Flying Eagle Cents: America‘s Short-Lived Copper-Nickel Coins
When it comes to rare and valuable 19th century U.S. coins, the Flying Eagle cent soars near the top of the list. Minted for just three short years from 1856 through 1858, these 19mm copper-nickel one-cent pieces feature a majestic flying eagle design on the obverse and a simple wreath on the reverse. Despite their brief tenure, Flying Eagle cents hold an important place in numismatic history as the first small cents and a one-year type coin.
So what makes these little coppers so special? How much are they worth today in 2023? And what are the keys to collecting Flying Eagle cents? Join me as we swoop in for a closer look at these prized coins.
The Story Behind the Flying Eagle Cent
In the early 1850s, the U.S. Mint was searching for ways to make the nation‘s coinage more convenient. The large copper cents of the time were bulky and unpopular, so mint officials experimented with new designs and metal compositions. After tests using various materials like billon, nickel, and even glass, they settled on an alloy of 88% copper and 12% nickel as the most suitable for small cent production.
The new flying eagle motif, designed by Mint Chief Engraver James B. Longacre, first appeared on pattern one-cent pieces dated 1856. These coins were distributed to Congress and other VIPs to assess public opinion on the refreshed design. Reception was positive, and the Flying Eagle cent was approved for full-scale minting starting in 1857.
However, the alloy proved difficult to strike, resulting in many weakly-defined coins. Coupled with the economic turmoil of the Panic of 1857, this led the Mint to abandon the Flying Eagle design after 1858 in favor of Longacre‘s new Indian Head cent. In the end, only about 42.6 million business-strike Flying Eagle cents were produced: 17.5 million in 1857 and 25.1 million in 1858.
Collecting and Grading Flying Eagle Cents
For a series with just two collectible dates (plus the 1856), assembling a complete set of Flying Eagle cents is a relatively straightforward goal, especially in circulated grades. However, completion is easier said than done given their scarcity. Prices quickly escalate for choice uncirculated examples.
When buying Flying Eagle cents, there are a few important factors to consider:
Date: With a mintage of 1,000 or less, the 1856 is the undisputed key date and a major rarity in any grade. Among circulation strikes, the 1858 Large Letters edges out the 1857 and 1858 Small Letters as slightly scarcer.
Variety: In 1858, the font size of "UNITED STATES OF AMERICA" on the obverse was reduced midway through the year, creating two distinct variations. The earlier Large Letters type is more desirable to collectors.
Condition: As with all coins, preservation is paramount to value. Grading services like PCGS and NGC evaluate Flying Eagle cents on a 70-point scale, with "70" representing a flawless coin. Anything grading AU50 or better is considered a prize, while mint state examples are the crème de la crème.
Strike: Many Flying Eagle cents exhibit striking weakness, especially on the eagle‘s tail and wingtip. Sharply-defined coins with full details command a premium.
Eye appeal: Attractive, original surfaces free of spots, stains, or damage are always in demand. Collectors prize Flying Eagle cents with a pleasant blend of tan, brown, and light steel-blue color.
The grading services provide an invaluable resource with their population reports, which track the number of Flying Eagle cents certified in each grade. Taking the PCGS report as of April 2023, here‘s the breakdown of uncirculated examples by date:
Date – MS60-62 – MS63 – MS64 – MS65 – MS66 – MS67
1856 – 7 – 1 – 4 – 1 – 0 – 0
1857 – 150 – 91 – 46 – 16 – 3 – 0
1858 LL – 88 – 44 – 15 – 7 – 2 – 0
1858 SL – 261 – 134 – 37 – 11 – 1 – 0
The extreme rarity of the 1856 in mint state is immediately evident. Just 7 pieces have been graded MS60-62, with a mere 4 that qualify as MS64. No Flying Eagle cents of any date have been deemed worthy of an MS67 designation.
What Are Flying Eagle Cents Worth?
Now that we‘ve covered some collecting basics, let‘s get to the key question: how much do Flying Eagle cents cost? Like nearly all coins, values are closely tied to scarcity and grade.
Lower-end circulated examples are the most affordable. In terms of good old hard cash, here‘s what you can expect to pay for a typical Flying Eagle cent in 2023:
Date – Good – VG – Fine – VF – XF – AU
1856 – $5,250 – $7,500 – $13,500 – $23,500 – $38,000 – $54,000
1857 – $28 – $38 – $52 – $95 – $138 – $205
1858 LL – $32 – $51 – $78 – $155 – $215 – $305
1858 SL – $27 – $40 – $60 – $105 – $140 – $205
The values escalate dramatically for uncirculated pieces:
Date – MS60 – MS61 – MS62 – MS63 – MS64 – MS65 – MS66
1856 – – – $87,500 – $145,000 – $187,500 – – – –
1857 – $525 – $625 – $740 – $1,015 – $2,300 – $12,500 – $46,000
1858 LL – $450 – $515 – $715 – $915 – $2,000 – $5,750 – $22,500
1858 SL – $360 – $400 – $455 – $575 – $1,060 – $2,235 – $18,500
As these figures illustrate, even a lowly Good-4 example of the 1856 costs north of $5,000. Move up to XF40, and you‘re looking at close to $40,000. The stratospheric prices realized for mint state 1856 cents put them firmly out of reach for all but the wealthiest numismatists.
Values for the 1857 and 1858 issues are much more approachable but still nothing to sneeze at. A decent Fine-12 hovers around $75, while an eye-catching MS63 specimen brings $500 to $1,000 depending on the date. The record for a business strike Flying Eagle cent is $173,000 for an 1857 graded MS66 by PCGS.
The Rarest and Most Valuable Flying Eagle Cents
In the top echelon of the Flying Eagle series are the proof strikings from 1856 to 1858. These special coins exhibit razor-sharp details, mirrorlike surfaces, and stunning visual appeal. They were made in extremely limited quantities, and survivors are cherished prizes for collectors.
PCGS and NGC report the following populations for proof Flying Eagle cents:
Date – PF63 – PF64 – PF65 – PF66 – PF67
1856 – 2 – 6 – 8 – 5 – 1
1857 – 0 – 3 – 7 – 9 – 1
1858 LL – 1 – 12 – 31 – 19 – 8
1858 SL – 0 – 1 – 3 – 1 – 0
Values for these rare proofs range from around $5,000 for an 1858 Small Letters in PF63 condition to an astonishing $192,000 for the single 1856 certified PF67 by PCGS. Recent auction records include $57,500 for an 1858 Large Letters PF67 and an even $100,000 for an 1857 PF66.
Beyond proofs, a few standout varieties captivate Flying Eagle cent enthusiasts. There‘s the so-called 1856 "S-9" cent, an early die state of the regular 1856 issue with artifact die lines below the date that resemble a fancy "9." PCGS has graded just 3 examples, one of which realized $32,200 in a 2013 auction.
Another popular rarity is the 1858/7 overdate variety, created when an unused 1857-dated die was repunched with an "8" for use the following year. The telltale remnants of the underlying "7" are visible under the "8" on the coin. Only about 10 are known in any grade, with the finest being a PCGS AU55 that brought $46,000 at auction in 2004.
Advice for Collecting Flying Eagle Cents
For most collectors, the goal will be to acquire a single high-grade example of a particular date, rather than a complete set. An 1857 or 1858 grading AU or low-end uncirculated is an excellent target for a type set and won‘t break the bank. Of course, those with deeper pockets can set their sights on a choice mint state 1856 or a gem proof.
When purchasing a key date like an 1856, be sure to buy only PCGS- or NGC-certified coins from reputable sellers. Counterfeits and altered dates are a concern in the Flying Eagle series, and "raw" (uncertified) pieces can be risky, especially at the high end. If a deal seems too good to be true, it probably is.
For circulated coins, don‘t get too hung up on perfection, as few Flying Eagle cents survived heavy commerce in pristine condition. Look instead for examples with honest wear, good eye appeal, and minimal marks or damage. A splash of faded mint luster on the protected areas is always a plus.
Once you‘ve landed your Flying Eagle cent, proper storage is a must to preserve its integrity. House the coin in a sonically-sealed hard plastic holder, and store it in a cool, dry place. Avoid touching the surfaces, as fingerprints and skin oils can lead to unsightly toning over time.
The Future of the Flying Eagle Cent Market
With their combination of scarcity, beauty, and historical significance, Flying Eagle cents have captivated collectors since the earliest days of the hobby. In 1857, just months after their debut, the coins were already trading at a premium to their face value. As more collectors enter the numismatic market and the finest-known examples trade hands, values for these coveted coppers should continue to soar.
Looking ahead, I anticipate particularly robust demand for attractive circulated examples, which are still relatively affordable for many collectors. Mint state coins and proofs will likely see the most dramatic price appreciation as their populations dwindle and buyers compete for the few remaining specimens. With the wind at their backs, Flying Eagle cents are poised to reach even greater heights in the coming years.
FAQs
Q. How much is a 1856 Flying Eagle cent worth?
A. The 1856 Flying Eagle cent is a major rarity that can sell for $5,000 to over $100,000 depending on condition. Mint state examples are especially valuable, with the finest-known PCGS MS64 commanding $172,500 at auction.
Q. What makes the 1856 Flying Eagle cent so special?
A. The 1856 Flying Eagle cent is desirable because of its extremely low mintage of 1,000 or fewer pieces. These coins were patterns struck to illustrate the new small cent design to Congress, and most never entered circulation. The 1856 is essentially a one-year type coin and is prized as the first small cent.
Q. Are Flying Eagle cents rare?
A. All Flying Eagle cents are scarce in the higher circulated grades and rare in mint state. The series had a brief run from 1856 through 1858, and relatively few have survived over 150 years of attrition. Certain dates like the 1856 and the 1858/7 overdate are significant rarities with only a handful of examples known.
Q. How can I tell if my Flying Eagle cent is real?
A. Authenticating Flying Eagle cents can be tricky. Key diagnostics include correct weight (4.7 grams), diameter (19mm), and alloy (88% copper, 12% nickel). You‘ll also need to verify that all of the design elements are properly rendered. If you have any doubts about a particular coin, it‘s best to consult a trusted coin dealer or a third-party grading service.
Q. What‘s the best way to store my Flying Eagle cents?
A. As with any valuable coin, it‘s important to keep your Flying Eagle cents in a dry, stable environment. Use inert materials like Mylar flips or non-PVC plastic holders to prevent toning and corrosion. Store your coins away from direct sunlight and extreme temperatures to avoid fading and discoloration. When in doubt, consult a professional conservator for the best advice.
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