Lot 935
1864 Indian Head Cent. Copper-nickel. PCGS graded MS-65. By the 3rd year of the Civil War private copper tokens had replaced all copper-nickel cents in the major cities. Mint Director James Pollock determined that the Mint should be the supplier of all coins and that the use of private tokens in circulation would eventually hurt the holders of them. A proposed coinage Bill which would stop the use of the tokens and create a bronze cent similar to the tokens was sitting on Treasury Secretary Chase's desk since 1863 with no action. Political pressure by former Mint Director Snowden and industrialist Joseph Wharton threatened to derail the proposal by substituting the current nickel cent with a thinner version. Chase favored the bronze cent Bill and submitted it to Congress who passed it just ahead of the mounting pressure from Wharton.
The mintage of the copper-nickel cent of 1864 is much less than previous years. In top grade it is one of the toughest of the nickel cents. The Chiro example is fully struck with hardly a mark visible. There are a few trivial specks here and there, but none are outwardly distracting. Pop 85; 10 finer; 98 in 66; 1 in 67. (PCGS # 2070) .
Estimated Value $900 - 1,100.
Ex:The "Chiro" Collection. Eagle Eye Photo Seal accompanies this lot.
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| Realized $1,668 |
