Soon after its initial coinage the 1856 Flying Eagle cent
became known as a key American rarity. Today, probably about 1,500 pieces are
known, primarily Proof restrikes. Most originals were produced with Uncirculated
or business strike surfaces and today are considerably scarcer than Proofs. No
price differentiation is made between restrikes and originals in the
marketplace.
Budget Recommendations: Buy the 1857 and 1858 issues in G-4
to VG-8 grades.
Recommendations for the Connoisseur: If you want a true
American numismatic classic, the 1856 Flying Eagle cent is a good buy in MS-63
and MS-64 grades or in Proof-63 and Proof-64 preservation. Most pieces you will
be offered will have dingy surfaces. Take your time and pick a nice one! For
1857-1858 cents I recommend MS-63 and MS-64 as well. MS-65 coins are wonderful,
but they cost many multiples of the MS-64 level, and I am not sure they are
worth it. However, if money is no objection, go ahead.
Elite Recommendations: Buy the 1856 Flying Eagle in MS-65
grade (very rare) or Proof-65 (easier to find, but still elusive), picking
pieces with excellent aesthetic appeal. MS-65 is a good goal for the 1857 and
1858 varieties. Proofs of the 1857 and 1858 years are extremely rare; fewer than
two dozen 1857 Proofs are known and fewer than 50 dated 1858.
Indian Cents (1859-1909)
In 1859 a new cent design made its debut, the Indian type.
A laurel wreath was used on the reverse this year, but in 1860 it was replaced
with an oak wreath surmounted by a shield. Indian cents minted from 1859 through
1864 were struck in copper-nickel alloy similar to that used for Flying Eagle
cents.
In beginning of the summer of 1862, a time when the outcome
of the Civil War was uncertain, citizens hoarded coins of all descriptions, and
before long copper-nickel Flying Eagle and Indian cents were scarcely to be
seen. Filling a need for everyday pocket change, merchants and others
distributed millions of cent-size tokens, mostly made in bronze (an alloy of
copper, zinc, and tin). Mint officials took note of the popularity of these thin
bronze cents and began experiments of their own. In 1864, after a number of
copper-nickel cents had been struck bearing that year's date, the official
standard was changed to bronze and the authorized weight was lowered. The bronze
standard was used until the end of the Indian cents in 1909 and was continued in
the Lincoln cent series until 1982.
