|
The Two-Cent Piece
 | By Tom LaMarre, Coins Magazine
July 30, 2008 |
The two-cent piece failed to win a permanent place in the coinage system. But the pioneering motto it used soon appeared on other denominations, and a new cent shared the two-cent piece's bronze alloy for more than a century.
Today many two-cent pieces sell for less than $20.
Silver and gold coins disappeared from circulation during the Civil War. By 1863, even the copper-nickel cent had vanished. To help remedy the situation, lawmakers authorized the bronze cent and two-cent piece. The inspiration for the alloy came from privately minted Civil War tokens.
The April 21, 1864, issue of the New York Times reported, "During the evening session [of Congress] the bill for a new coinage of one and two-cent pieces was passed." The law made two-cent pieces legal tender in amounts up to 20 cents.
Mint engraver James B. Longacre designed the two-cent piece. He had been working on it for some time when the legislation passed.
"The new two-cent piece looks like gold," the April 23, 1864, issue of the Burlington (Iowa) Weekly Hawk-Eye claimed. "A wreath of wheat, surrounding '2' and around which are the words 'United States of America,' form one side." The other side features a shield and branches.
The motto "IN GOD WE TRUST" appears above the shield. It spread to other denominations in 1866. The Mint struck small-motto and large-motto varieties of two-cent pieces in 1864. Coin Prices lists the more common 1864 large-motto variety at $16 in Very Good-8, compared to $185 for the small-motto variety in the same grade.
Nearly 20 million two-cent pieces poured from the coinage presses in the first year of production. Almost 14 million followed in 1865.
The May 4, 1865, issue of the Syracuse Daily Courier and Union said, "Though the coinage of them went on unceasingly, and though two-cent pieces were made in large numbers, the demand, until now, exceeded the supply."
In the early years, there was confusion about the two-cent piece's composition. In August 1867, a Philadelphia newspaper said, "The one and two-cent coins now made at our Mint are of bronze and do not contain nickel, as many persons suppose."
The use of a similar obverse design on the five-cent nickel, introduced in 1866, didn't help. The June 22, 1866, issue of the Fort Wayne Daily Gazette claimed, "The new five-cent coin is a trifle larger than the late two-cent coin made of the same ingredients."
Mintages of two-cent pieces declined steadily after 1865. The Coinage Act of 1873 eliminated the denomination. The May 6, 1873, issue of The Coshocton Democrat, published in Coshocton, Ohio, reported, "Two-cent pieces are to be withdrawn from circulation."
The Mint struck only proof two-cent pieces in 1873. An estimated 1,100 examples found buyers. The April 6, 1882, issue of The Marion Star said, "A fine specimen of the two-cent copper coin of 1873 is worth 50 cents." Today you can make it more than $4,000 for a Proof-65 survivor.
Fortunately, most other two-cent pieces are modestly priced in G-4 and VG-8 grades. Aside from the 1873, the only dates valued at more than $34 are the 1864 small motto, 1872 and 1873.
Add to: del.icio.us digg
With this article: Email to friend Print
Something to add? Notice an error? Comment on this article. | |