The Rare $3 Princess Gold Coin
One of the most unusual gold coins ever created is the $3 Indian Head coin, sometimes called the “Indian Princess” gold coin. It was very inconsistently struck between 1854 and 1889, but was never widely used in commerce. Because of this, there are several dates of the three dollar coin that are extremely rare and consistently perform well in rare coin projections.
It is thought that the origin of the $3 coin was the large surge of gold that came into the US coffers in the early 1850s as a result of the California Gold Rush of 1849. However, the unusual denomination is also thought to have been a response to those who wished to easily purchase sheets of the three-cent postage stamp. The tiny, three cent silver pieces (or “trimes”) that were first authorized in 1851, were also irregularly issued until 1873. when they were withdrawn from circulation, support for the three dollar coin waned, too.
The obverse of the 20mm coin features a classical Lady Liberty in a headdress. It is from this feathered cap that the label “Indian Princess” comes from. The reverse of the coin is somewhat typical for this time period as featuring a wreath of various commodity crops, the words “three dollars” and the date. Designed by James B. Longacre, chief engraver of the US Mint for 25 years, the $3 Princess coin was one of several famous designs innovated by this artist.
The $3 Princess gold coin is notable for several extremely rare mintings, several years of which with only a few proofs produced. In fact, fewer of these coins were minted (just over half a million in over 30 years) than any other circulating coin in US history. Most were minted in Philadelphia, Pennsylvania, but mint marks for San Francisco (-S), New Orleans (-O) and Dahlonega (-D, not Denver), Georgia, also exist for the early years. These other mints are also highly sought after and are perennial star performers in yearly rare coin projections.
Like most gold coins of the 19th century, the $3 Princess gold coin is made of a 90% pure gold alloy, with just over 4g (0.145 oz) of pure gold in each coin. Of course, the numismatic value of this coin, even in fine or very fine (F15-VF35) conditions exceeds the face value or melt value of this coin many, many times over. Some certified $3 Princess coins from listed as being “almost un-circulated” (AU-50 and higher) are rare enough to command prices in excess of $10,000 in auction.
When investing in rare, gold coins such as the $3 Princess coin, it is always prudent to make sure that it's certified with a professional service capable of making value judgments and rare coin projections, such as the Professional Coin Grading Service (PCGS). Coin shows and local dealers are generally preferable to purchasing online or otherwise sight unseen.
Richard Taylor
March 10, 2009
