1877 Indian Cent. MS-64+ RB (PCGS). CAC.
Sold $8000.00
Gorgeous Near-Gem 1877 Indian Cent

1877 Indian Cent. MS-64+ RB (PCGS). CAC.
A lovely Choice example of this fabled key date Indian cent issue. Plenty of original medium orange luster remains, both sides also displaying pretty toning in a light, iridescent rose-brown. Fully struck from the rims to the centers, with a smooth satin texture that is suggestive of an even higher numeric grade.
With a reported mintage of just 852,500 pieces, the 1877 was produced in more limited numbers than any other circulation strike cent of its era. This is also the second lowest mintage issue of the type after the 1909-S, and examples have always been eagerly sought by collectors at all levels of preservation. The entire production of circulation strike 1877 cents was achieved in January of that year, there being no need for additional examples since the Mint had a backlog of older cents that had been redeemed pursuant to the terms of the Mint Act of 1871. This Act authorized the Mint to redeem older copper, bronze and nickel coins stockpiled in banks and use the metal obtained by melting such pieces to reissue new coins. In 1874 this process was modified whereby the redeemed coins were simply reissued by the Mint alongside any new pieces struck during the year in question. It is obvious that the Philadelphia Mint was overstocked with redeemed bronze cents in 1877 for, while the facility struck just 852,500 new coins in January, as related above, it reissued a total of 9,821,500 cents during that year. Obviously the vast majority of cents that found their way (back) into circulation in 1877 were earlier-dated pieces.
This is a premium quality coin both for the issue and the assigned grade, and it will certainly have no difficulty finding its way into a high quality Indian cent collection.
PCGS# 2128. NGC ID: 2284.
From the Revtyak Collection.

March 2016 Baltimore
Baltimore Convention Center