1877 1C MS66 Red PCGS....

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1877 Indian Cent, MS66 Red
Superb Top-Grade Registry Coin
A Rarity and a Key Date

1877 1C MS66 Red PCGS. For any Indian cent collection of high standing, one of the coins absolutely essential to have in top condition is the 1877. The finest examples of this date known are graded at the MS66 Red level. There are nine such coins reported, one of which is Plus designated; all are in PCGS holders (1/25). Few have yet appeared at auction. Since our Auction Archives began in 1993, we have handled an 1877 in this grade on only six occasions, including a couple duplicate appearances of a coin. The last such offering was in our August 2019 ANA Signature, where an example reached $114,000. Prior to that, one has to go back to 2009 to find another offering in our history.

The current piece is spectacular. A full breadth of luminous luster complements a towering height of design sharpness throughout, and an unsurpassed depth of visual appeal. Natural golden-copper and amber-orange hues adorn each side, without the distraction of carbon spotting. The coin simply asks the viewer to observe it, and then it delivers an unmatched presentation for the 1877 issue.

The importance of the 1877 cent for a high-ranking Registry Set stems from its key date status. The reported mintage was only 852,500 coins, however, some scholars have questioned if this is accurate, or if perhaps a large portion of the mintage was melted prior to release. Rick Snow, in A Guide Book of Flying Eagle and Indian Cents, notes that only a single reverse die has been identified for all known 1877 cents. That reality poses a profound question for the accuracy of the reported mintage, since the average die life was below 250,000 strikes at the time. Mint Report of 1878 states that two reverse dies were used in 1878 for cent coinage, which is more believable for the mintage, but if a second die was used for circulation strikes, not one coin has survived from it. Snow writes:

"The fact remains that the purported original mintage of this date appears to be way too high compared to the number of observed surviving examples. An upper estimate of 200,000 coins struck seems more accurate. Very few of these were saved at the time. Taken with the 10 million reissued cents, this estimated mintage amounts to only 5% of the total released by the Mint this year. This coin was scarce from the day it was issued."

Snow's estimated mintage of 200,000 coins is, of course, based on speculation. But it paints a vivid picture of this issue's scarcity overall, and why the 1877 Indian cent is the key date to the series and a rarity in high Red grades. Ultimately, the number struck is not as important for practical collecting as the number surviving. And in MS66 Red, the highest grade known for the 1877, the number surviving is scant. This offering should be pursued with the utmost severity. You will not soon find even a comparable example. Population: 9 in 66 (1 in 66+) Red, 0 finer (1/25).(Registry values: N10218)
From The Douglas Wright Collection of Indian Head Cents.

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

Metal: 95% Copper, 5% Tin & Zinc
Weight: 3.11 grams
Weight: 0.10oz
Mintage: 852,500

View all of [The Douglas Wright Collection of Indian Head Cents ]

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