1872 Three Dollar Gold - 1872 $3 NGC AU58. This low mintage, near-Mint State 1872 Three Dollar Gold piece has an almost cameo appearance because it has frosted devices that contrast with a darker background. A touch of wear on the tips of the feathers keeps this coin from a Mint State grade. The surfaces of this 1872 Three Dollar Gold are original and clean with no individually distracting abrasions. The strike of this 1872 Three Dollar Gold is typical for the type with weakness in the center of the obverse and on the bow knot. On the other hand, the LL of DOLLARS and the 87 of the date are detailed.

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 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. The 1873 issue had two varieties, an open 3, which was the original, and a closed 3. Both were used for proof coins. In 1872 dies with closed 3 were made for all denominations. Chief Coiner Snowden complained that the 3 could easily be taken for an 8. New dies were prepared with open 3s.

The mintage of 2,000 makes the 1872 $3.00 gold coin a rare, low mintage date; however, there is a cluster of 70 AU58s at NGC and 40 at PCGS, which indicate that this date has been resubmitted numerous times to achieve a Mint State grade, and, in this case, the population reports have to be set aside.