1864 marked another year that the Civil
War continued raging through out the United States. What
did not continue, however, was the copper-nickel alloy that
was used to strike the cent since the introduction of the
new type in 1857. During the previous year, the Mint had
struck an experimental piece in a Bronze alloy for the first
time. This piece, Judd-299 led to the adaption of the bronze
cent later in the year.
The first few months, cent production continued
where it had left during the previous year. Although the
Civil War had ceased all federal coinage to circulate, production
was high again. During the five months the 1864 copper-nickel
cents was produced (January to May) a total of 13,740,000
cents were made, on par with the previous Civil War years.
As before, many were bought by investors who offered them
to the public for a premium. Even with rising copper prices
following the Civil War however, melting never became profitable,
and many were preserved in uncirculated condition.
As the mintage of this issue was pretty
low due to being abandoned after five months, pieces are
scarcer than those of the previous years. It is estimated
that a total of 6,000 pieces exist in all uncirculated grades,
seldom finer than MS-65 or gem. In MS-66, this becomes a
rare issue and less than a handful pieces have been graded
MS-67, a rarity for every issue in this series as well.
The rarity in the finest mint-state grades
can be blamed on the low eye appeal most coins of this issue
have. Even more than the previous years, the Mint was focused
on just producing the cents, and little they cared for quality.
As a result, many pieces that are around in modern times
show weak strikes, uneven mixed alloys and other problems.
The natural coloration of the copper-nickel alloy is a white
gray tone, but this issue is known for coming with a very
unattractive, often dark gray color.
Even in gem grades, many examples are still
unattractive, and cherry picking is advised. Logically,
unspotted pieces, with a strong strike, struck from new,
unworn dies have the preference. However, as can be expected
these are extremely rare (although they will often cost
the same as any other regular example), and seldom found.
If you have the time and patience to search for such a coin,
take it, and you will not be disappointed.
As proof sets were generally, and largely,
sold early in the year, the copper-nickel 1864 cents have
the largest mintage of all proof cents of this year. An
estimated 370 are supposed to have been made, before the
Mint switched to the bronze alloy. Although this is a slightly
lower mintage than the 1863 proof cents, they tend to be
somewhat more common, and of higher quality as well. This
issue has a very high survival rate, with approximately
325 coins still known in all proof grades.
The copper-nickel cents of this year in
proof are very suitable for a type set. Most collectors
choose to include the 1862 to represent the copper-nickel
Indian Head cent in proof, but the 1864 represents a much
better value. As a general rule, these also show much better
contrast and are easily found with cameo devices, highly
attractive and found on approximately 50% of all copper-nickel
proof cents of this year.
Overall, this issue is the most common of
all three 1864 cent issues in higher grades, both in proof
and circulation strike format. Eye appeal is usually below
average for the circulation strikes, and intensive searching
is required to find a nice example. Proofs are around in
all grades up to PF-66. PF-67 pieces are rare, with less
than a dozen pieces graded, but come to the market at least
once a year. Cameo pieces are the most common of all copper-nickel
cents, and are usually highly attractive.
