1854 $3 PR63 Cameo PCGS....

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Elusive 1854 Three Dollar Gold, PR63 Cameo

1854 $3 PR63 Cameo PCGS. The recorded proof mintage of only 15 pieces appears to be on the low side, and it does not square with the fact that two different pairs of proof dies were employed. On one of these dies the ES in STATES is in a straight line, and the lettering is bolder and more deeply impressed into the die. On the other die the S is slightly lower than the E, and the lettering is not so deep. While it is possible that some catastrophic die failure occurred after one or a handful of pieces were struck, more likely is that the recorded mintage is erroneous ... or could restrikes have been made later?

Bowers' series reference offers these comments:

"On April 28, 1854, the Mint struck 15 Proof examples that were sent by Mint Director James Ross Snowden to the Secretary of the Treasury James Guthrie in Washington. Others were retained at the Mint, including two by Chief Engraver Longacre. Interested numismatists could obtains specimens there. This was initiated what became an uninterrupted string of Proof issues, although production was exceedingly low for the next several years."

While there is no record of restrikes, this would certainly not be the only U.S. coin for which restrikes are suspected but unproven. As a one-year subtype (with small DOLLARS, 1854 only) and a first-year issue, perhaps the subsequent demand for proof examples required the striking of extra pieces beyond the original 15 coins. Various Mint personnel working there in the 1850s were far from averse to making "on-demand" issues when the correct bell was rung. But this is mere speculation. What is not speculation is that the current NGC/PCGS population data show 13 examples of the 1854 in all grades, including one circulated proof. This coin is one of two PR63 Cameo proofs at PCGS, with two finer, both PR64 Cameo. A single coin at NGC has also attained the PR64 Cameo rank, with none finer (11/09).
The present example offers luscious orange-gold fields with considerable contrast present. The S in STATES is lower than the E, without the deeply impressed lettering characteristic of the other proof die. A couple of light scrapes are noted on Liberty's cheek, and a couple of dark toning spots on the obverse: one in back of the eye, and one behind the headdress. On the reverse a similar dark spot occurs at the bottom of the 1, and a patch of light yellow-gold patina is noted through DO in DOLLARS. A delectable early proof example of this historic and unusual denomination.
Ex: Dr. Robert J. Loewinger Collection; FUN Signature Auction (1/2007), lot 3121, which realized $74,750.(Registry values: P7)

Coin Index Numbers: (NGC ID# 289R, PCGS# 88017, GSID# 8669)

Metal: 90% Gold, 10% Copper
Weight: 5.02 grams
AGW: 0.14526oz
Melt Value: $164.43
Gold Spot: $1,132/oz (01-07-2010)

View Certification Details from PCGS