1856 Flying Eagle Cent. Snow-9. Proof-65 (PCGS). This is a beautiful example of the historic and perennially popular 1856 Flying Eagle cent. Warmly toned in deep golden-bronze patina, both sides also display more vivid undertones of pale pink and champagne-apricot iridescence. The fields are mostly satiny with some subtle reflectivity. The strike is razor sharp from the rims to the centers, and the surfaces are as nice as would be expected for the Gem rating from PCGS. Here is a beautiful coin that will be perfect for another highly regarded collection.The 1856 Flying Eagle cent was first prepared as a pattern in late 1856 and early 1857 to illustrate the new small size cent in copper-nickel. These coins were envisioned as replacements for the costly (to produce) large copper cents that had been struck since 1793. Later in 1857, and continuing through at least early 1860, the Mint struck additional 1856-dated examples. The later strikings were initially meant for distribution to Congressional leaders, Mint personnel and others in government posts, but by 1859, if not late 1858, Mint Director James Ross Snowden was striking 1856 Flying Eagle cents expressly for distribution to collectors. According to Rick Snow (emA Guide Book of Flying Eagle and Indian Head Cents/em, 2006), the 1856 Flying Eagle cent had become so popular during the late 1850s that prices soon reached $2 per coin, sparking the nations first coin collecting boom.Snow-9 is the most frequently encountered die marriage of this classic issue, accounting for the vast majority of Proofs struck for collectors from 1856-dated dies circa 1859. The exact striking period for these coins is unknown, and production may have begun as early as 1858 and likely continued into 1860. We also do not know how many 1856 Flying Eagle cents were prepared during this later striking period. The coins were not part of a regular issue and the mintage was not reported by Mint personnel.Most of the coins that Director Snowden began selling to collectors in 1859 were struck in Proof format and the number extant suggests a mintage on the order of 1,500 pieces. Interestingly, this newly created supply flooded the market and caused prices to plummet, eventually reaching a low of 25 cents per coin. Prices remained below $2 per coin well into the 1870s (again per Snow). Today, however, the popularity of the 1856 Flying Eagle cent is very strong and this lovely Gem would be a highlight in any cabinet. From the Q. David Bowers Collection. Earlier from our sale of the ESM Collection, August 2019 ANA Auction, lot 5001.
