2017-08-29 Tue

The first Proof 1865 Indian Head gold $ 3 coin has been identified and is struck with dies oriented in medal turn rather than coin turn.

On 17th October, in the ballroom of the Holiday Inn at 9 North-eastern BLvd, in Nashua, New Hampshire, Centennial Auctions will offer the coin, graded Proof 61 by Numismatic Guaranty Corp. Among other highlights in the auction is an 1880 Coronet gold $10 eagle that was recently certified Mint State 65+, the finest example certified by NGC.

Recently, the Identification of the Proof 1865 Indian Head gold $3 coin struck with medal turn was made by numismatists Julian Leidman and John Dannreuther during the Aug. 1 to 5 American Numismatic Association World’s Fair of Money in Denver.

According to Steve Schofield from Centennial Auctions, the die orientation is not noted on the grading label insert contained within the NGC encapsulation.

Schofield said he brought a number of the lots to be offered in his firm's Oct. 17 auction to the ANA convention, including the gold $3 coin. He also added Leidman gave his undivided attention to the Proof $ 3 coin and spent quite a lot of time examining the coin’s obverse and reverse. Numismatist and gold specialist John Dannreuther from John Dannreuther Rare Coins in Memphis, Tennessee, also examined the coin and concurred with the attribution.

Some interesting facts about coin turn are that, when a coin is rotated on its vertical axis, the reverse is oriented 180 degrees opposite to the reverse so the reverse appears upside down. Whereas, with medal turn, the reverse appears right side up, relative to the obverse.

The reported production in Proof for the 1865 Indian Head gold $3 coin is 25, and, according to Schofield, possibly half that mintage survives.

While there are coins that grade higher — the [Ed] Trompeter Proof 66 piece, sold by Bowers and Merena in 2004 for $60,375, comes to mind — none of this date has ever been identified as a medal strike.