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Lot 7425

Image Information

Type Coin
Title Lot 7425
Date 1878
Side obverse
Grade 55
Service NGC
Service Catalog # 8000
Denomination $3
Description 1878 $3 AU55 NGC. CAC. The 82,304-piece mintage was deemed necessary for an anticipated surge in gold redemptions, resulting from an 1875 government mandate that gold coins would be exchangeable for paper money "at par" as of January 1, 1879. Ironically, there was no need for the large mintage, because the public had become accustomed to paper currency. With federal banknotes already circulating at par, there was no pressing need to exchange the notes for gold. This Choice About Uncirculated example of the 1878 issue retains luster at the margins and shows no significant abrasions over its well struck, olive-gold surfaces. Ex: Eric P. Newman Numismatic Education Society. Realized $1057.50. Description courtesy of Heritage Auctions.

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Image Collection Eric P. Newman Collection, Part V
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