Lot 1026
1856. . Snow-3. PCGS graded MS-64. Well struck with nice even toning. No center dot on the reverse. Extremely rare in Mint State. A solid strike in all regards. Moreover, the satiny surfaces are balanced with natural toning atop the luster, the strike is as we said clear-cut, while the eye appeal is nothing short of exceptional. Pop 34; 14 finer, 11 in 65, 1 in 65+, 2 in 66 (PCGS # 2013) .
The obverse die of this variety is easily identifiable by repunching on the 5 in the date. Although one will often need a loupe to discern this feature, it is strong on the present example. This die was also used to strike coins of the Snow-1 and Snow-10 varieties. The most evident reverse diagnostics are the high leaves at the C and T in CENT. This reverse die was also used to strike Snow-8.
During 1856, Congress was considering the bill which became the Act of February 21, 1857. This authorized flying eagle cents weighing 72 grains to be struck from an alloy of 88% copper and 12% nickel. These were intended for the redemption of the large cents, as well as for the fractional parts of the Spanish and Mexican dollars, which had been passing freely throughout the country since its inception.
During this period the Melter and Refiner, Booth, had continued the experiments, trying to find a better alloy for the cent, under instructions from the Director of the Mint, J. R. Snowden. On July 11, 1856, Mr. Snowden reported to the Secretary of the Treasury, James Guthrie, that recent experiments had shown an alloy of 88% copper and 12% nickel to be far superior to bronze. "I have accordingly caused some specimens to be struck, fifty pieces of which I send you by Mr. Colmisnil, an agent of the Department. To prevent expense & delay we have used the half-cent dies. The specimens will show that the mixture receives a good impression from the dies, and exhibits its color and general appearance." Mr. Snowden then proposed that cents be authorized in this alloy with a standard weight of 72 grains, maximum deviation 3 grains. And these became the famous 1856 Flying Eagle Cents.
Estimated Value $20,000 - 22,000.
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| Realized $24,150 |
