1870 1c PR BN

1870 Cent Production: In 1870 the reverse design was changed slightly. The new design features a bold ONE CENT denomination. The previous design had a shallower denomination, with the N in ONE being especially shallow. A growing number of collectors seek both reverse designs for this year as well as for 1871 and 1872.

Since reverse dies do not have dates, the Mint had Shallow N (Type of 1869) a number of Shallow N dies on hand at the time, perhaps from the prior year. The Mint reworked many of these dies with the Bold N design, creating numerous doubled-die reverse varieties—a situation similar to the 1878, 7 Over 8 Clear Doubled Feathers Morgan dollar.

The production of all minor coinage was in a decreasing trend during this era. The main reason Bold N / Shallow N for this cutback was the lack of a redemption clause in any of the issuing legislation. The nickel and bronze coinage was beginning to accumulate in commercial channels.

Survivability: This issue was not saved to a great extent. Most of the coins were returned to the Mint over the next few years, during the 1870’s recoinage

(see 1871 for further discussion). Without any authority from Congress, the Mint accepted nickel and bronze issues, which had been jammed in bank vaults in ever growing numbers, and melted them down to make new coins. The 1870 cents were most likely at the top of the heap of coins being returned to the Mint. Any that survived in circulation are today found in mostly very low grades. The few high-grade examples that are available survived mainly by chance.

Collecting Challenges: As with all dates of this era, finding attractive problem-free coins will be diffcult, though most are well struck. Shallow N reverse coins are slightly scarcer than those with the Bold N reverse, but not enough to warrant a premium.

Collecting Circulated Pieces: The optimal collecting grade for circulated coins is VF-20. Higher grades will be very diffcult to find. Lower grades are usually available. Avoid problem pieces, such as cleaned, scratched, or corroded coins. These are discounted in general, but usually not enough to make them good buys.

Collecting Mint State Pieces: The optimal collecting grade for Mint State coins is MS-64RB. These coins are typically red-brown, with even-colored pieces particularly diffcult to find. Many come with streaky toning due to an improperly mixed alloy in the planchets. Full red coins are rare, and collectors should beware of chemically altered pieces impersonating original full red coins.

When originally struck, all bronze coins are full red. The heat of striking creates a molecular shell, which somehow blocks any change in the color. When the acids in your hands come in contact with the surface of the coin, this layer is destroyed and the coin will start to turn brown. When a coin is cleaned, it is also susceptible to turning a brown color within a short period of time. For this reason, it is very important that any full red coin not have any indication of having been cleaned in the past.

Collecting Proof Issues: Proofs are usually found with medium mirrors. It seems that the dies were not polished very deeply to begin with. Any deep-mirror examples should be worthy of a significant premium. Cameo examples are rare; perhaps only 5% of high-quality examples qualify.

This date in Proof is found with the Shallow N reverse, in use from 1868, as well as a new Bold N reverse. There is a growing general collector interest in the reverse types.

Due to the reverse design change, and the subsequent reworking of the dies, there are at least 23 reverse doubled dies known. Some are very dramatic, but most are very minor. The most dramatic varieties are the misplaced dates (MPD). Snow-5 shows a bold 0 digit sticking into the field under the date. S-8 shows the remnants of multiple digits above the denticles, possibly as many as eight. Both garner premiums greater than five times normal value.

One popular variety, dubbed the Pickaxe, has die damage by the last feather, which looks like a miner’s axe. It is relatively common, being paired with at least five different dies.

Above all these in significance are the reverse design varieties: the Shallow N and Bold N. These are gaining in popularity with date collectors, as their existence becomes more widely known.

An 1870 Shield nickel variety is known with clash marks from the obverse Indian Head cent die! This gives rise to the question: does an 1870 Indian Head cent exist with the corresponding Shield nickel clash marks? None have yet been found.