1864 Indian Cent. Bronze. MS-68 BN (NGC).This virtually pristine beauty is toned in luxurious lilac-brown patina. Faded rose and apricot colors are still very much in evidence, nonetheless, and they are most extensive around the peripheries. The surfaces are silky smooth in appearance with a billowy, softly frosted texture. Fully struck and outstanding in all regards.Due to the economic uncertainty that followed the outbreak of the Civil War in 1861, gold, silver and, eventually, copper-nickel coins disappeared from circulation in the East and Midwest. The hoarding of these pieces led to a coinage shortage in those regions of the country that the federal government was slow to address. To fill the void, private merchants issued copper tokens on cent-size planchets, which became quite popular. Following suit, the federal government finally issued its own bronze cent, the authorizing Act of April 22, 1864 also declaring the issuance of the merchants tokens illegal (legislation that was widely ignored).The premiere bronze Indian cent, the 1864, was produced to the extent of 39,233,714 circulation strikes. Most were struck from dies that do not display the designers initial L on the obverse, many of which were actually leftover from the preceding copper-nickel coinage of that year. The use of worn dies explains why most 1864 bronze cents are poorly defined. The present example does show evidence of die erosion in and around the center on both sides, but the strike is razor sharp throughout, as previously stated. Superb Gem in quality with eye appeal to spare, this is a simply outstanding example of the issue that is worthy of the strongest bids.
