1870 Indian Cent. FS-901. Shallow N (a.k.a. Reverse of 1869). MS-66 RD (PCGS). CAC. OGH.A Condition Census beauty with outstanding technical quality and eye appeal in an early bronze Indian cent. Bathed in a blend of light rose and golden-tan color, both sides are fully original with a virtually pristine satin texture. Smartly impressed and fully defined throughout. The Philadelphia Mint delivered 5,275,000 circulation strike cents in 1870, a smaller total when viewed in the wider context of the Indian series. The real reason for the scarcity of this date, however, is the Mints wholesale redemption and melting of examples beginning in 1871. These redeemed coins had been stockpiled in bank reserves due to low commercial demand. In order to reduce the number of coins in circulation to a level that was more consistent with actual demand, the Act of March 3, 1871 required the Treasury to redeem all minor coinage in lots of no less than $20. The law made clear that the redeemed coins were not to be replaced, new coinage limited to meeting actual demand. This stipulation explains the relatively low mintages for circulation strike cents from 1871 through 1879. During the same nine-year period, the Mint redeemed and melted more than 31,000,000 copper-nickel cents and 55,000,000 bronze cents. The present example was not only fortunate to escape destruction, but it has come down to the present day with virtually pristine surfaces that are as bright and fresh as the day it was struck. A delight to behold, and a find for the Indian cent enthusiast competing for top ranking on the PCGS Set Registry.<p>The Shallow N reverse hub variety of this issue is attributed to James Barton Longacre, the original designer of the Indian cent. Its replacement, the Bold N hub variety, was prepared by Chief Engraver William Barber and introduced in 1870. Even so, the Shallow N remained in use for circulation strikes for three more years. This variety is scarce for the 1870, 1871 and 1872 circulation strikes, most survivors which are Bold N examples.From the ESM Collection.
