Wednesday, May 4, 2016

Coins You Can Find - Indian Head Cent

I wanted to do something a little different. I read plenty of articles about coins I will own only if I have a few thousand extra dollars to spend. While I find the history of colonial coinage, for instance, fascinating, it has nothing to do with me and my collection.
 
With this in mind, I am going to do a series of posts (to become free ebooks when you subscribe to the newsletter) covering coins that can be easily purchased (and often found in pocket change!) today. Each coin will receive between 4-6 posts, beginning with a simple introduction.
 

Up first...


The Indian Head Cent




From 1793 to 1857, the cent was a copper coin about the size of a half dollar. As rising copper prices made it impractical to keep striking them, in 1857 the Mint reduced the size of the cent, issuing a new design, the Flying Eagle cent.
The new pieces were identical in diameter to modern cents, though somewhat thicker and made of copper-nickel. The design caused production difficulties, and the Mint soon looked to replace the coin. Mint Director James Ross Snowden selected the Indian Head design, and chose a laurel wreath for the reverse that was replaced in 1860 by an oak wreath with a shield. Cents were hoarded during the economic chaos of the American Civil War, when the metal nickel was in short supply. As Mint officials saw that privately issued bronze tokens were circulating, they induced Congress to pass the Coinage Act of 1864, authorizing a slimmer cent of bronze alloy.

In the postwar period, the cent became very popular and was struck in large numbers in most years. An exception was 1877, when a poor economy and little demand for cents created one of the rarest dates in the series. With the advent of coin-operated machines in the late 19th and early 20th centuries, even more cents were produced, reaching 100 million for the first time in 1907. In 1909, the Indian Head cent was replaced by the Lincoln cent, designed by Victor D. Brenner.

Photo courtesy of Coin HELP!
Brief history of IHC from Wikipedia - Used under CC BY-SA license

No comments: