The
three dollar gold piece was authorized by the Act of
February 21. 1853, First struck in 1854. the coin was
never popular with the general public and saw very little
circulation. Today, some numismatists theorize that
the $3 denomination would have been useful for purchasing
postage stamps of the day (with their face value of
3c) or for acquiring 100 silver three-cent pieces ("trimes"),
which were also in circulation at the time. These gold
coins changed hands in the East and Midwest until 1861.
after which they disappeared from circulation; through
the 1860s. fewer than 10,000 were struck annually. In
1874 and 1878. mintages were increased significantly
in anticipation of the coins going into broader circulation.
On the West Coast, the three-dollar gold piece did see
circulation throughout the series' minting, though they
probably weren't seen in change very often after the
1860s.
The head on the obverse represents an Indian princess
with hair tightly curling over the neck, her head crowned
with a circle of feathers (the band of which is inscribed
LIBERTY). A wreath of tobacco, wheat, corn, and cotton
occupies the field of the reverse, with the denomination
and date within it. The coin weighs 77.4 grains, and
was struck in .900 fine gold.
In the year 1854 only, the word DOLLARS is in much smaller
letters than in later years. The 1856 Proof has DOLLARS
in large letters cut over the same word in small letters.
Restrikes of some years were made, particularly Proofs
of 1865 and 1873.
Although these coins did not see extensive day-to-day
circulation, collector interest was high, and many three-dollar
gold pieces were saved by speculators beginning about
1879. As a result. Mint State examples are fairly numerous
today. The 1870-S coin is unique, currently residing
in the Harry W. Bass Jr. Collection on loan to the American
Numismatic Association. Designer James B- Longacre; weigh! 5.075 grams;
composition .900gold,. 100 copper (net weight. 14512
oz. owe gold); diameter 20.5 mm; reeded edge: mints:
Philadelphia, Dahlonega, New Orleans. San Francisco.
1860-S