The 1864 Two-Cent Piece was introduced during a time of great turmoil in the United States as the Civil War raged on. The war created a significant shortage of hard currency, leading to the disappearance of specie coins and even small copper cents from circulation by 1864.
In response, the U.S. Mint introduced the Two-Cent Piece, struck in bronze instead of the more expensive cupro-nickel used for one-cent coins before the war. This move marked a further step towards a fiduciary coinage system in the U.S.
The Two-Cent Piece was created in part to alleviate the shortage of one-cent coins, with nearly 20 million pieces struck in its first year—representing almost 44% of the entire series produced from 1864 to 1873. However, the idea of a two-cent coin was not new; it had been proposed as early as 1806 but failed to gain traction until the Civil War highlighted the need for such a denomination.
The 1864 Two-Cent Piece holds historical significance as it was the first U.S. coin to feature the national motto “In God We Trust.” This motto was chosen after various alternatives were considered, and it was officially approved for production by Secretary of the Treasury Salmon P. Chase. Initially, the coin was struck with a smaller, narrower motto on the obverse, known as the “Small Motto” variety, before the design was adjusted to feature a larger, more upright version, creating the “Large Motto” variety.
Value of the 1864 Two-Cent Piece, Large Motto
The value of the 1864 Large Motto Two-Cent Piece varies based on its condition and color designation: Red (RD), Red Brown (RB), or Brown (B). Red-designated coins are particularly rare due to the copper’s tendency to oxidize over time. As a result, Red coins are typically only found in AU50 or higher grades.
The highest grade known for this coin is MS67, with only seven examples graded at this level. One of these coins set an auction record of $19,975 in 2015, though more recent sales have seen prices closer to $12,000. Coins in MS66 grade are more common, with prices ranging from $2,000 to $3,500. Lower-grade Mint State examples, such as MS65, typically sell for $800 to $1,500.
Red Brown (RB) examples, which retain up to 95% of their original red coloration, are also valuable, particularly in higher grades. The auction record for an RB coin is $4,888, set in 2008. These coins generally sell for $500 to $1,500 in MS65 and MS66 grades. Brown (B) examples, which have fully oxidized, are more affordable, with prices ranging from $150 to $500, depending on the grade.
For collectors on a budget, extremely low-grade Brown examples can be purchased for as little as $10 to $30.
Design Details of the 1864 Two-Cent Piece, Large Motto
Obverse:
The obverse of the 1864 Two-Cent Piece features a design inspired by the Great Seal of the United States, created by U.S. Mint Chief Engraver James B. Longacre. It showcases a defensive shield with six vertical and 20 horizontal bars, symbolizing the Union’s strength during the Civil War.
The shield is flanked by crossed arrows, representing alliance and friendship, with a laurel leaf, a symbol of victory, behind them. Above the shield is a flowing banner with the motto “IN GOD WE TRUST,” marking the first appearance of this phrase on U.S. coinage. The date “1864” is placed below the shield.
Reverse:
The reverse design centers on a wheat wreath encircling the denomination “2 CENTS,” written in two lines. The inscription “UNITED STATES OF AMERICA” wraps around the top three-quarters of the coin. Since all Two-Cent Pieces were struck at the Philadelphia Mint, there is no mintmark.
Edge:
The edge of the 1864 Two-Cent Piece is plain, without any reeding or lettering.
Designer:
James Barton Longacre, the fourth Chief Engraver of the United States Mint, designed the 1864 Two-Cent Piece. Longacre was a prominent engraver and medalist in the 19th century, known for designing several iconic U.S. coins, including the Indian Head Cent and the $20 Coronet Head Double Eagle.
Coin Specifications:
| Country: | United States of America |
|---|---|
| Year of Issue: | 1864 |
| Denomination: | Two Cents (USD) |
| Mintmark: | None (Philadelphia) |
| Mintage: | 19,822,500 or 19,847,500 (disputed) |
| Alloy: | 95% Copper, 5% Tin and Zinc |
| Weight: | 6.22 g |
| Diameter: | 23.00 mm |
| Edge: | Plain |
| OBV Designer: | James Barton Longacre |
| REV Designer: | James Barton Longacre |
| Quality: | Business Strike |
Conclusion
The 1864 Two-Cent Piece, Large Motto is a significant coin in U.S. history, not only for its role during the Civil War but also as the first coin to feature “In God We Trust.” Collectors highly value this coin, especially in higher grades with Red color designations. Its unique design and historical context make it a prized addition to any numismatic collection.
FAQs
Why is the 1864 Two-Cent Piece historically significant?
It was the first U.S. coin to feature the national motto “In God We Trust.”
What are the key differences between the Large Motto and Small Motto varieties?
The Large Motto variety has a more upright and prominent motto, with differences in the lettering and laurel wreath compared to the Small Motto variety.
How does the color designation affect the value of the 1864 Two-Cent Piece?
Coins with a Red (RD) designation are the most valuable, followed by Red Brown (RB) and Brown (B), with prices varying significantly based on these designations and the coin’s grade.
What is the estimated value of an 1864 Large Motto Two-Cent Piece in MS67 grade?
An MS67 example can be worth between $12,000 and $19,975, depending on market conditions.
Why is the Two-Cent Piece important in U.S. numismatic history?
It represents a significant response to the Civil War’s economic challenges and was the first coin to feature “In God We Trust.”
How can collectors identify a genuine 1864 Large Motto Two-Cent Piece?
Key identifiers include the size and positioning of the motto, the visibility of the laurel wreath stem, and the overall condition and color of the coin.
References
- A Guide Book of United States Coins (Red Book)
- Heritage Auctions Archives
- U.S. Mint Historical Data
