Lot 2466
1864 Indian Head Cent. Copper-nickel. PCGS graded MS-65 CAC Approved. A hint of light tone is starting to form.First-rate Gem! Pop 118; 2 in 65+, 15 in 66, 1 in 67 (PCGS # 2070) .
The number of copper-nickel cents in the country at the outbreak of the war was not far from 100,000,000.these coins had been forced into circulation by exchange for Spanish silver coins, as well as by sales for gold and silver coins of the United States, until they flooded the channels of retail trade, became a public nuisance, and sold at a discount in the cities. The repeal of the law authorizing the exchange for Spanish fractions had greatly reduced their coinage, and in 1861 only enough were produced to replace the old copper coins returned for redemption.
The majority of the coins were in the Northern states, especially in the East. There were none in circulation in the Pacific region, and the Southern states had very few, possibly not more than fifteen or twenty millions. These copper-nickel coins, worth as bullion about half as much as their money value, did not disappear when the silver coins vanished in July, 1862. They continued to circulate and for a short while, before the vast outpouring of shinplasters, they constituted the only small change in the Northern states. Tied up in bundles of 25, 50, or 100 pieces, they were widely used in retail trade. Bus companies, theatres, and restaurants accepted these rolls everywhere. A retail store in New York received so many that the floor of the room in which they were stored collapsed.
Estimated Value $1,300 - 1,400.
The Coltrin Family Collection.
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| Realized $1,150 |
