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1855 Coronet Cent
 | By Tom LaMarre, Coins Magazine
July 09, 2008 |
Designed by Christian Gobrecht, the 1855 Coronet large cent had a mintage of more than 1.5 million. The output would have been even greater if the Mint hadn't suspended coinage for several months while repairs and improvements were being made to the building.
"The operations of the mint, except the receiving of deposits and melting, assaying, and paying the same, were suspended on the 19th of July last," the Mint director wrote in March 1856 in his annual report, "at which time the repairs authorized by an appropriation made by the last Congress to the mint building were commenced.
"The construction of these repairs was entrusted to officers designated by the Treasury Department, and they are being completed in the most thorough and substantial manner, so as to render the mint edifice, in all its departments, entirely fire-proof.
"Advantage has also been taken of the opportunity thus offered to introduce useful changes and improvements in the rooms appropriated to the different branches of business, whereby the efficiency of the mint and the security of the treasure therein will be greatly advanced and promoted.
"During the suspension of coinage, deposits were received and paid as heretofore, so that no inconvenience to depositors has resulted therefrom. But the accumulation of bullion, and the necessity of supplying coin, especially to the treasury of the United States, have made it necessary to resume the coinage operations, notwithstanding that work upon the repairs is in an unfinished state.
"The preparation of standard ingots for coinage was commenced on the 4th of the present month, and the delivery of coins to the treasurer was resumed on the 19th instant. The mint is now in active and efficient operation, although considerable inconvenience is experienced in consequence of the repairs not being fully completed. The suspension of coinage for the period of six months will sufficiently account for the diminished operations at the principal mint during the past year."
Collectors have identified more than a dozen die varieties of 1855 cents, ranging from common to rare. The most noticeable variation is in the date. Some 1855 cents have upright 5s. Others have slanted 5s.
One theory is that slanting 5s were a characteristic of engraver James B. Longacre's work. It's possible the upright 5s were the work of an apprentice.
As noted in Coin Prices, however, there is little difference in value between the two varieties. The magazine lists a Good-4 1855 cent at $20. A Very Fine-20 example is valued at $50.
The cent had a lot more purchasing power in 1855 than it does today. Describing a visit to Avon Springs, a correspondent wrote in the July 30, 1855, issue of the New York Times, "Like a generous school boy who has found a penny, I want to tell everybody of my good luck and share my candy with them."
One 1855 cent in particular was thought to be a good-luck piece. The June 10, 1943, issue of the Troy Record told of a lucky "penny" that had gone to war for the fourth time. The tradition started with Rufus Cullom during the Civil War. Cullom carried the cent at the siege of Vicksburg and with Grant's army into Tennessee. During World War II, it was carried by Arnold Kugler.
Back in 1855, luck was running out for the large cent. Because of rising copper prices, the government replaced it with the small Flying Eagle cent in 1857.
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