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OnDaFence 36M/44M
44267 posts
4/21/2017 9:32 pm

Last Read:
4/22/2017 12:53 pm

153 Years Ago Today



Until 1857, the cent coin was a large copper piece, containing about its face value in metal.



These coins were unpopular, and in 1857, after receiving congressional approval, the Mint began issuing the Flying Eagle cent, of the diameter of the later Lincoln cent, but somewhat thicker and made of copper-nickel alloy.



These pieces readily circulated, and although the design did not strike well and was replaced by the Indian Head cent in 1859, the coins were commonly used until all federal coinage vanished from circulation in much of the United States in 1861 and 1862, during the economic turmoil of the American Civil War. This happened because many Northerners feared that if the war went poorly, paper money and government bonds might become worthless



. The gap was filled by, among other things, private token issues, sometimes in copper-nickel approximating the size of the cent, but often thinner pieces in bronze.



According to numismatist Neil Carothers, a two-cent piece was most likely proposed in order to get as much dollar value in small change into circulation in as short a time as possible, as the Mint could strike a two-cent piece as easily as a cent. the Coinage Act of 1864 was signed by President Abraham Lincoln on April 22, 1864. The legislation made base metal coins legal tender for the first time: both cents and two-cent pieces were acceptable in quantities of up to ten. The government would not, however, redeem them in bulk. The act also outlawed the private one- and two-cent tokens, and later that year Congress abolished all such issues.



The act which created the two-cent piece authorized the Mint Director, with the Secretary of the Treasury's approval, to prescribe the designs and mottos to be used. Longacre's two-cent piece was the first coin inscribed with "In God We Trust". The motto was popularized by the new coin; on March 3, 1865 Congress passed legislation ordering its use on all coins large enough to permit it. Since 1938, "In God We Trust" has been used on all American coins.



OnDaFence 36M/44M

4/21/2017 9:37 pm

    Quoting sweetone09:
    wow that is some old penny r you going to put them in a flame to
no some of them are too valuable and are kept tucked away in the safe.


OnDaFence 36M/44M

4/21/2017 9:45 pm

333333333333333333333333333


OnDaFence 36M/44M

4/21/2017 9:45 pm

4444444444444444444444444444


Hungr4Yungr 75M
5766 posts
4/22/2017 8:16 am

Plenty interesting. Thanks for posting Bret.


OnDaFence 36M/44M

4/22/2017 12:50 pm

    Quoting  :

I always attempt to give it my two cents worth even when it's not required or requested.


OnDaFence 36M/44M

4/22/2017 12:52 pm

    Quoting  :

it's a pretty sad state when inflation has eaten into the currency's value to the point a penny costs more to make than what they are worth.


OnDaFence 36M/44M

4/22/2017 12:53 pm

    Quoting Hungr4Yungr:
    Plenty interesting. Thanks for posting Bret.
Our national Motto can be attributed to President Lincoln and the humble two cent piece of 1864.