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Photos courtesy of Jay Parrino
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The Civil War was a time of sweeping change in American, and this trend quickly grew to affect the nation's coinage as well. To finance the war, both sides introduced paper money into circulation. In the North, these notes were redeemable in gold or silver coin on demand. As uncertainty over the war's outcome grew, however, people began exchanging their paper notes as quickly as the government could issue them. Banks soon suspended specie payments, that is, the exchange of paper for coin, and the U.S. Treasury was ultimately forced to follow suit. Soon, all gold and silver coins were being hoarded, and this panic eventually spread to even the lowly cents, which at the time were made of copper-nickel alloy and worth nearly face value. There was little that could be done about the silver and gold coins, other than issue paper notes in their place, but a new cent was needed that would stay in circulation. An inexpensive alloy of copper and tin was introduced in 1864. To meet the immediate need for small change, a two-cent piece of the same composition was included. The first issue of two-cent pieces featured the national motto IN GOD WE TRUST in short letters and is known as the Small Motto variety. Proofs of this variety were made in very small numbers and are extremely rare today. In fact, famed numismatic scholar Walter Breen estimated that just 12-15 examples exist in all grades combined! This wonderful gem proof is a contender for finest known. In addition to being fully struck in every small detail, it glitters with brilliant, mirrorlike fields and lightly frosted devices. This attractive contrast is made all the more appealing by this coin's uniformly "red" color, which has mellowed just a bit to light russet. It is a most desirable coin. |
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