The three-dollar gold piece (Three Dollar Gold Coins) were
authorized by the Act of February 21, 1853. First struck
in 1854, these gold coins were never popular with the general
public and saw very little circulation. Today, some numismatists
theorize that the $3 denomination would have been useful
for purchasing postage stamps of the day (with their face
value of 3c) or for acquiring 100 silver three-cent pieces
("trimes"), which were also in circulation at
the time.
These gold coins changed hands in the East and Midwest
until 1861, after which they disappeared from circulation;
through the 1860s, fewer than 10,000 were struck annually.
In 1874 and 1878, mintages were increased significantly
in anticipation of the coins going into broader circulation.
On the West Coast, the three-dollar gold piece (three dollars
gold coins) did see circulation throughout the series' minting,
though they probably weren't seen in change very often after
the 1860s.
The head on the obverse represents an Indian princess
with hair tightly curling over the neck, her head crowned
with a circle of feathers (the band of which is inscribed
LIBERTY). A wreath of tobacco, wheat, corn, and cotton occupies
the field of the reverse, with the denomination and date
within it. The three dollar gold coin weighs 77.4 grains,
and was struck in .900 fine gold.
In the year 1854 only, the word DOLLARS is in much smaller
letters than in later years. The 1856 Proof has DOLLARS
in large letters cut over the same word in small letters.
Restrikes of some years were made, particularly Proofs of
1865 and 1873.
Although these gold coins did not see extensive day-to-day
circulation, collector interest was high, and many three-dollar
gold pieces (three dollar gold coins) were saved by speculators
beginning about 1879. As a result, Mint State examples are
fairly numerous today. The 1870-S gold coin is unique, currently
residing in the Harry W. Bass Jr. Collection on loan to
the American Numismatic Association.
Designer James B. Longacre; weight 5.015 grams; composition
.900 gold, .100 copper (net weight .14512 oz. pure gold);
diameter 20.5 mm; reeded edge; mints; Philadelphia, Dahlonega,
New Orleans, San Francisco.
