1887 Gold Dollar - 1887 G$1 PCGS PR63 CAM. The stark cameo contrast on this fresh, rare 1887 proof gold dollar creates excellent eye-appeal. The surfaces are original and clean for the grade with no notable hairlines or contact marks. The devices are satiny and light against a much darker background creating the cameo effect.  While there is significant cameo contrast on the obverse, it is much stronger on the reverse. Because of its contrast, strong strike, and square rims, it is clear that the current piece is a proof specimen; however, the date is plagued by deceptive commercial first strikes that are often taken for proofs. 

Beginning in 1854 James B. Longacre created a new design for the gold dollar called the Indian Princess. It consisted of a truncated portrait of Liberty facing left wearing a stylized headdress inscribed LIBERTY. She is surrounded by the words UNITED STATES OF AMERICA. The reverse shows an open, elaborate wreath of corn, cotton, maple, and tobacco with the numeral 1 in the top center. Below it is DOLLAR followed by the date. Unfortunately these pieces did not strike well because the obverse portrait was in high relief and there wasnt enough of a metal flow to fill the dies on both sides. Longacre had underestimated the power of the coining presses in use at the time. This problem was much more evident on the branch mint presses, which were much older than those in use at Philadelphia. Since the proofs that were made in Philadelphia did not show this weakness, Longacre was unable to anticipate this situation. As a result of the central weakness, the hair or the date was blurry or illegible. Most coins wore down quickly and were sent back to the mint to be recoined.

There was a large business strike for this type of 1,633,426 but only fewer than 50 proof coins made. The two major grading services have certified 20 Type 2 proof coins.

Two years later Type 3 was coined in the hopes that these striking problems could be alleviated with a design change. The new coin retained the same diameter, and the obverse relief was lowered. In addition, the portrait was modified so the relief areas were not opposite. The solution that Longacre chose was to adapt the design of the three dollar gold piece. The words of the legend were placed nearer the border. The head was placed farther from the letters, and the feathers shapes, sizes, and locations also changed. The new design modifications were successful and the coin remained in use until 1889.

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. 

In its population report, PCGS shows 4 1887 gold dollars certified at the Proof 63 cameo level.