SOLD
1,700.00USDto floor+ buyer's premium
This item SOLD at 2020 Nov 17 @ 22:45UTC-05:00 : EST/CDT
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***Auction Highlight*** 1866 Mint Error 'Struck Thru Obv' Indian Cent 1c Graded Gem+ Unc RD By USCG. Intensely vivid red surfaces also offers full striking detail and superb frosted luster. The level of preservation is truly extraordinary for an early date bronze Indian cent, a virtually pristine appearance complementing the original mint color. The 1866 inaugurates a run of low mintage circulation strike Indian cents that would continue through 1878. Although initially enjoying widespread acceptance in the East and Midwest where coinage had been hoarded during the Civil War, the bronze cent introduced in 1864 was already proving a nuisance in commerce by 1866. More examples had been produced in 1864 and 1865 than were needed on an ongoing basis, unwanted coins quickly accumulating in bank reserves. The government's first response was to limit the number of new cents produced, hence a mintage of just 9,826,500 circulation strikes for the 1866 as opposed to 39,429,286 pieces for the 1865. Eventually, however, the Act of 1871 authorized the Mint to redeem earlier-dated copper, bronze and even copper-nickel cents to relieve the backlog of such coins. The redeemed coins were melted and the metal used for new coinage, a practice that continued until 1874 when the Mint began simply reissuing the redeemed coins alongside newly struck pieces. Numismatic scholars suspect that many 1866 cents were destroyed after they were redeemed by the Mint, this destruction combining with the relatively limited mintage to explain the scarcity of examples in numismatic circles. With the quality and eye appeal offered here the 1866 is nothing short of rare from a condition standpoint, the present lot sure to see spirited bidding among astute Indian cent enthusiasts. Additionally it is a full Mint Error coin with a struck thru on the obverse. WOW! A Corey's Pick, Bid to Win, Don't let it get Away, you might not find its equal Coin. I give this coin my highest recommendation
Auction Location:
148 Route 73, Suite 3-284, Voorhees, New Jersey, 08043, United States
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| From (Incl.) | To (Excl.) | Premium |
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Infinite |
21% |
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