Goldberg Coins and Collectibles

Sale 62

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Lot 1050

1864. Copper-nickel. NGC graded Proof 66 Ultra Cameo. A wonderful coin, ultra cameo, ultra beautiful, you may search for years and years before having an opportunity to acquire a comparable coin. So why take the chance. Give it a strong bid. Only 370 Proofs struck. Pop 3; none finer at NGC .

Historical account: The coins that were struck between 1859 and 1864 were composed of 88 percent copper and 12 percent nickel, as required by law. In 1864, the weight of the coins was reduced from 72 grains to the present weight of 48 grains, and the alloy changed to 95 percent copper and 5 percent tin and zinc. Research in 1863 indicated that bronze was an excellent alloy for minor coins, and so the copper-nickel alloy was discontinued. Total production of the Indian Head cent was 1,849,648,000 pieces.

The Director of the Mint, James Ross Snowden, wrote a letter on November 4, 1858, to Secretary of the Treasury Howell Cobb, suggesting that a change be made in the design of the Flying Eagle cent. He pointed out that the relief of that coin was too high, and that the design did not seem too acceptable to the public. Snowden submitted models for a new design, and Secretary Cobb gave his approval to what later became the Indian Head Cent.

According to records at the United States Mint, the design of the Indian Head cent became official on January 1, 1859, and was first released into circulation early that year. When the coin was first produced, Longacre's initials did not appear on the coin, but beginning in 1864, a small "L" was added.
Estimated Value $5,500 - 6,000.

Realized $6,900

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