The 1863 $1 Gold Type 3 coin is part of the United States' early gold coinage and was issued during the Civil War. This particular type features a distinct design with a larger depiction of Liberty on the obverse and a more intricate reverse compared to earlier versions. The coin was minted in response to the increasing demand for smaller denominations of gold currency, facilitating commerce during that period. Due to its historical significance and relatively low mintage, the 1863 $1 Gold Type 3 is sought after by collectors today.