1864 1c Bronze MS RB

Bronze or No L: These are typically called either 1864 No L or 1864 Bronze cents. Older collectors and grading services are accustomed to labeling this as Bronze. This separates these coins from the copper-nickel cents. The design change to the 1864 With L is assumed. In the past ten years it has been also listed as the No L, which separates the coin from the With L issue. The change from the copper-nickel alloy is assumed.

1864, No L, Cent Production: On April 22 a bill authorizing the change to a bronze cent was signed into law. This law also made the use of all private coinage illegal. The first bronze cents were produced on May 13 and released into circulation on May 20. There was no reason to make new dies for this coinage, as the Mint still had on hand many of the dies made at the beginning of the year for the copper-nickel cent coinage.

The coins were an immediate success. This cent composition remained basically unchanged, except for the emergency issues of World War II, until 1982, when it was changed to copper-coated zinc.

Survivability: These coins were released into circulation and stayed there for quite a while. They were only removed from circulation when they became too worn or damaged to be useful as coinage. Today they are mostly found in Very Good condition or lower.

Collecting Challenges: This issue is a one-year type, but this seems to be overlooked by most type collectors. As such, type collector demand is not a big factor in the pricing of these coins. These were mostly struck with dies used to strike the copper-nickel cents earlier in the year, and most coins show mushy details with numerous die clashes. Only about one in 30 coins was struck from fresh dies. The new dies produced crisp early-die-state pieces, which will have very sharp details. While many collectors will overlook die state when selecting coins, it may be important enough to spend the extra time to locate these. It may not cost much more, and the eye appeal of these pieces will more than make up for the time spent looking.

Collecting Circulated Pieces: The optimal collecting grade for circulated coins is AU-50. The vast majority is found in low grade so it is important to buy the best you can for your budget. Early-die-state pieces may occasionally be found, and should be bought when encountered.

Collecting Mint State Pieces: The optimal collecting grade for Mint State coins is MS-65RB. This is one of the most common issues of the Civil War years. In Mint State this date is no more common than any of the copper-nickel issues, but it can be found at a much lower price. Finding examples with eye appeal is recommended. Common, early-die-state pieces are very hard to find, as are ones with even red-brown color. Pieces with full mint red color are hard to find with eye appeal. Trying to find an early-die-state example is quite a challenge.

Collecting Proof Issues: The typically reported mintage is 150, but this is unreasonably low. While this issue is quite scarce, it always seems to be available. More than 200 examples have been recorded graded by ANACS, NGC, and PCGS combined. Even with duplicate submissions it seems unlikely that the mintage is anywhere near 150. A more realistic estimate may be 300. This issue is found mostly brown or with very little red present. Examples with even color with deep mirrors are most desirable for the issue. Full red examples are very diffcult to find and are very expensive. Examples with cameo contrast are extremely rare and are usually priced with a significant premium.

The best variety is the Snow-4 doubled die, with the doubling most prominent on LIBERTY. It was discovered in 1991 and is widely known, yet few examples have turned up. Very few examples are known. This is a coin that can make your day if you find one. There are Doubled-Die Obverse, Snow-4 only seven other varieties reported, mostly minor repunched dates. The other standout variety for this date is Snow-11, which has circular lathe lines over the face on the obverse.

An 1864 two-cent piece variety is known with clash marks from the obverse Indian Head cent die! This raises the question: does an 1864 Indian Head cent exist with the corresponding twocent piece clash marks? None have yet been found.