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An 1854-D Three Dollar Gold Piece
BillJones
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I’ve been fascinated with the 1854-D Three Dollar Gold Piece for a long time. When I visited the Dahlonega, Georgia many years ago, the first coin I tired to find in the Old Courthouse collection was their 1854-D three dollar coin. It was slabbed, protected by a plate glass window and maybe eight to ten inches from my view with only the obverse visible; but at least I had a chance to see this piece of the “holly grail.”
My fascination with the coin is based upon three factors. First, it is a three dollar gold coin, which was always the gold type coin I could never afford when I was kid collector. Second it was struck by the “romantic’ and “remote” Dahlonega mint and is the only Dahlonega mint three dollar gold piece. Third, it had a micro mintage of just 1,120 pieces.
I spotted this coin in Legend Numismatics’ inventory. It appeared to be an item of interest, and I sent them an email that I would like to see the piece at the FUN show. Legend and I have had our issues in the past, but we ignored our differences and consummated a deal.
In June 1854 the Philadelphia mint sent one pair of three dollar gold piece dies to the Dahlonega mint. Mint Director James Ross Snowden instructed Dahlonega Superintendent Julius M. Patton to “Strike such number as will meet demand there may be for them.” Apparently there was not much demand. The dies were shipped on June 1, arrived in Dahlonega on June 10, and 1,120 were struck during August. After that the Dahlonega mint would never produce another three dollar gold piece.
Early on the dies clashed (came together without a planchet between them) which damaged both dies. Both dies were re-polished, which removed some of the clash marks, but also removed some of the detail. The coins were produced under the less than perfect standards of the Dahlonega mint which resulted in coins with muted satin luster and missing details. With the exception of two pieces (Harry Bass and William House collections) all genuine 1854-D three dollar coins show weaknesses with mushy dentils on both sides and some weakness in the leaves in the wreath on the reverse. The reeding is also supposed to be incomplete at the top of the coin although I can’t make that out on my piece which is in a slab.
Today David Bowers estimates that the total surviving population for the 1854-D three coin is between 117 and 164 coins. That is a fairly high survival ratio (roughly 10%), but the reason given is that gold coins were hoarded during the Civil War. Estimates of true Mint State coins range from two to four.
If one looks at the grading service population reports you might come away with the impression that this coin is not all that rare AU, but that is deceiving. Many AU grade coins have been submitted multiple times to get the coveted Mint State grade. One dealer told me years ago that he knew of one piece that had gone to graders six times for an up-grade, and I’m sure that there are many other examples. You will not see a great many true AU grade example of this coin offered at the major shows or auctions.
The coin now in my collection is a PCGS AU-55, and that grade is exactly right IMO. The coin has soft satiny luster within the protected areas between the letters and quite a bit of ambient luster in the fields. There are no serious circulation marks although the coin has no claims to Mint State whatsoever.
I’ve got to admit it’s really fun to own coin I barely thought I’d see 25 or 30 years ago. I’ve really started to become somewhat of “gold bug” recently, and this piece is now among my favorites.
My fascination with the coin is based upon three factors. First, it is a three dollar gold coin, which was always the gold type coin I could never afford when I was kid collector. Second it was struck by the “romantic’ and “remote” Dahlonega mint and is the only Dahlonega mint three dollar gold piece. Third, it had a micro mintage of just 1,120 pieces.
I spotted this coin in Legend Numismatics’ inventory. It appeared to be an item of interest, and I sent them an email that I would like to see the piece at the FUN show. Legend and I have had our issues in the past, but we ignored our differences and consummated a deal.
In June 1854 the Philadelphia mint sent one pair of three dollar gold piece dies to the Dahlonega mint. Mint Director James Ross Snowden instructed Dahlonega Superintendent Julius M. Patton to “Strike such number as will meet demand there may be for them.” Apparently there was not much demand. The dies were shipped on June 1, arrived in Dahlonega on June 10, and 1,120 were struck during August. After that the Dahlonega mint would never produce another three dollar gold piece.
Early on the dies clashed (came together without a planchet between them) which damaged both dies. Both dies were re-polished, which removed some of the clash marks, but also removed some of the detail. The coins were produced under the less than perfect standards of the Dahlonega mint which resulted in coins with muted satin luster and missing details. With the exception of two pieces (Harry Bass and William House collections) all genuine 1854-D three dollar coins show weaknesses with mushy dentils on both sides and some weakness in the leaves in the wreath on the reverse. The reeding is also supposed to be incomplete at the top of the coin although I can’t make that out on my piece which is in a slab.
Today David Bowers estimates that the total surviving population for the 1854-D three coin is between 117 and 164 coins. That is a fairly high survival ratio (roughly 10%), but the reason given is that gold coins were hoarded during the Civil War. Estimates of true Mint State coins range from two to four.
If one looks at the grading service population reports you might come away with the impression that this coin is not all that rare AU, but that is deceiving. Many AU grade coins have been submitted multiple times to get the coveted Mint State grade. One dealer told me years ago that he knew of one piece that had gone to graders six times for an up-grade, and I’m sure that there are many other examples. You will not see a great many true AU grade example of this coin offered at the major shows or auctions.
The coin now in my collection is a PCGS AU-55, and that grade is exactly right IMO. The coin has soft satiny luster within the protected areas between the letters and quite a bit of ambient luster in the fields. There are no serious circulation marks although the coin has no claims to Mint State whatsoever.
I’ve got to admit it’s really fun to own coin I barely thought I’d see 25 or 30 years ago. I’ve really started to become somewhat of “gold bug” recently, and this piece is now among my favorites.
Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
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Just kidding. (I am well aware of the diagnostics on this issue.) So CONGRATS!!!! on a fantastic coin... truly the stuff dreams are made of.
>>>My Collection
Now you just need the 70-s, and you're set! Got a jack-hammer?
Empty Nest Collection
Matt’s Mattes
<< <i>Whoa!
Now you just need the 70-s, and you're set! Got a jack-hammer? >>
I take it that I need to jack-hammer to get into the old San Francisco mint cornerstone ???
Somehow I doubt that there is an 1870-S three dollar gold in there. I've never heard a reasonable explaination as to why it's not in there except that someone grabbed it before the stone was sealed. Accoring to what I've read the only surviving example (a second example ???) was struck by San Francisco mint Chief Coiner, J.B. Harmstead, who used it as a watch fob. This is the ex jewelry piece that is the only one known to exist today.
Empty Nest Collection
Matt’s Mattes
<< <i>Still, I think any numismatist worth his salt would give his eye-teeth to open up that cornerstone. I know I would
Pardon me if I am not up to snuff on this, but do they know where the cornerstone is? I thought they could not find it.
Empty Nest Collection
Matt’s Mattes
That is a superb '54-D.
Congratulations on the acquisition!
<< <i>Probably in some nefarious gangsta' numismatist's basement
Noooo, more likely on a chain around his neck, a la Mr.T.
Edited to add, great coin and story as well!
'dude
Thanks for the info on the coin. Outstanding acquisition.
Congrats and I am glad you found her at a time you could get her.
Lance.
"Look up, old boy, and see what you get." -William Bonney.
Here is one I used to own. Made the mistake of trading it towards a territorial I really wanted........
Really enjoyed your post, especially the history you included.
Visit my son's caringbridge page @ Runner's Caringbridge Page
"To Give Anything Less than Your Best, Is to Sacrifice the Gift" - Steve Prefontaine
<< <i>Bill:
Here is one I used to own. Made the mistake of trading it towards a territorial I really wanted........
Really enjoyed your post, especially the history you included.
That is a really nice 1854-D three dollar gold piece you once owned, Lakesammman. Was it also graded AU? It looks like it might have been.
In know what you mean about trading away coins for something else that you regret later. I sold a 1795 plain edge large cent in "virtually Uncirculated" (I'm sure it's in an MS-61 or 62 holder now.) when I was raising cash for a Gobrecht dollar. I regretted that sale for several years, uptil I replaced it. I also sold of an 1848-C quarter eagle for the same purpose. I sort regret that one, although not as much.
<< <i>Congratulations on the acquisition! I cannot imagine the feeling of holding it for the first time after having dreamed of this moment since childhood. >>
Actually I've owned several three dollar gold pieces as an adult, the first one when I was in college, but never got close or though I could ever own the 1854-D. The Dahlonega caught my attention when I was in my 20s.