1865 $3 PR(PCGS#8028)

December 2025 Showcase Auction - The James A. Stack, Sr. Collection Part I

Auctioneer

Stack's Bowers

Lot Number

22185

Grade

PR61

Price

28,800

Lot Description

This is a major rarity and fascinating variety of the Proof 1865 three-dollar issue that baffled numismatic researchers for many decades. Most Proof threes of this date were struck from the variety now attributed as JD-1, which uses the same obverse as the Proof 1864 three-dollar gold issue and a reverse on which the right tip of the ribbon bow is centered under the digit 6 in the date. These are the coins that comprise the 25-piece Proof mintage of the year, all of which were delivered on March 8. The present example, however, was struck from the variety now known as JD-2, which employs different obverse and reverse dies. For the JD-2 attribution, the obverse is that which first appears on Proof three-dollar gold pieces dated 1869; on the reverse of this variety, the right tip of the ribbon bow is under the right edge of the digit 6 in the date. Since the latter die pairing is also known in copper - Judd-441 - gold impressions from these dies were also believed to be patterns and listed in the Judd reference as J-440. According to Saul Teichman, however, the gold examples were erroneously listed as patterns and, in reality, are restrikes produced in 1869 or 1870 for inclusion in the 1865 With Motto Proof sets that the Mint first offered for sale in 1870. As further explained by John W Dannreuther (<em>United States Proof Coins</em>, 2018 volume): "To make the With Motto sets seem like an original product from 1865, all the other denominations were included." The Judd-441 in copper, therefore, is actually a die trial for the restrike Proof 1865 in gold.<p>As of this writing, only two Restrike Proof 1865 three-dollar gold pieces are positively confirmed to exist:<p>1 - <strong>PCGS/CAC Proof-65 Cameo.</strong> Ex William H. Woodin; F.C.C. Boyd; Dr. Hewitt Judd; Dr. John Wilkison, Sr.; Tennessee Coin Exchange, as brokers for Dr. Wilkison; Julian Leidman and Michael Brownlee, as part of the purchase of the gold patterns of Dr. Wilkison; sold as a collection to Paramount Coin Company; privately sold on August 3, 1979; Harry W. Bass, Jr.; Harry Bass Core Collection; Heritage's sale of The Harry W. Bass, Jr. Core Collection, Part II, January 2023 FUN Signature Auction, lot 9014.<p>2 - <strong>PCGS Proof-61.</strong> Ex (presumably) King Farouk of Egypt; (presumably) Sotheby's sale of The Palace Collections of Egypt, February-March, 1954, lot 324; Heritage's Sacramento ANA National Money Show Auction of March 1999, lot 5701, as ANACS Proof-61; Kagin's; Heritage's sale of The HBC Collection, January 2019 FUN Signature Auction, lot 4641, as NGC Proof-61. <em><strong>The present example</strong></em>.<p>Some aspects of both of these provenances are uncertain, including the Woodin and Boyd connection to the Bass Core Collection specimen (although both of the former owned a Restrike Proof 1865 $3), and whether the present example is ex Farouk or the Farouk coin is a distinct, although unconfirmed JD-2 specimen in PCGS Proof-63 Deep Cameo reported by Dannreuther (2018). Due to the latter, there may actually be three examples of the JD-2 Restrike Proof 1865 threes in gold but, again, only two specimens are positively confirmed to exist.<p>This is a pretty piece for the assigned grade, both sides exhibiting original deep olive-gold color with overlying orange-gold and pale pink hues. The finish is universally reflective, a quality that is readily appreciable despite some muting and associated haziness that help to explain the Proof-61 grade returned by PCGS. Sharply struck throughout, a faint lint mark (as made) on Liberty's cheek is the most useful identifier for this intriguing rarity.