The Two-Cent Piece

ALTHOUGH THE two-cent piece was coined for less than a decade, from 1864 to 1873, this short tenure does not really illustrate its importance. Many of these coins continued to circulate and it was not until after 1890 that their use became rare in the marketplace. By the 1890s, of course, the coins were well worn but still recognizable.

Most collectors view the two-cent piece as an odd denomination because it was coined for such a short time. However, it had been under consideration as a coin on more than one occasion before late May 1864 when minting actually began at the Philadelphia Mint.

Because small change was often in short supply in the early United States, in 1806 Congressman Uri Tracy introduced a bill for a two-cent piece. The reasoning behind this proposal was that the current copper cent was too heavy and something smaller was needed. Tracy thought that a billon coin, composed of copper and a small amount of silver, would serve the nation well.

Mint Director Robert Patterson thought otherwise and wrote Representative Tracy of his differing views. In particular Patterson noted that such coins could easily be counterfeited because it would be difficult for the average citizen to determine if the piece contained the proper amount of silver or, for that matter, any silver at all. The director’s reasoned argument carried the