1883 Three Dollar Gold - 1883 $3 PCGS MS64 CAC. This near-Gem 1883 Three Dollar Gold piece shimmers with sparkling mint luster on both sides. It comes with the provenance of the famous Byron Reed collection. The coin is well struck with full details on the ends of the feathers, Libertys hair, and the details of the wreath. The LL and date are also strong. The surfaces are original and clean for the grade, which is confirmed by a CAC sticker. It indicates that the piece is of premium quality and full merits the grade assigned.

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. 

Of all the gold coin series, Longacres three-dollar gold is in many ways the least complex. There was just one major design, the Indian Princess motif, and the coins were produced continuously from 1854 to 1889. In the first year a variety was made in that all the coins have the word DOLLARS in small letters, and in 1873 there were Open and Close 3s in the date for proof coins and Close 3s for circulation strikes.

James Longacre designed the coin using the Indian Princess for his main device. He had to create a motif for the three-dollar gold coin 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 in profile 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 design, Longacre felt that he was creating something that was uniquely American rather than an adoption from the classics. The reverse of the piece 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 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.

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. The 1873 issue had two varieties, an open 3, which was the original, and a closed 3. Both were used for proof coins. In 1872 dies with closed 3s 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.

The 1883 three-dollar gold piece had an original mintage of only 900. Because of this low mintage, it was saved in quantity. In its population report NGC shows 25 in MS64 with 7 better. At CAC, as of May 2012, there is 1 in MS64 with 1 better.