Lot 770
1863 Indian. ICG graded Proof 65. Nice golden toning contrasted with frost on the devices against quality mirror fields. Only 460 Proofs minted, a low point for the series.
Mint Director Pollock left no stone unturned in his efforts to obtain more nickel for coinage during the crisis years of the civil war, according to researches by numismatic scholar Robert W. Julian. "Mint capacity was about 75 million copper-nickel cents per year, but the best effort, in 1863, produced only about 50 million. There simply was not enough nickel available from European refineries. "There was an American supplier, Joseph Wharton, who had a nickel mine at Lancaster Gap, Pennsylvania, but his deliveries were erratic and unpredictable. His works were sometimes shut down for weeks at a time for repairs. As early as the summer of 1863, Pollock knew that something had to be done; he recommended to the Treasury that bronze be substituted for copper- nickel. "Toward the end of 1863, Pollock was determined to introduce bronze coins. A draft bill was prepared for submission to Congress, but Treasury Secretary Chase did nothing for some months. The secretary was under strong pressure from Wharton's supporters in Congress."
Estimated Value $1,500 - 1,600.
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