1886 Three Dollar Gold - 1886 $3 PCGS MS62. This low mintage, attractive, Uncirculated 1886 Three Dollar Gold piece has lustrous devices over muted fields creating a somewhat cameo look. The coin has a strike that is well above average with full details on the ends of the feathers and Libertys hair on the obverse. On the reverse the wreath is well detailed as are the two central numerals of the date. The surfaces are original and clean, for the grade with no individual abrasion marks worthy of individual description.

James Barton Longacre designed the three-dollar gold piece. He was born in Pennsylvania in 1794. When he finished his apprenticeship in Philadelphia as a bookseller and a banknote engraver, he worked on his own as an engraver of book illustrations and bank notes. His works included one on the signers of the Declaration of Independence and another on stage personalities. In 1830, Longacre began a series of biographies of famous men in the military and the political arena. In 1834 the result of this series became the National Portrait Gallery of Distinguished Americans that was published in four volumes. Longacre and those who worked with him became famous because of this work. In 1844 Longacre 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. Finally in 1854, Peale was fired by President Franklin Pearce. 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 dollar, the three-dollar gold piece, and the Liberty Head double eagle.

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.

The 1886 three-dollar gold coin had an original mintage of 1,000. In its population report, PCGS shows 22 in MS62 with 12 better. At NGC there are 14 in MS62 with 6 better. These numbers do not account for crossovers or resubmissions.