• The US Two Cent Piece


        The US Two Cent piece was first suggested in 1806, then again in 1807. The objections of Mint Director Robert Patterson resulted in those attempts failing. In 1816 it was again suggested to no avail. Another attempt was mounted in 1836 with likewise negative results. This effort was accompanied by a several pattern coins struck in billon (90% copper/10% silver), and in copper. Surviving examples are identified as Judd 52 and Judd 54.

        In late 1862 and through 1863 the Mint was unable to meet demand for the new small copper-nickel cents due to wartime hoarding and the lack of a five cent piece. In December 1863 Mint Director James Pollock suggested a 2 cent coin be produced, in bronze, in an attempt to supply much needed minor coinage for circulation.

        Patterns were ordered struck that have been identified as Judd 305, 306, 308, 312, and 312a. These patterns were produced in a variety of metals and designs. The bronze Judd 312 and 312a most closely resemble the design implemented in 1864. Treasury Secretary Chase requested that the motto of God Our Trust be changed to In God We Trust. Congressional approval was included in the Mint Act of 1864, approved by Congress on April 22, 1864.

        Almost twenty million pieces were produced in 1864. Production began utilizing a prototype master hub that had small lettering in the In God We Trust motto. The balance of 1864 production and all subsequent years used larger motto lettering as well as exhibiting other less noticeable changes.

        A total of 45,601,000 circulation strike, and 7,160 proof, two cent pieces were minted between 1864 and 1873. Designed by James Barton Longacre the two cent piece met with initial popularity, but soon fell out of favor. The two cent piece was the first United States coin to bear the motto In God We Trust. With Longacre’s death in 1869 a new Chief Engraver, William Barber, took over the Mint’s design duties. Barber modified the Master Hub by reducing the size of the berries along with other small changes. The coins struck from 1870 to 1873 show these changes.

        As the two cent production diminished, production was stopped in 1872. In 1873 only 600 Proof issues were produced. These 600 pieces are known at the Closed 3 variety. An additional 500 restrikes were produced at some later date. The Open 3/Closed 3 variety seen on other U.S. coins differentiates the original 1873 strikes from the restrike two cent pieces.

        Between 1871 and 1881 a total of 17,557,941 two cent pieces, both circulation strikes and proof strikes were redeemed and melted by the mint. No records were kept by coin dates. This would mean that a total of 28,050,219 pieces survived redemption and destruction.

        Author Myron M. Kliman estimates that the survival rate of proof strike two cent pieces at 62 ½ percent. Which would mean that of the 7,160 pieces produced 4,475 pieces remained in circulation.

        Total circulation and proof production was 45,608,160.

        Between 1871 and 1881 a total of 17,557,941 two cent pieces, both circulation strikes and proof strikes were redeemed and melted by the mint. No records were kept by coin dates. This would mean that a total of 28,050,219 pieces survived redemption and destruction.

        Author Myron M. Kliman estimates that the survival rate of proof strike two cent pieces at 62 ½ percent. Which would mean that of the 7,160 pieces produced 4,475 pieces remained in circulation.

        Sources
        Flynn, Kevin Getting Your Two Cents Worth, Rancocas, NJ 1994
        Julian, R.W. “all about the” TWO Cents, The Numismatist, 12/2009
        Kliman, Mryon M., The Two Cent Piece and Varieties, 1977
        LaMarre, Tom, Old Denomination Treasures, COINS Magazine, 7/1998