1872 $3 (1872 Three Dollar Gold) NGC PF64 CAM CAC. This rare, mint state, proof cameo 1872 Three Dollar Gold piece had a tiny original mintage of 30. The coin shows light, satiny devices set against mirrored fields. The grade is confirmed by CAC, which means that the coin is a premium quality piece that meets stringent standards. The surfaces are of a quality that is typical for a proof coin of this level. Of course, the coin is fully struck, as expected for a proof coin.

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 Closed 3s in the date.

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. 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.

James Longacre designed the coin using the Indian Princess for his main device. 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 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 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. When Longacre first 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. In the end Peale was found out and fired in 1854. 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 dollars, the Three dollar gold piece, and, the Liberty Head double eagle.

Some prooflike first strikes can be deceptive because they may look like proof coins. True proofs, such as the present piece, can be differentiated by the position of the date. It is lower on business strikes, making them easy to tell apart when side by side.

With a mintage of 30, this coin is fundamentally rare in all conditions. In its population report, NGC shows that the coin is tied for third finest with 6 others in PF CAM 64 with 2 better. At CAC the population report shows, as of October 2011, only this piece confirmed with no others.