1871 Gold $1 Type 3 PCGS MS64 CAC

In 1849, the US Mint initiated the production of a novel gold dollar, but encountered a significant issue: its size was excessively diminutive, measuring a mere half-inch or 13 millimeters in diameter. This minute dimension led to frequent loss of the coin, a predicament exacerbated by the fact that losing a dollar in 1849 held substantial significance, as it equated to an entire day’s wages for many individuals.
To address this predicament, in 1854, the US Mint introduced a fresh iteration of the gold dollar named the Small Head Indian Princess Head gold dollar, also referred to as the Type II gold dollar. Paradoxically, the Mint's remedy for the 13-millimeter coin conundrum was a slightly larger 15-millimeter coin, a trivial two-millimeter distinction. Moreover, the coin's engraver, Chief Engraver James B. Longacre, executed a relief on the obverse that was excessively high, resulting in poor striking of a majority of these coins. Consequently, the Small Head Indian Princess gold dollars swiftly deteriorated during circulation.
However, the Mint achieved success on its third attempt in 1856 when it launched the Type III gold dollar, recognized as the Large Head Indian Princess gold dollar. Curiously, the moniker "large head" is not indicative of a physically larger coin compared to the "small head" dollar. Nevertheless, the Mint effectively resolved the production challenges, resulting in well-struck dollars.
Despite the improvements, the Type III dollar did not garner favor among the general populace, ultimately leading to its production mainly as a novelty by the 1880s. Collectors, on the other hand, developed an affinity for it due to its accessibility and the opportunity to assemble a set of three coins, each representing a distinct type. Notably, the coin's unconventional design featured Lady Liberty adorned with a headdress.