Two Cent Piece

Many consider the Two Cent Piece to be one of the least successful coins in U.S. history: The United States Mint produced it for only ten years, and each year the mintage declined, reflecting public disinterest in the coin.

Specifications

 * Designer: James B. Longacre
 * Obverse Design:
 * Reverse Design:
 * Edge: Plain
 * Weight: 6.2 grams
 * Diameter: 23 millimeters
 * Composition:  Copper (95%), Other (5%)
 * Dates Minted: 1864-1873

Background
The U.S. Two-Cent coin of 1864-73 has three major things going for it. One, it’s the only two-cent coin type ever struck by the United States Mint. Second—and this is what it’s REALLY famous for—it’s the first U.S. coin to bear the motto, “In God We Trust.” And last, but not least, this coin is a bonafide Civil War coin, its first two years of production taking place in 1864 and 1865.

In addition to the “In God We Trust” banner and shield-of-arms, there is also a wreath that drapes down behind the shield, and two arrows that cross behind the shield. The reverse features a large numeral “2” within a thick wreath (that looks much like a corn stalk). It’s not a particularly beautiful design—in fact, many collectors consider it to be a pretty boring design. This may account for the limited popularity of this coin type amongst collectors.

History
The first question you might ask is, why did we even need a two-cent coin? After all, by the early 1860’s, one-cent large cents and small cents had been struck in the hundreds of thousands and millions since 1793. But with the coming of the Civil War in 1861, there was widespread hoarding of all official coins struck by the U.S mint and its branches—silver and gold was hoarded especially, but the one-cent coins were as well. In fact, so many one-cent coins were hoarded, that the country was flooded with privately-struck one-cent tokens from 1862 to 1864. Because of the small change shortage during the Civil War, legislation was passed to allow for a two-cent coin.

The Civil War, and all the horror and uncertainty that accompanied it, is also the primary reason for the introduction of the motto, “In God We Trust” onto U.S. coinage. It would be some time before ALL U.S. coins would carry this religious motto, but the U.S. Two-Cent piece would be the first. The motto bears on the banner that drapes the top of the shield-of-arms on the obverse.

By the early 1870’s, with the Civil War over and the nation in the midst of its Reconstruction years, it had become clear that the coin-hoarding crisis was over. The once-hoarded one-cent coins came out of hiding and again entered circulation. It became clear that there was no more real use for the Two-Cent coin. After a small proof-only striking in 1873 (not meant to circulate), the Two-Cent coin was discontinued.

Collecting
Even though few collect the Two-Cent coins by date, this series at least attracts U.S. type coin collectors. This coin type also attracts collectors of oddball U.S. coin types. This coin is a must-have for inclusion in a collection of oddball U.S. coin denominations, to go along with such coins as the half cent, three-cent, half dime and twenty-cent pieces!

And BECAUSE the Two-Cent piece is seldom collected by date, that means there are some great deals to be had in this series. For instance, nearly 20 million 1864 Two-Cent pieces were struck in 1864! Today, the 1864 Two-Cent coin retails for just $16 in Very Good, and only $22 in Fine. But compare that 1864 mintage of nearly 20 million with the relatively paltry mintage of 861,250 Two-Cent pieces in 1870! Yet the 1870 Two-Cent coin retails at only $32.50 in Very Good and just $46 in Fine! For such a huge difference in mintage, that’s quite a small difference in price between the 1864 and the 1870!

Of the circulation strikes, only the 1872 Two-Cent coin is a rare date, as a miniscule 65,000 were struck that year. The 1872 Two-Cent piece retails around $325 in Good, $400 in Fine. There is a variety of the 1864 Two-Cent piece, the small motto variety, that is quite scarce. The 1864 SMALL motto Two-Cent piece retails at $125 in Good. The difference between an 1864 large motto and small motto is in the size of the “WE” in the obverse banner bearing “In God We Trust.” Make sure you can tell the difference between a small “WE” and the large one before you shell out big bucks!

Grading
Speaking of the “WE” in the “In God We Trust” banner, that word is one of the first things to wear off on a Two-Cent coin. If the “WE” and the rest of the motto are intact, that’s the first sign you have a high-grade coin. Details in the shield and the reverse wreath are also key elements to look for to see if your coin is at least Fine or above. Many of these pieces come down to us heavily worn, but also a good many were saved, so nice Very Fine and above pieces are out there.

Mints

 * Philadelphia Mint (No mintmark)