Wednesday 22nd February 2012

Nickel Three Cent 1865 - 1889

Civil War hoarding of precious metals was so widespread that even the small copper-nickel cents had disappeared from circulation. Many alternatives were tried such as private tokens, encased postage, postal currency and fractional currency; all were unpopular, especially the fractional currency.

Representative John Kasson had for some time opposed the minting of Nickel coins by blocking legislation authorizing its use. But, in 1864, when Secretary of the Treasury Salmon P.Chase proposed a new issue of three-cent postal currency Congressman Kasson realized even nickel coinage was preferable to the universally despised paper money. The remarkable thing about the bill was that it was introduced to the House by Kasson.

With Congressional authorization, production of a three cent coin began in 1865. The new coins had a silvery appearance which, no doubt, was useful in crowding out the old, unwanted pieces of fractional currency, it also aided in replacing the silver three-cent pieces.

Vital Stats. Designer: James Barton Longacre Weight: 1.9 grams Diameter: 17.9 millimeters Edge: Plain Content: 75% copper 25% nickel Mint Mark: None (All coins were minted in Philadelphia.)

Nickel Three Cent (1865-1889) The obverse features Liberty wearing a coronet with a ribbon in her hair. While Liberty appeared much the same as on several other coins, including the $20 Double Eagle, her only appearance with a ribbon in her hair was on the three cent coin. The reverse displays a Roman numeral III with the same wreath as used on the 1859 Indian Head cent. Mint Director James Pollock saw the Nickel three cent coin only as a substitute coin until the silver three-cent piece could again circulate. Ironically, it was the silver coin that was discontinued first. 16 years after the public had forgotten its unpleasant experience with fractional currency notes, all pretense for needing a three-cent coin ended when postal rates changed. The denomination was discontinued by the Act of September 26, 1890.