Part One: 1854-1863

An unprecedented number of Proof Three Dollar gold pieces has provided collectors with a bounty not seen since the late 1990s/early 2000s. Four important specialized sets of Proof Threes—owned by Tom Bender, the Harry Bass Foundation, Peter Huberman, and Bob Simpson have given specialists an opportunity to bid on, in some cases, multiple examples of rare, low mintage issues which hadn’t been available in years. Many of these were remarkable quality and a number were finest known; or very close to it.

Back in the late 1990s and early 2000s there were a number of wide-ranging specialized Proof gold collections—including Pittman, Bass, and Childs—which hit the market one after the next. Some incredibly rare Proof issues in the half eagle, eagle, and double eagles denominations were suddenly available; some in multiples numbers. An issue like the 1868 eagle—to pick a random date/denomination—was offered twice (an NGC PR64 CAM and a PCGS PR65) in 1999; since then exactly two have appeared; one a PCGS PR60, the other a PCGS PR62. Around 2000, the “uncommon” seemed “common” when it came to Proof gold. In 2023, we are seeing a similar situation on a more series-specific basis: Proof Threes.

This Throwdown of Threes allows me to make some important observations on this series. In the following two-part article, I’ll discuss some of the coins which have sold thus far (we still have a few coins left from both the Bender and Bass collections) and put them into a context within the framework of this fascinating series. Please note that due to time constraints, I won’t be discussing the common dates of this series.

1854:

A very rare issue as a proof with around 10-12 known, with just three or four reasonably nice ones extant. The 1854 is a distinct one-year type and I’ve always thought it was undervalued despite its status as a first-year-of-issue.

Bass, PCGS PR65 CAM: I wouldn’t have believed this coin existed until I saw it in person. The only Proof 1854 which rivals this, ex Eliasberg/Trompeter and graded PR64+ CAM by PCGS, last sold in 2013 for $164,500. The Bass coin smashed the record for this date as it brought $312,000.

Bender, PCGS/CAC PR63 CAM: This was by far the lowest quality coin in the Bender set of Proof $3s and I’m sort of surprised he never upgraded to either the Eliasberg or Garrett coins; assuming, of course, he had the opportunity. This coin sold pretty reasonably at $108,000; almost double what the last PR63 1854 $3 sold for at auction in early 2014 ($58,750 to be exact).

Huberman, didn’t own one in Proof.

1855:

Not counting the unique 1855-S Proof, the 1855 is the key to this set. Four are known but one was “lost” in 2003, while the other is impaired. This leaves two available for collectors and both were potentially available in 2023.

Bass, PCGS PR65 DCAM. To be sold later this year. This is the Garrett example and it has been off the market since 1976. An incredibly important coin, based on the sale of the Bender PR64 CAM (see below) it should bring over $400,000.

Bender, PCGS PR64 CAM. I didn’t love the coin but with just one other available, how choosy can you be? It sold for $264,000; a strong increase over the $75,000 it sold for in the Heritage 11/2003 sale.

Huberman, didn’t own one in Proof.

1856:

This is the second rarest collectable Proof of this type with five or six known. Since the July 2002 re-appearance of the finest known Garrett coin (where it sold for $66,700; see below), just two low grade coins (a PCGS PR62 which sold three times between 2011 and an NGC PR62) had been available. This will change with the two finest selling in 2023.

Bass, PCGS/CAC PR64 DCAM. To be sold later this year. It has been off the market since 1971 and was last sold at auction in 1946.

Bender, PCGS/CAC PR65+ DCAM. After the unique Proof 1855-S, this was likely my favorite Proof $3 in the Bender set. It was originally in the Garrett Collection and it last sold at auction as Superior 5/1990: 5506 where it brought a then-strong $68,750. It sold for $408,000 which I regard as a very strong price. I figured this coin in the $250-300k range and this was a case where two wealthy collectors had to have an essentially irreplaceable coin.

Huberman, didn’t own one in Proof.

1857:

From a mintage which is estimated to be around a dozen coins, there are either five or six known. For some reason, this date doesn’t get accorded the respect that the 1854-1856 Proofs do but it is extremely rare.

Bass, PCGS PR64 DCAM. To be sold later this year.

Bender, PCGS/CAC PR64 DCAM. The finest known was a coin with a lengthy pedigree graded PCGS PR66 DCAM which sold reasonably ($141,000) when it was offered in Heritage’s 4/2015 sale. The Bender coin is either the second or third best. It sold for $144,000 which is about what I expected.