For coin collectors and enthusiasts, the discovery of a rare and valuable piece from history can be thrilling. Among the most coveted coins in the United States is the 1870 Shield Penny, which has earned recognition for its rarity and incredible worth, potentially reaching over $400,000 at auction.
If you’re a coin collector, it’s crucial to understand why the 1870 Shield Penny is so highly prized, what makes it stand out, and how you can identify if you own one of these rare gems.
In this article, we’ll take an in-depth look at the 1870 Shield Penny, detailing its history, features, current market value, and how you can tell if this coin is hiding in your collection.
History of the 1870 Shield Penny
The 1870 Shield Penny was minted during a time when the United States was transitioning from the larger-sized coins to smaller denominations.
The Shield design was the first to be used on the penny and is unique in its historical context. Unlike other coins from the period, the Shield Penny was designed by James B. Longacre and introduced in 1869, with minting continuing until the early 1870s.
In 1870, the Shield Penny was minted as part of the second-year production. However, due to a shortage of copper, not as many were made, making it rare and highly valuable today. The combination of its low mintage and historical significance gives it a place in the hearts of collectors around the world.
Key Features of the 1870 Shield Penny
When evaluating the 1870 Shield Penny, several key features distinguish it from other coins of the era. Understanding these features will help you identify a genuine 1870 Shield Penny and assess its potential value.
1. Obverse Design
The obverse of the 1870 Shield Penny features a shield with a banner that reads “E Pluribus Unum” across the top. A laurel wreath wraps around the shield, symbolizing victory and honor. The year “1870” is located near the bottom, directly below the shield.
2. Reverse Design
The reverse of the coin is equally unique, featuring the words “One Cent” encircled by a laurel wreath. The laurel wreath is a classical symbol of achievement and power, signifying the importance of this coin in American history.
3. Composition and Size
The 1870 Shield Penny is made of copper, with a diameter of 19 millimeters and a weight of 3.11 grams. The copper composition makes the coin susceptible to wear, meaning the condition plays a significant role in its value.
Why the 1870 Shield Penny is Valuable
The 1870 Shield Penny stands out not only because of its design but also because of its extreme rarity. It is considered one of the most sought-after coins in the numismatic world. Factors that contribute to its value include:
- Low Mintage: The exact number of 1870 Shield Pennies minted is unknown, but estimates suggest that fewer than 1,000 coins were produced. This makes the coin extremely rare today.
- High Demand: The coin’s rarity combined with a growing interest in historical and rare U.S. currency has led to increased demand. Collectors are actively seeking the 1870 Shield Penny, pushing its value to new heights.
- Condition: As with any collectible item, the condition of the coin significantly impacts its value. Coins in mint or near-mint condition can fetch over $400,000 at auctions.
Current Market Value of the 1870 Shield Penny
The value of the 1870 Shield Penny has skyrocketed in recent years, particularly for coins in excellent condition. A coin that is well-preserved can see bids at auctions reaching impressive amounts. Below is a table showing the estimated value of the 1870 Shield Penny based on condition:
| Condition | Estimated Value |
|---|---|
| Poor | $10,000 – $25,000 |
| Fine | $30,000 – $80,000 |
| Extremely Fine | $100,000 – $200,000 |
| Uncirculated | $250,000 – $400,000+ |
Coins that are graded as “uncirculated” or in “extremely fine” condition are the most desirable and can command higher prices at auction.
How to Identify the 1870 Shield Penny in Your Collection
If you suspect you might have an 1870 Shield Penny in your collection, there are a few ways to verify its authenticity:
- Look for the Year: The most obvious feature is the year “1870” on the obverse, located just below the shield.
- Check for the Design: Ensure the design matches the description above—specifically the shield on the front and the laurel wreath on the back.
- Examine the Condition: Coins that have been well-preserved will show minimal wear, and their features will be sharp and clear.
If you are unsure about the authenticity of your coin, it’s best to have it appraised by a professional numismatist or take it to a reputable coin dealer.
Conclusion
The 1870 Shield Penny is a rare and valuable piece of U.S. history. With a low mintage, unique design, and high demand among collectors, this coin can potentially net you over $400,000 if you’re fortunate enough to own one in excellent condition. By carefully examining the features and condition of your coins, you can determine whether you have this rare gem hiding in your collection.
If you do have an 1870 Shield Penny, it might just be time to have it appraised and see if you’re sitting on a small fortune.
FAQs
Why is the 1870 Shield Penny so valuable?
The 1870 Shield Penny is rare, with fewer than 1,000 minted. Its historical significance, low mintage, and high demand among collectors contribute to its incredible value.
What factors affect the value of the 1870 Shield Penny?
The coin’s condition, rarity, and demand play a significant role in determining its value. Uncirculated coins in excellent condition can be worth over $400,000.
How can I tell if my coin is an 1870 Shield Penny?
Check for the year “1870” on the obverse, the shield design, and the laurel wreath on the reverse. Authentic coins should also have specific size and weight characteristics.
Where can I sell my 1870 Shield Penny?
You can sell your 1870 Shield Penny through reputable coin dealers, at auctions, or via online numismatic marketplaces.
What’s the best way to preserve my 1870 Shield Penny?
Keep your coin in a protective holder, such as a capsule or a coin slab, and store it in a cool, dry environment to prevent damage.
