1866 1c PR BN

1866 Cent Production: By 1866, the bronze cents were becoming well entrenched in commercial channels. The large production of the new three-cent nickel and five-cent nickel coins helped replace these denominations of Fractional Currency notes and the old copper-nickel cents in circulation. The need for cents diminished to the point that the Mint could direct its efforts to producing the new nickel coins.

Survivability: Collectors did not save this cent at the time of issue, except for Proofs. Between 1871 and 1875 most of the issue was turned in and melted at the Mint, making it scarce afterwards (see further discussion under 1871). This date is not widely available except in well-worn condition. High-grade examples that did survive the 1870’s meltdown did so only by chance.

Collecting Challenges: This is the first in a series of scarcer dates that runs until 1878. A collector requiring a challenge can attempt to collect the 1866 to 1878 dates in what could be called a “Reconstruction era” set.

It is very diffcult to find problem-free examples. Many attractive coins in the Very Fine to About Uncirculated grades have been processed (wire-brushed, called whizzing) to simulate mint luster. This was a common practice by dishonest elements of the hobby in the 1960’s and 1970’s. Collectors should learn how to spot the strange luster pattern on these whizzed coins and avoid them at all costs. (See appendix D for more on altered coins.)

Collecting Circulated Pieces: The optimal collecting grade for circulated coins is VF-20. Examples with full detail on the feather tips and diamond area are worth premium prices. Depending on the price, some minor problems such as hits and scratches may be acceptable. Expect to pay a premium for a problem-free example.

Collecting Mint State Pieces: The optimal collecting grade for Mint State coins is MS-64RB. Many of these coins come with streaky toning, which may not be a problem for red-brown coins, but for full red coins it may be a reason for rejection. Well-struck examples are not particularly tough to find. Coins with great eye appeal are worth their price. Full red coins are very tough and in high demand. Beware of chemically brightened coins, especially coins that are not certified by a top-tier grading service.

Collecting Proof Issues: The 1866 Proof issue is very scarce. Only one die pair struck this issue. The cheek area of the portrait always shows some roughness, which may have been caused by the obverse die being allowed to rust slightly. This is not a grade-limiting feature. Full red examples are very rare and will attract serious competition if problem free. Gem examples are usually available, for a price. Many may have been undergraded in the past due to the facial roughness.

One of the top varieties in the Indian Head cent series is the Snow-1, an obverse doubled die that has a bold doubled LIBERTY. In addition to the doubled die, it has a base of a numeral 1 boldly sticking out of the necklace, and the tops of other digits in the denticles. This is a great variety with strong collector demand. Another very minor doubled die is known. There are 13 repunched dates known 1866, Doubled-Die Obverse, Snow-1 for this date, some very pronounced. Due to the high premiums this date receives, some varieties may not be worthy of an additional premium.