Proof 1868 Three Dollar Gold PCGS PR55 CAC - 1868 $3 PCGS PR55 CAC. This slightly circulated, still attractive, Proof 1868 Three Dollar Gold piece has bright devices that contrast with darker fields. The coin comes in an OGH (old green holder). It is well struck with full details at the tips of the feathers, Libertys hair, and the central area within the wreath. The surfaces are original and show a few hairlines and very light abrasion marks, in keeping with the grade. None is so distracting that it merits individual description. The CAC sticker indicates that the piece is of premium quality and fully merits the assigned grade.

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.

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.

Longacre 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. 

With a meager mintage of 25 struck from a single pair of dies, the 1868 Three Dollar Gold proof is rare in all conditions. Only 18 or 19 are known to exist today. In its population report, PCGS has certified 2 at the PR55 grade level. At CAC, as of March 2013, this is the only PR55 confirmed with none finer.