Inception Three-dollar piece

in 1832, new york congressman campbell p. white sought means of returning american gold coins circulation—as gold overvalued respect silver government, gold coins had been routinely exported since start of 19th century. white s solution have silver dollar , gold eagle struck @ full value, have smaller gold , silver coins, including $3 piece, contained less face value in metal. although congress, in passing coinage act of 1834, made adjustments ratio between gold , silver, did not authorize $3 coin @ time.

the act of march 3, 1845 authorized first united states postage stamps , set rate local prepaid letters @ 5 cents. in years following, rate seen high , impediment commerce. accordingly, congress on march 3, 1851 authorized both three-cent stamp , three-cent silver coin. kentucky representative richard henry stanton believed need make change silver half dime large copper cents might defeat new scheme, writing mint director robert m. patterson reduced postage [rates] depended on three-cent coin use in states copper not circulate. according numismatic historian walter breen, main purpose of new 3¢ piece buy postage stamps without using unpopular, heavy, , filthy copper cents.

by 1853, silver overvalued respect gold. due large discoveries of gold, in california, , silver heavily exported. correct situation, secretary of treasury thomas corwin advocated reducing precious-metal content of silver coins prevent export. opposition bill led tennessee representative andrew johnson, believed congress had no authority alter gold/silver price ratio and, if did, should not exercise it. nevertheless, congress passed bill, became law on february 21, 1853. bill authorized three-dollar gold coin; according numismatic writer don taxay, provision had been inserted @ behest of gold interests.

according breen, congress believed new coin convenient exchange rolls or small bags of silver 3¢ pieces, , buying sheets of 3¢ stamps—always bypassing use of copper cents . in 1889, then-mint director james p. kimball wrote supposed three-dollar piece designed multiple of three-cent piece, convenience of postal transactions . numismatist walter hagans in 2003 article on three-dollar coin notes , dismisses postal explanation, writing actual reason gold $3 coin abundant supply of gold discovered in california. coin dealer , author q. david bowers notes whether or not $3 denomination necessary or worthwhile has been matter of debate among numismatists on century.