The United States Mint produced the Two Cent Piece from 1864 to 1873. These coins, designed by James B. Longacre, were primarily minted for circulation, but the 1873 releases were struck solely for collectors. Composed of 95% copper and 5% tin and zinc, these coins hold a distinctive place in American numismatics.
During the Civil War, gold and silver coins were hoarded due to their intrinsic value, leading to a shortage in circulating currency. On October 1, 1863, Mint Director James Pollock highlighted the issue in his annual report, noting that privately issued tokens were filling the gap. In March 1864, Pollock warned Treasury Secretary Salmon P. Chase about the dwindling nickel supply and the soaring demand for cents. To address this, the U.S. Mint began producing cheaper bronze cents and two-cent pieces.
Numismatist Neil Carothers suggests that the two-cent piece was introduced to quickly increase the availability of small change. The Mint could produce these coins as efficiently as one-cent coins. Although hoarding tapered off after the Civil War, gold and silver coins were slow to re-enter circulation. During this period, the introduction of nickel-based three and five-cent coins reduced the demand for two-cent pieces. Mintages declined annually until 1873 when only around 1,100 collector's pieces were struck, marking the end of the two-cent piece production.
The obverse of the Two Cent Pieces features an escutcheon (shield) symbolizing strength and unity. The upper half represents Congress, while the 13 vertical stripes beneath it symbolize the states. Laurel branches encircle the shield, while a banner above is emblazoned with the motto "IN GOD WE TRUST." This was notably the first U.S. coin to bear the phrase, thanks to Reverend Mark R. Watkinson's efforts and the actions of Salmon Chase and James Pollock. Longacre’s design popularized the motto, leading to its mandated use on all U.S. coins from 1865 onward.
In 1864, two types of Two Cent Pieces were minted: Large Motto and Small Motto. The Small Motto version is significantly more valuable. From 1865 to 1872, only one type was struck each year. In 1873, the coin featured two variations: Closed 3 (Proof only) and Open 3 (restrike), both struck solely for collectors.
Two Cent Pieces are valuable collector items, typically ranging from $20 to $500 depending on their condition. However, some varieties are particularly sought after due to their rarity and low mintage:
To accurately determine the condition and grade of your Two Cent Piece, consulting a numismatic professional such as the Numismatic Guaranty Company (NGC) and the Professional Coin Grading Service (PCGS) is highly recommended. However, you can assess the condition by examining the clarity of the "IN GOD WE TRUST" motto. Clear, crisp letters indicate a higher value. Additionally, inspect the coin's surface for signs of wear. Coins graded as XF (Extremely Fine) or higher can yield at least $50-$60. For the best evaluation and highest quote, be sure to consult a professional.
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