1864 Two Cent Piece in Circulated Condition
Fractional currency—coins or notes worth less than a full dollar—has been around since the earliest days of U.S. monetary production. And while pennies today are mainly used to make small change, for much of our history a few cents would buy things of substance.
Fractional Coins and the First Two Cent Coin
From the beginning, U.S. currency was decimal-based, so the fractional coins had values of 1/100th, 1/10th, and 1/2 of a dollar. Those coins were further divided into halves—a half cent, half dime, and quarter dollar—to make giving exact change easier. As early as 1806, the idea of a two-cent coin was floated, but those days U.S. coins were expected to have value equal to the metal from which they were made. That led to a proposal to make a two-cent coin of billon, a shiny, gold-colored alloy of copper and silver. Unfortunately, the proposed coin closely resembled brass buttons of the era, plus it was easy to counterfeit, leading to its rejection by Congress.
Post-Civil War Two and Three Cent Coins
The economic uncertainty of the Civil War led to massive hoarding of all coins, effectively taking them out of circulation. Merchants responded by producing their own “private tokens” by the millions in thousands of different designs. As the war drew to a close, the Treasury wanted to get small-denomination coins back into circulation as quickly as possible. That led to the production of two- and three-cent coins along with the traditional pennies and half-dime 5-cent pieces.
The 1864 Two Cent Piece – Design and Mintage
Three-cent coins had been made since 1851, originally of silver and later of a copper-nickel alloy, but two-cent pieces didn’t come into production until 1864. They were 95% copper and slightly larger than 7/8 inch in diameter.
The design was simple; the face had a federal shield flanked by laurel wreaths to symbolize victory and crossed arrows behind the shield, signifying a desire for peace along with a readiness to fight if challenged.
The mintage date sat below the shield. Since all the coins were made at the Philadelphia mint, they carried no mint mark.
Most significantly, the shield had a banner above it inscribed with the words “In God We Trust,” marking the first time that motto appeared on U.S. coinage. It has been used on all U.S. coins since 1938.
The reverse was even simpler. The number 2 sat above “Cents” surrounded by wheat stalks, and “United States of America” runs along the coin’s edge.
Other than a few early 1864 coins having the motto in smaller letters, the only other significant design change was in 1873 when the Chief Coiner of the Philadelphia mint complained that the number 3 was too closed and resembled an 8. That led to opening the arms of the 3 on later production of the coin.
Discontinuation and Value of the Two Cent Coin
The two-cent coin fell out of favor rather quickly, and production was discontinued in 1872; the 1873 coins were made only as proofs. About 33 million coins were produced in its first two years, but mintage fell drastically after then, falling to only 65,000 in 1872. Barely a thousand of the 1873 proof coins were made—500 with the closed 3 and 600 of the open. Circulated 1864-65 coins are collectible and sell for under $30, depending on condition. Higher grades sell for hundreds and even thousands of dollars. The smaller mintages can bring hundreds of dollars or more, even in circulated condition.
Collect the 1864 and 1865 Two Cent Coins
The Great American Coin Company® is pleased to offer historic 1864 and 1865 Two-Cent coins to add to your collection. Available in circulated condition, they’re an important part of any portfolio and are an inexpensive way to launch a rewarding, life-long interest in coin collecting. They make great novelty gifts that capture an important time in U.S. history, too.
The Great American Coin Company offers a wide selection of collectible U.S. coins and paper money as well as currency from around the world. We keep adding unique collectibles as they become available, so be sure to visit us frequently. And while you’re there, be sure to visit our blog for interesting and timely articles about currency and precious metals.
