1886 $3 (1886 Three Dollar Gold) NGC MS62 PL. This low mintage 1886 Three Dollar Gold piece comes with an outstanding strike and bright mint luster within its devices. Full details are seen on the ends of the feathers, Libertys hair, the central numerals of the date, and the center of the knot. The proof-like designation is given because the satiny devices contrast with the darker, reflective fields. Not a trace of wear is seen, as expected for a mint state coin. The surfaces are original, clean, and, for the grade, free of individual distractions worthy of mention. The scuff marks on the obverse are on the holder not the coin.

James Barton Longacre designed the Three Dollar Gold 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.

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

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.

With an original mintage of 1,000, the 1886 three dollar gold piece is rare in all conditions. Business strikes were made from a set of proof dies making it difficult to distinguish the two. The result is that there is often a debate regarding whether the piece is a proof or a proof-like strike. Certainly the current piece has a strong enough strike to have been a proof coin. In its population report, NGC shows 9 1886 MS62 coins in PL condition with 2 better.