Exploring Two-Cent Coins (1864-1873): History and Value

Design of the Two Cent Coin

The obverse of the Two-Cent Coins portrays a shield that stands to signify strength. The upper part of the shield represents the Congress, and the 13 stripes engraved on the shield represent the 13 original states, with olive branches framing the shield. The motto “IN GOD WE TRUST” is added above the shield, which is unique as this was the first time that a US coin possessed the iconic motto. It was added at the behest of Reverend Mark R. Watkinson, which followed a move by Congress in 1865 ordering the motto’s use on all US coins that could fit it.

1864 Two Cent Coin Specifications:

Historical Significance

When the Civil War raged through America, people hoarded gold and silver coins for their value as they feared an impending financial crisis. This had an adverse impact on the circulation of currency in the nation. The US Mint Director James Pollock drafted his annual report in 1863, which underlined that they were privately issued merchant tokens that were being circulated amidst the War, encroaching on the primary functions of the US Mint.

Moreover, in 1864, Pollock wrote a letter to Treasury Secretary Salmon P. Chase about an impending shortage of nickel that would hamper the Mint’s supply, at a time when the need and demand for it were quite high. To address this issue head-on, the US

Mint began minting cheaper bronze-cent and two-cent pieces, which was allegedly done to get as much small change as possible into circulation within a short amount of time.

As the Civil War drew towards its end, the hoarding of coins started declining, though it did take time for gold and silver coins to enter back into circulation. It was in this period that the nickel-based three and five-cent coins were brought into circulation, leading to a fall in the demand for two-cent pieces.

Mintage figures

The two-cent pieces were minted at the Philadelphia Mint and have no mint mark. Here are the mintage figures for both proof and circulation strikes:

Did you know?

The Two-Cent Piece, minted from 1864 to 1873, had its most common year in 1864, with over 20 million coins produced. This was the first year of the coin’s production, featuring two distinct varieties: the Large Motto and the Small Motto. These differences in the inscriptions on the obverse make the 1864 Two Cent a highly coveted year for collectors. The large mintage of the 1864 coin is easier to find, while the Small Motto variety is rarer and more valuable.

Two Cent Coin Value

There are two important determinants of the Two-Cent Coin’s value, which can be classified as -

The Two Cent Coin was produced during a finite period and can be acquired with ease. However, some editions of the coin are much rarer and sought after as a collector’s item. The coin's value can be placed between $11 to $200, but the premiums attached to them do not reflect the value of their limited mintage.

The condition of the con is crucial for understanding its value. A coin in poor condition can be worth $11, but one in excellent shape could be worth much more. You can check its condition by looking at the details like the motto “IN GOD WE TRUST.” If the letters are worn or hard to read, the coin may be in good condition. The coin can be graded in fine condition if it’s clearly visible, but shows wear.

A coin with no wear and crisp details is graded as extremely fine. Coins graded by trusted services like PCGS or NGC tend to have higher value due to their unparalleled authenticity parameters.

Two Cent Coin Values Today

Refer to the table below to understand the values that Two Cent Coins go for in today’s market.