Shore Collectibles
By Douglas Keefe
I’ve written before about the impact the Civil War had on our currency, both good and bad. The good was the creation of a Federal system of chartering banks which resulted in the creation of paper money which could be accepted as good anywhere in the Union, The bad was the hoarding of coins by everyone due to the uncertainty of the outcome of the war; whoever won, gold and silver would be good for purchases. The shortage of coins led to the printing of fractional currency in denominations of three cents through fifty cents, which continued until the 1870’s.
The Philadelphia Mint was trying to keep production high of the only coin which did not contain a precious metal, the one cent coin. But the one cent coin at the time was comprised of 85% copper and 15% nickel, and by 1864 the mint had exhausted their supply of nickel. This led to the minting of a one cent coin made of 95% copper and 5% tin and zinc, a combination that lasted until 1982, when the price of copper used in the coin exceeded one cent. The result in 1864 is three varieties of one cent coins; the first, the copper/nickel composition, the second the copper/zinc/tin combination and the third a variety of the second that had the coins designer add his initial to the coin, something that didn’t go over well and was eliminated.
Also in 1864 the mint created a new denomination coin, the two cent coin, which is the subject of this article. The thought behind this was that another coin of higher value but not containing a precious metal would help in completing small transactions. Don’t forget, one cent went a longer way than it does today. The two cent coin was comprised of the same metal combination as the new one cent coin and was the first to feature the motto “IN GOD WE TRUST”, reflecting the sentiment at the time about the Civil War whose outcome was still uncertain. It’s size is almost the same as a quarter and features the Union shield with a banner with the motto on top and the date underneath. The reverse has a wreath with “UNITED STATES OF AMERICA” around the rim and the words “TWO CENTS” in the center. These coins were struck from 1864 until 1873, with the last date struck in proof condition only.
From a collectors’ perspective this is an interesting and easy set to complete in circulation grade coins (1864-1872) with only a few moderately priced examples. If one were to focus on accumulating coins in a minimum condition of fine, a set could be assembled for a little over $1000 with some coins upgraded for only a few dollars more. The only expensive coins are the 1864 Small Motto variety and the last year of minting for circulation the 1872, since few coins were struck that year. The first could cost around $400 and the last, $500. There are some varieties of dates, but none are necessary to complete the basic year set.
The demise of the two cent coin came about for several reasons, one being the owners of the nickel mines being upset the mint was no longer buying their metal, so in typical fashion the went to the politicians and lobbied for new coins that would use nickel. The result being the release of a three-cent coin in 1865, about the size of a dime, and a five-cent coin in 1866, both containing 25% nickel and 75% copper. The higher denomination and smaller size made these coins more popular than the two-cent coin.
Douglas Keefe is the President of Beachcomber Coins, Inc. He and his wife Linda operate Beachcomber Coins and Collectibles, formally located in the Shore Mall and now located at 6692 Black Horse Pike, Egg Harbor Township in the old Wawa building. They also have satellite offices for buying only in Brigantine (Saturday), and in Absecon (Tuesday). Between them, they have over 70 years of experience buying and selling coins, collectibles in precious metals. They are members of the American Numismatic Association, the Industry Council of Tangible Assets, the Numismatic Guarantee Corporation, the Certified Coin Exchange and the Professional Coin Grading Service. Visit their website at www.beachcombercoinsinc.com for video and information.
