The June 4, 2000, Dr. Jon Kardatzke Collection Parts II & III, Sale 5
Lot 1231
1854. AU-53. Lovely surfaces that boast some of the original luster in the fields, and well struck devices. Examination reveals trivial handling marks in the fields, but the marks are not detracting in any way. An excellent type coin for the collector.
Lot 1232 
1854-D. PCGS graded AU-50. We are proud to present the key date to the regular issue $3 gold pieces, the 1854-D. Mintage figures closed the year at a meager 1,120 coins for Dahlonega, this being the first year of issue perhaps a few were saved. History would later know that this would be the only year $3 gold pieces would be produced in Dahlonega. This particular coin boasts lovely satiny gold color, clean fields and devices that show few bagmarks or other surface abrasions. Light wear on the upper curls of Liberty only, specifically the curls over her eye, ear and lower neck curls. Similarly, the reverse wear is noted only on the uppermost leaves in the wreath. In order to help identify this rarity, we note a tiny scratch on the reverse under the letters LLA of DOLLAR, midway between that word and the date. Struck from lightly clashed dies, both obverse and reverse.
The PCGS Population Report currently shows 6 graded this high, with 21 others in slightly better grades of About Uncirculated, and a single mint state 62 coin. As this is the most expensive regular issue date, we suspect that many coins have been submitted more than once and are reflected multiple times in the population census. Breen estimated that only 5 or 6 were known in about uncirculated of this date. The real figure is probably between 10 and 20 in this grade range. As the possibility of a higher certified grade always exists (and higher market value, of course), and with several competent grading services now available, the various population reports are becoming more skewed with higher and higher numbers of some truly rare coins that have been submitted several times for certified grading. As always in numismatics, a knowledgeable collector will take the time to learn how to properly grade, and thus properly value any coin for their collection. We can't emphasize this enough, the more a person learns about coins and their preservation, as well as cleaning techniques (both good and bad), common repairs (seen all too often on coins) the better a collector will be able to properly value coins.
The following history notes from Breen:
"As a denomination, the $3 gold coin was first hatched back in 1832, but was soon dropped in favor of just a $2.50 and $5 gold coin for the Mint Act of June 28, 1834. Later, when the Act of March 3, 1845 authorized issue of postage stamps at the rate of 5¢ for a prepaid letter this amount was reduced to 3¢ for a prepaid letter in 1851. Congressmen appeared to believe (following the faulty reasoning of Mint Director Robert M. Patterson) that the main purpose of the new 3¢ would be to buy postage stamps without using the unpopular, heavy, and often filthy copper cents. Accordingly, the Mint Act of Feb. 21, 1853, best known for authorizing lightweight silver coinage with arrows at date, also included a fine-print clause authorizing issue of a $3 gold coin, to weigh 77.4 grs. at 900 fine, for uniformity with other current gold pieces. Congressmen believed that this coin would be convenient for exchange for rolls or small bags of silver 3¢ pieces, and for buying sheets of 3¢ stamps--always bypassing use of copper cents."
We pick up again later in the introduction to the series from Breen's Encyclopedia: "The usual story has it that $3 gold coins were made only so long as the letter rate remained 3¢, being discontinued when it was changed again, and perhaps in part because of the letter rate change. Whether or not this was the intention of Congress, nevertheless $3's saw little postal use in the West and South, as they were minted in Dahlonega and New Orleans only in 1854, and in San Francisco for circulation only 1855-57 and 1860. Threes thus represent relics of an interesting but abortive experiment; today they are among the most highly coveted of American gold coins. No specific reason was advanced for their discontinuance, though low mintages 1879-89 (testifying to little public demand) may have had something to do with it."
Lot 1233 
1854-O. PCGS graded EF-40. The only year these were made at the New Orleans Mint, although the effort seemed hardly worth the trouble: just 24,000 bounced from the dies. The obverse of this one is especially nice, although the other side shows two dents above the 4 in the date. The mintmark is real clear and the color is that of fine old gold.
Lot 1234
1854-O. EF-40. This is the scarce weak letters, date and O mintmark variety (Breen 6349). This variety was likely caused by a mint worker who simply ground down the two dies a bit too much, hence the outer lettering on the obverse and entire reverse shows shallow device detail. Curiously, although Liberty is fairly bold, the initials JBL on the truncation show only their upper halves, the bottom of the letters have been lapped away. As dies were used, they frequently clashed or developed cracks, by carefully filing the dies down, the mints could extend their lives by reducing or removing cracks and clash marks. This is the process that created the 1937-D 3 Legged nickel, for instance. The diagnostic reverse crack through the mintmark is visible with a glass. Only 24,000 were struck of this curious denomination, and tough to find in higher grades. There are some shallow planchet flaws on the left side of the obverse, mostly in the fields, which have long, irregular shapes. These flaws are scarcely visible, even with a glass. Minor handling marks from brief circulation, and certainly a coin most collectors would be proud to own.
Lot 1235
1855. AU-50. Light handling marks from circulation and satiny in color. One series of marks before Liberty's face, visible with a glass.
Lot 1236
1855-S. Sharpness of VF-20 but cleaned and polished. The surfaces have been stripped and then polished, perhaps to make coin appear to be a higher grade. There are light marks hidden in the dentils above UNI, file marks on the reverse rim on the left side, a scratch or two on either side. After looking carefully, this coin may have been mounted as the various points of damage may be bezel points where this coin was used as jewelry. Careful inspection is mandatory, as this is a rare date (mintage: 6,600), that will sell for much less than an undamaged example.
Lot 1237
1856. AU-50. A few light handling marks are noted in the fields, nothing deep or annoying though, the coin retains some luster and is well struck.
Lot 1238
1856-S. EF-45. A few scattered marks from circulation in the fields and on the devices, about as one would expect for the grade. The obverse has a curious mottled yellow color while the reverse is more uniform in color. This is the medium "S" variety.
Lot 1239
1856-S. Sharpness of VG-7 but holed twice and polished. Holed above Liberty, and also below, the lower hole was filled with a dark metal, the poorly reingraved on the dentils nearby. A jewelry piece that was proudly worn for years, as the surfaces have moderate scratches and marks not usually encountered a coin that simply "circulated". A filler of this moderately scarce date.
Lot 1240 
1857. PCGS graded Proof 64. This important Proof rarity (PCGS indicates a mintage of only 5 coins!) is, in effect, what in Europe they call a "Proof of Record." That means none was made for collectors, but rather that Proofs were coined in tiny numbers for the government's record of what was made. Mostly, in Europe, such Proofs were placed in museum collections. It's a good, useful term because it notifies collectors that great rarity and special purpose stand behind such coins. And, therefore, a real opportunity to acquire. That's exactly what we have here: a coin with a mintage so minute that almost nobody can own one. This important specimen, which may forever be identified by a tiny incuse S-shaped lintmark at the 5:30 o'clock position just below the portrait, exhibits a mild cameo contrast on both sides and a glowing deep-gold toning. It's a choice piece of American numismatic culture.
While this neat coin can stand alone for its importance, it may be useful to place it into its historical context. This will only make its value all the more appreciated. In June of this year, the United States signed an early treaty with Japan, then in the early stages of industrialization but socially still a largely feudal society, and very much isolated from the West. The treaty allowed American ships to enter and trade in the port of Nagasaki. Back home, James Buchanan had recently taken office as our 15th President, and his inaugural speech pledged a policy of noninterference with Southern States' slavery. And in March 1857 a momentous Supreme Court decision was handed down, the infamous Dred Scott judgment, in which the Missouri Compromise of 1820 was deemed unconstitutional. It involved a black slave named Scott whose owner moved him from Missouri (a slave state) to Illinois (a free state) and then back to Missouri. Scott sued his owner for freedom, but the Supreme Court ruled that the slave never stopped being a slave, even though he stood on free soil for a while, and as such he did not possess the right of a common citizen to sue in a federal court. By effectively siding with a slave owner, the Court outraged Northerners. The case still stands as a major metaphorical brand added to the bonfire that erupted into civil war only a few years later. It was out of such madness that this wonderful momento of American innocence and purity was born--an image of Liberty portrayed, curiously enough, by an Indian.
Lot 1241
1857. AU-53. Light surface infractions from circulation, but nothing to penalize this coin for. Original mottled gold coloring on both sides, with some luster adhering near the lettering. Struck from clashed dies.
Lot 1242 
1857-S. EF-40. A scarce date in this grade, Breen says "almost unobtainable above EF". This particular coin has some minor scratches on the obverse, visible with a glass, but not apparent to the unaided eye. These marks appear to be from circulation, and were worn down with the coin. On the reverse, the date is weak (diagnostic for the year), but the other devices are well struck. Only 14,000 struck, and apparently not too many were found on the S.S. Central America wreck.
Lot 1243
1857-S. VF-20. Cleaned rather harshly and the fields and devices are covered in fine hairlines which make the coin appear slightly dull. Well struck for the issue, with the date fairly sharp as compared with those usually seen.
Lot 1244 
1858. AU-50. Mintages plunged in 1858 as Philadelphia only produced 2,133 of this denomination. This one has excellent color and pleasing surfaces. A glass will locate some faint lines in the fields, some of which are adjustment marks (lower right obverse through CA and Liberty's curls), and some other trivial circulation marks. The devices are well struck and the coin has an excellent appearance. One dull mark on Liberty's jaw will serve to identify this one.
Lot 1245
1859. AU-55. Probably cleaned at some time in the past, but not to its detriment. Minor hairlines are noted in the fields, and trivial circulation marks on both sides, but toned a pleasing golden yellow. Scarce.
Lot 1246
1860. Sharpness of EF-40 but polished and retoned. This one looks like it was cleaned with baking soda, as the surfaces are mostly dull and not reflective. Scarce as a date, but should be inspected by bidders.
Lot 1247 
1860-S. PCGS graded AU-53. A curious year for this denomination, someone wasn't paying attention on the roller mills making planchets, and 2,592 of the 7,000 struck were found to be underweight. The light ones were melted, thus the net mintage is only 4,408. One of 7 so graded by PCGS, with only 6 graded higher, including a single MS-62 example. That makes this coin one of the very best obtainable for the year, so plan on paying a premium in order to capture this condition rarity. Most survivors are in far lower grades of this date. Trouble-free wear on the highest devices, with some minor hairlines in the fields from circulation.
Lot 1248
1861. AU-50. A moderately scarce date that is well struck and retains some frost in the fields. The obverse has light handling marks, while the reverse seems to have more small ticks than the obverse. Perhaps this is a function of the small date punches used to make the dies, allowing more open field area to attract circulation marks. Clean rims and devices, and one most collectors would love to own.
Lot 1249
1862. EF-40. This looks to be one of Breen's nondistinct necklines (#6367) which was the result of heavy die polishing to remove clash marks. Libertys' neck seems to blend into the surrounding field. Noted to be "very rare" by Breen. Only 5,750 struck in all, most of which circulated well beyond this coin. Minor handling marks visible with a glass.
Lot 1250 
1863. AU-50. This scarce date has a nice, original appearance. The lettering has a bit of luster glowing nearby, and the surfaces have a delicate golden tone to them. Minor handling marks on both sides, but nothing deep or annoying. Struck from sharply clashed dies, with the outline of the inner wreath near Liberty's face, and the S of DOLLARS is visible hanging down from the end of Liberty's diadem. Liberty's head outline is visible inside of the reverse wreath.
Lot 1251
1864. EF-45. Lightly cleaned and retoned with gold colors. Moderate handling marks, including a couple on Liberty's face. Scarce, with a mintage of only 2,630, all with a sharply repunched 18 in the date.
Lot 1252 
1865. AU-50. One of the really low-mintage dates of this series, only 1,140 were struck for circulation, and as stated by Breen, extremely rare in grades of about uncirculated. One dark speck below Liberty's chin and a glass will note the usual bagmarks from brief circulation. One for a collector to aspire to own, and well worth a premium for the rarity.
Lot 1253
1866. EF-40. Average color for the grade, but there are a few scrapes and circulation ticks on both sides. Another low-mintage coin that saw only 4,000 struck for circulation, how many could remain today? PCGS has only graded 106 in all grades.
Lot 1254
1867. EF-45. Clean surfaces for the grade, with the original mint surface preserved near the lettering, while the broad fields show moderate contact marks seen on all circulated examples of this series. Only 2,600 struck, with perhaps 100 known today in all grades. An opportunity.
Lot 1255 
1868. AU-55. There are light hairlines in the obverse fields, but the devices are frosty. On the reverse, the surfaces are undiminished by handling or cleaning. Boldly impressed and another scarce date (mintage 4,850). Semi-prooflike on the obverse fields.
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