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Sale 75
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Lot 1082
1863. NGC graded Proof 65. Medium mirrors. Light golden tone. Housed in an Old Style Holder. The 1863, while it is one of the more frequently encountered business strike copper-nickel Cents, in Proof the opposite is the case as only 460 Proofs were struck in this copper-nickel format. The original white-gray surfaces are now toned over with an even dusky rose and lilac patina. The fields are original, and this reflectivity adds a smooth sheen to each side that contributes considerably to the coin's overall eye appeal. A small mark at Liberty’s neck is noted. Scarce, with relatively low population: Pop 32; 6 finer in 66.
Mint Director Pollock left no stone unturned in his efforts to obtain more nickel for coinage during the crisis years of the civil war, according to researches by Robert W. Julian. "Mint capacity was about 75 million copper-nickel cents per year, but the best effort, in 1863, produced only about 50 million. There simply was not enough nickel available from European refineries."There was an American supplier, Joseph Wharton, who had a nickel mine at Lancaster Gap, Pennsylvania, but his deliveries were erratic and unpredictable. His works were sometimes shut down for weeks at a time for repairs. As early as the summer of 1863, Pollock knew that something had to be done; he recommended to the Treasury that bronze be substituted for copper- nickel."Toward the end of 1863, Pollock was determined to introduce bronze coins. A draft bill was prepared for submission to Congress, but Treasury Secretary Chase did nothing for some months. The secretary was under strong pressure from Wharton's supporters in Congress.". Estimated Value $1,400 - 1,500
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| Realized $1,553 |
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