Lot 1216
1865. Pattern Cent. J-404, P-473, Rarity-6. Copper nickel, plain edge. . J-404. PCGS graded Proof 64. Struck on a planchet with the similar alloy used in cents from 1856-1864, and struck in both thick and thin planchets. Why these were coined is a mystery, the Mint had already converted over to the new French bronze alloy (95 percent copper and 5 percent tin), much to the chagrin of the nickel miners, in late 1864. Mint Director Pollock had calculated that it cost more than a cent to coin a cent, using the expensive nickel alloy by 1864. Furthermore, nickel was hard to melt and when used in planchets, even as an alloy, it was extremely hard, and required high striking pressure for coinage. High striking pressure wears and breaks dies far more quickly than lower pressure striking. The nickel mine owners still won out in the end, but getting authorization to coin nickel three cent pieces, and five cent pieces, which would be used to replace the then hated fractional notes in circulation. Perhaps this pattern issue was created in hopes of selling a little more nickel to the Mint.
Excellent surfaces and with a bit of color on Liberty. Well preserved and free of spots or other problems which often detract.
Estimated Value $2,250 - 2,750.
Purchased from Ira S. Reed, 4/27/45 for $7.50.
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| Realized $2,300 |
