1877 1C, RD MS (PCGS#2129)
December 2020 U.S. Coins Auction
- 拍卖行
- Stack's Bowers
- 批号
- 1170
- 等级
- MS65RD
- 价格
- 165,165
- 详细说明
- Landmark Full Red Gem 1877 Indian Cent
Famous Key Date Issue
1877 Indian Cent. Snow-2. MS-65 RD (PCGS). OGH.
Offered is a rare and highly desirable Gem Mint State example of the key date 1877 Indian cent. Highly lustrous with a frosty texture, both sides retain full mint color in deep rose. Sharply to fully struck throughout, both sides are nice for the assigned grade and offer extraordinary eye appeal. Worthy of a premium bid.
With just 852,500 pieces produced, the 1877 has the lowest mintage among circulation strike Indian cents after only the final year 1909-S (309,000 struck). The 1877 is rarer than the 1909-S in all grades, however, because it was made during an era in which most collectors were content to obtain a Proof. As a result, circulation strike 1877 cents were generally overlooked in their day, and most found their way into commerce, which generally meant several years of recycling between the Mint and banks.
Although popular during the Civil War and early Reconstruction eras when silver and gold coins had disappeared from circulation in the East and Midwest, by the 1870s large quantities of bronze cents had begun to accumulate in banks as public demand for them waned. Through the Act of March 3, 1871, Congress authorized the Mint to redeem these bronze cents (along with copper and nickel coins), melt them, and use the metal retrieved to strike new coins. In 1874 the Mint modified this practice by simply reissuing the redeemed coins alongside whatever newly struck examples were required to meet demand. In 1877, a depression year, the Philadelphia Mint redeemed an unusually large number of bronze cents -- 9,908,148 coins (per Rick Snow, 2014) -- and reissued 9,821,500 coins, largely meeting demand. Relatively few new coins were required, explaining the small mintage for the circulation strike 1877 Indian cent.
This issue is eagerly sought in all grades, both circulated and Mint State. The present Gem is a significant condition rarity that numbers among the leading Indian cent highlights in the Larry H. Miller Collection.
Provenance: From the Larry H. Miller Collection.
PCGS Population: 25; 11 finer in this category (MS-66+ RD finest).
PCGS# 2129. NGC ID: 2284.
Click here for certification details from PCGS.
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