One of the more unusual denominations of United States Gold Coins is the $3 coin introduced in 1854. The three-dollar coins were authorized by a Congressional Act in 1853 but the logic behind why such a coin was necessary. Folk lore suggests that the primary reason was that one of these coins could purchase a sheet of 100 postal stamps without needing change, since the cost of a postage stamp was three cents at the time.
Designed by longtime US Mint engraver James Longacre, the obverse of the coin features the depiction of Liberty as a female figure, common for US coins at the time. In this particular design, Liberty is wearing an Indian headdress, thereby giving the $3 coin the nickname of the “Indian Princess Coin.”
Upon the release of the coin, there was some controversy regarding the image. Some traditionalists were critical that the design appeared to radically depart from the traditional Greco-Roman designs, a criticism Longacre answered by pointing out to the direct historical link to Native Americans which inhabited the land. Others pointed out that while the figure is wearing an Indian headdress, the figure itself still had the characteristics of a Caucasian female rather than changing the facial features to better represent a Native American. Longacre defended this by pointing out that he was simply using the traditional common image of Liberty in his design.
Due to its unusually high denomination for the time period, there was relatively low demand for the coin and yearly mintage was often very low compared to other gold coins of the age. Often times the yearly mintages were below 10,000 produced and sometimes even below 5,000. The $3 coins were produced at US Mints in New Orleans, Philadelphia, Dahlonega (Georgia), and later in its life at San Francisco. During the US Civil War, the Confederate army seized a significant portion of the coins when it captured the Dahlonega Mint. It is even believed that the mint even struck some gold coins under the control of the Confederate government.
At 90% golden content, the price of $3 Indian Princess Coins has risen significantly as the price of raw gold as skyrocketed. But due to the very small production of coins, these items are often the source of high premiums as collectors scour the market seeking them out. With their beauty, history, and controversy, these coins continue to play an important role in the annals of United States golden coin history.