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An Introduction to the Twenty Cent Piece
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<p>[QUOTE="johnmilton, post: 3624280, member: 101855"]<b><u>Collector’s Note</u></b> <i>I have had an interest in the Twenty Cent Piece series since I was in high school. Back then I formed a set of the four made for circulation issues. Unfortunately, the two Proof only coins, the 1877 and 1878 were well beyond my financial means. </i></p><p><i><br /></i></p><p><i> As an adult my interests have continued. Recently I completed a set with the exception of the rare 1876-CC. These pieces were a product of “the silver lobby” which fought many political battles during the latter half of the 19th century. The best known products of those battles were the Morgan Silver Dollar and William Jennings Bryan’s three presidential campaigns. </i></p><p><i><br /></i></p><p><i><br /></i></p><p><i> </i> Among the six “odd denominations” that U.S. Mint System issued during the 19th century, the Twenty Cent Piece or double dime was the biggest failure. The half cent, which dated from the Coinage Act 1792, provided a bridge between the Spanish system of “bits,” which were worth 12 ½ cents, and the U.S. decimal system of coinage. The Silver Three Cent Piece provided a convenient way to purchase the new three cent postage stamps in the 1850s. The Two Cent and Nickel Three Cent Pieces supplied small change to the economy during the Civil War when there was a coin shortage caused by extensive hoarding.</p><p><br /></p><p> The quarter eagle or $2.50 was never popular, but it was included in the Coinage Act of 1792. It was made in limited quantities for most years until 1929. It was thought that the Three Dollar Gold Piece would facilitate making change during gold coin transactions, and replace the privately issued three dollar bank notes that were in circulation, but it never gained a following. Yet, none of those odd ball coins caused disruptions within the economy like the Twenty Cent Piece did.</p><p><br /></p><p>[ATTACH=full]971826[/ATTACH]</p><p><br /></p><p><br /></p><p> The Twenty Cent piece was the brainchild of Nevada senator John Percival Jones. Jones couched his advocacy for the coin under the guise of consumer protection. During this period some goods were priced in “bits” or 12 ½ cents. This price was based upon the Spanish monetary system that divided the dollar into eight parts.</p><p><br /></p><p> Jones contended that a customer who paid for an item priced at one bit, with a quarter, usually received a dime in change. Jones argued that if there were a Twenty Cent Piece, the merchant would still give back a dime and the customer, not the businessman, would keep the extra 2 ½ cents. A better solution would have been to have expanded of the mintage of cents to the western branch mints, but logic was not the objective of this legislation. The real purpose was to expand the use of silver, which was poring out of western state mines in record quantities. Jones got his bill through Congress and President Ulysses Grant signed it into law on March 3, 1875.</p><p><br /></p><p> Mint officials toyed with the idea of using a liberty head as a design for the coin, but they ultimately decided to maintain the Liberty Seated design for all of the silver coin denominations. That probably contributed to the failure of the double dime. Designer William Barber fashioned a seated liberty for the obverse that was similar to the other silver coins except that the word “LIBERTY” was in raised instead of incuse letters. For the reverse Barber revived the upright standing eagle that he had introduced on the Trade Dollar. The other difference that Barber incorporated in his design was to give the coin a plain instead of a reeded edge.</p><p><br /></p><p> During the first year, 1875, the Carson City and San Francisco Mints struck the vast majority of the mintage since the reason for producing the coin had been mainly for use in the western states. The San Francisco mint produced 1,155,000 pieces followed by the Carson City mint which struck 133,290 double dimes. Philadelphia added a modest 36,910 coins plus a then healthy mintage (for the period) of 2,790 Proofs. San Francisco issued a dozen Proof or presentation strike coins, to mark the initiation of the double dime coinage.</p><p><br /></p><p> Soon after the Twenty Cent Piece entered commerce, confusion reigned. Consumers and businesses were constantly paying out quarters instead of the Twenty Cent Pieces and vice versa. Quite often consumers were losing five cents instead of gaining 2 ½ cents as the enabling legislation had promised. A few citizens resorted to punching in a “20” counterstamp on the double dimes to avoid confusion. In the modern era, history repeated itself when the government introduced the Susan B. Anthony Dollar coin in 1979. As it was in the 19th century, many consumers confused that coin to the quarter which resulted in its rapid rejection.</p><p><br /></p><p>[ATTACH=full]971833[/ATTACH]</p><p><br /></p><p> By 1876 it was obvious that the double dime and the quarter could not circulate side by side. One of the two denominations had to go, and since the quarter had been in circulation since 1796, the Twenty Cent Piece began to pass into history.</p><p><br /></p><p> Records show that the Philadelphia Mint struck 14,640 Twenty Cent Pieces in 1876. An unknown number of those pieces were melted, which makes the coin a bit scarcer than that mintage would indicate. The Carson City Mint struck 10,000, 1876-CC double dimes, but very few of those coins were issued. Nearly all of them were melted, which made the 1876-CC Twenty Cent Piece the rarest coin in the series. The high mintage for the 1875-S double dime made the mintage of the coin unnecessary in 1876 for the West Coast. </p><p><br /></p><p> Although it was obvious that the Twenty Cent Piece had failed as a circulating coin, Congress did not vote to end to coinage of the double dime for two more years. That allowed the Philadelphia Mint to strike Proof double dimes for collectors in 1877 and ‘78. Those two issues, which are scarce and expensive, have long bedeviled budget minded collectors, who aspire to form a set of Twenty Cent Pieces.</p><p><br /></p><p> Today most collectors limit their interest in the Twenty Cent Piece to a single coin for a type set. Most often that single coin is an 1875-S double dime because it is by far the most common date and mint mark combination. The 1875-CC is the second most common Twenty Cent Piece. That coin’s popularity is enhanced because it is a product of the “romantic” Carson City Mint. The Philadelphia Mint pieces are scarce as indicated by their low mintages but under appreciated.</p><p><br /></p><p><b><u>Mintages, Meltings and Estimated Rarities</u></b></p><p><br /></p><p> During four years of production, the U.S. Mint System issued 1,355,000 Twenty Cent Pieces. That relatively low mintage alone would be enough to make the coin scarce, but over the years, over 70% of that output has been destroyed by the U.S. Government. Using the Mint Director’s Annual Reports as a reference, 963,841 Twenty Cent Pieces were melted from 1875 until, believe it or not, 1954. That leaves just 391,159 pieces that have not been officially destroyed. Of course, some of those pieces no longer exist because they have been melted by private concerns, lost or otherwise become unavailable to the collecting community.</p><p><br /></p><p> Recently, Lane J. Brunner and John M. Frost co-authored an excellent reference book, <u>Double Dimes The United States Twenty-Cent Piece</u>. This reference contains historical, die variety, rarity and other interesting information about these coins. I have used information from this reference for the following rarity estimates.</p><p><br /></p><p><b><u>The Business Strike Issues</u></b></p><p><b><u><br /></u></b></p><p><b><u><b>1875-P</b></u></b></p><p><b><u><br /></u></b></p><p><b><u><i>Mintage 36,910, Estimated number of survivors 4,500</i></u></b></p><p><b><br /></b></p><p><br /></p><p>[ATTACH=full]971827[/ATTACH] [ATTACH=full]971828[/ATTACH]</p><p><br /></p><p><br /></p><p> The 1875 Philadelphia Mint Twenty Cent Piece is a scarce coin, but its scarcity is influenced by two competing factors. The mintage, which is just short of 37 thousand, makes it a scarce coin from the start. Most any 19th century U.S. coin that mintage would be scarce. Still the Twenty Cent Piece was not popular. It did not circulate very much in the East, and most of the survivors I have seen were in fairly high grade, usually choice VF or better. I believe that a large number of pieces were returned to the mint and melted soon after it became obvious that the double dime had failed. Therefore it not surprising that only about 12% of the original mintage exists today in all grades.</p><p><br /></p><p><b>1875-CC, </b>Mintage 133,290, Estimated number of survivors 6,500</p><p><br /></p><p>[ATTACH=full]971829[/ATTACH] [ATTACH=full]971830[/ATTACH]</p><p><br /></p><p><br /></p><p> I am a bit surprised that the mintage for the 1875-CC double dime was not higher. Senator Jones was from Nevada, and it was his bill that resulted in the authorization for the coin. Still given the condition of many of the survivors, which are found in grades as low as Good, it is obvious that the double dime did enjoy some popularity in the West. The 1875-CC double dime is a somewhat scarce and popular coin, but finding one for your collection is not difficult if your search includes the Internet and the major coin shows.</p><p><br /></p><p> Many 1875-CC double dimes are weakly struck on the upper portion of the eagle’s left wing and the corresponding portion of the shield on the obverse in the area of the word “LIBERTY.” The word is not missing on the affected coins, but it is weaker than normal. If you are looking for a moderate challenge, look for an 1875-CC double dime that is fully struck.</p><p><br /></p><p><b>1875-S, </b>Mintage 1,155,000, Estimated number of survivors 25,000</p><p><br /></p><p>[ATTACH=full]971834[/ATTACH] [ATTACH=full]971835[/ATTACH]</p><p><br /></p><p> The 1875-S double dime is by far the most common date and mint mark combination in the series. The coin is available in all grades from Good to Mint State. The strike quality is quite good, and finding an attractive example in whatever grade you choose will not be not difficult. Had it not been for the 1875-S Twenty Cent Piece, this coin would have been a far scarcer and more expensive type coin.</p><p><br /></p><p><b>1876-P, </b>Mintage 14,640, Estimated number of survivors 3,000</p><p><br /></p><p><i>[ATTACH=full]971836[/ATTACH] [ATTACH=full]971837[/ATTACH] </i></p><p><i><br /></i></p><p><i><br /></i></p><p><i> </i> The 1876-P double dime is fairly scarce, but since collector interest is mostly limited to those who are looking to build a set of Twenty Cent Pieces, the prices are moderate. Most of the examples I have seen have at least VF or EF sharpness, and Mint State pieces can be found with some patience.</p><p><br /></p><p><b><u>To be continued in the next post</u></b></p><p><i><br /></i></p><p><i> </i></p><p><i><br /></i></p><p><i><br /></i></p><p><i> </i>[/QUOTE]</p><p><br /></p>
[QUOTE="johnmilton, post: 3624280, member: 101855"][B][U]Collector’s Note[/U][/B] [I]I have had an interest in the Twenty Cent Piece series since I was in high school. Back then I formed a set of the four made for circulation issues. Unfortunately, the two Proof only coins, the 1877 and 1878 were well beyond my financial means. As an adult my interests have continued. Recently I completed a set with the exception of the rare 1876-CC. These pieces were a product of “the silver lobby” which fought many political battles during the latter half of the 19th century. The best known products of those battles were the Morgan Silver Dollar and William Jennings Bryan’s three presidential campaigns. [/I] Among the six “odd denominations” that U.S. Mint System issued during the 19th century, the Twenty Cent Piece or double dime was the biggest failure. The half cent, which dated from the Coinage Act 1792, provided a bridge between the Spanish system of “bits,” which were worth 12 ½ cents, and the U.S. decimal system of coinage. The Silver Three Cent Piece provided a convenient way to purchase the new three cent postage stamps in the 1850s. The Two Cent and Nickel Three Cent Pieces supplied small change to the economy during the Civil War when there was a coin shortage caused by extensive hoarding. The quarter eagle or $2.50 was never popular, but it was included in the Coinage Act of 1792. It was made in limited quantities for most years until 1929. It was thought that the Three Dollar Gold Piece would facilitate making change during gold coin transactions, and replace the privately issued three dollar bank notes that were in circulation, but it never gained a following. Yet, none of those odd ball coins caused disruptions within the economy like the Twenty Cent Piece did. [ATTACH=full]971826[/ATTACH] The Twenty Cent piece was the brainchild of Nevada senator John Percival Jones. Jones couched his advocacy for the coin under the guise of consumer protection. During this period some goods were priced in “bits” or 12 ½ cents. This price was based upon the Spanish monetary system that divided the dollar into eight parts. Jones contended that a customer who paid for an item priced at one bit, with a quarter, usually received a dime in change. Jones argued that if there were a Twenty Cent Piece, the merchant would still give back a dime and the customer, not the businessman, would keep the extra 2 ½ cents. A better solution would have been to have expanded of the mintage of cents to the western branch mints, but logic was not the objective of this legislation. The real purpose was to expand the use of silver, which was poring out of western state mines in record quantities. Jones got his bill through Congress and President Ulysses Grant signed it into law on March 3, 1875. Mint officials toyed with the idea of using a liberty head as a design for the coin, but they ultimately decided to maintain the Liberty Seated design for all of the silver coin denominations. That probably contributed to the failure of the double dime. Designer William Barber fashioned a seated liberty for the obverse that was similar to the other silver coins except that the word “LIBERTY” was in raised instead of incuse letters. For the reverse Barber revived the upright standing eagle that he had introduced on the Trade Dollar. The other difference that Barber incorporated in his design was to give the coin a plain instead of a reeded edge. During the first year, 1875, the Carson City and San Francisco Mints struck the vast majority of the mintage since the reason for producing the coin had been mainly for use in the western states. The San Francisco mint produced 1,155,000 pieces followed by the Carson City mint which struck 133,290 double dimes. Philadelphia added a modest 36,910 coins plus a then healthy mintage (for the period) of 2,790 Proofs. San Francisco issued a dozen Proof or presentation strike coins, to mark the initiation of the double dime coinage. Soon after the Twenty Cent Piece entered commerce, confusion reigned. Consumers and businesses were constantly paying out quarters instead of the Twenty Cent Pieces and vice versa. Quite often consumers were losing five cents instead of gaining 2 ½ cents as the enabling legislation had promised. A few citizens resorted to punching in a “20” counterstamp on the double dimes to avoid confusion. In the modern era, history repeated itself when the government introduced the Susan B. Anthony Dollar coin in 1979. As it was in the 19th century, many consumers confused that coin to the quarter which resulted in its rapid rejection. [ATTACH=full]971833[/ATTACH] By 1876 it was obvious that the double dime and the quarter could not circulate side by side. One of the two denominations had to go, and since the quarter had been in circulation since 1796, the Twenty Cent Piece began to pass into history. Records show that the Philadelphia Mint struck 14,640 Twenty Cent Pieces in 1876. An unknown number of those pieces were melted, which makes the coin a bit scarcer than that mintage would indicate. The Carson City Mint struck 10,000, 1876-CC double dimes, but very few of those coins were issued. Nearly all of them were melted, which made the 1876-CC Twenty Cent Piece the rarest coin in the series. The high mintage for the 1875-S double dime made the mintage of the coin unnecessary in 1876 for the West Coast. Although it was obvious that the Twenty Cent Piece had failed as a circulating coin, Congress did not vote to end to coinage of the double dime for two more years. That allowed the Philadelphia Mint to strike Proof double dimes for collectors in 1877 and ‘78. Those two issues, which are scarce and expensive, have long bedeviled budget minded collectors, who aspire to form a set of Twenty Cent Pieces. Today most collectors limit their interest in the Twenty Cent Piece to a single coin for a type set. Most often that single coin is an 1875-S double dime because it is by far the most common date and mint mark combination. The 1875-CC is the second most common Twenty Cent Piece. That coin’s popularity is enhanced because it is a product of the “romantic” Carson City Mint. The Philadelphia Mint pieces are scarce as indicated by their low mintages but under appreciated. [B][U]Mintages, Meltings and Estimated Rarities[/U][/B] During four years of production, the U.S. Mint System issued 1,355,000 Twenty Cent Pieces. That relatively low mintage alone would be enough to make the coin scarce, but over the years, over 70% of that output has been destroyed by the U.S. Government. Using the Mint Director’s Annual Reports as a reference, 963,841 Twenty Cent Pieces were melted from 1875 until, believe it or not, 1954. That leaves just 391,159 pieces that have not been officially destroyed. Of course, some of those pieces no longer exist because they have been melted by private concerns, lost or otherwise become unavailable to the collecting community. Recently, Lane J. Brunner and John M. Frost co-authored an excellent reference book, [U]Double Dimes The United States Twenty-Cent Piece[/U]. This reference contains historical, die variety, rarity and other interesting information about these coins. I have used information from this reference for the following rarity estimates. [B][U]The Business Strike Issues [B]1875-P[/B] [I]Mintage 36,910, Estimated number of survivors 4,500[/I][/U] [/B] [ATTACH=full]971827[/ATTACH] [ATTACH=full]971828[/ATTACH] The 1875 Philadelphia Mint Twenty Cent Piece is a scarce coin, but its scarcity is influenced by two competing factors. The mintage, which is just short of 37 thousand, makes it a scarce coin from the start. Most any 19th century U.S. coin that mintage would be scarce. Still the Twenty Cent Piece was not popular. It did not circulate very much in the East, and most of the survivors I have seen were in fairly high grade, usually choice VF or better. I believe that a large number of pieces were returned to the mint and melted soon after it became obvious that the double dime had failed. Therefore it not surprising that only about 12% of the original mintage exists today in all grades. [B]1875-CC, [/B]Mintage 133,290, Estimated number of survivors 6,500 [ATTACH=full]971829[/ATTACH] [ATTACH=full]971830[/ATTACH] I am a bit surprised that the mintage for the 1875-CC double dime was not higher. Senator Jones was from Nevada, and it was his bill that resulted in the authorization for the coin. Still given the condition of many of the survivors, which are found in grades as low as Good, it is obvious that the double dime did enjoy some popularity in the West. The 1875-CC double dime is a somewhat scarce and popular coin, but finding one for your collection is not difficult if your search includes the Internet and the major coin shows. Many 1875-CC double dimes are weakly struck on the upper portion of the eagle’s left wing and the corresponding portion of the shield on the obverse in the area of the word “LIBERTY.” The word is not missing on the affected coins, but it is weaker than normal. If you are looking for a moderate challenge, look for an 1875-CC double dime that is fully struck. [B]1875-S, [/B]Mintage 1,155,000, Estimated number of survivors 25,000 [ATTACH=full]971834[/ATTACH] [ATTACH=full]971835[/ATTACH] The 1875-S double dime is by far the most common date and mint mark combination in the series. The coin is available in all grades from Good to Mint State. The strike quality is quite good, and finding an attractive example in whatever grade you choose will not be not difficult. Had it not been for the 1875-S Twenty Cent Piece, this coin would have been a far scarcer and more expensive type coin. [B]1876-P, [/B]Mintage 14,640, Estimated number of survivors 3,000 [I][ATTACH=full]971836[/ATTACH] [ATTACH=full]971837[/ATTACH] [/I] The 1876-P double dime is fairly scarce, but since collector interest is mostly limited to those who are looking to build a set of Twenty Cent Pieces, the prices are moderate. Most of the examples I have seen have at least VF or EF sharpness, and Mint State pieces can be found with some patience. [B][U]To be continued in the next post[/U][/B] [I] [/I][/QUOTE]
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