1887 $3 PR66 Cameo NGC....

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Elegant 1887 Three Dollar Gold, PR66 Cameo

1887 $3 PR66 Cameo NGC. A review of empirical data sheds light on the habits and interests of late 19th century coin collectors. In 1887, two proof gold denominations were struck in comparable quantities. The quarter eagle proof mintage is recorded in Mint archives as 122 coins, against 160 three dollar pieces struck in the same year. Even the business strike figures for both issues are analogous, with approximately 6,000 coins produced for each denomination. Fast forward 121 years to the time of the current sale. A review of the combined NGC and PCGS population data reveals that 44 1887 proof quarter eagles have been certified in all grades, against a total of 183 three dollar gold pieces--more than the recorded mintage and surely the result of multiple resubmissions in pursuit of a higher designation. A study of auction appearances indicates a similar ratio.
How could the majority of the 1887 three dollar proof issue still exist to this day, while less than half of the proof quarter eagles of the same year survived the past century? The answer, in a word, is popularity. Proof three dollar gold pieces were desirable to collectors of the late 1800s just as they are to numismatists of our time. It is likely that other denominations struck in proof format, such as the quarter eagle referenced above, eventually found their way into circulation. At the turn of the century the collector value of a proof two and a half would have been close to the face value. Of course the same can be said of the three dollar, but the odd denomination and unfamiliar, quirky design provided an incentive to save such pieces, proof or otherwise.
Proof three dollar gold pieces are as popular today as ever. Even though the availability of 1887 proof threes is nearly four times as great as their quarter eagle counterparts, collector demand for the threes keeps the prices approximately twice as high. In reality, both issues are scarce--even rare--and cherished by aficionados of proof gold. The honey-gold specimen offered here is of memorable quality, displaying deep, dark fields that contrast elegantly with the cameo devices of both sides. And, as one would expect to find on a Premium Gem proof, the surfaces are well preserved and attractive. The orange peel effect observed on the obverse is common to the type and confirms its status as a genuine proof issue. Census: 22 in 66 Cameo, 8 finer, including those designated as Ultra Cameo (9/08).(Registry values: N7079)

Coin Index Numbers: (NGC ID# 28AW, PCGS# 88051, Greysheet# 8770)

Weight: 5.02 grams

Metal: 90% Gold, 10% Copper

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