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Sale 13
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Lot 166
1865 Nickel Three Cents. PCGS graded Proof 64. This is the first coin from the set purchased by Dr. Benson on March 8, 1944 from the famous Philadelphia dealer, Ira S. Reed. Beautiful mint frost on the devices contrasts well with the dark mirror fields. Faintly bluish in color, and we note a scattering of tiny specks on both sides, and one tiny tick on the left I of the denomination. Examination will note faint hairlines, mostly on the reverse central fields. One of 400 or so struck, most show the double date to the left, as seen here.
During the Civil War, silver coins had virtually disappeared from circulation. History shows how Joseph Wharton, a nickel mine owner, exerted considerable political influence to require United States coinage (1856 on) to include his nickel to coin copper-nickel cents. Nickel had been a metallic curiosity up to that time, and had earned the nickname "Kupfer-Nickel" or Devil's copper, as it was so hard it required the very fires of hell even to melt! (Breen). Nevertheless, Wharton had a virtual monopoly on all nickel mined in the Western Hemisphere, and he needed some place to sell it. The Mint provided the perfect source, and Wharton's political allies kept the nickel projects alive. In time, the huge quantities of nickel needed by the Mint to make cent planchets had exhausted all of Wharton's mines, including the newly opened Canadian mines. With the demand for small coinage very high, the last thing Mint Director James Pollock needed was a shortage of the required alloy for cents! Pollock was a bitter opponent of using nickel for coinage, and seized upon the opportunity to urge passage of a bill to abolish nickel cents and authorize the issue of minor coins (1¢, 2¢ and 3¢) in French bronze, which contained none of the dreaded and hard to work with nickel. This bill became law on April 22, 1864 over powerful opposition from Wharton's friends in Congress--minus the reference to 3¢ pieces.
Thus French bronze was employed to coin Indian Cents and Two Cent Pieces starting in mid 1864 and Mint Director Pollock had a temporary victory.
How the 3¢ coin came about is a delightful tale. The 3¢ denomination might seem curious today, but at the time there were millions of unpopular fractional currency bills in circulation, the most prevalent was the 3¢ note. These notes were dirty, tattered and disliked by everyone. Seizing upon opportunity, Wharton had his congressional friends propose a 3¢ nickel coin to replace the hated fractional currency notes, which would be convenient for purchasing stamps, which were 3¢ each. The universal hatred of fractional currency notes was so great, that any solution to replace them was welcome. The proposed bill was passed the same day it was presented to Congress, March 3, 1865. Wharton was back in business, and the Philadelphia Mint was now required to buy Wharton's nickel as fast as it could be mined, refined and shipped.
During 1865, over 11 million 3¢ nickels were coined, and nearly as many 3¢ fractional notes were replaced from circulation, much to everyone's joy. A year later, the precedent of using nickel for 3¢ coins was promoted and a similar bill was passed forcing the coinage of 5¢ nickel coins to replace the similarly hated 5¢ fractional currency notes. Silver half dimes had disappeared from circulation along with all gold and silver coins. Curiously, to this day we are still using nickel for coinage, despite nickel being extremely hard to work with, and nearly as hard as the dies required to coin it. Many dies on Three Cent nickels and Shield nickels show extensive cracks and breaks. Perhaps Wharton's descendants are still exerting their influence on Congress and the mints, to keep the nickel flowing.
Estimated Value $1,500 - 1,700.
From the Benson Collection and purchased from Ira S. Reed, March 8, 1944 as part of a complete set from 1865 to 1889 for $230.
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| Realized $1,955 |
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