Heritage to Offer 1856 Flying Eagle Cent Discovery Coin At Atlanta ANA

Dallas, Texas: Heritage Numismatic Auctions will be offering an 1856 Flying Eagle Cent PR 66 PCGS as part of its upcoming Atlanta ANA Signature Sale. The sale, the official auction of the 2001 ANA Convention, will be conducted during the week of August 6-11.

This coin is a discovery example of the Snow-3 die marriage struck as a proof. According to the consignor, examples of Snow-3 have previously been offered in business strike format. The present example, on the other hand, displays deeply mirrored fields that confirm its status as a proof. It is also an early die state, with repunching evident on the 5 in the date. According to Snow (Flying Eagle and Indian Cents, 1992), examples of Snow-3 may have been the 300-500 coins sent to Congress in early February 1857. The coin displays deep, original toning that overlays both sides, and has never been dipped or cleaned. The underlying surfaces look virtually pristine and, indeed, this coin really needs to be seen to be fully appreciated.

According to Heritage Executive VP Greg Rohan, "This coin is only the second 1856 Flying Eagle Cent to receive a PR 66 grade from PCGS, and it is one of the three finest examples known to this grading service. Adding to the coin's desirability, our records show that no Proof-66 1856 Flying Eagle cents from any major grading service have sold at auction in at least eight years, maybe longer. The 1856 Flying Eagle Cent is one of the few U.S. coin rarities whose popularity transcends its series. Cent collectors, type collectors, collectors who specialize in proof coinage, and investors are all aware of the rarity of this premier small cent. What's more, these people, and a great many other numismatists, appreciate the history behind the creation of this issue?a fact that explains why the 1856 Flying Eagle remains one of the most coveted coins in all of U.S. numismatics."

The introduction of the small cent to the family of U.S. coinage denominations resulted from the Mint's rising cost of production for the large cent. By 1851-53, this situation had become so critical than the Philadelphia Mint was paying $1.06 to produce 100 large cents. Clearly, the government had to find a replacement for the expensive large cent. At around the same time, Joseph Wharton, owner of numerous nickel mines, began to petition the Federal government to use his metal for coinage. By late 1853, James C. Booth, Melter and Refiner at the Philadelphia Mint, proposed two alloys combining copper, nickel, and zinc, and a third of just copper and nickel, for the new Cent. Mint officials rejected the two zinc alloys due to color; the copper-nickel alloy was too difficult to melt, roll, cut into blanks, and strike. Despite the difficulty of working with nickel as a coinage metal, Wharton's political connections ensured that experiments continued at the Philadelphia Mint.

In 1856, Mint Director Colonel James Ross Snowden finally approved an alloy for the new cent that included 88% copper and 12% nickel. In July of that year, the Mint sent 50 Half Cents struck with this alloy to Congress, and they proved satisfactory enough for the Legislature to authorize production of a new copper-nickel Cent with the Mint Act of February 21, 1857. Prior to the passage of this act, Snowden supervised the selection of obverse and reverse designs for the new coin. Both of these were the work of James Barton Longacre. The obverse was a copy of Christian Gobrecht's powerful flying eagle that graces the reverse of the 1836-1839 Gobrecht Dollars. For the reverse, Longacre used a wreath of corn, wheat, cotton and tobacco that is very similar to that used on the reverse of his 1854-1889 gold dollar and 1854-1889 three dollar gold piece.

Toward the end of 1856, the Philadelphia Mint produced several hundred 1856 Flying Eagle cents for distribution to Treasury officials, Congressmen, and other VIPs in the federal government. Many more examples were made in 1858, 1859, and 1860 from 1856-dated dies. The exact number of 1856 Flying Eagle cents produced is still debated, but we do know that both business strikes and proofs were produced. In his 1992 book Flying Eagle and Indian Cents, Rick Snow estimates that 1,050 proofs and 500 business strikes were produced from 1856-1860. Since many of the originals were mishandled by the Washington notables who received them, and numerous restrikes have suffered similar fates at the hands of careless collectors, high grade representatives of this issue are understandably rare in today's hobby.

The Heritage Group includes Heritage Rare Coin Galleries and Heritage Numismatic Auctions, which together comprise the world's largest dealer and auctioneer of rare coins. The Heritage name is recognized worldwide for selection, quality, value, expertise, financial strength and technological and numismatic leadership. Year 2000 sales exceeded $150 million and assets were approximately $30 million as audited by Arthur Andersen & Company. HeritageCoin.com is the Internet's most popular and most highly trafficked rare coin site with over 35,000 registered members and approximately 75,000 unique users per month. HeritageCoin.com is the only coin site ever chosen by Forbes Best of the Web. McGraw Hill recommended its "Virtual Coin Collection" as an excellent teaching resource. It also won the most recent Numismatic Literary Guild award for Best Numismatic Web Site.