The primary objective of the Mint Act of Feb 21,
1853 was to authorize the use of lighter weight silver coinage. An
additional clause was tacked onto the law to sanction production of the
Three Dollar gold coin.
Congress believed the Three Dollar gold coin would be helpful in
purchasing sheets of 3 cent stamps, but that idea never caught on with
the public, resulting in languished popularity of the oddball
denomination.
The first Three Dollar gold coins were issued in
1854. The design
featured the portrait of an Indian princess with plumed headdress. The
reverse bears an agricultural theme.
Only 1,120 were coined at the Dahlonega Mint in 1854, which proved to
be the only year of Three Dollar gold production at Dahlonega. Of that
number, about 150 remain today.
Other than the 1870-S (known mintage: 1), the 1854-D Indian Head Three
Dollar gold coin is the most important key date in the series, and is
priced accordingly.
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