1887 $3 (1887 Three Dollar Gold) NGC PF63 CAMEO. Proof Three Dollar Gold. Like all well-made proof coins this rare, three-dollar proof specimen is boldly struck. It shows full details on the ends of the feathers, Libertys hair, the central portion of the reverse, and the center of the knot. The coin has mirrored fields and lustrous devices, which gives it its Cameo designation. In those days, cameo proofs were struck earlier in the run unlike modern proofs that are all cameo or deep cameo whether struck first or last. No wear is seen, as expected for a mint state coin, and the surfaces, for the grade, are free of distractions worthy of individual description.

Some of the proofs of 1887 were struck with a medal alignment. More were later struck with the dies in normal alignment so there are two types. The present coin has the regular or normal alignment.

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 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.

James Longacre designed the three dollar gold coin using an Indian Princess motif. 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 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 motif, Longacre felt that he was designing 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 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. For many dates in the series, proofs were made; however, because they were either spent or mishandled many are extremely rare. The dates 1865, 1873, and 1875 were also proof restrikes. The 1875 and 1876 coins were proof only issues with no regular coins for those dates.

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. However, an original gold proof set had a three dollar gold coin with an open 3, unlike any other denomination. There are also closed 3s know for proofs of this date. Proof restrikes are rarer than the original, especially those that have a convex obverse and a concave reverse.

Although not listed until after 2009 in the Red Book A Guide Book of United States Coins, the early proof coins of this series were struck for interested government officials and a few collectors who could obtain them from Mint employees. They did not go on sale to the general public until 1858, when 20 or 30 were made. Of these, 6 have been certified by both grading services. The total estimated mintage for proof three dollar gold pieces is 2,060. Both grading services have a combined total number of 1770 for 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 160, the 1887 proof three-dollar piece is rare in all conditions. Only 80 to 100 are known today. In its population report, NGC shows 6 in MS63 with 38 better.