||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.