Numismatist Walter Hagans in his 2003 article on the three-dollar coin notes and dismisses the postal explanation, writing "the actual reason for the gold $3 coin was the abundant supply of gold discovered in California."
Walter Hagans, a numismatist who wrote an article about three-dollar coin notes in 2003, rejected the postal service's explanation for the gold $3 coin. He argued that the abundance of gold found in California was the primary reason behind its creation.