1868 1c PR RD

1868 Cent Production: The Mint continued to put most of its attention on producing the five-cent nickel and the one-cent piece. The two-and three-cent pieces were still being made in sizable quantities, but their totals were nowhere near the amount minted for the one- and five-cent coins. The coinage of cents was not much greater in quantity than in 1866 and 1867.

In Congress this year, Mint Director Linderman promoted a bill that called for the abolishment of all other coinage below 25 cents, to be replaced by nickel coinage in one-cent, three-cent, and five-cent denominations. The three-cent piece and five-cent nickel were already established, but the idea of changing the cent to nickel failed in the Senate and lost favor when James Pollock replaced Linderman the next year.

Survivability: This issue was not considered scarce until well after the coinage melts of 1871 to 1875 (see the discussion under 1871). Any high-grade survivors were kept from being melted only by chance. Most of this mintage today is in grades lower than Fine. Many surviving Very Fine to About Uncirculated coins were destroyed during the 1960’s when unscrupulous people took these coins and wire-brushed them to simulate mint luster.

Collecting Challenges: Selecting problem-free coins will be diffcult. Search for well-struck pieces with good eye appeal and expect to pay a premium for these coins.

Collecting Circulated Pieces: The optimal collecting grade for circulated coins is VF-20. These are mostly found in grades below Fine. Finding attractive well-struck coins in choice circulated condition is diffcult. Stay away from problem coins with heavy scratches or corrosion, unless they are offered at a gift price.

Collecting Mint State Pieces: The optimal collecting grade for Mint State coins is MS-64RB. These are available in quantities similar to those of the 1866 and 1867 coins. All three dates should be priced similarly, except in grades MS-65RD or higher, as more 1868 pieces are available in this grade. Selecting quality pieces is diffcult, as many of these suffer from poor strikes. Expect to pay a premium for very attractive examples.

Collecting Proof Issues: These are found in similar quantities as the 1866, 1867, and 1869 issues. Examples tend to be red-brown in color, as many planchets have streaky toning due to improperly mixed alloy.

About 15% of this issue is found with the reverse rotated 170 degrees from normal. These are possibly from a group of Proofs struck a year or two after the date on the coin. This was a period when the Mint was striking many collector coins of earlier dates.

There are three doubled dies known for this year. Snow-1, with doubling on the lower ribbon and the designer’s initial, L, receives the highest premium, but is relatively unknown outside of specialist collectors. Five varieties featuring repunched dates are known as well, but all are rather minor.