1870 Indian Cent. Bold N. MS-66 RD (PCGS).A Condition Census beauty with outstanding technical quality and eye appeal in an early bronze Indian cent. Bathed in a blend of light orange 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 advanced Indian cent enthusiast.The Bold N hub variety was prepared by Chief Engraver William Barber and was introduced in 1870. It is notable for the even heights of all the reverse letters in ONE CENT and is easily distinguished by the shape of the center of the Es. For the Bold N variety, as here, these centers are trumpet shaped, for the Shallow N, the centers are at 90 degree angles, shaped more like a T. Many dedicated collectors choose to collect one of both examples for the year. PCGS Population: 7; 2 finer (both MS-66+)
