1867 1c PR BN

1867 Cent Production: This is another lower-mintage date, similar in rarity to the 1866. The Mint put most of its resources into the production of the new nickel fivecent piece. The nickels’ mintage was nearly three times the mintage of cents in 1867. Together with the dwindling production of two-cent and three-cent pieces, the Mint was producing mostly minor coinage this year in an effort to replace tattered Fractional Currency notes issued during the Civil War (although new notes were still being made in large quantities).

Survivability: These were minted in a high enough quantity that they did not initially attract collector interest, except for the Proof issue. Starting in 1871, the cent coinage in circulation began to be recalled and melted by the Mint (see the discussion under 1871). The targets were the old copper-nickel cents, but even freshly minted bronze cents were taken in and melted. The lower-mintage dates 1866 to 1870 were among the hardest hit in this recoinage effort. The Mint continued redeeming bronze cents up until 1875. Any in high grade today survived purely by chance.

When premiums of Mint State coins soared in the 1960’s, this date was a target of processors who would wire brush, or whiz, Very Fine to About Uncirculated coins to make them look Mint State. A large percentage of available examples in these grades were destroyed.

Collecting Challenges: Searching for problem-free examples will be diffcult. Most collectors tend to settle on pieces in a grade lower than average for their set, with the hope of finding the right coin later. Be prepared to pay a good premium for attractive examples in any grade.

Collecting Circulated Pieces: The optimal collecting grade for circulated coins is VF-20. Most collections that started with Grandma’s box of old coins will have a bent or corroded example to represent this date. Selecting a problem-free coin with adequate detail is important. Collectors soon realize that extra money spent on an attractive coin is money well spent. When it comes time to sell, nice coins will sell easily, perhaps for a healthy profit.

Collecting Mint State Pieces: The optimal collecting grade for Mint State coins is MS-64RB. Many coins are found struck on planchets which have lighter and darker patterns, similar to the look of woodgrain. This is caused when the tin and zinc alloy in the ingot is not fully mixed. When the ingot is rolled out, the small pockets of alloy get stretched into streaks, which quickly turn dark after the planchets are cut out and struck. This type of toning is acceptable for red-brown coins, but it will prevent a coin from staying full red. For this reason, the already scarce Mint State example of this date is very rare in full red.

Collecting Proof Issues: Proofs of this year typically show good mirrors and average quality. Gems are very hard to find, especially with full red color. Cameo contrast is very hard to find on this issue. Perhaps only 5% of Proofs PF-64 and higher might qualify as cameo.