1872 Three Dollar Gold - 1872 $3 NGC AU58. Although not labeled as such, this low mintage 1873 Three Dollar Gold piece is a beautiful, prooflike AU58 slider. Only a minute trace of wear can be seen on the highest points, and the coin is very clean for the grade with no notable abrasion marks or other distractions. The strike is above average with full details on the ends of most of the feathers, Libertys hair, the central numerals of the date, and the elements of the wreath. The dentils are full and strong. The light and dark yellow gold colors affirm the coins originality. Bright mint luster is present throughout the devices on both sides.
 
The three dollar gold coin was designed by James B. Longacre. He used 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. 

With a mintage of only 2,000, the 1872 three dollar gold piece is fundamentally rare in all grades; although, there is a cluster of AU58 coins. Only 11 have been certified higher by NGC than the current piece in prooflike grades.