At $35,250, this 1880 Indian Head gold $3 coin is considered 'a steal': Market Analysis

D. Brent Pogue's recently sold set of gold $3 coins is considered among the finest and most complete ever assembled
By , Coin World
Published : 03/09/16
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The D. Brent Pogue Collection is known for its strengths in 18th and early 19th century U.S. copper, silver and gold coins. His set of Indian Head gold $3 coins, struck between 1854 and 1889, is a bit of an outlier among his holdings.

At Part III of the Pogue Collection, offered in New York by Sotheby’s and Stack’s Bowers Galleries, coins from his gold $3 set, considered among the finest and most complete ever assembled (though missing the unique 1870-S coin currently held by the Harry Bass Foundation) sold for more than $2.6 million, exceeding the $1.985 million low estimate total.

Here is one of three coins from the set that we're breaking down in this week's Market Analysis:

The Coin:

1880 Indian Head gold $3 coin, MS-66+

The Price:


The Story:

Few of the coins from the first two Pogue sales have entered the secondary market, and this scarcity has placed pressure on bidders at the auctions to come up with strong bids or risk never being able to own a particular Pogue coin.

However, a few have reentered the marketplace, such as Pogue’s 1880 Indian Head $3 coin, graded PCGS Mint State 66+ and given a green Certified Acceptance Corp. sticker after the sale. It sold for $35,250 at Pogue III and is currently being offered by Legend Numismatics for $42,500.

COIN VALUES: What your Indian Head gold $3 coin is worth

Legend wrote, “If you do your research, you will find that is an absolute steal relative to its rarity, quality, and what other similar coins bring in other GOLD series. Again, it may not matter to some, but we had been prepared to pay $45,000.00 HAMMER for this coin” (or $52,875 with the 17.5 percent buyer’s fee included).

It is from a low mintage of just 1,000 circulation strikes, of which this is one of the finest known.

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