1878 1c PR BN

1878 Cent Production: The quality of cents improved in 1878. Since 1864, the Mint had been purchasing all its copper planchets from private businesses (usually Scovill Manufacturing in Waterbury, Connecticut, although they were not the sole provider). Yearly bids were asked for the planchet contract. Competition came from Benedict & Burnham Brass & Copper Co., also of Waterbury. This year more than eight million older cents were redeemed and issued alongside the nearly six million new cents.

Survivability: This is a very diffcult date to locate in the upper circulated grades. Apparently the coins were released into circulation and stayed there well into the 20th century. However, enough of the coins escaped circulation that finding this date in Mint State is relatively easy.

Collecting Challenges: This is one of the last dates many collectors locate for their Extremely Fine and About Uncirculated sets. Collectors need to target this date to ensure finding a problem-free example.

Collecting Circulated Pieces: The optimal collecting grade for circulated coins is EF-40, with full diamond detail on the lower ribbon. Examples in grades below Fine are easy to locate; however, finding examples in About Uncirculated is very diffcult.

Collecting Mint State Pieces: The optimal collecting grade for Mint State coins is MS-64RB. These are usually available in all grades and are well struck. Search for examples with attractive eye appeal.

Collecting Proof Issues: The typical Proof from this year is well made; this is one of the more readily available dates in gem full red. Cameo examples are easier to find for 1878 than for most other dates.

From this date on, mintage figures are of actual coins produced as accounted in the report of the director of the Mint. Earlier, mintages of Proof minor coins were calculated from sales records of minor coin sets plus the production of silver sets (which had been recorded since 1859), or simply guessed at.

Starting about 1878, coin dealer David U. Proskey began a practice of purchasing the unsold cent, nickel three-cent, and five-cent Proof coinage from the Mint. This eventually grew into a vast hoard, which probably contained hundreds of each date of Proof cents from 1878 onward. In the 1920’s these were sold to F.C.C. Boyd, who later sold them to Howard MacIntosh of Tatham Coin Co. in Springfield, Massachusetts. By this time many of the coins had toned to vivid iridescent blue colors. Apparently the coins were kept in original Mint paper wrappers, which imparted this unusual tone. The Tatham Coin Co. marketed these in their advertisements as iridescent Proofs. These coins are encountered occasionally today and are very hotly contested when they are found.

The three varieties known include a repunched date (Snow-1), misplaced date (Snow-2), and reverse doubled die (Snow-3). None of these are under any great collector demand.