By Charles Morgan for CoinWeek ….
The Three-Dollar Gold Piece stands as one of the more unusual denominations in American numismatic history. The coin was minted by the United States from 1854 to 1889, presumably to facilitate the purchase of sheets of 100 three-cent stamps, which were standard at the time. However, the influx of gold from California’s mines provided additional motivation for Congress to introduce new gold denominations, which would ease transportation and bolster circulation in the economy. Despite these intentions, the coin never gained widespread popularity, with modest mintages throughout its run and only sporadic production at branch mints.
Designed by United States Mint Chief Engraver James Barton Longacre, the Three-Dollar Gold Piece was his third gold coin design, following the Gold Dollar in 1849 and the Liberty Head Double Eagle in 1850. The obverse features a profile of Liberty adorned with an Indian headdress, inspired by the styles worn by California Indians. Longacre drew Liberty’s facial features from the Greco-Roman statue known as the “Crouching Venus” (Vénus Accroupie). The reverse displays a wreath of tobacco, wheat, corn, and cotton surrounding the denomination “3 DOLLARS” and the date. Primarily struck at the Philadelphia Mint, the coin saw limited production at Dahlonega and New Orleans in 1854, and intermittent issues at San Francisco from 1855 to 1870- including a famously unique 1870-S example.
Production of circulation quality 1857 Three-Dollar Gold coins waned immediately following the denomination’s inaugural year. By 1857, the Philadelphia Mint produced only 20,891 examples. The Philadelphia Mint would not strike this many Three-Dollar Gold coins again until 1874. In Proof, no more than five are known to have been struck. Over time, these examples have been held in the cabinets of the most storied collectors: Boyd, Clapp, Eliasberg, Garrett, Jenks, and others.
The Garrett Collection Specimen, offered by GreatCollections, is perhaps the third-finest and is graded PCGS PR64+DCAM CAC. The coin exhibits deep cameo frost, but does exhibit hairlines and scattered discoloration. A small “S” has also been scratched into the coin’s obverse long ago. It is visible below the bust truncation towards the second A of AMERICA. With so few made, these characteristics are part of the coin’s storied personality.
At the time of publication, the highest of 8 bids is $87,500. Bidding ends on July 20, 2025 at 6:57 PM Pacific Time.
* * *
GreatCollections has offered high-quality examples of thousands of Lincoln Cents over the years, including many top population pieces. To search through GreatCollection’s archive of over 600,000 certified coins and notes the company has sold, please visit the GreatCollections Auction Archives.
* * *
