1877 1C, RD

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Sold on Aug 12, 1999 for:

$54,999.90 Bid Source: Live: Floor bidder

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Definitive 1877 Indian Head Cent Rarity, MS 66 Red PCGS

1877 1C MS 66 Red PCGS. Few coinage series of the United States share the popularity of the Indian Head cent. Minted without interruption from 1859 through 1909, this hardy coin weathered the Civil War, endured the hardships of Reconstruction, tamed the Wild West, and witnessed America's coming of age as a world power. Although originally issued in copper-nickel, Longacre's Indian Head would see its widest circulation in a bronze alloy of 95% copper and 5% tin and zinc. Like many other pivotal changes, the introduction of bronze to our family of coinage metals dates to the Civil War. On December 28, 1861, New York banks suspended specie payments and created an economic rout. Gold and silver coins rapidly disappeared from circulation and, by late 1862, the copper-nickel cents had followed. By the middle of the war, the average American's pocket had little to show for itself beyond a conglomeration of shinplasters, fractional currency, and private copper tokens. To make matters worse, the federal government's plan to open new nickel mines in Canada foundered when our northern neighbor demanded payment for the ore in gold. As the Treasury Department was totally committed to the war effort, nickel ore was forced to run a very distant second to the munitions factories that supplied the Union Army. Mint Director James Pollock, already disillusioned by the difficulty that his staff encountered with melting and refining nickel, realized that the time had come to move against the hard metal. In conjunction with accomplices in the House and Senate, Pollock introduced a plan to alter the composition of the cent. The Mint Act of April 22, 1864 fulfilled Pollock's wishes and, from that date forward, the Mint would produce the Indian Head cent in bronze.
By the late 1870s, the Unites States had moved on to bigger and better things. The Civil War was a fading memory and Reconstruction would breath its last gasp with the inauguration of Rutherford B. Hayes as president in 1877. Numerous citizens attempted to brighten their prospects by heading west to the open frontier. Some, like the noted numismatist Byron Reed, accumulated great wealth and prestige. Others, like George Armstrong Custer, met their demise among the violence that permeated the Wild West. Most people simply lived out their lives trying to make ends meet while never losing sight of their lofty dreams. One thing Americans were not doing in the late 1870s, however, was paying attention to the humble Indian Head cent. The seeming omnipotence of the denomination, combined with the scarcity of dedicated numismatists, proved to be the bronze cents' undoing. Rather than living out a charmed life in the possession of a man such as Byron Reed, the majority of frontier era cent issues rode into oblivion alongside Custer and his cavalry troops.
The hardest hit of all of the pre-1880 bronze Indian Head cents was, of course, the low mintage 1877. This issue's production of 852,500 pieces, however, is not the lowest in the series. While the 1909-S has a lower total delivery, the number of numismatists had increased substantially by the early 20th century. While these men and women were working hard to ensure that modern collectors would have little trouble obtaining a 1909-S Indian Head for their collections, they also made the realization that well preserved 1877s, like the frontier itself, had largely vanished into history. Today, while low grade specimens are available for a price, one must reckon full red gems such as this as among the few definitive representations of this popular issue. Both sides of this piece display effulgent orange-red luster that leaps from the holder. Despite inconspicuous softness of detail on the feather tips and OF AMERICA, the strike is well above par for the issue. Evidence of die clashing is visible within the triangle between the shield, wreath, and O of ONE, although we note that the surfaces are devoid of post-production impairments. An exquisite gem, this piece will definitely tug at the heart-strings of every numismatist who is willingly entangled within the web of the bronze Indian Head cent. Between both NGC and PCGS, this coin shares the MS 66 grade tier with only 4 other specimens and is bettered by none (6/99).

Coin Index Numbers: (NGC ID# 2284, PCGS# 2129, Greysheet# 1346)

Weight: 3.11 grams

Metal: 95% Copper, 5% Tin & Zinc

View Certification Details from PCGS