U.S. Heritage Coins

The Three Dollar Gold coin came to be during the time of the Gadsden Purchase in 1853. A settlement of a boundary dispute between the United States and Mexico, with the US acquiring the territory that now makes up the southern portions of Arizona and New Mexico for a sum of ten million dollars. The next year, Commodore Matthew Perry would embark on his expedition to Japan to establish trade. Around this time, the US joined the worldwide campaign to provide uniform postage rates, setting the local prepaid letter postal rate at five cents. All of this set the stage for postal and coinage history. It was six years later that the postage rate was reduced to three cents, thanks to New York Senator Daniel S. Dickinson, who had initiated legislation for the minting of silver three cent pieces. These large cents were a little bulky for their value, and needless to say, were not entirely popular. The three dollar piece was then designed to allow people to buy stamps without having to lug around a half pound of copper in their pocket. The three dollar coin shows Lady Liberty surrounded by the inscription UNITED STATES OF AMERICA in a feathered headdress bearing the word LIBERTY in raised letters. It was Chief Engraver James Barton Longacre who chose the Indian Princess motif, using a Greco-Roman Venus Accroupie statue from the Philadelphia Museum as his model. The headdress itself had been inspired by French artist Jacques le Moyne du Morgue’s sketches of the Florida Timucua tribe, who had been living near the French colony of Fort Caroline in 1562. The reverse of the coin shows a wreath of tobacco, wheat, corn and cotton, with a plant at the top bearing a pair of conical seed masses. The denomination, 3 DOLLARS, is encircled by the wreath. There are actually two different versions of this reverse, with the word DOLLARS appearing small on the 1854 coin, and large on the coins minted between 1855 and 1889. The entire series is considered somewhat rare, as nearly every year from 1854 to 1859 saw low mintage. For reference, the most common dates, in order from most to least rare, are 1878, 1879, 1888, 1854, 1889, and 1873. These are still quite valuable, just the least valuable of the bunch. The rarest in the series would be the 1870-S. Don’t count on getting one in your collection though. Only one is known to exist. A single coin was struck for inclusion in the new US Mint’s corner stone, and yet, it currently sits in the Eliasberg Collection, having sold for an incredible $687,500 back in 1982. The $3 gold was retired in 1889, along with many other odd-denomination coins like the three cent nickel. While the three dollar gold coin enjoyed relatively lukewarm public reception during its use, it’s become a hot item for investors. If you do go hunting for a three dollar gold coin, remember that it’s very difficult to find one in mint condition. While many are in Very Fine and Extremely Fine, it’s not uncommon to find three dollar gold coins that have been used as jewellery or “Love Tokens”, where in the reverse is filed away and inscribed with a message. This was a pretty popular way to charm the target of your affections in the late 1800’s, so there are more than a few gold dollars, quarter eagles and three dollar pieces that have undergone this treatment. Careful grading is important here, as the condition of a three dollar coin can severely affect its value. If you’re after mint quality coins, be on the lookout for cheap repair jobs. You want authentic mint, not “refurbished mint”.