Even with federal coins not found in circulation, the Mint continued to strike the smallest denomination in considerable numbers. In 1862, a total of 28,075,000 cents were struck for circulation, and an estimated 550 proofs were struck for collectors. Unlike the previous year, most of these specially prepared coins were sold, and an estimated 475+ proofs are still available to collectors. This number might be largely influenced by a rumored hoard of approximately 200 pieces that was found together many years ago. All of this makes the 1862 proof cent the most available proof issue of this type, despite the lower mintage compared to the previous year. The majority of those cents remained unsold and were later melted. Even if there remained unsold pieces, it can be assumed that these were saved by the Mint and sold in the years afterwards.

The proof cents of this year are of considerable better quality than those made the previous year. Strikes are usually full, a result of the Mint using multiple strikes for proof coinage, unlike the 1861 cents. On original, untoned pieces, the original white-grey color is preserved and many of this issue show the copper-nickel alloy in there pure form. As other proof coinage of the Civil War era, these proof cents are usually found with highly reflective surfaces. These often show hairlines and other distractions, making GEM pieces scarce, but available. PR-66 and PR-67 are scarce, but available from time to time. A handful of pieces have been graded PR-68 and show virtually no distractions, but are so scarce that they are only offered publicly once or twice every decade.

In cameo, or even deep cameo (completely unknown for the previous year) pieces are seldom found, but do exist. This is the first year that more than a select few pieces (less than 5) cameo pieces are available. These often show full deep cameo surfaces on the obverse. The reverse usually has less frost, giving the overall coin a cameo designation. Only a handful true deep cameo pieces exist, which are all highly attractive and always in demand. The only other Civil War proof cents that have deep cameo pieces graded are a few 1864 cents.

In Mint State, this piece is less scarce than the previous year. When these cents disappeared from circulation investors bought large quantities, with the result that an estimated 10,000 pieces still exist in uncirculated condition. Most of these grade MS-63 or MS-64, but gems are easily acquired as well. Early die states with full strikes, having the best eye-appeal are very hard to find in this and higher grades, making large price differences possible for coins of the same grade.

Correctly graded MS-66 pieces are scarce, but offered sporadically at auction or in dealers’ inventories. In MS-67, the copper nickel-cents are a true rarity for the 1861 issue but double as more available for the 1862 year. These will have full luster, original surfaces and only a few tiny hits or spots on the devices.

This issue is the most available Copper-Nickel cent, given the wide hoarding and investors who bought the cents in the year they were issue. After the Civil War, as with the other copper-nickel cents these circulated again until the redemption act in the early 1860’s, which withdrew all older cents from circulation. However, the large mintage makes them common in uncirculated grades and an issue often included in type sets to represent the copper-nickel Indian Head Cent.