The Congressional Act of March 3, 1845, authorized the first United States postage stamps after a worldwide move to stabilize postage rates and printed stamps. The prepaid letter rate was set at five cents, leading the way for a closely related postal and coinage relationship.
Indian Princess Head (1854-1889)
Six years after the Act of 1845, the postage rate was reduced to three cents as the tiny silver three-cent piece was introduced as a public convenience. At the time, the large cents in circulation were working on the public as they were awkward and bulky. The new three-cent piece was meant to ease the purchase of stamps without having to use the large cents.
Taking that sentiment further, a three-dollar gold coin was introduced with the Mint Act of February 21, 1853. The Mint Director at the time, Robert Maskell Patterson, along with Congress felt that the gold coin would increase the purchase of three-cent stamps by the sheet and the silver three-cent coins in rolls. However, the public never met the demand to see these hopes through.
The three-dollar gold coin featured Liberty wearing a feathered headdress on the obverse. LIBERTY is seen in the band around her head as UNITED STATES OF AMERICA is also seen inscribed around her. The reverse depicts a wreath of tobacco, wheat, corn, and cotton with a plant at the top showing two see masses. In the center of the wreath is 3 DOLLARS and the date. Depending on the type, the DOLLARS either appears in small letters (1854) or large (1855-89). Chief Engraver James Barton Longacre was responsible for the gold coin's design.
In the very first year of 1854, the coin had a mintage of 163,738 across three different facilities, Philadelphia, Dahlonega, and New Orleans. However, across its 35 years in production, just over 535,000 were issued along with just 2,058 proofs. The three-dollar gold coin’s run ended in 1889 along with the gold dollar and the three-cent nickel. Popularity with the public never caught fire like they had hoped.
Source: NGC Coin; The Official 2024 Red Book
