1854-D $3 AU58 PCGS. CAC....

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Sold on Jan 5, 2023 for:

$192,000.00 Bid Source: Live: Floor bidder

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1854-D Three Dollar, AU58
Incredibly Sharp Throughout
'Among the Very First Examples Struck'

1854-D $3 AU58 PCGS. CAC. Ex: Harry W. Bass, Jr. Collection. Although several Dahlonega quarter eagles and half eagles are more challenging acquisitions in the absolute sense, the 1854-D three dollar is uniquely appealing as the only issue of this denomination struck at the Georgia branch mint. It also boasts one of the lowest mintages of any denomination struck at Dahlonega (only 1,120 pieces). The date has been considered one of the rarest issues in the three dollar series for many decades, even as far back as the 1980s, when David Akers prepared his auction record analysis for U.S. gold. Akers noted:

"Specimens of this date are usually grossly overgraded, partly because the date is a very rare one, but also because they are just hard to grade and the tendency with most auctioneers is to be optimistic when there is a doubt. I have seen several AU pieces but never an unequivocally mint state one. Even strictly graded EF specimens are very rare."

Since the dawn of third party grading, more high-grade pieces have come to light, although high-end AU pieces remain rare, and only a handful of Mint State coins are known. PCGS and NGC combined report 13 Mint State submissions, but this figure likely includes duplication. Doug Winter, in Gold Coins of the Dahlonega Mint, third edition, estimates that only two to four Mint State pieces survive, with only 125 to 175 examples of the date known overall. The finest pieces known are a pair of MS62 coins -- one each at NGC and PCGS. The NGC piece has not appeared at public auction since 2006, while the PCGS coin, Ex: Pogue and CAC endorsed, realized $528,000 in Stack's Bowers' recent Summer 2022 sale.

The Bass specimen is a high-end AU58 piece. It is one of only five pieces in this grade with CAC approval, and only the Pogue coin is finer with CAC endorsement. Luster glistens in the fields of this coin, illuminating remarkably clean surfaces with few abrasions and only slight high-point wear. But the hallmark of this piece is its strike. Akers wrote of this issue, "All specimens that I have seen are very poorly struck with very little hair on the headdress detail and weak or missing denticles." Similarly, Winter describes dentil weakness being a rampant problem on this issue, with portions of the border typically showing no dentilation at all on either side. However, he adds:

"At least two 1854-D three dollar gold pieces are known which show nearly full denticles. These coins are in the Bill House and Harry Bass collections and they may represent among the very first examples struck."

The Bass Museum Sylloge notes:

"Harry Bass recalled that he once teased his dealer friend Michael G. Brownlee about having such a sharply struck coin, and Brownlee said that is was impossible -- for no such 1854-D existed. Then Harry showed him one! (This piece listed below.)"

Indeed, the Bass specimen is the sharpest 1854-D three dollar that we have ever seen, surpassing the sharpness of every Mint State example we have handled, and even overshadowing the Pogue specimen. Both sides showcase sharp, fully formed dentils and profound central device sharpness such that no obvious weakness is noted, with perhaps slight softness seen only on the wreath bowknot. Eye appeal is outstanding for a three dollar gold piece in AU58, but among 1854-D threes, this is coin is in a class by itself. Population: 12 in 58, 4 finer. CAC: 5 in 58, 1 finer (10/22).

Roster of High-Grade 1854-D Three Dollar Pieces

1. MS62 PCGS. Auction '81 (RARCOA, 7/1981), lot 386, $72,500; George Elliott Collection (Mid-American Rare Coin Auctions, 1/1987), lot 1814; (Superior, 1/1996), lot 2277, $74,800; (Superior, 1/1996), lot 2277, $72,600; Hanks and Associates, sold privately; Great Lakes Collection; Hanks and Associates, sold privately as part of an entire collection in 10/2005; D. Brent Pogue Collection, Part III (Stack's Bowers & Sotheby's, 2/2016), lot 3090, $188,000; (Stack's Bowers, 8/2022), lot 6072, $528,000.
2. MS62 NGC. Duke's Creek Collection (Heritage, 4/2006), lot 1516, $149,500.
3. MS61 PCGS. Robert Hughes, sold privately in 2001; Green Pond Collection (Heritage, 1/2004), lot 1037, $92,000; Ohringer Family Trust Holdings, Part II (Goldberg Auctions, 9/2008), lot 1232, $126,500; D.L. Hansen Collection.
4. MS61 NGC. Kennywood Collection (American Numismatic Rarities, 1/2005), lot 887, not sold; Pre-Long Beach Sale (Goldberg Auctions, 9/2008), lot 1425, $77,625; FUN Signature (Heritage, 1/2011), lot 5057, $97,750.
5. MS61 NGC. Buffalo Bayou Collection, Part II (Heritage, 1/2022), lot 4688, $114,000.
6. MS60 PCGS. Kingswood, 3/2001, lot 438, $46,575; Pre-Long Beach Sale (Superior, 2/2002), lot 2354, not sold.
7. MS60 NGC. Kupersmith Once in a Lifetime Collection (Bowers and Merena, 11/2010), lot 4989, $56,103; FUN Signature (Heritage, 1/2012), lot 4804, $57,500.
8. MS60 NGC. Pre-Long Beach Sale (Superior, 6/2000), lot 2162; Hayden Collection (Heritage, 1/2020), lot 4376, $52,800.
9. Unc Details, Uncertified. Dr. E. Yale Clarke Collection (Stack's, 10/1975), lot 2; Reed Hawn Collection (Stack's, 10/1993), lot 966, $17,600.
10. AU58 PCGS. Superior Galleries, sold privately on 3/28/1978; Harry W. Bass, Jr. Foundation Collection (HBCC# 4002). The present coin.
From The Harry W. Bass, Jr. Core Collection, Part II.(Registry values: N7079)

Coin Index Numbers: (NGC ID# 25M4, PCGS# 7970, Greysheet# 8661)

Weight: 5.02 grams

Metal: 90% Gold, 10% Copper

View Certification Details from PCGS