1862 Three Dollar Gold - 1862 $3 NGC AU55. This flashy, Choice AU, Civil War dated 1862 Three Dollar Gold piece has bright mint luster within protected areas of both sides. The coin is well struck with full details on the ends of the feathers, the central portion of the reverse, and the bow knot. The surfaces are original and clean for the grade. The piece shows heavy die striations which appear as vertical lines on both sides and clash marks. Both are common for this date. Just a trace of wear on the highest points keeps this piece from a Mint State grade.

James Longacre designed the coin using the Indian Princess for his main device. He had to create a motif for the three dollar gold coin 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 in profile 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 design, Longacre felt that he was creating something that was uniquely American rather than an adoption from the classics. The reverse of the piece 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.

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 a 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.

In 1844 Longacre was appointed Mint Engraver through the influence of Senator John C. Calhoun of South Carolina. After overcoming opposition by the Chief Coiner, Franklin Peale, who was fearful that the new Engraver would interfere with his illegal medal manufacturing business using the Mint facilities, Longacre did well. He was responsible for creating many new designs including the Indian Head cent, the two cent piece, the Shield nickel, the Liberty Head gold dollar, the Indian Princess gold dollar, the three dollar gold piece, and the Liberty Head double eagle.

As a whole, collectors are interested in odd denominations such as the three-dollar gold piece. This one comes with a Civil War date adding to its historic importance. The coin is appealing to date and type collectors as well as investors and those interested in possessing a genuine artifact from Civil War times.