1889 $3 Three Dollar NGC MS66. Intense, blazing gem. Last year of issue for the denomination, which saw its introduction in 1854. The present offering has been certified by NGC in a new holder, and is rare in this state of perseveration. While most of its mintage of a mere 2,300 pieces were never released into circulation, many acquired bagmarks over time, causing them to fail to grade at the gem level or higher. As noted by Garrett-Dannreuther in their Encyclopedia of U.S. Gold Coins, “MS-63 and MS-64 examples are fairly plentiful by $3 gold standards, but gems are rare”.

A mere two pieces have been certified finer than offered here, which would sell for at least double, if ever offered at auction. As such, the present coin represents excellent value for both the conscious collector and investor, with more people searching for quality coins such as this piece. Many pieces are already included in top collections and finding premium quality pieces, such as seen here, has become increasingly hard over the last decade.

Of this issue, Breen noted in his Encyclopedia that many pieces were melted in 1890, a short few months after their mintage in December 1889. A total of 50 pieces were bought directly from the Mint by Virgil M. Brand at the time. While it can not be confirmed for sure, it is very well possible that this magnificent, high quality coin was part of that group, which have now all been absorbed into the market for these scarce gold coins.

The present offering represents a coin with remarkably clean fields and a strong strike, further highlighted by crispy luster and a dark-yellow gold color. No blemishes are seen on both sides, except for a few tiny marks only visible under magnification. In all, this is a great coin, representing a short lived type of gold coinage which has become increasingly difficult over the last few years. While most collectors will focus on the scarce branch Mint issues, the low mintage Philadelphia coins should not be overlooked, as they represent excellent value.