Two-Cent Piece (1864–1873): What’s It Worth?

Specifications

Denomination

Two-cent piece

Designer

James Barton Longacre

Years of issue

1864–1873 (1873 proof only)

Weight

6.22 g

Diameter

23 mm

Edge

Plain

The 1864–1873 two-cent piece — the first U.S. coin to carry IN GOD WE TRUST, a Civil War emergency issue that collectors love for its bold shield and the 1864 Small Motto variety.

History

• Authorized by the Mint Act of April 22, 1864, the two-cent piece was born of Civil War necessity: silver and even copper-nickel cents were being hoarded, leaving small change desperately short. Mint Director James Pollock had written Treasury Secretary Salmon P. Chase on December 8, 1863, proposing a two-cent coin in “French bronze” (95% copper) that would relieve the shortage and prove too bulky to hoard profitably (PCGS; Numismatic News).
• It became the first circulating U.S. coin to bear IN GOD WE TRUST. The motto came from Chase himself: when the Mint’s proposed legend read “God Our Trust,” Chase ordered that the phrase be changed to “In God We Trust,” reportedly prompted in part by a letter from Pennsylvania minister Rev. M.R. Watkinson asking that God be recognized on the nation’s coinage (PCGS; Numismatic News).
• James Barton Longacre, the Mint’s chief engraver, designed the coin: a Union shield crossed with arrows beneath a motto banner on the obverse, and a simple 2 CENTS inside a wheat wreath on the reverse (Numismatic News; Money Metals).
• The series opened with a famous one-year variety: the 1864 Small Motto, whose tiny letters in the motto banner contrast with the Large Motto used for the rest of the series. Pattern pieces dated 1863 exist, and overdates include the 1865/4 and 1869/8 (PCGS; Numismatic News).
• Mintage fell off sharply after the war: 1871 saw 721,250 business strikes, 1872 just 65,000, and 1873 was struck in proof only for collectors. The series ended in 1873 (PCGS).

What is it worth

• Common circulated dates are affordable — older published figures put the 1864 Large Motto around $50 in XF-40 — while the 1864 Small Motto books about $250 in G-4 and $4,100 in MS-65 (Numismatic News).
• The 1872, with only 65,000 business strikes, is the key business-strike date: older guide figures put it near $700 in Fine and about $3,150 in MS-60 (Numismatic News; PCGS).
• The 1873 proof-only issue and the Small Motto in high grade carry the biggest premiums; a Small Motto in proof-65 has been described as an $85,000 rarity (Numismatic News; PCGS).

What drives the premium

• The 1864 Small Motto vs. Large Motto distinction is the single most important variety check: on the Small Motto the O in GOD is nearly round and sits high relative to the D, and the S in TRUST lacks serifs; on the Large Motto the O is oval and sits lower, and the S has serifs (Numismatic News).
• Low mintages for the late dates (1871–1873) make original Uncirculated survivors genuinely scarce (PCGS).
• Overdates (1865/4, 1869/8) carry variety premiums for specialists (PCGS).
• Original red-brown mint color brings strong premiums; most survivors are fully brown (Money Metals).

Specifications

• Composition: 95% copper, 5% tin and zinc (Money Metals)
• Weight: 6.22 g (Money Metals)
• Diameter: 23 mm (Money Metals)
• Edge: Plain (Money Metals)
• Designer: James Barton Longacre (PCGS)
• Mint: Philadelphia only (no mint mark)
• Mintages: 1864: 19,847,500; 1871: 721,250; 1872: 65,000 business strikes (Numismatic News; PCGS)
• Years: 1864–1873 (1873 proof only) (PCGS)

Collector notes

• Two-cent pieces are among the most counterfeited Civil War-era coins in raw form; buy the keys certified (PCGS).
• The design’s high points — the shield’s horizontal lines and the banner letters — show wear first, so grade carefully (Numismatic News).
• Because the denomination was obsolete by 1873, no bank-wrapped rolls were ever saved; original Uncirculated examples are genuinely scarce (PCGS).
• It remains the only two-cent denomination the United States has ever issued for circulation (PCGS).

Market check

Sources

• PCGS CoinFacts — Two-Cent: https://www.pcgs.com/coinfacts/category/two-cent-1864-1873/670
• PCGS — 1871 two-cent piece: https://www.pcgs.com/news/the-1871-two-cent-piece
• Numismatic News — Small Motto diagnostics: https://www.numismaticnews.net/collecting-101/small-motto-means-big-things-for-2-cent-collectors
• Money Metals — two-cent specifications: https://www.moneymetals.com/civil-war-2-cent-coin-fine-to-very-fine/2261

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Morgan Silver Dollar1878–1921Peace Silver Dollar1921–1935Walking Liberty Half Dollar1916–1947American Silver Eagle1986–present