Inexpensive Type Coins Make Great Sets

By Mike Thorne, Coins Magazine January 03, 2012

This article was originally printed in Numismatic News.
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At some point in every coin collector’s life, he or she realizes that collecting everything is out of the question. (Louis Eliasberg was the exception here, of course, as he formed a complete collection of all known U.S. issues.) Usually the issue is cost, as there are many coins that are simply too expensive for ordinary collectors to contemplate owning.

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Another problem can be availability. That is, even if the collector is rich, there are some coins that are so rare that an appropriate example may not be offered during the individual’s collecting lifetime.

So what is the collector of modest means and finite life span to do? One possibility is to be satisfied with incomplete sets. As examples from my collecting life, I soon discovered that if I wanted to collect either Barber or Standing Liberty quarters, I would have to be content to form sets missing at least one key coin in each case (1901-S for the Barbers and 1916 for the Standing Liberties).

Another possibility that is particularly relevant for 19th-century issues is to collect by type rather than striving for complete date/mintmark collections. As Q. David Bowers explains in United States Coins by Design Types, “instead of collecting a single series or specialty by die varieties or mintmarks, a display is formed consisting of one each of many different motifs.”

In other words, rather than trying to assemble a set of all the different dates and varieties of nickel three-cent pieces, for example, the type collector is content to have just one nickel three-cent piece for his type collection. With this introduction, I will now list 10 early type coins that I consider to be interesting and relatively inexpensive. Each can be obtained in a nice, collectible grade at the present time for $100 or less. Note that my list is not intended to be exhaustive; I can think of at least as many additional early types that could be included in an inexpensive set as the ones I’ve chosen to discuss here.

1. Draped Bust half cent in Very Good-8. With a design by Robert Scot, a decent circulated Draped Bust half cent will be an impressive coin to show your non-collecting friends. Coined between 1800 and 1808, most of the dates had relatively large mintages, so finding one in VG-8 for $100 or less should not be terribly difficult.

If you have a choice of dates, the one to look for is 1803, with a mintage of just 97,900 pieces. The November 2011 edition of Numismatic News “Coin Market” assigns this date a value of $95 in VG-8 and $105 in Fine-12.

On one interesting variety of 1804 half cent, Liberty appears to have a spiked chin. With a listed value of $105 in VG-8, it’s possible that you can obtain a well circulated, but still presentable, example of this variety for $100 or less.

2. Draped Bust large cent in VG-8. Like the half cent, the large cent of this period was designed by Robert Scot. Also like the half cent, this is a suitably old and impressive type coin for your inexpensive early collection.

Although this series of large cents was minted between 1796 and 1807, you’re unlikely to find any of the pre-1800 varieties for less than $100, unless it’s in a condition that you wouldn’t want to include in your collection.

Beginning in 1801, however, you’ll find that most of the dates are valued at $100 or less in VG-8. Actually, the only date from 1801 to 1807 that is worth more than this is the 1804, which is a key date that lists for $1,000 even in About Good-3.

If you have a choice of dates, go for the 1806 at exactly $100 in VG-8. This is a coin with a mintage significantly below that of the 1909-S V.D.B. Lincoln cent, and you can be sure that 1806 large cents were not differentially saved.

3. Two-cent piece in About Uncirculated-Uncirculated. The two-cent piece was designed by James B. Longacre, who is better known for designing the Indian Head cent. This was a short-lived series minted between 1864 and 1872, with only proofs struck in 1873. The two-cent piece is perhaps most noteworthy as the first U.S. coin to display the motto “In God We Trust.”

If you haven’t priced two-cent pieces lately, you may be amazed to find that most of the early dates, between 1864 (large motto) and 1867, should still be available in AU-50 to Mint State-60 for $100 or less. The most expensive of these, the 1867, lists for $96 in AU-50; the earlier dates range between $88 and $98 in MS-60.

Of course, an MS-60 two-cent piece might be a real horror, with staining or damage but no wear. You may find that a nice AU-55 or -58 would be a more presentable coin for your set.

4. Nickel three cent piece in AU-Unc. Because of hoarding of all silver coins, including the silver three-cent piece, a nickel version of the denomination, with suitable design change, was introduced in 1865. The coin was also useful for retiring fractional currency of the three-cent denomination. Silver hoarding continued until 1876, after which the nickel three-cent piece became less useful and mintages (with one exception), dropped precipitously.

Designed by James B. Longacre, nickel three-cent pieces were coined between 1865 and 1889, with low mintages and some proof-only issues after 1876. The one exception to the low mintages in the latter years of the series occurred in 1881, when more than a million of the coin were struck. For type purposes, all of the dates through 1876 (and 1881) are valued at less than $100 in AU-50, with the 1876 (162,000 minted) having the highest value at $95 in this grade. In MS-60, three-cent pieces from 1865-1868 are worth exactly $100 each. As before, a coin in AU-55 or -58 might be more attractive than one in MS-60.

5. Capped Bust dime in Very Fine-20. Designed by John Reich, Capped Bust dimes were minted between 1809 and 1837, with minor design changes in 1828. Although some of the earlier dates are priced below $100 in F-12 (1820, 1821, 1823/22, 1825, 1827), dates with values appropriate for our inexpensive early type set are found in the dimes of the second variety, coined from 1828-1837.

Capped Bust dimes of the second variety valued at less than $100 in VF-12 are some of the 1829 varieties (medium 10 cents, small 10 cents), 1830 small and large 10 cents, and all of the dates from 1831-1837. Mintages are relatively large for the period, ranging from 485,000 to 1,410,000.

6. Seated Liberty dime in AU-50. Designed by Christian Gobrecht, Seated Liberty dimes, in one form or another, were minted between 1837 and 1891. Varieties include dimes with no stars on the obverse, dimes with stars, dimes on which the stars are replaced with “United States of America,” and dimes with arrows at the date. Seated Liberty dimes valued at less than $100 in AU-50 can be found in the group minted between 1875 and 1891.

Within this group, you’ll find a large number of dates to choose from. Examples include 1875, 1875-CC, 1875-S, 1882-1884, and 1887-1889. All of these have rather large mintages, which is why they’re so reasonably valued for coins in the late 19th century. Given the choice, I would probably opt for the 1875-CC because of the mintmark.

7. Capped Bust quarter in VG-8. There are two varieties of Capped Bust quarters, the large-size (27mm diameter) variety designed by John Reich and minted from 1815 to 1828 and the reduced-size version (24.3mm) designed by William Kneass and coined from 1831 to 1838. Kneass also omitted the motto above the eagle on the reverse.

Although several of the earlier version are valued at or below $100 in G-4 and would be well worth including in an inexpensive type collection, I’ve chosen to highlight the smaller coin, as it should be available in a slightly higher grade for the same money. In fact, with one exception (1834 O/F in OF), all of the dates from 1831 to 1838 are valued between $90 and $100 in VG-8. If you can afford a slightly better coin, you’ll find that the value listed for each in F-12 is either $110 or $115. With the exception of 1835, of which nearly 2 million were coined, mintages range from 156,000 (1833) to 832,000 (1838).

8. Seated Liberty quarter with motto in Extremely Fine-40. Designed by Christian Gobrecht, with motto Seated Liberty quarters were minted from 1875 to 1891. Several dates at the beginning of the series (1875-1878) and a few at the end (1888-S, 1891, 1891-S) had large mintages and should be available in a nice circulated grade for $100 or less. In EF-40, the following dates have values of $62.50: 1875, 1876, 1876-S, 1877-S, 1878, 1888-S, 1891, and 1891-S. In addition, the variety of 1876-CC with fine reeding lists for just $90 in EF-40.

Another Seated Liberty 25-cent type that I find appealing and remarkably inexpensive is the version with both arrows at the date and rays around the eagle. The purpose of the arrows and rays was to indicate that the weight of the coin had been reduced. All three date/mintmark varieties of this type are inexpensive, although none qualify for the under $100 in EF-40 category.

The 1853 arrows and rays quarter had a mintage of more than 15 million and lists for just $44 in VF-20. The same coin with a New Orleans mintmark had less than a tenth of the mintage and is worth $85 in VF-20.

In 1854 and 1855, the arrows were retained, but the rays were removed. With large mintages, both 1854 and 1855 list for $70 in EF-40. The “normal” variety of the 1854-O is worth just $60 in VF-20.

9. Bust Half Dollar in VF-20. Capped Bust half dollars, designed by John Reich and minted between 1807 and 1836, come in a bewildering array of variations and are great fun to collect. In fact, there’s even a well known organization of collectors of these coins. Called the Bust Half Nut Club, the club was formed “in the late 1960s as a group dedicated to collecting, studying, and sharing information among fellow members about Bust Half Dollars attributed by Overton [famous reference identifying different die pairs] die marriage.” Obviously, the BHNC is not appropriate for someone interested in just a type coin of this variety.

For the type collector, sizable mintages mean that there are many possibilities for your collecting pleasure. According to the second edition of the Professional Edition of the Red Book (A Guide Book of United States Coins), “Examples of most dates and overdates are easily found in just about any grade desired, from Fine and VF to MS.”

Dates listing for $100 or less in VF-20 begin to appear and become plentiful between 1821 and 1836. In fact, there’s at least one variety in the under-$100 category for each date during this period.

Of course, after you purchase one of these large and attractive coins, you may decide that you would like to pursue the whole series. From there, it’s an easy step to the BHNC.

10. Seated Liberty half dollar in VF-20. Seated Liberty half dollars were designed by Christian Gobrecht and were coined, often in sizable quantities, between 1839 and 1891. Within this lengthy period, there are varieties without the motto “In God We Trust,” with arrows and rays, with arrows only, and with the motto. In each case, the type collector should be able to find a number of dates that cost less than $100 apiece in VF-20. Toward the end of the run, from 1875 through 1891, several dates list for $100 or less even in EF-40.

In the first group of Seated Liberty halves, minted from 1839-1853, examples of dates worth less than $100 in VF-20 are 1839 with drapery, 1840 small letters, 1840-O, 1842 medium date, 1847, 1847-O, and 1850-O. The range of values for these dates is from $65 to $90.

As with the Seated quarters discussed above, 1853 brought a weight reduction to the Seated Liberty half dollar. In VF-20, the 1853 with arrows and rays lists for just $88.

In the run of motto-less Seated Liberty half dollars minted from 1856-1866, the majority of the dates list for less than $100 in VF-20. Several of these are valued at either $100 or $105 in EF-40.

The same can be said for many of the dates with mottoes, minted between 1866 and 1891. Mintages dropped a great deal after 1878, with the exception of 1891, and you will hard pressed to find any of these dates in the under $100 category in any grade.

Of course, it’s easy for me to list coins for an inexpensive type collection based on values found in “Coin Market.” The question is, “Can you really purchase nice coins at these prices?” From my limited experience, the answer is yes. In 2009, for example, I bought a certified VG-10 1831 Capped Bust quarter for $80. A little over a year later, I found an 1835 that I would conservatively grade F-12 for just $82.

I looked on eBay at finished auctions to see what some of these types were selling for. In each case, I was able to find coins that fit the grade and price criteria.

I will admit that some of the coins I saw were optimistically graded and sometimes wildly overpriced even when graded correctly. However, if you are willing to overlook the dross, you can find decent coins, and you should be able to obtain them for amounts in line with the information in this article.

Happy type collecting.

Cleaned Copper May Be Challenging to Detect

By CoinWeek on October 25, 2011 3:18 PM

By Ken Potter, Numismatic News September 29, 2011

This article was originally printed in Numismatic News.
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Longtime Illinois variety coin specialist Rick Carlson has found what appears to be one of the strongest and perhaps one of the rarest Class I doubled die reverse cents known in the Lincoln Memorial cent series. He found an earlier die state specimen of a 1966 doubled die reverse in a high circulated grade while searching through change. It’s listed by the Combined Organizations of Numismatic Error Collectors of America as DDR-001 (1-R-I-CW).

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In the 12 years since the variety was the first reported and listed by CONECA’s examiner/lister, Dr. James Wiles for Bob Mohan, not a single other specimen has been reported until now. None of the leading experts in the field including John Wexler, Billy Crawford or Bob Piazza (who lists for Coppercoins.com), has ever examined one.

The variety shows moderate to strong clockwise doubling on all lettering about the rim, Frank Gasparro’s designer initials, FG, located at the lower right side of the building and on portions of the building.

While it is designated as a Class I Rotated Hub doubled die by CONECA, (the same class as the famous 1955 and 1972 doubled dies), the doubling is not equally as strong on all letting about the rim, suggesting that the pivot point it not at the dead center but fairly close.

As such, the coin could be argued to technically be a Class V Pivoted hub doubled die that most would accept as a Class I due to the doubling being found on all letting around the rim. Others could argue that it’s a hybrid that doesn’t quite fit perfectly into either class. Of course none of this is important to 99.9 percent of the collectors who are only interested in how strong and widespread the doubling is and little more.

The strongest areas of doubling on this coin are on the words UNITED, CENTS and on Gasparro’s designer initials. While not nearly as strong as the well-known 1983 doubled die reverse, in my opinion it falls within the top four or five doubled die reverses known for the Memorial cent that boast the classic type of doubling on lettering about the rim.

Hub doubling during the era in which this coin was made was possible due to a phenomenon known as work hardening. This caused the metal of the face of a die to become too hard and too brittle to allow a complete image to be sunk into the die in one operation without causing it to crack or shatter during the process of making multiple hubbing impressions in the die. As a result, several impressions or hubbings were required to produce a die when using this process. Between each hubbing, the die was removed from the press and annealed (softened) thus allowing for another impression to be made without shattering the die. If for some reason a partially finished die was reinstalled into a press for strengthening and the hub and die were improperly indexed, resulting in a misalignment of images, or if the hub varied in design from the one(s) used for earlier impressions – hub doubling resulted. The multiple hubbing process was replaced by a number of countries in recent years by the more modern “single squeeze” restrained hubbing process which was supposed to eliminate the possibility of hub doubling, but has actually exacerbated the phenomenon, though with different effects, which are almost always restricted to the centermost areas of design.

The variety is slated for listing in the Cherrypickers’ Guide To Rare Die Varieties by Bill Fivaz and J.T. Stanton as FS-801 with an editorial assist from me.

Ken Potter is the official attributer and lister of world doubled dies for the Combined Organizations of Numismatic Error Collectors of America and for the National Collector’s Association of Die Doubling. He privately lists U.S. doubled dies and other collectible variety types on both U.S. and world coins in the Variety Coin Register. For more information on either of these clubs, or to learn how to get a variety listed in the Variety Coin Register, send a self-addressed, stamped business size envelope and 61 cents to Ken Potter, P.O. Box 760232, Lathrup Village, MI 48076-0232. Contact Ken via email at Kpotter256@aol.com, or visit his Educational Image Gallery located at www.koinpro.com.

Buffalo Bill’s Indian Head

By Tom LaMarre June 21, 2011

This article was originally printed in Coins Magazine.
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I’m not sure whether it’s fact or Hollywood fiction, but the 1944 movie “Buffalo Bill” has some interesting references to Indian Head cents.

Filmed in glorious Technicolor, the movie stars Joel McCrea as “Buffalo Bill” Cody. It tells the story from his days as an Army scout and hero, to the period of his marital difficulties and political ostracism, and his comeback as a supreme showman.

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In the movie, Buffalo Bill gets into trouble when he disagrees with the government’s Indian policy. During a Washington reception, he is expected to echo a general’s opinion that “The only good Indian is a dead Indian.”

Instead, Buffalo Bill praises the admirable qualities of Indians. At one point in his speech, Cody holds up an Indian Head cent and says, “This is the only Indian most people know.” The camera moves in for a close-up of a bronze Indian Head cent, dark from circulation.

When Buffalo Bill’s enemies spread the lie that he did not kill Chief Yellow Hand in a skirmish with Cheyenne Indians, he becomes a penniless outcast working at a New York City side show.

Cody sits on a life-size wooden horse as a barker offers a reward to anyone who will hold a silver dollar for Buffalo Bill to shoot. There is only laughter from the crowd, until Bill’s estranged wife, played by Maureen O’Hara, steps forward. Instead of a silver dollar, she holds an Indian Head cent between her thumb and forefinger. Bill blasts it out of her hand as the audience gasps.

The movie ends with Cody’s triumphant years in “Buffalo Bill’s Wild West” and a strong feeling of nostalgia.

Favorable sentiment for the Indian Head cent was also on the rise in the 1940s. The popularity of coin folders was partly responsible. Many hobbyists enjoyed the challenge of filling the spaces with Indian Head cents taken from circulation.

It wasn’t an easy task. A collector wrote in the April 1940 issue of Hobbies magazine: “To get a line on Indian Head pennies in circulation, I interviewed a newsboy, a collector himself. ‘I handle 3,000 pennies a week on average, and Indian Heads will average one Indian to each 1,000 pennies.’ No wonder we have so much trouble filling our penny boards.”

The challenge became even greater during World War II, although the government was urging Americans to put Indian Head cents back into circulation to help the war effort. An item in the December 1942 issue of Hobbies said, “It begins to look as if the market will be swept clear of large lots of Indian Heads.”

After checking with rare coin dealers, Treasury officials claimed that most Indian Head cents in circulation were worth only face value.

The Treasury tried to enlist the nation’s 30 million schoolchildren in a drive to put “idle” Indian Head cents back into circulation.

Mint Director Nellie Tayloe Ross said that many tons of metal could be saved for the war effort if Indian Head cents were kept in use, reducing the demand for new cents. Ross suggested the exchange of piggybank hoards of Indian Heads for war savings stamps or bonds.

However, many people, not just coin collectors, found Indian Head cents irresistible. In September 1943, New York Yankees star Joe DiMaggio recovered the lucky Indian Head cent he’d put in a trolley fare box by mistake. DiMaggio called the 1905 cent his “home-run penny.”

Most of the Indian Head cents in circulation in the 1940s were dated from the late 1880s to 1909. Today, the majority of these dates are valued at less than $3 in Very Good-8. For $30, you should be able to buy a Mint State-60 Indian Head cent from 1898 to 1908.

In 1909, the Indian Head cent gave way to the Lincoln cent. Buffalo Bill died in 1917, having performed in “Buffalo Bill’s Wild West” until shortly before his death.

The Mint coins a new phase: After 50 years, Lincoln Memorial gone from the penny

By Steve Hendrix
Washington Post Staff Writer
Tuesday, December 14, 2010; 9:59 PM

You may have noticed a small change in your small change. More likely, you haven’t.

“Now when did they do that?” asked Victor Schubert, a lawyer from Racine, Wis., squinting at a freshly minted 2010 penny. “And why?”

Schubert and other tourists on the steps of the Lincoln Memorial one recent afternoon were surprised to see a brand-new look to that most familiar of coins.

Gone from the Lincoln penny is the reproduction of the Lincoln Memorial, complete with really tiny seated Lincoln, that has been “tails” since 1959. In its place is a “Union Shield,” a simple acorn of 13 stripes capped with the motto “E Pluribus Unum.” On the “heads” side, the iconic profile of the 16th president by Victor David Brenner remains unchanged.

The U.S. Mint has been stamping out the new design since February; presses in Philadelphia and Denver have produced more than 3.6 billion of them. But officials said the down economy has made banks slow to request new coins. It will be years, they said, before shield pennies become as common as the tens of billions of Lincoln Memorial pennies filling sofa cracks and dresser tops across the country.

Mint spokesman Michael White said there have been few comments from the public about the new design, probably because few have spotted it.

“It’s a phenomenon of notice – once you see one, they’re everywhere,” White said. “But you don’t tend to examine your change unless you’re a coin collector.”

Most visitors to the Lincoln Memorial – where a huge mock-up of the old penny adorns the entrance to an exhibit hall – said they were sorry to see the memorial end its half-century run as the most common edifice in American pockets.

“This building has a lot of meaning for me,” said Schubert, 73, who first came to Washington on a high school trip. Whenever he’s here, he still makes time to walk up the steps to see the giant Lincoln. “I stood right by that column on the corner and looked out over this beautiful expanse and decided I wanted to become a lawyer. I’ll miss seeing it on the penny.”

Then Schubert paused to consider the scale of the change, literally. “Not that I look at pennies very much anyway,” he said.

Janey Hockenhull, chaperoning a group of fifth-graders from Fort Lauderdale, Fla., said she doesn’t like to see perfectly good coins get the flip, as it were.

“If something doesn’t need changing, don’t change it,” she said. “What was wrong with the old penny?”

Nothing, Mint officials said, but that didn’t stop Congress from demanding a new one, as it has about every 50 years since the Lincoln penny was introduced in 1909 to mark the centennial of the great man’s birth. Just as that first design, with ears of wheat framing the reverse side, gave way to the Lincoln Memorial penny in 1959, lawmakers directed the Mint to update the coin again this year. (For Lincoln’s actual bicentennial year, 2009, the Mint released four commemorative pennies depicting different phases of his life.)

“It really hasn’t made much of a ripple this time except in coin circles,” said Douglas Mudd, curator of the American Numismatic Association’s Money Museum in Colorado Springs. “I think it was a bigger deal when the wheat penny went away. Some people got very worked up about that one.”

Part of the reason the new penny has dropped without much reaction may be a general new-coin fatigue, Mudd said. After decades when almost nothing on U.S. coins changed except the year they were minted, the past 10 years have seen almost every coin get a makeover.

Starting in 1999, the state quarter project began, replacing the long-standing eagle reverse with images from each state and, eventually, the District. It proved to be the Mint’s most successful program, turning many thousands of people into collectors. (The Mint is now releasing quarters honoring national parks and other scenic sites.)

Thomas Jefferson’s nickel got a facelift in 2006, presenting a head-on view to cashiers everywhere with an image based on a 1800 portrait by Rembrandt Peale.

Coin buffs gobble up every tweak, of course, and Mint officials say it is important to revisit currency design every few decades for security and aesthetic purposes. But they also know that too much change makes people feel funny about their money.

“For me, there’s a little bit of ‘enough already,’ ” Doug Khorey, an English teacher from Pittsburgh, said when he saw the new penny. “It starts to seem like toy money.”

The new shield design wasn’t dictated by Congress, White said. The law merely called for an image that would be “emblematic of President Lincoln’s preservation of the United States of America as a single and united country.”

Gary Marks, chairman of the Citizens Coinage Advisory Committee, a congressionally appointed body, pushed for the Union Shield, which he said was quite popular during the Civil War, appearing on frescoes in the Capitol and carved into a lot of public marble around town.

“It was on beer mugs, furniture,” Marks said. “For Americans of the time, the Union Shield was broadly seen as a symbol of national unity.”

Mark’s commission selected the shield design from among several proposals, and the Treasury adopted it. You can find the minuscule initials of designer Lyndall Bass and engraver Joseph Menna flanking the shield.

But another advisory body, the U.S. Commission on Fine Arts, had other views. Its members preferred other proposed images, including a stylized flag from the period and a view of the Capitol dome under construction during the Civil War.

“The shield was not one of the three or four [the Fine Arts Commission] focused on, but the Mint didn’t take our advice on this one,” said commission secretary Thomas Luebke.

Luebke and Marks also disagree on whether to shed tears over the disappearance of the Lincoln Memorial from the penny. For Luebke, an architect, the Memorial on the penny and Jefferson’s Monticello on the nickel are worthy elements of the coins that jangle through the land.

“I personally feel that it’s a loss,” he said. “There is something pleasing about these edifices that represent contributions of these presidents.”

Marks, who has a day job as the city administrator of Ketchum, Idaho, prefers more abstract symbols.

“A building is a building,” he said. “It’s a cherished memorial, certainly, but on a coin, I think we’re better served reaching for those iconic, artistic images that communicate our national values. To me, the Union Shield does that.”

The E-Sylum: Volume 13, Number 38, September 19, 2010, Article 13

The Historic Flying Eagle Cent

By R.W. Julian, Coins Magazine August 04, 2010

This article was originally printed in Coins Magazine.
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The economic upheavals of the past year or two have started to leave their mark on the coinage. High metal prices have made the Lincoln cent and Jefferson nickel endangered species. There are increasing calls for the abolition of the cent and a cheaper alloy for the nickel. In many ways the problems with the current coinage were seen in the early 1850s as the rising price of copper threatened the existence of the large cent.

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In the late 1840s the money markets of the world became increasingly unstable as gold flooded into the marketplace from California and Australia. This influx upset the delicate balance between gold and silver in those countries with a bimetallic system—such as the United States, where the two metals were of equal importance. By 1850 bullion dealers were buying up all of the silver coins that could be found and shipping them to Europe.

The demand for silver soon affected other metals, copper in particular. From the 1820s to the late 1840s the relatively low price of copper meant that the expenses of the Philadelphia Mint were partially offset by a profit on the cents and half cents.

By late 1850, however, the steady increase in the price of copper had begun to erode the profits on the minor coinage. During 1851 the situation actually fell below the bottom line when the cost to the Mint exceeded the face values of the cent and half cent. In late 1851 the situation temporarily improved as the price of copper declined, though the cost was still so close to face value that all knew it was only a matter of time before there would again be a loss on each cent and half cent issued by the Mint.

As early as 1849 there had been concern in Congress over the declining copper coinage profits and suggestions were made for a reduced-size cent containing a small amount of silver. Such coinage, called billon, would certainly have been profitable but also easily counterfeited and for this reason was strongly opposed by Mint Director Robert M. Patterson.

The Mint did consider, during 1850 and 1851, the billon alloy but in a new format, a ring cent having a central hole. The idea was that these could be strung like Chinese cash but also be difficult to counterfeit because of the special holed planchet. In the end, however, Mint officials decided against this idea for aesthetic and technical reasons, the pieces being very difficult to produce with the machinery then available.

Little was done during the latter part of 1851 or early in 1852 since copper prices had dropped, but by the spring of 1852 copper had again gone up, to about 40 cents per pound—the break-even point. During 1852 and 1853 it was to remain at this level and even reached 42 cents on one occasion. (After 1853, however, the price declined and the copper coinage became marginally profitable through the end of such coinage in 1857.)

The price rise of 1852 provoked fresh discussions. Mint officials now dusted off the proposals made by Dr. Lewis Feuchtwanger in 1837 for a German Silver alloy in the cent. (German Silver contained no silver but was the popular name for an alloy that resembled silver in color. It contained varying amounts of copper, nickel, and zinc.)

Mint officials had no intention of using the exact Feuchtwanger composition but it did lead them to consider various combinations of the three metals to see which would strike up the best with the least pressure from the coinage presses. By mid-1853 melter and refiner James C. Booth was convinced that German Silver was the answer and persuaded Mint Director James Ross Snowden that a reasonable alternative to copper cents had been found. Quarter-eagle-sized patterns were then struck in the fall of 1853.

Although Booth at first seemed to have the answer, official optimism about his plan—among the other Mint officers in particular—disappeared by early in 1854. The confusion gave rise to a number of ideas, including reducing the weight of the copper cent to the point that it would again be profitable. Other suggestions included a new Booth plan for revised German Silver combinations as well as an alloy of just copper and nickel. Even the new French bronze alloy was considered.

As was usual in the 1850s. the Mint struck patterns to illustrate several of the alloys. Most of these are of little value in relation to the Flying Eagle cent but there was one that was to have a long-term impact. Snowden ordered in 1855 that a combination of copper and nickel be tried with a pattern the size of a quarter dollar and carrying a flying eagle on the obverse.

The eagle, which was prepared by chief engraver James B. Longacre, was actually a combination of the eagles found on the Gobrecht dollar of 1836—1839 and an 1838 pattern half dollar by engraver William Kneass. Several different copper-nickel alloys were then tried to find one that everyone would agree upon as the best. However, differing opinions among the officers still proved to be the order of the day.

Booth, after conducting various tests, decided that a combination of 88 percent copper and 12 percent nickel was the best choice. He also believed that the new cent should weigh 72 grains, which meant that there would be 80 pieces in a Troy pound. The proposed coin was to be small and thick so that it would not be confused by the public with any other circulating coin.

After some consideration—as well as consultation with Mint officers, local bankers and merchants—Snowden found himself in agreement with Booth’s suggestions. In his discussions Snowden had learned that the prevailing sentiment was that cent coins did not circulate because of the intrinsic value but rather the government stamp. The hardness of the nickel metal was considered a sufficient deterrent to those who would go into competition with the Mint.

On July 11, 1856, Snowden recommended Booth’s proposal to Treasury Secretary James Guthrie. To illustrate what he had in mind, the director ordered a few pieces in the new alloy struck from current half cent dies. These were sent to Guthrie for examination by Treasury officials and President Franklin Pierce.

After due consideration, Guthrie wrote Snowden to suggest that the director examine the idea further with practical tests. In turn Snowden instructed Longacre to execute the necessary dies. The diameter was set at three-quarters of an inch (19mm). This time Longacre used an eagle much closer in appearance to the one found on the Gobrecht dollar.

The reverse wreath for the proposed new Flying Eagle cent proved a relatively easy task for the engraver. Longacre suggested, and Snowden agreed, that the wreath on the gold $3 piece could be easily adapted for use on the cent dies. The chief engraver, however, was not noted for his speedy work and it was not until early November that the dies were finished.

Although Longacre was overly cautious, and therefore slow in his engraving work, in all fairness part of this was due to Snowden. The director realized that a great deal was riding on the quality of the pattern cents and all had to be done as well as possible.

At the same time, Booth was carefully preparing the necessary planchets for the pattern pieces. There had been earlier patterns struck from the proposed new alloy but this was a coin of a smaller size and no one was quite sure how the dies would react. Moreover, in rolling down the copper-nickel ingots problems were bound to occur and these needed time and experimentation to solve.

Snowden ordered a test run with the new dies to see what could be learned about the quality of the strikes. By the end of November Snowden and chief coiner George Childs were in agreement that all was in readiness. Several hundred pattern Flying Eagle cents, dated 1856, were then struck.

The pattern cents were given to just about anyone that Snowden thought might be of help in persuading Congress to adopt the new size and alloy. The list of course included congressmen but also key banking and business leaders. Even editors of large newspapers were sent pattern pieces in an effort to get favorable editorials. Unlike 1974 and the aluminum cent fiasco, however, no one was asked to return any of the patterns.

Within a short time of the pattern coins being distributed, the Treasury introduced a bill into Congress authorizing the new cent coinage. There was limited debate on this issue, with no real objections of note, and the bill was passed in relatively short order. It was signed into law by President Pierce on Feb. 21, 1857.

Some years ago Walter Breen estimated that about 800 uncirculated 1856 Flying Eagle cents were struck under Snowden’s orders for distribution. They proved effective, as is shown by the new coinage law of February 1857.

Once the law was signed, Snowden ordered prompt preparations for coinage. The last of the old copper cents and half cents was struck in January 1857 and coinage of the new Flying Eagle copper-nickel cents began in April. A large number were stockpiled and on May 25 the first public distribution was made. The February law had stipulated that the new cent coins could be exchanged for old coppers or Spanish silver coins.

Because of the strong public demand for the new cent coins, Snowden decided that there would be two lines formed at the Mint on the opening day of distribution. The first would be for those persons exchanging the old copper cents for the new coins although there was a stipulation that such exchanges were to be in even amounts of 500 coins ($5) only. One suspects that the Mint clerks weighed the pieces rather than counting them; if within a reasonable weight tolerance the exchange was made.

The second line was for citizens bringing in the old Spanish and Mexican silver coins that had long circulated in this country. In 1857, due to the heavy silver coinages that began in 1853, this foreign silver made up perhaps one-quarter of the circulating silver. (As late at the mid-1840s, on the other hand, Spanish and Mexican silver comprised five-sixths of the coins used in New York City.)

There was so much interest in these new coins, instantly dubbed “nicks,” that those at the end of the line, on the opening day, were willing to pay two or three cents for just one of them, according to contemporary newspaper reports. “Nicks” soon gave way to “nickels” and it was by this latter name that cent coins were known to the public until replaced by the bronze alloy in 1864.

Public demand for the new Flying Eagle cents was so heavy that mint presses struck them at the rate of 100,000 per working day. It was not all that long before the majority of mercantile transactions involved the new cents.

Even some of the 1856 pattern cent pieces went into circulation at this time. There was as yet no large body of collectors and some of the recipients simply spent the coins or gave them to their children to spend.

However, the heavy coinages of the new cent proved a mixed blessing. So many were being issued by the Mint that they soon clogged the avenues of trade, much to the irritation of the same bankers and merchants who had welcomed this change in the spring of 1857.

The problem for the merchants was that cent coins did not have legal tender status and would not have that privilege until 1864. In the meantime those who accumulated large numbers of cents had to use the services of a broker, where cents were changed into gold or silver for a discount. Many citizens even took an odd delight in paying bills entirely with “nickels,” much to the annoyance of those on the receiving end.

At the same time the chief coiner, after consultation with the engraver, determined that the new cents were not striking up as well as ought to be the case. In particular the obverse eagle had areas, especially on the wings, where some of the fine detail was lost. To this end Longacre revised the dies and collectors have long noted the slight differences between the Flying Eagle cent coinages of 1857 and 1858.

Because cent coinage was even heavier in 1858 than 1857—about 7 million more pieces—complaints from merchants multiplied about the excess number of pieces in daily use. To mute some of this criticism Snowden ordered Longacre to come up with a new design. The design was duly changed to an Indian Head in January 1859 but this did not solve the growing unpopularity of the new coinage. It was only the Civil War that put an end to the problem of too many cents.

The end of the old large cent had an unexpected by-product. A considerable number of ordinary people thought it would be interesting to put together date sets of the cent and half cent back to 1793. A few enterprising collectors even persuaded Snowden to be allowed the privilege of going through the cents brought in to the Mint for exchange. Coin collecting grew by leaps and bounds in 1857 and 1858. By early 1859 there were several thousand collectors in the country and a national hobby had been born.

Some of the new collectors learned of the pattern 1856 Flying Eagle cents and naturally wanted one for themselves. To satisfy this growing demand Snowden ordered that the 1856 dies be brought out of storage to strike additional pieces. It is believed that most of these restrikes were in proof condition, unlike the originals in uncirculated. Breen estimated that about 1,200 pieces were made from 1858 through early 1860 though no official records were kept by the Mint.

Although the Flying Eagle design lasted a mere two years, its influence on the marketplace and numismatics was long-lasting. Those who own one of these coins truly have a piece of history in their hands.

By Susan Headley, About.com Guide

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• pennies
• cents
• lincoln cents
• price guides
• wheat pennies

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Question: How Much Is My Penny Worth?

These links will take you straight to the value guides. If you need additional information, see below.

• Wheat Penny Values
• Indian Head Penny Values
• Flying Eagle Penny Values – See Section Below

Answer: To find out how much your U.S. penny is worth, we first need to determine its type. The U.S. has made two major types of pennies, the Large Cent and the Small Cent. The Large Cents are dated 1857 and earlier, and are much bigger and heavier than our current penny type, the Small Cent. If you have Large Cents in your collection that you need information or values for, I recommend that you find an honest coin dealer to help you evaluate them, as Large Cents have many different varieties for most dates, and shouldn’t be priced using an online price guide if you want maximum money for them.

Determine Your Penny Type

If your penny is the Small Cent type, it will be about the same size as the ones we use today although it might be a tiny bit heavier. To find your penny type, you can look it up here:

• U.S. Coin Identification Chart

What is My Flying Eagle Cent Worth?

If your small-sized penny is dated 1857 or 1858, it is a Flying Eagle Cent. A Flying Eagle Cent in pretty worn-out condition is worth about $15 to $25 if you sold it to a coin dealer. (Note: All of my coin prices are realistic amounts that a dealer will pay you. They’re not retail or “catalog” values like you find virtually everywhere else. Most people looking for coin prices want to know how much they can sell their coins for today.)

If your Flying Eagle Cent is dated 1856, you need to take it to a dealer to get an appraisal. This penny is very rare, with a mintage of only 2,000 specimens, and forgeries and alterations of this date are far more common than the genuine 1856. The 1856 Flying Eagle Cent is considered to be a pattern coin (rather than a circulation issue) by many experts.

What is My Indian Head Penny Worth?

Indian Head pennies are dated from 1859 through 1909, and have a depiction of Lady Liberty wearing an Indian-style feathered headdress, hence the misnomer “Indian Head” Penny. In general, all Indian Head Pennies are worth at least $1 each, even in very worn condition, as long as they’re not badly damaged. For a full chart of Indian Head Penny prices, see:

• Indian Head Penny Price Guide

What is My Wheat Penny Worth?

Wheat Pennies are dated from 1909 to 1958, and have a portrait of Lincoln on one side, and a wreath-like design of wheat heads on the other. Sometimes called “Lincoln Cents” (without mentioning the Memorial as described below,) they are made of almost pure copper (95%) except for one year, the 1943 penny, which is made of zinc-plated steel. All Wheat Pennies are worth at least 3 times face value, but of course many are worth substantially more, especially the key date Wheat Pennies.

• Wheat Penny Price Guide

What is My Lincoln Memorial Penny Worth?

Lincoln Memorial Pennies are dated 1959 to current, and have a portrait of Lincoln on one side with the Lincoln Memorial building on the other. They were made of 95% copper until 1982. During 1982 the composition was changed to 97.5% zinc, with a thin copper plating, so that you have pennies dated 1982 made of both metal types. From 1983 until today, all U.S. pennies are made of mostly zinc. Most Lincoln Memorial Pennies are only worth face value unless they have their original copper luster from the Mint.

• Lincoln Memorial Penny Prices

In 2009, the U.S. Mint will issue a special commemorative set of 4 pennies to celebrate the 100th anniversary of the Lincoln Cent design. At this time, Lincoln Cents are expected to enjoy a surge in popularity, which will hopefully mean higher values for these incredibly popular pennies. More Coins Q&A

Famous Pennies

A New 1943-S Copper Penny Is DIscoveredThe Finest Known Lincoln Wheat CentThe Rare 1877 Indian Cent in MS-66 Red

Lincoln Cents

Should We Dump the Penny?The Fascinating Story Behind the Lincoln CentList of Major Lincoln Memorial Die Varieties

The 1943 Penny

What Is my 1943 Penny Worth?How to Tell if Your 1943 Copper Penny Is Genuine1943 Chrome-Plated Pennies

Related Articles

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• Lincoln Memorial Key Dates – Lincoln Cent Keys – Lincoln Penny Key Coins
• Lincoln Penny Values – Coin Values for Lincoln Memorial Cents – How Much ar…
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• U.S. Small Cents – What are the U.S. Small Cents – Which Pennies are Consid…

2010 Lincoln Cent Exchanges in Washington DC on February 25

By Coin Update Staff on February 23rd, 2010
Categories: US Coins, United States Mint

Washington, DC area coin exchanges for the newly designed 2010 Lincoln Cent have been rescheduled for February 25, 2010. The exchanges had previously been scheduled to take place on February 11, 2010, but were canceled due to a fierce winter storm that had closed down federal agencies for much of the week.

Although the Washington DC exchanges had been canceled, the official launch ceremony held in Springfield, Illinois proceeded as planned on February 11. Approximately one thousand people were on hand to witness the official presentation of the 2010 Lincoln Cent, which features the Union Shield on the reverse. Following the launch ceremony, a coin exchange was held where attendees were allowed to exchange currency for rolls of the new Lincoln Cents. There were a total of 20,000 rolls, or one million coins, exchanged at the Springfield event.

The February 25, 2010 Washington DC exchanges will be held at the US Mint sales counter located at Union Station and the first floor of the US Mint’s headquarters at 801 9th Street NW. The rolls will be available from 10:00 AM to 4:00 PM.

Exchanges will take place at face value, with currency exchanged for the corresponding number of 2010 Lincoln Cent rolls. There will be a minimum of two and a maximum of six rolls imposed.

2010 Union Shield Lincoln Cent Launch Ceremony

Posted by: Michael | Posted in: 2009 Lincoln Cents

The United States Mint will host the launch ceremony for the newly designed 2010 “Union Shield” Lincoln Cent later this week. The ceremony takes place after some of the coins have already reached the channels of circulation.

Update 2/10/2010 9:30 PM ET: The Springfield, Illinois launch ceremony will take place tomorrow as scheduled. The Washington DC coin exchanges will not take place as the Federal Government is closed tomorrow due to the blizzard.

The new reverse design features a Union Shield with a scroll draped across, bearing the denomination “One Cent”. The shield has thirteen vertical stripes and a horizontal bar with the inscription “E Pluribus Unum”, representing the original states joined in one compact union in support of the federal government. This design is intended to be emblematic of Lincoln’s preservation of the United States as a single and united country.

The launch ceremony will be held on February 11, 2010, 9:30 AM CT at the Abraham Lincoln Presidential Museum located at 212 N. Sixth Street in Springfield, Illinois. The ceremony will be followed by a coin exchange, where attendees will be allowed to exchange currency for rolls of the new coins. The US Mint has announced a minimum of two rolls and a maximum of six rolls for the exchange (subject to change).

On the same date, coin exchanges will also be available at locations in Washington, DC. The exchanges will be available at the US Mint sales counter located at Union Station and the first floor of the US Mint’s headquarters at 801 9th Street NW.

I haven’t seen as much excitement from collectors about the upcoming ceremony as some of the previous ceremonies for the 2009 Lincoln Cent designs. After the first ceremony in Hodgenville, Kentucky proved to be an incredible boon for attendees who were able to obtain rolls at the coin exchange, the second and third ceremonies had much more buzz and higher attendance. The second ceremony was even called “Numismatic Woodstock” as approximately 3,000 people traveled to Lincoln City, Indiana for the ceremony and exchange.

By the fourth ceremony held in Washington, DC, attendance had declined to just a few hundred people. This may have been partially due to the weather and the fact that the coin exchanges were available at other DC locations, held indoors.

It will be interesting to see how many people attend the upcoming 2010 Lincoln Cent launch ceremony. I think some of the anticipation has been lost due to the fact that 2010 Lincoln Cents have been in the hands of some collectors for nearly one month. As early as January 12, 2010, some examples of the first 2010 Lincoln Cents started appearing in Puerto Rico and quickly found their way to eBay, where collectors throughout the United States could acquire them, albeit at a premium.

The United States Mint is yet to announce any products which specifically highlight the 2010 Lincoln Cent, although it seems likely that something is in the works. For the 2009 Lincoln Cents, the US Mint had offered Two Roll Sets, a separate Lincoln Proof Set, and the Lincoln Coin and Chronicles Set.

If any readers do plan to attend the ceremony on February 11 and would like to provide photos or a report of the ceremony, please contact me.