1861 1c PR

1861 Cent Production: The 1861 cent had the lowest mintage of the copper-nickel series. It commands a higher premium over other dates because of this reported mintage, not actual scarcity, as these were widely saved during the Civil War coinage crisis. By 1860, the record production of copper-nickel cents had all but flooded commercial channels. The Mint produced the coins this year solely to replace old copper cents that were redeemed.

Survivability: The entire issue was essentially withdrawn from circulation in the summer of 1862. After the war, these circulated for a few more years before being redeemed by the Mint during the 1870’s. Many high-grade examples are known due to the wartime hoarding.

Collecting Challenges: Collectors of Civil War memorabilia put added demand on the 1861 to 1865 cents. Still, the coins are relatively readily available and affordable. Seek out attractive and problem-free examples.

Collecting Circulated Pieces: The optimal collecting grade for circulated coins is AU-50. Due to the survivability of this issue, Extremely Fine and Very Fine pieces are easily found but are of course typically priced higher than others of the era. The lower production seemed to affect the lowest grades the most, as their scarcity is more in line with the lower mintage. They are available, but at a higher premium.

Collecting Mint State Pieces: Due to the widespread hoarding during the Civil War, high-quality examples are widely available, although at a premium over the other dates.

A group of 15 to 30 pieces of exceptional quality, which came on the market many years ago, has made this one of the more common dates in the copper-nickel series in gem condition. One of these pieces, graded MS-68 by PCGS (still the only MS-68 for the copper-nickel series), sold at auction for $54,625 in January 2003.

Collecting Proof Issues: This is the key date in the Proof series, partly due to low mintage, but also because of poor quality of the dies and poor striking quality. The reverse die in particular had very shallow mirrors. Most have rounded outer edges. Gems with cameo contrast are nearly impossible to locate.

Most of the original mintage of 1,000 pieces remained unsold and might have been destroyed, or were simply released into circulation. It may be that only a few hundred pieces survived.

There are only a few minor varieties of this year. On a few dies produced from a defective hub, the tops of the letters ES in STATES show some deterioration which progresses throughout the series until the design is reworked to the 1864 With L style. Some advanced collectors attempt to collect these for every year.