LOT Heritage Rare Coin Galleries  /  2007 Jan (FUN) Heritage Signature Coin #422  / 

792

1871 1C MS66 Red PCGS. Ex: Joshua and Ally Walsh Colle

Currency:USD Category:Coins & Paper Money Start Price:47,501.00 USD Estimated At:1.00 - 2.00 USD
1871 1C MS66 Red PCGS. Ex: Joshua and Ally Walsh Colle
<B>1871 1C MS66 Red PCGS.</B></I> Ex: Walsh Collection. Since 1857, the government had been redeeming half cents and large cents and melting them for recoinage into Indian cents. According to Rick Snow (2006): "The Mint Act of March 3, 1871, provided much-needed authorization for the Mint to redeem the nickel and bronze coinage that was clogging up commercial channels. Because these coins didn't have a bullion value close to their face value, and because their legal-tender status was limited, banks had had nowhere to go to turn in excess coinage. Now the Mint was given the legal authorization to do what it had been doing for the past few years anyway." By 1871, the supply of such redeemed coins had dwindled so low that the Philadelphia Mint could produce only 3.9 million new cents. Most of these coins were placed directly into circulation, where they remained until well worn or lost. As a result, the 1871 is one of the premier condition rarities in the Indian cent series, with PCGS reporting just two coins at the MS66 Red level of preservation; NGC has not graded one finer than MS65! This attractive and important Gem is alive with red-orange and copper-golden luster that is free of both toning and conspicuous carbon. Both sides are also devoid of distracting handling marks, and the razor-sharp strike should not be overlooked. A more attractive example of this conditionally rare issue is difficult to imagine. Population: 2 in 66, 0 finer (11/06).<BR><BR><b>Shipping:</b> Coin/Currency (<a target="_blank" href="http://www.heritageauctions.com/common/shipping.php">view shipping information</a>)
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