1854 $3 Indian Princess Three Dollar NGC AU58

Here’s an attractive piece to include in your collection. It is the first-year issue of this beautiful coin! in addition to its being the inaugural issue of the series, the 1854 is a single-year design subtype with small letters in ‘DOLLARS.’ It is interesting to note that the ‘IB’ and ‘ER’ in LIBERTY are much more widely spaced than the other letters; this minor engraving error was never adjusted through the end of the series in 1889.

NGC has graded 1,378 in AU58 with 927 finer. Collectors Universe prices this issue at $2,500 in AU58.

The Second Philadelphia Mint, where this beauty was struck in 1854. Photo: Wikimedia Commons.

Authorized by the Coinage Act of February 21, 1853, the three-dollar gold piece did not see much circulation during the years of its production (1854-1889). However, these gold pieces were found in everyday commerce in the East and Midwest until 1861, after which they were hoarded during the Civil War. During the 1860s, less than 10,000 pieces were minted each year. In 1874 and 1878, production was ramped up significantly in anticipation of broader circulation.

The West Coast saw regular circulation throughout because Westerners refused to use paper money, fractional currency, and stamp currency. Even though the $3 Indian Princess coins were typically not used in day-to-day business transactions, there was much collecting interest. Beginning in 1879, speculators saved $3 gold pieces, resulting in numerous mint state examples being available today in the 21^st century.