1870 Three Dollar Gold - 1870 $3 PCGS AU55. This attractive, low mintage 1870 Three Dollar Gold piece has lustrous devices on somewhat darker fields. The Choice AU grade is confirmed by the lines of separation in Libertys hair, the ends of the feathers, and the separation between her brow and the hair above it. The surfaces are original and free of individually distracting abrasion marks. 

Of all the gold coin series, Longacres three-dollar gold is in many ways the least complex. There was just one major design, the Indian Princess motif, and the coins were produced continuously from 1854 to 1889. In the first year a variety was made in that all the coins have the word DOLLARS in small letters, and in 1873 there were Open and Close 3s in the date for proof coins and Close 3s for circulation strikes.

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 1854 the first and largest mintage was produced. Many were saved as souvenirs. Others briefly circulated and ended up being used for jewelry. Only 1854 had smaller letters in DOLLARS. The other dates all have large letters for the denomination. Mintages were limited after 1854.

James Barton Longacre was born in Pennsylvania in 1794. When he finished his apprenticeship in Philadelphia as a bookseller and a banknote engraver, he worked on his own as an engraver of book illustrations and bank notes. His works included one on the signers of the Declaration of Independence and another on stage personalities. In 1830, Longacre began a series of biographies of famous men in the military and the political arena. In 1834 the result of this series became the National Portrait Gallery of Distinguished Americans that was published in four volumes. Longacre and those who worked with him became famous because of this work.

In 1844 Longacre came to work at the Mint. He was opposed by Franklin Peale, the Chief Coiner. Peale was probably responsible for some blundered dies that Longacre was criticized for making. Peal was involved in a private, illegal medal manufacturing business using Mint facilities. He was concerned that this new political appointee would interfere with his business, and he resisted Longacres appointment as Chief Engraver. Finally in 1854, Peale was fired by President Franklin Pearce. Longacre flourished in his position and 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.