1854 Type 2 $3 Gold Princess: The Short-Lived Denomination

The Three Dollar gold piece is one of the more unusual denominations in US coinage history. Produced from 1854 to 1889, the $3 gold piece never achieved widespread commercial acceptance or circulation, existing in a monetary no-man's land between the $2.50 gold quarter-eagle and the $5 half-eagle. Understanding why it existed and why it is now so collectible requires a bit of monetary history.

Why a Three Dollar Gold Piece?

The $3 denomination was introduced in 1854 partly at the instigation of the postal lobby. In 1851, the US introduced a 3-cent stamp for most domestic letters. It was proposed that a $3 gold coin would be convenient for purchasing strips of 100 three-cent stamps. While this rationale never produced the practical commercial convenience anticipated, production of the denomination continued for 35 years through inertia and the requests of collectors.

The practical result was a denomination produced in limited quantities throughout its run, circulating little, and surviving today in small numbers relative to more heavily produced gold denominations.

The 1854 Issue and Type 2

The first $3 gold pieces were issued in 1854, designed by James B. Longacre (who also designed the Indian Head cent and other 19th-century US coinage). The design features:

Obverse: A Native American Princess head in headdress (similar in style to the quarter-eagle and gold dollar of the period, hence the "Princess" nickname).

Reverse: A wreath of corn, wheat, tobacco, and arrows surrounding "3 DOLLARS."

The "Type 2" designation refers to a modification made to the design during 1854 production. The Type 1 (very briefly produced) has a slightly different reverse design. The Type 2 modification became the standard design for the remainder of production through 1889.

The 1854 Type 2 is the first year of the standard design and the highest-mintage year in the series (mintage of 138,618 business strikes), making it the most accessible year for collectors who want a $3 gold piece without paying extreme premiums for rarer dates.

Condition Grades and Value

The gold content alone (the $3 gold piece contains approximately 0.145 troy ounces of gold) provides a floor for values, though collector premium substantially exceeds melt value for any specimen in identifiable condition.

Strike Quality

Three Dollar gold pieces are notorious for strike weakness, particularly in the hair details of the Princess head and the wreath elements on the reverse. Fully struck examples with sharp detail throughout are rarer than their population report might suggest and command meaningful premiums over technically equivalent struck examples with flat areas.

PCGS and NGC sometimes apply "+" designators to coins with exceptional eye appeal, and a $3 gold piece with a sharp strike and original surfaces with a "+" designation can command premiums of 20-30% over non-designated examples.

The Key Dates in the $3 Series

While the 1854 is the most accessible year, collectors interested in the complete series must reckon with genuinely rare dates:

• 1870-S: Most expensive date, potentially unique (one known, in Smithsonian)

• 1873 Open 3: Very rare

• 1876: Low mintage (45 pieces)

• 1875: Very low mintage (20 pieces)

These rarities make the complete date set a serious challenge. Many collectors focus on type collecting (a single example of each design type) rather than date sets.

Certification

PCGS and NGC certification is essentially required for any $3 gold piece purchase. The combination of high gold value, collector premium, and historical significance makes this coin worth authenticating. Counterfeit $3 gold pieces exist, and cleaned or damaged examples presented as problem-free are a market risk.

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