Flying Eagle Penny: A Glimpse into Numismatic History
The Flying Eagle penny holds a significant place in the history of United States coinage. It was the first small cent minted by the U.S. government, and it marked a pivotal moment in the transition from large copper cents. These pennies were only minted for a short period, from 1856 to 1858, but they left a lasting impact on coin collectors and historians alike.
The Transition to Small Cents
Before the Flying Eagle cent, the U.S. Mint produced large copper cents. These coins were heavy and cumbersome in daily transactions. By the mid-19th century, it was clear that a change was necessary. The cost of copper was rising, and smaller, more convenient coins were in demand. The U.S. Mint, acknowledging these issues, sought to produce a more practical small-denomination coin.
The introduction of the Flying Eagle cent was driven by economic and practical considerations. It provided a solution by reducing the size and copper content of the one-cent coin.
Design and Production
The design of the Flying Eagle penny was the work of James Barton Longacre, the Chief Engraver of the U.S. Mint. He drew inspiration from a previous design used on the Gobrecht dollar pattern. The obverse features an eagle in flight, representing strength and freedom. The reverse displays a simple wreath surrounding the words One Cent.
Initial production of the prototype coins began in 1856. These were distributed to members of Congress and other key figures to garner support for the new coinage. The coins from 1856 are particularly rare and sought after by collectors today.
Regular production of the Flying Eagle cents commenced in 1857 following legislative approval. Over 17 million coins were minted in 1857, and about 24 million in 1858. Despite the initial enthusiasm, production ceased in 1858 due to minting challenges.
Minting Challenges
Mint officials encountered difficulties with the Flying Eagle pennies’ design. The intricate depiction of the eagle led to production issues. There were also complaints that the design wore down too quickly in circulation. These challenges prompted the U.S. Mint to search for an alternative design shortly after the Flying Eagle pennies entered circulation.
Replacement by the Indian Head Penny
The Indian Head penny replaced the Flying Eagle in 1859. The new design, also by Longacre, improved upon its predecessor by offering better striking characteristics. It featured a depiction of Liberty wearing a Native American headdress. The Indian Head penny became one of the longest-running series in U.S. coinage.
Collecting the Flying Eagle Penny
Today, the Flying Eagle penny stands out as a rare and valuable collectible. The 1856 issue, due to its limited production and distribution, is especially prized among numismatists. It typically demands a high price in collector circles.
Key Dates and Variants
- 1856: Often treated as a pattern or experimental piece. Few were minted compared to the regular issues.
- 1857: First year of general circulation. More readily available than the 1856 issue.
- 1858: Available in large numbers, with small and large letter varieties existing.
The small letter and large letter varieties refer to subtle differences in the size of the lettering on the reverse of the 1858 pennies. Serious collectors attempt to acquire both variants for a complete set.
Impact on U.S. Coinage
The Flying Eagle penny laid the groundwork for future small cents. It demonstrated that reducing the size of the one-cent coin was feasible and beneficial. This shift helped facilitate smoother commerce and set a precedent for subsequent coin designs.
Its brief production run and distinct design ensure its ongoing interest in numismatic circles. Collectors and historians continue to regard it as an essential piece of American coinage history.