A surplus land auctioning company in the US is holding a massive New Year auction, in January 2010.
Aside from large quantities of American soil, the private firm's sale will offer a $250,000 Bentley car, antique music boxes, a Salvador Dali painting and, of interest to numismatists, a number of collectible coins.
 An 1878 $3 US Indian Head gold coin, estimated at $3.6k-7.2k |
Of note among the latter is a museum-quality 1878 $3 US Indian Head gold coin.
The United States made the $3 gold coin between 1854-1889. If the idea of a $3 denomination seems a little unusual, that's because it was.
The idea of a $3 coin didn't really fit into the coinage scheme used by the US at the time. However, the answer to why it existed lies in the postal rates.
At the time, the rate for first-class delivery was three cents. So, a sheet of 100 stamps could be bought easily using a $3 gold coin.
Unlike today, 19th century stamp prices remained stable for long periods, so the $3 US Indian Head was a familiar sight for a long time.
Collectors looking for a $3 Indian Head cold coin worth five-figures should check out the 1873, 1875 and 1876 dated editions - each of which was only made as a proof.
 Most of the unusual US $3 gold coins had low mintages |
Then there is the unique 1870-S $3 gold piece: one of the most valuable items in US numismatics.
However, most $3 had low mintages, which is why the 1878 $3 US Indian Head Gold Coin should be of interest to numismatists looking for an historic and steadily-appreciating coin.
It carries an estimate of $3,600-7,200, with an opening bid of $100. The live online auction runs for another two days.
More information can be found at Government Auction's website. The company describes itself as the US's premier land auctioning private company, working closely with the US Government to purchase parcels of land in bulk.
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