Indian Head Cent 1862 G-VG

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  • Product ID: 3310
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  • Description:

    The year 1862 saw interesting developments for the Civil War, most notably Lincoln issued the Emancipation Proclamation, in which he declared all slaves in Confederate states as free, curiously, those slaves in Union states would remain fettered. Consequently, for those numismatists collecting coins, the year 1862 also saw much of the United States and Confederate States of America hoarding all coins of gold, silver, and copper-nickel. Money became so tight in this year that the federal government issued paper money to help finance the war effort. Unsurprisingly, the value of paper currency floundered in relation to gold coins. Most importantly, the paper money was not even accepted outside of the United States, so it could not be used to repay foreign debtors.

    Amidst all this history, the 1862 issue of the Indian Head cent went into circulation. Those wishing for a quick end to the war would be dismayed as the war went into its second year. Gold and silver quickly vanished as civilians and soldiers alike hid whatever they found. Because of this, copper-nickel coins became widely used. Due to the increased demand, the Mint issued over 28,000,000 Indian Head Cents, while slowing down production of silver and gold coins making issues of other denominations of this year very scarce. These pennies circulated for a brief time before being taken from circulation during the Civil War coinage crisis coming to a crescendo during the summer of that year. They circulated after the war until the Mint began redeeming the pennies for copper Indian Head cents in the 1870’s.

    Because of its Civil War mintage, many Civil War memorabilia collectors place a high premium on these pennies. Many coins from this year can come in high grades because they were taken from circulation during the coinage crisis. Despite a lower mintage number for proof pennies (roughy 450), there are many proof cents that endured from this year. It is believed that the unsold proofs were held until the end of the War, then sold. There are no popular or major varieties in the 1862 Indian Head cent issue.

  • Details:
    • Denomination: Cent
    • Year: 1862
    • Diameter: 19 mm
    • Mint Mark: N/A
    • Thickness: 1.55 mm
    • Grade: Ungraded

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