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<p>[QUOTE=&quot;Conder101, post: 1561300, member: 66&quot;]Don&#039;t know the article but the sourse was probably a letter from Mint Director Pollock to Sec of the Treasury Chase dated March 19th 1864</p><p><br /></p><p>The Mint&#039;s supply of nickel was exausted and no supplies available from abroad.&nbsp; </p><p><br /></p><p>We are thus shut up to the home supply, from the works of Mr. Wharton; but if we could receive all made at his establishment the amount would be wholly insufficient, would be from five hundred to eight hundred pounds a week, not more than one half the amount required under ordinary circumstances.</p><p><br /></p><p>Letter copied from Fraction Money by Neil Carothers</p><p><br /></p><p><br /></p><p>As to the banks and the cent the only thing I can think of there is that the flying eagle cent was not legal tender and was not redeemable by the government.&nbsp; It was issued in amounts that were greatly in excess of what was needed for commerce and tended to pile up in cash drawers and the banks.&nbsp; Since the banks could not get rid of them fast enough they refused to accept them.&nbsp; The new bronze indianheads on the other hand were legal tender up to ten cents and this made them easier to move along.&nbsp; At that time Legal tender was accepted to mean that they MUST be accepted when tendered.&nbsp; A couple years later that legal tender amount was reduced to four cents.)[/QUOTE]</p><p><br /></p>

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