Before the three-cent nickel, there was the “fish scale,” so-called because the coin was so small a few laid on a counter would resemble the rough skin of a fish.
Why Three Cents?
In the early 1800s a worker might only get paid fifty cents for a day’s work and basic foods or other commodities sold for pennies per pound. Half-, one-, and two -cent copper coins existed, but since the value of coins was equivalent to the amount of metal they contained, one and two cent coins were large, heavy and unpopular. A three-cent copper would be even larger, so a more convenient coin was needed.
Size Matters
When a three-cent coin was proposed in 1850, US coinage conformed to a standard by which the value of a coin was determined by the amount of metal it contained. Three cents worth of copper would have resulted in a coin that was very large and heavy, so in 1851 a 3-cent silver coin was approved by Congress.
Because of its relatively low bullion content, the 3-cent silver coin is the smallest U.S. coin ever made, barely half an inch in diameter and 1/16th inch thick. This led to the coins’ nickname: fish scales. They were also known as “trimes.”
A Casualty of War
With the onset of the Civil War, Americans began hoarding coins as a hedge against economic collapse, and bullion coins virtually disappeared from circulation. And demand for silver and gold to finance the war caused mintage of 3-cent silver coins to fall to only a few thousand per year.
By war’s end in 1865, Congress authorized production of a new copper-nickel 3-cent coin to get the denomination back into circulation. It was only meant to be a temporary issue, but the coin’s popularity, along with considerable urging by nickel lobbyists, led it to become the official coin in circulation, with silver 3-cents being limited to proof coins and eventually discontinued altogether in 1873.
Three-cent Silver Coin Varieties
The tree-cent silver was the first US coin that didn’t feature a depiction of Liberty. It was initially struck in 75% silver for its first two years, increasing to 90% in 1854 to match the other silver coins in production at the time.
Designed by James Longacre, the face (obverse) was simply a shield inside a six-pointed star with United States of America curving around the outer edge and the date below. The reverse was simple, too. A Roman numeral III was inside the letter “C” and thirteen stars circled the coin’s edge. Produced from 1851 to 1853, these are known as Type 1 coins.
In 1854 the weight of the coin was reduced due to the increase in silver purity. To signify the change, the star on the face was enlarged and three lines outlined it. On the reverse an olive branch and sheaf of arrows were placed inside the “C” above and below the III, respectively. These are called Type 2 coins.
In 1859 the outline of the star was reduced to two lines to alleviate striking problems and the lettering on the face was made taller and narrower giving the coin a Type 3 designation.
The size of the date numbers also varied over the years
Rarity and Value
While the coin itself isn’t particularly rare, the numbers produced in a given year vary considerably, causing some mintages to be more valuable than others, especially later low mintage coins in uncirculated condition. Common dates in good condition can be had for $25-50.
In 1851 720,000 silver three-cent coins were minted in New Orleans, the only three-cent coins made outside Philadelphia. While not particularly rare, its uniqueness adds value, especially at highest grades. An MS-67 coin sold for $22,000 in 1995 but recent prices have fallen into the $5,000 range, with lower grades in the mid to low hundreds.
The 1872 coin is rare and eagerly sought due both to its extremely low mintage (1,000 coins) and the fact that it is the coin’s last year of issue for circulation. An MS-67 coin brought over $54,000 at auction in 2015 and most coins in good condition are valued $1,000 or more.
In 1873 only proof coins were made but well over 10,000 are known to exist, keeping their value somewhat depressed. A PR-67 sample holds the auction record of $9,775 in 2011.
According to PCGS Coin Facts overdate strikes occurred on some coins minted in 1851, 1862, 1863, and 1869.
Collecting Three-Cent Silver Coins
Three-cent silver Fish Scales make interesting additions to any collection and are available in good condition at reasonable prices. For a look at price ranges for silver “trimes,” visit the PCGS Coin Facts website.
