1854 $3 (1854 Three Dollar Gold) NGC PF62. This rare, proof 1854 Three Dollar Gold Piece has an almost cameo finish with frosted devices contrasting with the fields, especially so on the reverse. The strike is full and sharp, as is usual for a proof coin. Not a trace of wear is seen, as expected for a mint state proof piece.

In 1851 a law was passed that authorized a three cent piece and also made the postage rate three cents. Two years later a new law was passed authorizing a light weight silver three cent coin and three dollar gold coin. Evidently lawmakers believed that the gold coin would be useful to buy rolls of three cent coins and sheets of stamps. Its closeness to the quarter eagle, which was widely used, made the denomination somewhat illogical, and the public proved indifferent to them.

Most often seen in the marketplace are the higher mintage proofs of the 1880s. The proofs of the 1850s are exceedingly rare. Only ten to twelve 1854 proofs are known to exist today in all conditions. They were in celebrated collections such as the National Numismatic Collection at the Smithsonian Institution, the Clapp and then Eliasberg Collection, the Merkin Collection, the Harry Bass Collection, and two were in the James B. Longacre estate.

1854 was the first year of the new design. Small letters were used for DOLLARS in this one-year-type. The other dates all have large letters for the denomination. Mintages were limited after 1854. For many dates in the series, proofs were made; however, because they were either spent or mishandled many are extremely rare. The dates 1865, 1873, and 1875 were also proof restrikes. The 1875 and 1876 coins were proof only issues with no regular coins for those dates.

Although not listed until after 2009 in the Red Book A Guide Book of United States Coins, the early proof coins of this series were struck for interested government officials and a few collectors who could obtain them from Mint employees. They did not go on sale to the general public until 1858, when 20 or 30 were made. Of these, 6 have been certified by both grading services. The total estimated mintage for proof three dollar gold pieces is 2,060. Both grading services have a combined total number of 1770 for them.

James Longacre designed the three dollar gold coin using an Indian Princess motif. He had to create a motif that would be distinctly different from the quarter and half eagle coronet designs. The design, similar to his Gold Dollar Large Head, shows a head of Liberty facing left wearing a stylized headdress. Inscribed on the headband is LIBERTY. She is surrounded by the words UNITED STATES OF AMERICA. In using the Indian Princess motif, Longacre felt that he was designing something that was uniquely American rather than an adoption from the classics. The reverse shows an open wreath of corn, cotton, wheat, and tobacco tied at the bottom with a bow. The denomination 3 appears at the top center of the wreath, with DOLLARS and the date below within the wreath. Longacre liked the wreath design so much that he adopted it for use on the small cent of 1856.

James Barton Longacre was born in Pennsylvania in 1794. He became an apprentice to a bookseller and then a banknote engraver in Philadelphia. In 1819 he worked on his own as an engraver and made metal plates for bank notes and book illustrations. His works included one on stage personalities and another on the signers of the Declaration of Independence. In 1830 Longacre and James Herring made plans to do a series of biographies of famous men in the military and in politics. This project became the National Portrait Gallery of Distinguished Americans in four volumes that was first published in 1834. This set of books brought great fame to Longacre and those who worked with him. In 1844, through the influence of John C. Calhoun, Longacre was made Chief Engraver at the Mint, where he succeeded the late Christian Gobrecht. Longacres experience was limited, but he was a talented artist. By 1849 he was able to create the gold dollar and double eagle, the design of which lasted until well into the twentieth century. One of Longacres associates, Chief Coiner Franklin Peale, opposed Longacres appointment and became an obstructionist. Peale ran a private medal-making business using Mint facilities, and he felt that Longacres presence would jeopardize it. In 1854 Peale was fired by President Franklin Pearce, and Longacres life became easier. Longacre remained Chief Engraver until his death in 1869. Coins from Longacres estate were auctioned in 1870. They included patterns, coins of Chile, and regularly issued coins.

With only ten to twelve known, the 1854 Proof Three-Dollar piece is indeed a rarity. In uncirculated condition, it is a supreme rarity. In its population report, NGC has this coin tied for second best with one other and only one better. PCGS has two in Proof 62 with none better. (These numbers do not account for crossovers and resubmissions.) So what we have here is the second finest obtainable coin. It would be the centerpiece of even the most advance collections. It is a lovely, historic coin for those who want to have the best.