1865 1c PR BN

1865 Cent Production: In 1863, the older copper-nickel cents came out of hiding and circulated side by side with the new bronze cents, two-cent pieces, nickel threecent pieces, nickel five-cent pieces, and paper Fractional Currency notes (in 3¢, 5¢, 10¢, 15¢, 25¢, and 50¢ denominations). This array of minor coinage and coinage substitutes was, to say the least, annoying to merchants and their customers. The redemption of outdated coins and paper was an important reason for the issuance of the three- and five-cent nickel coinage this year and next.

The cents this year were struck in record numbers also to assist in replacing the non-current coinage and paper money. The entire issue stayed in circulation for as long as fifty years.

Two date varieties are known and are collected today as separate dates by many collectors. The Plain 5 date type has a banana-shaped top to the 5. The Fancy 5 date type has a sharp hook-shaped top to the 5. The Plain 5 is slightly scarcer, was produced first, and includes the Proof issue. The Fancy 5 was used on a slightly larger quantity of dies. No

Fancy 5 Proofs were struck.

Survivability: This is the most readily available cent of the 1860’s. These circulated for a long time, as there was not enough collector interest to save them until after the turn of the century. Most are in grades below Fine. Most high-grade survivors were saved by chance.

Collecting Challenges: Most specialists attempt to collect both the Plain 5 and Fancy 5 dates. Finding well-struck examples without problems should be the main focus for the collector.

Collecting Circulated Pieces: The optimal collecting grade for circulated coins is AU-50 for both the Plain 5 and Fancy 5 date styles. These are usually available, so selecting visually appealing coins would be advised. Avoid coins with significant contact marks or scratches, or those that have been cleaned.

Collecting Mint State Pieces: The optimal collecting grade for Mint State coins is MS-65RB for both the Plain 5 and Fancy 5 date style. These are usually available, but finding an even-colored example with a good strike is diffcult. Full red gems are very diffcult to find without problems. The Plain 5 is much harder to find in gem full red.

Collecting Proof Issues: Proofs are available in the Plain 5 date style only. This is one of the tougher dates in the early Indian Head cent series. Its rarity is equal to that of the 1864 No L, but it is typically priced lower because it is not a one-year type. It usually is found with streaky red-brown colors. Full red examples are very hard to locate, especially without spots and problems. Cameos are very rare.

The Plain 5 varieties are very popular. The Snow-2 variety has a very wide repunched date with a 1 digit visible under the 8! S-1 and S-3 are also bold repunched dates, which get good premiums. Six other more minor repunched dates are collected.

Among the Fancy 5 varieties is a very bold reverse doubled die, Snow-2. This is very rare and worth a very significant premium. Many dealers overlook this variety because it is on the reverse. This creates an opportunity for collectors. S-1 used to be known as an 1865/4 overdate, but its overdate feature was discovered to be a digit punch defect, which shows up on two-cent pieces as well. Eight other repunched dates are known. One vari-1865, Fancy 5, ety has a concentric raised die line through the Doubled-Die Reverse, Snow-2 feathers, which is puzzling to collectors and experts alike. Such varieties make collecting fun!