COINS OF THE CALIFORNIA GOLD RUSH
The Gold Indian Princess
Designer: James B. Longacre
Face Value : $3.00
Minted: 1854-1889
Precious Metal Content: .14512 oz. Pure Gold
Diameter: 20.5 mm
The $3 Gold Piece is perhaps the most unusual coin in the 12-coin U.S. Gold Type Set. It had one of the shortest production runs and the lowest overall mintage of all the denominations included in the set, while its innovative, understated design was like no other in American numismatics when it first appeared on the scene.
The $3 Gold Piece was first minted in 1854 after being authorized by the Mint Act of 1853. Why a $3 gold coin? There is no universally accepted explanation as to why Congress rather suddenly decided to establish this new denomination, but the California Gold rush probably had something to do with the decision. The sudden stream of gold flowing out of California produced a flood of gold supplies across the country and mining and labor interests both supported anything that would increase the demand for gold. A new gold coin would accomplish just that. But this may not be the only reason for this coin. Some numismatics believe that the denomination was created to facilitate the purchase of 3-cent postage stamps in sheets of 100. Others theorize that it was created to perform the similar task of easing the purchase of 3-cent silver pieces in 100-coin rolls. Whatever the reason behind its origin, the $3 Gold Piece was minted through 1889 (though only proof issues were produced in 1875 and 1876), making it the shortest-lived U.S. gold denomination.
In designing the $3 Gold Piece, Mint Engraver James Longacre sought to create a unique motif so that the new coin would not be confused with the two other gold coins of the era that were very close in size to the $3 Gold Piece, namely the Liberty Quarter Eagle and the Liberty Half Eagle. The design that Longacre crafted ensured that there would be no confusion and the coin's classic beauty has made it a favorite of collectors and investors to this day.
The issue's obverse features the beautiful image of Miss Liberty as an Indian Princess, her hair tightly curled above her neck and her head crowned with a circle of feathers and a band inscribed LIBERTY. The bust is surrounded by the inscription UNITED STATES OF AMERICA. The reverse is decorated with a wreath of tobacco, wheat, corn, and cotton (the principle cash crops of the time) encircling the denomination and date.
In its day, the public did not perceive the $3 Gold Piece as a useful denomination. Since it was not very popular and was seldom seen in circulation, mintages were small.
Today the $3 Gold Piece is very scarce in investment grade condition and enjoys a healthy demand from collectors and investors.
The Famous 1848 "Cal" Quarter Eagle
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