Lot 2474
1869 Indian Head Cent. PCGS graded MS-65 Red. Boldly struck with nice Mint Red color. A fiery orange Gem that has a good eye appeal and flashy luster. Given the proper amount of strike pressure, the coin was fully brought up by the dies, which, we have found, is a hallmark of 1869 Cents, a date typically well made, though rarely offered in full red Gem condition, we should hasten to add. Pop 27; 7 in 66 Red (PCGS # 2096) .
Historical Note for this decade: There was a "broad drop in prices" following the end of the American Civil War (1861-65). From 1866-1879, prices (and wages) declined steadily. This can be attributed to the withdrawal of a large portion of the paper money (the greenbacks) which had been issued to finance the Civil War (official Union name, War of the Rebellion). While greenbacks were accepted in most of the country, in California (which had a pro-gold sentiment from the Gold Rush '49ers) there was active civil disobedience. People refused to obey the legal tender law, which the authorities found unenforceable. If you tried to pay in greenbacks, people would boycott you and drive you out of business. So California remained on the gold standard through the war. Prices did not decline there from 1866-1879 as they did for the rest of the country.
Estimated Value $4,000 - 4,200.
The Coltrin Family Collection.
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| Realized $4,255 |
