The 1870-S $3, PCGS SP50 is the Professional Grading Service’s (PCGS) Coin of the Month.
Few coins are as mysterious and as well-known as the 1870 S $3. This special-strike coin has been hailed as one of America’s most important and historic coins. This elusive gold coin is a mystery that has more questions than it does answers. However, numismatic experts know that one of these coins was buried in a cornerstone at the San Francisco Mint as part of a time capsule. The specimen that we are discussing is another, and the only one collectors can realistically obtain.
Due to the rarities associated with 1870, US coinage has a certain appeal. Like the coinage of 1804 – the famed date that appears on the magnificent 1804 Draped bust silver dollar – an ultra rare rarity produced in the mid-1830s to be included in special proof set issued as diplomatic gift – the coins of the year 1870 attract collectors. It is noteworthy that the United States Mint Director Report from 1870 did not mention any official production of $3 gold coin in the year. There are at least two if not more. Theories abound as to how and why this (perhaps “duplicate”) specimen exists. But we’ve neither the time nor space here to delve into the volumes of work orbiting these theories.
In fact, the 1870-S 3 gold coin is a stunning example of numismatic genealogy, having been in the collections of William H. Woodin. Waldo C.Newcomer. Louis Eliasberg. and Harry Bass. The 1870-S $3 gold coin was graded by Professional Coin Grading Service as Specimen-50 “893 Engraved” prior to selling in a Heritage Auctions event for an astounding $5,520,000 in January 2023.
Learn More About Coin Grading
Grade refers to a coin’s level of preservation: how many nicks or scratches or other imperfections it has. The coins are graded from one to seventy, where higher numbers indicate higher grades. One represents a coin that is so well worn that it’s barely identifiable as to its type. One represents a coin with no visible imperfections when examined under a 5-power magnifying lens.
Mint State (MS), grades 60-70, are the most common. A coin graded MS-60 could have so many nicks or scratches that it looks like Godzilla is using it as a teething toy. MS-65 is the industry standard for “Gem.” MS-66 through MS-69 are the near-flawless super-grade or wonder coin assignations. Each grade level higher than MS-66 could double or even triple the value.
In addition to the numerical grade, there are also word grades. These word grades are arranged in ascending order: About or Nearly Good, Good, Very Good, Fine; Very Fine; Extremely or Extra Fine; About Or Almost Uncirculated and Mint States.
A Proof is It is not clear how to get there. A Mint State coin is a special type of coin. Proof is not a grade, but a way of manufacturing a coin. The Proof coins can be used in circulation or to spend. Proofs are graded using a scale of 1 to 70. A Proof coin grading less than Proof-60 is referred to as an “impaired Proof.”
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COINage Magazine first published PCGS Coin Of The Month:1870-S $1, PCGS Sp50.
