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Lot 914
1856 Flying Eagle Cent. . Snow 3. PCGS graded Proof 64. The 1856 Flying Eagle Cent has long been a favorite of collectors. In fact it was partly responsible for jump-starting coin collecting in America in the late 1850's. Starting in 1857, the general population began to put away and make date sets of the old coppers that were being replaced by the new nickel cent with the popular Flying Eagle design. Adding to the excitement of the time were rumors of a rare nickel cent dated 1856 that was given out to President Franklin Pierce, and various Government dignitaries. If you wanted one you had to look long and hard to find one or pay up big-time! By 1858 they were fetching $2.00 at auction. This was similar to about a weekly wage for many people! You could think of this as akin to collectors buying 2004 dated coins for about $500 today!
It was unknown then and is unknown today how many were actually made. These were struck as patterns and there was no reason to officially account for them. From transmittal letters researched by Walter Breen, we know that at least 634 pieces were struck and distributed to the President, the Treasury Secretary and members of Congress. There were also pieces struck for internal use, so the original mintage could be as high as 700.
When these were struck there were many questions that needed to be answered. The Mint had its questions: Would the hard nickel alloy strike up easily? How fast would the dies wear? Would the presses be able to strike them quick enough? The Congress had questions too: Would the look and feel of the new coins gain acceptance? Would it be better to just reduce the size of the copper Cent?
In early 1857, exactly 150 years ago, Congress was debating the Mint bill, which would authorize the new coin, but there was also a competing bill that called for a small-size copper cent and also took all decision powers away from the Mint and placed it with the Congress. Mint Director James Snowden could not let this competing bill get passed, so to push for the nickel cent Bill and to answer the other questions, he had the 1856 Flying Eagle Cents struck. In order to test the presses with the new size and metal, the coins were struck using conditions that simulated regular production methods. These are the business strike 1856 cents.
By 1858 the novelty and rarity of the 1856 Flying Eagle was established and the Director of the Mint, James Snowden saw an opportunity to make some money on the side. He decided to strike over 1,000 additional pieces of the 1856 Flying Eagle Cent and sell them to the collecting public. These were struck in Proof format, as that was what was desired by collectors of the day. It is unknown from any contemporary documents what price the Mint was selling the new Proof pieces for, but auction records in 1859 drop to about 25¢ for the coins. Prices did not recover until after the Civil War.
The majority of the original 1856 Flying Eagles struck are of the Snow-3 die pair and the Proof restrikes are known to be from the Snow-9 die pair. We know this through research by Richard Snow who put together a chronological die marriage list of all the 1856 die pairs known. The Snow-3 die pair corresponded in both quantity and chronologically in the die marriage list to the original distribution reported by Walter Breen. The overall quality of the Snow-3 die pairs seen also indicate a business strike production using polished dies. The Snow-9 corresponded to the quantity and quality associated with Proof restrikes.
In Snow's book, Flying Eagle and Indian Cent Attribution Guide 1856-1858, he states: "Nearly all examples show non-proof qualities such as weak breast feathers on the obverse and rounded edges on the reverse devices, usually on the cotton leaves." Sharp repunching on the 5 to the southwest identifies the Snow-3 die pair. A later die state listed by Snow, Die Statge C, shows a small die scratch under the 1 in the date. This is due to a repolishing of the dies.
The present coin is one of these Snow-3 die pairs and in the later, polished die state. It is from the original striking period and going by Snow's research, it is most likely a Mint State coin struck from highly polished dies. The strike is full and while there is certain roundness to the edges as described by Snow, the overall look is that of a Proof, which is the format designation that PCGS gave this coin.
This piece shows outstanding eye appeal and a bright nickel color with a slight golden peripheral toning. The reverse is similar with a light golden tone in the center of the wreath. A few insignificant lint strike-throughs are present to the right of the date and below the Eagle's breast. These are caused when lint from a rag gets caught on the planchet or die prior to striking. It does not detract from the beauty or the grade of the coin. In a strong light a few wispy hairlines can be seen, but these are appropriate for the grade.
Here is your chance to own an outstanding 1856 Flying Eagle cent from the original mintage. It is also one of the centerpieces of the "Chiro" collection. Pop 177; 52 finer; 47 in 65; 4 in 66; 1 in 67. (PCGS # 2037) .
Estimated Value $18,000 - 22,000.
Ex:The "Chiro" Collection. Eagle Eye Photo Seal accompanies this lot.
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| Realized $20,413 |
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