Few coins capture the imagination of collectors like the 1870-S Three Dollar Gold piece. It stands as one of the greatest rarities in American numismatics. More importantly, it combines mystery, provenance, and history in a way few coins can match.
This guide delivers the definitive, fact-checked reference for collectors and researchers.
A Coin Born for a Ceremony
On May 25, 1870, officials laid the cornerstone of the second San Francisco Mint during a widely reported Masonic ceremony. Mint officials prepared a copper casket filled with all coins stuck at the Mint in 1870 in addition to artifacts. Among them, supposedly, was a specially struck 1870-S $3 gold coin.
This piece did not come from regular production. In fact, the San Francisco Mint had not struck $3 gold coins since 1860, and never would again.
Therefore, this issue exists outside the normal series.
How the Coin Was Made
In December 1869, Philadelphia shipped two pairs of 1870-dated $3 gold dies to San Francisco. However, those dies lacked a mintmark.
Joseph Breck Harmstead, the Mint’s coiner, took matters into his own hands. He engraved the “S” mintmark directly into one die. Then, he struck at least one coin for placement in the cornerstone.
Most researchers agree on that point. However, debate begins immediately after.
One Coin or Two? The Great Mystery
For decades, collectors believed the cornerstone coin was the only example. Then, everything changed in 1907.
Dealer H.T. Van Camp advertised a second specimen in The Numismatist, describing it as:
“A coin all alone by itself… never before in the market.”
This discovery stunned the hobby.
The ad drew the attention of future Treasury Secretary William H. Woodin, who purchased the coin. When the piece was sold from his collection in 1911, it was suposedly accompanied by a “note” stating that 1870-S $3 Princess was a duplicate of the piece contained in the cornerstone of the San Francisco Mint.
In March 2004, numismatic researchers Nancy Oliver and Richard Kelly uncovered a document from the United States Mint confirming details of the creation of an 1870-S $3 gold coin and its placement in the second San Francisco Mint building’s cornerstone.
Other have tried to clarify the story about Woodin’s “Note”, suggesting Harmstead likely struck a second coin and gave it to his niece, Georgine, along with a letter explaining its origin.
That letter has never surfaced; No original, No copy.
Because of this, uncertainty remains. Most experts believe only one coin ever existed, while others accept that two were struck, one now lost or missing from the cornerstone.
The Missing Cornerstone Coin
The original coin was reportedly placed inside the San Francisco Mint cornerstone, and even suggestions that the cornerstone may have been opened at some point. Strikingly, these same accounts claim no 1870-S $3 gold coin was found inside.
In fact, the cornerstone of the Old San Francisco Mint (the “Granite Lady” at 5th and Mission Streets) has never been officially located, opened, or examined, despite records indicating it was laid with great ceremony on May 25, 1870.
If true, this raises a critical question: Does the “missing” coin still exist somewhere?
No confirmed answer is available today, and this seems like numismatic fantasy rather than factual speculation.
The Eliasberg-Bass Specimen
The only confirmed example, the one collectors recognize, traces an extraordinary path through numismatic history.
Provenance Highlights
- H.T. Van Camp (circa 1907)
- William H. Woodin (future U.S. Treasury Secretary)
- Waldo Newcomer
- “Colonel” E.H.R. Green
- B. Max Mehl and Abe Kosoff (dealers)
- Louis E. Eliasberg, Sr. (1946–1982)
- Harry W. Bass, Jr. (1982–present collection)
This pedigree reads like a who’s who of American coin collecting.
In 1982, the coin sold for $687,500, then a record for a U.S. gold coin. In 2023, it realized $5.52 million, confirming its elite status.
Today, collectors can view it at the American Numismatic Association’s Money Museum.
Condition and Appearance
The coin grades approximately Extremely Fine to About Uncirculated. However, it shows clear impairments:
- Evidence of jewelry use
- Surface cleaning
- A scratched “893” on the reverse
The meaning of “893” remains debated. Some researchers suggest it references gold fineness. Others, including experts like Doug Winter, reject that theory.
No definitive explanation exists.
A Controversial “Second Specimen”
In 2012, a Georgia auction firm claimed to have discovered another 1870-S $3 gold coin. The story drew national attention and multimillion-dollar estimates.
However, the coin lacked authentication.
Experts quickly raised concerns. Ultimately, the coin never sold, and its authenticity remains unproven.
As a result, the hobby continues to recognize only one confirmed specimen.
Why This Coin Matters
The 1870-S Three Dollar Gold piece ranks among the most important U.S. coins ever produced. It holds a place in Jeff Garrett’s 100 Greatest U.S. Coins and represents the ultimate prize for $3 gold specialists.
Yet, it also tells a deeper story.
It reflects Mint improvisation in the 19th century, reveals gaps in official records and highlights how individual actions, like Harmstead’s, can shape numismatic history
Above all, it remains a coin that no collector can realistically own. And that only adds to its mystique.
Coin Specifications
- Denomination: $3
- Date: 1870
- Mintmark: S (San Francisco)
- Composition: .900 gold, .100 copper
- Weight: 5.015 grams
- Diameter: 20.5 mm
- Edge: Reeded
- Designer: James B. Longacre
Final Thoughts
The 1870-S Three Dollar Gold coin stands at the intersection of rarity and legend. It challenges researchers. It fascinates collectors. And it continues to raise new questions more than 150 years after its creation.
Even now, its full story remains unfinished.
What a great piece of American history
This is one that I’ll never have in my collection but it’s fun to read about it.
I’ll never be able to add a coin like that.. Maybe one day some of my coins will be as cool to future generations.
Very interesting article.
The coin is fascinating and unique. Are there one or two specimens? It’s also damaged. But that doesn’t matter because it’s the only one found so far.
Great piece, I want one!
Great article. I enjoy reading about unusal coins like this.
Great piece.
I love the history on this site!
I’ve never actually read the story of the $3 coin. This is a very good read! Thank you!!
Fascinating read. Unresolved mysteries always get to me
Very interesting article. Thanks for posting
Imagine if the 2nd coin could be found!
What an odd coin. I think another story on how the mint could misplace it’s cornerstone in needed.
I know I’ll never own one of these – that’s why I visit this site, so at least I can admire one.
I enjoyed this article! Thank you
Very interesting coin. I never knew there was a $3 coin.
Such mystery and how one person can go unchecked in what was supposed to be a cornerstone piece!
Great looking coin.
Never knew there was a three dollar coin. Learn something new every day,
Good article, nice looking coin
I would love to get one of these for my connection
Very beautiful coin I would love to add to my collection!
Three dollar gold coin is an amazing piece of history. Thanks.
What an interesting story. Thanks for sharing!
I saw one of these once as a child. An elderly neighbor Owned it & Liked showing it off.
Don’t know whatever became of it…
I think the Indian head gold coins were truly well design, that why I have set of this fine gold coins in every denominations.
Great coin, I learned a lot, thanks
Interesting
Great article! Interesting read! Thank you for sharing
Such a cool piece of gold!
learned something new – never knew this coin existed
Quite a story on an amazing coin
Nice coin!
That is cool! I wonder if the ‘first’ coin never made it into the cornerstone. And instead, got pocketed by someone.
never even heard of this one before
Very interesting article on the 1870 S Three Dollar Gold coin.
This is an amazing coin!
When I was a kid, this is one of the coins I was hoping to find in the “Bargain Bin” at the local coin shop. Never found one.
Great story about a unique coin!
Such a unique coin.
Great read interesting coin
What a great fine, would like to see in person.
Nice looking coin.
Wow, what a history.