1863 1c PR

1863 Cent Production: Both the Union and the Confederacy were drained emotionally and financially due to the horrific battles of the Civil War, by 1863 entering its third year. The resulting fear had chased all federal silver and gold coinage into hiding, with the cent following in mid-1862. Still, the Mint pounded the cents out in record numbers. Eventually, with coinage substitutes (such as Fractional Currency notes) entering circulation, the cent lost its premium and started to be seen in commerce again.

Survivability: These survived in their original condition until the end of the war, when they reentered circulation. During the recoinage redemption of the 1870’s a large percentage of the mintage was melted, but because the mintage was so great, even a small percentage of survivors left a large quantity of coins for today’s collectors. These are easily found today in excellent condition.

Collecting Challenges: Collectors are advised to search out well-struck examples from early-die-state dies. This issue is very easy to find otherwise.

Collecting Circulated Pieces: The optimal collecting grade for circulated coins is AU-50. Examples in all the lower grades are very easy to locate. Avoid problem pieces.

Collecting Mint State Pieces: The optimal collecting grade for Mint State coins is MS-65. This date is easily found in all grades. Select coins with extra eye appeal. True gems with sharp details are slightly diffcult to locate.

Collecting Proof Issues: Although similar in mintage to 1862, this issue is about twice as rare. Examples tend to be quite attractive with perhaps 40% qualifying for cameo status. The optimal collecting grade for Proofs is PF-65.

Bronze Tokens and Cents: This year saw the quantity of privately minted cent-sized copper tokens increase dramatically in major cities such as New York, Cincinnati, and Chicago. These Civil War tokens are collected extensively and offer an interesting sidelight to the federal coinage of the era.

The success of these tokens inspired the Mint to produce its own bronze cent. An interesting and historical pattern (Judd-299) was produced this year with the regular dies in bronze. These patterns make an affordable and interesting addition to collections as an early beginning to the full-scale production of bronze cents the next year.

A few minor repunched dates are known for this date. The best variety is the reverse doubled die, Snow-10. This doubled die is popular, but not well known. This creates a possibility for cherrypicking overlooked varieties. Few dealers (or collectors for that matter) check the reverse dies for varieties.