1874 $3 Gold NGC AU58 CAC

$1,470.00

 

 

A $3 gold piece was first proposed in 1832, but Congress did not authorize the coin until it passed the Mint Act of February 21, 1853. The primary purpose of this Act was to reduce the amount of silver in our circulating silver coinage with the 3-dollar gold piece being added to the Act as a result of an 1851 change in postal rates.

The Congressional Act of March 3, 1845 created the first American postage stamps and set the cost of a prepaid letter at 5 cents. In 1851, the rate was lowered to 3 cents, and a 3-cent coin was created. The 3-cent coin would eliminate the need for the populace to use the hated large copper cents then in circulation. Copper cents were cumbersome and dirty, and universally shunned. It was reasoned that a 3-dollar coin would be used to buy rolls of 3-cent coins and a large sheet of stamps. A review of the mintage figures for 3-dollar pieces proves this reasoning to be flawed. After the first year of issue, mintages plummeted due to a lack of demand from the public for the denomination. Annual production was usually less than 10,000 with many being under 5,000. The public simply did not need this coin for their day-to-day transactions.

The low mintages have made all 3-dollar coins at least scarce, with many rare and some excessively so. Within the series is one of our nation’s most storied rare coins, the issue of 1870-S. When the Philadelphia Mint sent the San Francisco Mint dies for the 1870 3-dollar coin, the dies were lacking the S mintmark. The dies were returned to Philadelphia to correct the mistake. However, along with the dies was a note informing Philadelphia that the San Francisco coiner, J.B. Harmstead, had engraved an S into one die and minted one coin to be placed in the cornerstone of the new Mint building. In 1911 an 1870-S 3-dollar piece was presented in an auction. With the coin was a note stating “This 3-dollar piece is a duplicate of one under the corner stone of the SF Mint, and the only one in existence. J.B. Harmstead”.

Prices Shown Subject to Change

The pricing quoted on this page is based on the current market price for this precious metal, which constantly fluctuates and we continuously update from 7 a.m. – 5 p.m. CT, Monday through Friday.

Online Orders

You will be charged the price listed at the time you place your order and it is confirmed as paid. If your order was not confirmed as paid, it may need to be reviewed by our fraud team and your price will not be locked in until you speak with a Blanchard account representative.

To protect against the rare event of abnormally volatile market conditions, we reserve the right to deny pricing quoted on this website.

Phone Orders

You will be charged the market price at the time you lock in your order with us.