US Coins

Market Analysis: Proof 58 1883 $3 coin at $7,800

A green CAC sticker confirms the eye appeal of this 1883 Indian Head gold $3 piece graded Proof 58 by PCGS that sold for $7,800 at Heritage in January.

Image courtesy of Heritage Auctions.

This 1883 Indian Head gold $3 piece graded Proof 58 by Professional Coin Grading Service is very appealing for the grade, as evidenced by the green Certified Acceptance Corp. sticker.

It is from a low mintage of just 89 Proof gold $3 pieces that year, and the “Red Book” records only 900 circulation strikes that year. John Dannreuther estimates 40 to 55 Proof examples survive in all grades (in his recent book United States Proof Coins).

This one sold for $7,800 at the recent Florida United Numismatists auctions.

A single pair of dies was used to strike all 89 Proof coins, with the date slanting down and positioned farther to the right than on the circulation strikes, making it easy to distinguish between the two formats, as Heritage noted when selling another example graded Proof 63 for $13,200 at a June 2020 sale.

Heritage writes, “This PR58 representative exhibits scattered hairlines but they have a limited effect on the impressive field-device contrast,” adding, “Deep red-gold surfaces maintain reflective fields and frosty, razor-sharp motifs.”

The buyer of the subject offering was able to acquire an appealing example of this scarcer Proof denomination for under five figures, a coin that is certainly challenging to find with any eye appeal.

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