Three-cent nickel
United States | |
Value | 3 cents (0.03 US dollars) |
---|---|
Mass | 1.94 g[1] |
Diameter | 17.9 mm[1] |
Edge | plain[1] |
Composition |
|
Years of minting | 1865–1889[1] |
Mint marks | None, all struck at Philadelphia Mint without mint mark[1] |
Obverse | |
Design | Head of Liberty |
Designer | James Barton Longacre |
Design date | 1865 |
Reverse | |
Design | Wreath surrounding Roman numeral III |
Designer | James Barton Longacre |
Design date | 1865 |
The copper-nickel three-cent piece, often called a three-cent nickel piece or three-cent nickel, was designed by US Mint Chief Engraver James B. Longacre and struck by the United States Bureau of the Mint from 1865 to 1889. It was initially popular, but its place in commerce was supplanted by the five-cent piece, or nickel.
With precious metal federal coinage hoarded during the economic turmoil of the American Civil War, including the silver three-cent piece, and even the copper-nickel cent commanding a premium, Congress issued paper money in denominations as small as three cents to replace the hoarded coins in commerce. These small slips of paper became ragged and dirty, and the public came to hate "shinplasters". After the issuance in 1864 of a lighter bronze cent and a two-cent piece of that metal, both of which circulated freely, there were proposals for a three-cent piece in copper-nickel to replace the three-cent note. The advocates were led by Pennsylvania industrialist Joseph Wharton, who then controlled the domestic supply of nickel ore. On the last legislative day of the congressional session, March 3, 1865, a bill for a three-cent piece in copper-nickel alloy was introduced in Congress, passed both houses without debate, and was signed by President Abraham Lincoln.
The three-cent nickel piece initially circulated well, but became less popular when the five-cent nickel was introduced in 1866, a larger, more convenient coin, with a value of five cents better fitting the
Background
The great influx of
The large cent was replaced by
Since fractional currency in three-cent denominations did not appear until late 1864, the cent was the only means then circulating of making change from the five-cent note, and came, in 1862 and 1863, to command a premium when sold in lots, of about 4%. The Philadelphia Mint tried to keep up with demand, limiting public purchases of cents to five dollars, and sending shipments to major cities. Despite these attempts, Mint Director James Pollock noted in his annual reports that cents were almost unobtainable, hoarded despite the fact that their metallic value remained less than one cent each. Numismatist Neil Carothers theorized that they were put aside by the public as the only circulating federal coinage, made of metal at a time when the public was forced to accept flimsy pieces of paper instead of silver and gold.[7]
With cents from the Philadelphia Mint selling at a premium, many private token issues were issued in 1863, and passed as cents in commerce. Mint officials took notice that the tokens, often made of bronze rather than the copper-nickel alloy then being used in the cent, were not hoarded and began to consider issuing bronze coins. When Pollock proposed legislation for bronze one-, two-, and three-cent pieces, it was opposed by industrialist Joseph Wharton, owner of the major source of nickel in the United States at the time, a mine at Gap, Pennsylvania.[8] Pollock's bill, as introduced, provided for one- and two-cent pieces of bronze, and the Wharton interests opposed it. According to Carothers,
Congress declined to compromise with the nickel interests ... In the House, its opponents managed to delay its passage for a month. Thaddeus Stevens, one of the most influential men in the House, fought it bitterly, admitting, however, that he objected to it because it adversely affected Wharton's interests.[9]
The
Legislation
Nickel, formerly used in the cent, now had no place in American coinage. This was unsatisfactory to Wharton, who sought its return. Although Pollock made no mention of further nickel coinage in his 1864 annual report, Wharton in April of that year published a pamphlet proposing that all non-precious metal coinage be composed of 75% copper and 25% nickel. The copper-nickel cents had contained only 12% nickel, and even so had been difficult for the Mint to strike due to the hardness of the metal, the use of which damaged equipment and quickly broke dies. An alloy of 25% nickel would be even more difficult to coin. Wharton argued that the tough alloy would be difficult to counterfeit.[12]
Congress had by the Act of March 3, 1863 authorized fractional currency in the denomination of 3 cents; when these notes reached circulation the following year they proved wildly unpopular. The 1864 law which had substituted bronze for copper-nickel had also outlawed "copperheads" or private token issues. Even though these could now only be issued anonymously, and so could not be redeemed, the copperheads were preferred to the 3-cent shinplasters. Some copperhead tokens even read "Substitute for shinplasters". The notes soon became filthy and ragged, making them even more disliked. They were more difficult to value in quantity than notes with denominations divisible by five. According to Walter Breen, "This was the moment Wharton's supporters had been waiting for."[13] Wharton and his advocates argued that the three-cent notes should be redeemed with equivalent coins. They contended that were Congress to order a three-cent bronze coin, such a piece would be as big as an obsolete large cent, and might be used to deceive the blind into accepting the pre-1857 cent rather than the more valuable coin.[14] Pollock, previously an opponent of nickel coinage, had a change of heart and became a supporter.[15]
There are several slightly varying accounts of why the bill for the three-cent nickel passed. Breen told of the pressure advocates for nickel put on House Coinage Committee chairman
The bill passed the House of Representatives on the evening of March 3, 1865. At the time, it was usual to extend the final day of the congressional session in odd-numbered years to noon on March 4, and this occurred. The Senate took up the bill late on the morning of March 4. Action was repeatedly interrupted, first by Ohio Senator John Sherman reporting progress on an appropriations bill, then by Iowa's James Grimes stating that ticket holders for the inaugural festivities at noon were being soaked by rain outside the Capitol, causing some debate as to whether they should be admitted early. Once female guests were admitted (males were left outside), the Senate passed the three-cent nickel bill without debate, and it was shortly thereafter signed by President Abraham Lincoln.[a][17]
Q. David Bowers said of the sudden passage of the legislation "We can only guess what happened behind the scenes".[15] Carothers wrote that Kasson had opposed nickel coinage, but nevertheless introduced the bill for it during the rush of the final day of the congressional session, "There was no report and no explanation ... The influences that brought about the passage of the measure in this fashion were never revealed."[18] Numismatic historian Don Taxay suggested that by March 3, 1865, "the wide circulation of the bronze cent and two-cent piece had made a three-cent coin superfluous."[19]
Design
Mint Chief Engraver
According to Lange, "resourceful as always, J.B. Longacre simply revised an existing image of Liberty for the obverse of the nickel three-cent piece. The same classical profile that appears on the Indian Head cent, the gold dollar, and the $3 piece is seen fitted with a new hairstyle and a studded coronet inscribed Liberty."[21] The act that authorized the three-cent nickel contained a provision requiring the use of the motto "In God We Trust" on all pieces large enough to bear it, but the new coin was deemed too small.[22] No change was made to the design of the three-cent piece in nickel during its lifetime.[23]
Production
Early years (1865–73)
The three-cent nickel piece was very popular when it entered circulation in mid-1865. More convenient than the larger two-cent bronze piece, it largely replaced that coin, starting the two-cent on its way to decreased popularity and abolition in 1873. The hard alloy, though, caused high levels of die breakage.[15] Between 1865 and 1876, some 17 million three-cent pieces were used by the government to redeem the three-cent fractional currency notes.[14]
The Wharton nickel interests were not satisfied by the issuance of the three-cent piece, and soon began to agitate for the passage of a five-cent coin, to be made of the same alloy as the three-cent piece. The Act of May 16, 1866 introduced the five-cent nickel piece, or "nickel", as it has come to be known.[b] According to David Lange in his history of the Mint, the five-cent piece has "become one of the mainstays of the country's coinage".[24] The new five-cent coin was legal tender up to a dollar.[25]
The introduction of the five-cent copper-nickel piece greatly decreased the popularity and use of the three-cent piece.
Congress took no action on a redemption bill, and in 1868 Linderman wrote again in his annual report, urging that the public be allowed to redeem small-denomination coins, as commerce was flooded with them. He disclosed that he had been redeeming the old copper-nickel cents with three-cent pieces and nickels. Carothers pointed out that exchanging the copper-nickel pieces for cents violated the 1865 and 1866 acts, that stated the three-cent piece and nickel could not be purchased with cents, but only for
Linderman strongly advocated a redemption law to relieve the glut of small coins:But the government that sold these tokens at par for their face value, or paid them as money to its creditors, now turns round and refuses to receive them back in payment from its own officers ... Was there ever an act of the government of a respectable people that, for meanness, can compare with this? An individual that practiced such a confidence game would be branded as a two-penny thief, and would soon be consigned to a house of correction. A government that practices such frauds upon the people cannot hope long to receive the respect of anybody.[30]
In 1866, Treasury Department official
Pollock returned to office as Mint Director in 1869. Although Pollock opposed redemption, Treasury Secretary
Decline and end (1873–90)
On January 18, 1873, Philadelphia Mint Chief Coiner A. Loudon Snowden formally complained to Pollock that on the new year's coins, the digit "3" too closely resembled an "8". Pollock ordered Chief Engraver William Barber (Longacre had died in office on January 1, 1869) to redo the logotypes for the date. Thus, most denominations of American coinage dated 1873, including the three-cent nickel piece, have varieties: the Close (or Closed) 3 from early in the year, and the Open 3 from after Barber made his modifications.[39] A total of 390,000 Closed 3 and 783,000 Open 3 of the three-cent nickel were minted.[1]
Numismatist Bruce C. Goldstein indicated that several factors combined to keep the nickel three-cent piece in decline after the passage of the 1873 act. Less and less fractional currency was being redeemed, as almost a decade had passed since the issuance of three-cent notes. Rich silver strikes in the West lowered the price of that metal to the point where old silver coins emerged from hoarding and circulated again. These factors, combined with ample stocks of cents and nickels, made the three-cent nickel, a non-silver coin of odd denomination, less desirable.[14] By 1876, the mintage for circulation had declined to 162,000. None were struck for circulation in 1877 and 1878, though some proof coins were minted for sale to the public.[1]
Although more than a million were minted in 1881,
Beginning in 1880, in their annual reports, the Mint Director and Treasury Secretary appealed to Congress to discontinue the three-cent piece.[41] The last three-cent pieces were struck in 1889,[1] and the denomination was discontinued, along with the gold dollar and the three-dollar piece, by the Act of September 26, 1890.[14] Many of the coins from 1888 and 1889 were still held at the Treasury Department and were melted after passage of the act, the fate of millions more as they flowed back from banks. The resultant metal contributed to large mintages of the Liberty Head nickel between 1890 and 1893.[42]
One proposal to revive the three-cent piece was made in 1911, when Mayors
Collecting
According to the 2018 edition of
The design of the three-cent nickel piece remained stable throughout its run, and there are few
Notes and references
Notes
- ^ As the signing was before noon, when the congressional session (and the extended legislative day that had begun over 24 hours before) ended, the law is referred to as the Act of March 3, 1865. See Greenbaum, p. 25.
- ^ A "nickel" or "nick", was slang that originally referred to the copper-nickel cent piece struck from 1857 to 1864, then briefly to the three-cent nickel piece. It has long been the popular term for the copper-nickel five-cent piece first struck in 1866.
Citations
- ^ a b c d e f g h i j k l Yeoman, p. 131.
- ^ Breen, p. 271.
- ^ Goldstein, p. 4.
- ^ Breen, p. 272.
- ^ Breen, pp. 215–216.
- ^ Carothers, pp. 151–185.
- ^ Carothers, pp. 186–192.
- ^ Taxay, pp. 240–242.
- ^ Carothers, p. 198.
- ^ Taxay, p. 243.
- ^ Bowers, p. 13.
- ^ Carothers, p. 201.
- ^ a b Breen, p. 242.
- ^ a b c d Goldstein, p. 18.
- ^ a b c Bowers, p. 14.
- ^ Carothers, p. 302.
- ^ Greenbaum, p. 25.
- ^ Carothers, pp. 301–302.
- ^ Taxay, p. 244.
- ^ Breen, pp. 242–243.
- ^ Lange, p. 99.
- ^ Breen, p. 353.
- ^ Fanning, p. 97.
- ^ Lange, p. 100.
- ^ Carothers, p. 208.
- ^ a b Carothers, pp. 205–208.
- ^ Krause.
- ^ Carothers, pp. 207–208.
- ^ Bureau of the Mint, pp. 47–50.
- ^ Carothers, pp. 208–209.
- ^ Carothers, p. 209.
- ^ Carothers, pp. 209–211.
- ^ Taxay, pp. 253–254.
- ^ Bureau of the Mint, p. 50.
- ^ Carothers, pp. 231–233.
- ^ Bureau of the Mint, p. 55.
- ^ Breen, p. 295.
- ^ Carothers, p. 236.
- ^ Breen, pp. 240–243.
- ^ Goldstein, pp. 5, 18.
- ^ a b Carothers, p. 273.
- ^ a b Breen, p. 243.
- ^ a b Carothers, p. 299.
- ^ House Committee, pp. 3–17.
- ^ Senate Committee.
- ^ Ganz, David L. (1977). "Toward a Revision of the Minting and Coinage Laws of the United States". Cleveland State Law Review. 26: 192.
- ^ a b Fanning, p. 98.
- ^ Breen, p. 243, 245.
- ^ Breen, p. 245.
Bibliography
- ISBN 978-0-7948-1921-7.
- Breen, Walter (1988). Walter Breen's Complete Encyclopedia of U.S. and Colonial Coins. New York: Doubleday. ISBN 978-0-385-14207-6.
- Bureau of the Mint (1904). Laws of the United States Relating to the Coinage. Washington, D.C.: United States Government Printing Office. OCLC 8109299.
- Carothers, Neil (1930). Fractional Money: A History of Small Coins and Fractional Paper Currency of the United States. New York: John Wiley & Sons, Inc. (reprinted 1988 by Bowers and Merena Galleries, Inc., Wolfeboro, NH). ISBN 0-943161-12-6.
- House Committee on Coinage, Weights, and Measures (1912). Coinage of a Three-Cent Piece. Washington, D.C.: United States Government Printing Office. )
- Lange, David W. (2006). History of the United States Mint and its Coinage. Atlanta, GA: Whitman Publishing. ISBN 978-0-7948-1972-9.
- Senate Committee on Banking and Currency (1936). Bills on Issuance of Commemorative Coins. Washington, D.C.: United States Government Printing Office.
- Taxay, Don (1983). The U.S. Mint and Coinage (reprint of 1966 ed.). New York: Sanford J. Durst Numismatic Publications. ISBN 978-0-915262-68-7.
- ISBN 978-0-7948-4506-3.
Other sources
- Fanning, David F. (January 2001). "Silver and Nickel 3-Cent Pieces: An Overview". The Numismatist. Colorado Springs, CO: American Numismatic Association: 36–38, 97–98.
- Goldstein, Bruce C. (June 6, 2011). "The Power of 3s". Coin World. Sidney, OH: Amos Press, Inc.: 4–5, 14–15, 18.
- Greenbaum, Gary M. (November 2015). "A Share of Glory". The Numismatist. Colorado Springs, CO: American Numismatic Association: 25.
- "Chile asks Longacre for dies in 1866". Iola, Wisc.: Krause Publications. Archived from the original on March 8, 2014. Retrieved March 4, 2014.
Further reading
- ISBN 978-0-674-62840-3.