1869 1c PR BN

1869 Cent Production: With an original mintage lower than those of the 1866 to 1868 cents, the 1869 issue is obviously rarer. Mintages for the cent, two-cent piece, nickel three-cent piece, and nickel five-cent piece all drop this year and continued to drop over the next few years.

Survivability: Between 1868 and 1869, more than three million bronze cents and twocent pieces were turned in to the Mint for melting. A flaw in the Mint Act of April 22, 1864 failed to give any redemption clause for the coins. At that time the cent was given a 10¢ legal tender limit, and that was lowered to only 4¢ the next year. The banks could refuse to take the cents in from merchants and, as Carothers notes, many likely did. As a result, the Mint was the buyer of last resort and obliged itself to buy and melt the coins. This was done without any authorization from Congress, but it helped to solve the oversight.

The effect of this was the wholesale melting of all the bronze issues. Many of the recently issued coins went straight back to the Mint to be melted. Over the next ten years, more than 55 million bronze cents were melted; these mass meltings have had a great impact on the availability of this date as well as all others of the era.

Collecting Challenges: This is a very tough date to find, in all grades. Few collectors realize how rare this date really is. Its price has climbed steadily over the years. With little supply of quality pieces available, it will probably continue to appreciate. Expect to always pay a premium for attractive pieces.

Collecting Circulated Pieces: The optimal collecting grade for circulated coins is F-12. Most examples are a very low grade. Finding problem-free examples in Very Fine condition or better is very diffcult. Examples with problems such as scratches, cleaning, and rim dents are mostly what collectors will encounter. Try and hold out for original coins without serious problems.

Collecting Mint State Pieces: The optimal collecting grade for Mint State coins is MS-64RB. Although this grade is very scarce, there are usually examples available in the same proportion as for the 1866 to 1868 dates. These coins were saved only by chance, and in very small quantities. On such small scale, the chance survival of even a 50-piece roll would alter the pricing structure between these dates. However, such an occurrence is very unlikely for coins of this era. Full red examples, although scarce, are a bit more readily available than earlier dates.

Collecting Proof Issues: This issue was struck in the same mintage range as the 1866 to 1868 issues. Most have a mottled red-brown look, with average mirrors. Gem red examples are diffcult to find. Most of this issue comes with light die-polishing lines in the fields. Die-polishing lines, sometimes confused with hairlines, are transferred to every coin struck from that die and are raised on the coin. Hairlines are fine scratches on the surface of a coin and are remnants of some kind of cleaning or wiping of the coin after it is struck.