1873 Three Dollar Gold - 1873 $3 Closed 3, PCGS AU50. This very scarce 1873 Three Dollar Gold Coin is lightly circulated and has very light hairlines, but it has the look of a near-Mint State piece. The strike of this 1873 Three Dollar Gold is strong on the reverse, especially so on the denomination and the numerals of the date. Subdued mint luster is seen within the coins devices.

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.

The mintage of the 1873, Close 3 is unknown but estimated by Garrett and Guth to be 100 to 1000 pieces, some of which may have been struck as late as 1879. The two major grading services combined show 115 pieces certified, and this number does not account for resubmissions and crossovers. In its population report, PCGS shows 5 certified in AU50 with 52 better.