Rare 1864 Proof Small Motto Two-Cent Piece to be Offered at Auction!

DALLAS, TEXAS: The Nineteenth Century was a time of great experimentation when it came to American coinage. Many denominations now defunct were issued in those days, in an effort to gauge what would be of most use to the American public. One of those odd denominations fated to failure was the two-cent piece.

The concept of the two-cent piece actually dates from 1806, but it was abandoned on the advice of Mint Director Robert Patterson, who felt that it would be too easy to confuse the coin with a brass button popular at the time.

The cause of the two-cent piece was taken up again in 1863, when it was included in the Mint Bill that was passed by Congress on April 22, 1864. With this legislation, the two-cent piece at last became a reality.

The first American coin to bear the motto, "In God We Trust," the two-cent coin - designed by Mint Engraver James Longacre - was not a success, and was produced only between 1863 - patterns only, circulating coins began in 1864 - and 1873. Trial coins, also referred to as patterns, were first produced in 1863 and coins for circulation were produced from 1864 to 1873. The patterns and the first production coins used small letters in the motto, but this was changed very early in 1864 to a larger motto. The latter design, referred to the large Motto, remained in use for the remainder of the series.

"Thanks to the efforts of those who have gone before us, we know that the Philadelphia Mint produced approximately 100 proof Two Cent pieces in July 1864," said Greg Rohan, President of Dallas-based Heritage Auction Galleries. "On the other hand, we do not know the percentage breakdown between Large Motto and Small Motto coins in that delivery. In 1977, Walter Breen stated that all 100+ Two Cent pieces issued with the 1864 proof sets could have been Large Motto examples, which means that a few proof Small Motto specimens were made at a later time and sold individually. The author also accepted the possibility that the Small Motto coins could have formed a limited percentage of the aforementioned 100-coin proof mintage. Regardless of which, if either, of these theories is correct, the rarity of the proof 1864 Small Motto Two Cent Piece is unquestionable."

"The coin offered in our upcoming auction is richly and originally toned in mahogany-brown shades that yield to streaks of pale tan color in the center of the obverse and near the upper right rim on the same side," said Rohan. "Direct angles reveal a cornucopia of golden-blue, orange-red, and salmon-pink undertones that are a little more uniform in distribution on the reverse. Such angles also reveal glistening reflectivity in the fields, but razor sharp striking detail is evident even after the most cursory glance. This is, without a doubt, a coin that would form the centerpiece of any specialized collection of 19th century proof coinage."

Heritage Auction Galleries will present the 1864 2C Small Motto PR65 Brown PCGS in their upcoming Signature Auction, to be held September 14 & 15, 2006 as the official auctioneer of the Long Beach Coin, Stamp & Collectible Expo, at the Long Beach Convention Center, 100 South Pine Avenue, Long Beach, CA, 90802.

1864 2C Small Motto PR65 Brown PCGS

Images, descriptions, and prices realized from all of Heritage's previous auctions are available in the Permanent Auction Archives at the Heritage website, www.HA.com.

To reserve your copy of a catalog for any upcoming Heritage auction, please contact Nicole Jewell, c/o Heritage Auction Galleries, 3500 Maple Avenue, 17th Floor, Dallas, TX 75219, or call 1-800-872-6467, ext. 272.