Superconducting circuits with Josephson tunnel junctions are interesting systems for research on quantum-mechanical behavior of macroscopic degrees of freedom. A particular realization is a small superconducting loop containing three Josephson junctions. Close to magnetic frustration $1/2$, the physics of this system corresponds to a double well, whose minima correspond to persistent currents of opposite sign. We present DC measurements of the flux indicating a smooth transition close to the degeneracy point even at very low temperatures. Furthermore, microwave-spectroscopy experiments allow for the excitation to the next excited state. The dependence of the energy of the resonance on the applied flux clearly indicates the nature of these states as tunneling-splitted superpositions of flux states. We theoretically analyze the system using a generalized master-equation formulation of the spin-boson model. We address the nature of the measuring process by a switching DC SQUID and the possible interpretation of the spectroscopy data in terms of quantum coherence. We discuss these aspects in the context of further applications as a quantum bit.