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Lot
1162

1876 $3 PR64 PCGS. Unlike many other dates within the three dollar gold series, there is no difficulty distinguishing 1876 ...

2006 July Dallas, TX Coin Signature Auction #407

 
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Auction Ended On: Jul 7, 2006
Item Activity: 11 Internet/mail/phone bidders
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Description:
Important Choice 1876 Three Dollars
1876 $3 PR64 PCGS. Unlike many other dates within the three dollar gold series, there is no difficulty distinguishing 1876 proofs from business strikes. That is because the 1876 is a proof-only issue, along with the 1873 Open 3 and the 1875. A mere 45 proofs were struck in 1876, and survivors from this production are certainly too few to satisfy collector demand. According to Breen, "Possibly 25-30 survive, at least 7 or 8 of them impaired." In the recent (May 2006) Bowers and Merena auction, a hairlined PCGS PR61 example auctioned for $34,500, and this pleasing green label holder near-Gem should command a superior result. The khaki-gold fields are unperturbed, and the strike is decisive throughout both major devices. The three dollar denomination has enjoyed increased popularity in recent years, and even "common date" business strikes now trade for five figures in MS63 and higher grades. As a date, only the 1875 and the unique 1870-S are more desirable than the 1876, and the value provided by this proof-only rarity appears excellent in relation to the frequently traded Mint State 1878. PCGS population data for the 1876 shows 17 pieces certified as PR64, and NGC lists another 14 as PR64 Cameo, but these figures are undoubtedly inflated by resubmissions, and appearances at auction provide a better indication of rarity. No PR64 or PR64 Cameo 1876 has been offered by Heritage at auction since March 1998.(Registry values: N7079) (NGC ID# 28AJ, PCGS# 8040)

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