Heritage World Coin Auctions
ANA Signature US Coin Sale 1258 2-6 Aug 2017
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Indian Cents
1877 1C MS65+ Red PCGS. CAC. In the years leading up to 1877, annual totals of cents being returned to the Mint from banks ranged from 2.6 million to 7.2 million pieces. Many of these were worn coins that needed to be melted, but many also were from bank stockpiles that were unneeded. In 1874, the Mint began reissuing old bronze cents that were still usable, reducing the number of new coins that needed to be struck. This practice hit its peak in 1877. That year, the Mint took in nearly 10 million worn or unneeded cents from banks, and throughout the course of the year reissued nearly the same amount of old cents back into circulation in the place of new coinage. The small 1877 cent mintage of 852,500 pieces was delivered entirely in January, and no further coinage of the denomination took place that year. Coinage of the cent rebounded slightly in 1878, but the number of old cents in stock at the Mint still stunted new production. It was not until 1879, that coinage of the Indian Head cent returned to normal eight-figure levels.
This high-end Gem survivor of the key 1877 issue shows luminous satin luster and sharp design elements. Coppery-red and golden hues appear on each side with no disrupting abrasions. A lone speck appears on Liberty's jaw. Population: 26 in 65 (3 in 65+) Red, 7 finer. CAC: 3 in 65, 3 finer (6/17).
HID02901242017
1877 1C MS65+ Red PCGS. CAC. In the years leading up to 1877, annual totals of cents being returned to the Mint from banks ranged from 2.6 million to 7.2 million pieces. Many of these were worn coins that needed to be melted, but many also were from bank stockpiles that were unneeded. In 1874, the Mint began reissuing old bronze cents that were still usable, reducing the number of new coins that needed to be struck. This practice hit its peak in 1877. That year, the Mint took in nearly 10 million worn or unneeded cents from banks, and throughout the course of the year reissued nearly the same amount of old cents back into circulation in the place of new coinage. The small 1877 cent mintage of 852,500 pieces was delivered entirely in January, and no further coinage of the denomination took place that year. Coinage of the cent rebounded slightly in 1878, but the number of old cents in stock at the Mint still stunted new production. It was not until 1879, that coinage of the Indian Head cent returned to normal eight-figure levels.
This high-end Gem survivor of the key 1877 issue shows luminous satin luster and sharp design elements. Coppery-red and golden hues appear on each side with no disrupting abrasions. A lone speck appears on Liberty's jaw. Population: 26 in 65 (3 in 65+) Red, 7 finer. CAC: 3 in 65, 3 finer (6/17).
HID02901242017