece as one of two tied for the finest at PR66 Ultra Cameo. The surfaces are essentially pristine and awash in profoundly deep field-device contrast, with ample quantities of the "gold on black" effect that collectors so prize in their proof gold coinage. The strike is full throughout. The coloration ranges from pale yellow-gold to deeper reddish-gold near the rims, and there are no singular marks, as expected at the Premium Gem grade level. The reverse die is slightly rotated with respect to the obverse. This piece is otherwise an excellent match for the other members of this complete 1862 gold proof set, all being offered as individual lots. This is the sole finest example of this issue we have ever offered, by one grade point. The ex: Dr. Loewinger PR65 Deep Cameo example in our FUN Signature (Heritage, 1/2007), lot 3122, realized $69,000, and we expect that this remarkably fine coin will also bring strong bidding. From The Dr. James Olsen Collection.
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