Two Cent Piece Values: The Short Series 1864-1873
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Short on time? The essentials
- The two-cent piece was authorized by the Coinage Act of 1864, signed into law on April 22, 1864. It circulated from 1864 through 1872 and was struck in proof only in 1873 before the Mint Act of 1873 abolished the denomination.
- It was the first United States coin to carry the motto IN GOD WE TRUST, engraved on a banner above the shield on the obverse.
- Composition is bronze at 95 percent copper and 5 percent tin and zinc. Mass is 6.22 grams, diameter is 23.00 mm, and the edge is plain. Designer is James B. Longacre.
- Every business strike came from the Philadelphia Mint. There are no mint marks on any two-cent piece.
- The two headline varieties are the 1864 Small Motto and Large Motto, and the 1873 Closed 3 and Open 3. The 1864 Small Motto is scarce, and the 1873 is a proof-only issue in both varieties.
- Total mintage across the entire series was roughly 45.6 million circulation pieces, and about 17 million had been repurchased and melted by the Treasury by 1909, which lowered survivorship on the later dates.
- Copper melt value on a single coin is only a few cents at recent copper prices, so the practical floor for a bronze two-cent piece is small. Collector demand does the rest of the work on price.
- Counterfeit 1864 Small Motto pieces exist, produced by tooling the motto on a common Large Motto host. A cleaned coin, no matter the date, always trades below an original example of the same grade.
On this page
- Why the two-cent piece existed
- Specifications of the two-cent piece
- The first IN GOD WE TRUST on a United States coin
- The 1864 Small Motto and Large Motto varieties
- The 1873 proof-only closing act and the Closed 3 versus Open 3
- What a two-cent piece is actually worth
- Mintage by year
- Melt-floor math on a bronze two-cent piece
- How to decide whether to submit your coin for grading
- What your two-cent piece is probably not
- Two-cent piece FAQ
Why the two-cent piece existed
The American Civil War pulled coins out of circulation. Silver and gold pieces were hoarded almost as soon as they were struck. Even the copper-nickel one-cent coin disappeared into pockets and mattresses because merchants and the public no longer trusted paper alternatives to hold value.
Private tokens filled the gap. Bronze one-cent tokens, often lighter than the official coin, circulated widely in the North as a workaround for the shortage. That was a problem for the Treasury and for the Mint, because private tokens undermined the monetary system.
Mint Director James Pollock had already flagged the copper-nickel cent as hard to strike and light on face-value metal. In his October 1863 annual report he argued that people accepted a base-metal coin as long as it was convenient for exact change, not because it contained face value in metal. That opened the door to a lighter bronze one-cent coin and to a companion two-cent piece in the same alloy.
Congress passed the Coinage Act of 1864 on April 22, 1864. It changed the one-cent composition to the same 95 percent copper bronze and authorized a new two-cent piece to be struck at the Philadelphia Mint. The law also made private minting of one and two-cent tokens illegal for circulation, which shut down the private token trade.
Specifications of the two-cent piece
Every genuine two-cent piece shares the physical specifications below. This is the identification baseline. A coin that fails these numbers is either a counterfeit, a novelty, or a piece that needs independent verification before any price conversation.
| Attribute | Two-cent piece 1864 to 1873 |
|---|---|
| Face value | 2 cents (0.02 dollars) |
| Composition | 95 percent copper, 5 percent tin and zinc (bronze) |
| Mass | 6.22 grams |
| Diameter | 23.00 mm |
| Edge | Plain |
| Designer | James B. Longacre |
| Obverse design | Shield with IN GOD WE TRUST on a banner above, date below |
| Reverse design | Wheat wreath around 2 CENTS, with UNITED STATES OF AMERICA as the legend |
| Mint marks | None. All coins were struck at the Philadelphia Mint. |
| Years of issue | 1863 patterns only. 1864 to 1872 circulation strikes. 1873 proof only, in Closed 3 and Open 3 varieties. |
Sources: Wikipedia two-cent piece (United States) entry, citing the U.S. Mint historical record. Coinage Act of 1864 signed April 22, 1864. Checked August 2026.
Two things follow from the specifications. First, a plain edge and a shield obverse are hard to mistake for any other United States denomination. Second, because every coin came from Philadelphia, there is no rarity story driven by a low-mintage branch mint on any date, only by the size of the total production run for the year.
The first IN GOD WE TRUST on a United States coin
The two-cent piece carries a historical first that is often the reason people hold on to one. It is the first United States coin to bear the motto IN GOD WE TRUST. The path from letter to obverse ran from late 1861 to the 1864 die.
On November 13, 1861, the Reverend Mark R. Watkinson of Ridleyville, Pennsylvania wrote to Treasury Secretary Salmon P. Chase asking for a reference to God on the coinage during a national crisis. Chase forwarded the request to Mint Director James Pollock a week later, on November 20, 1861. Several pattern coins prepared in 1863 tested wording candidates including GOD OUR TRUST and IN GOD WE TRUST.
Congress passed the Coinage Act of 1864 on April 22, 1864, which authorized the Secretary of the Treasury to place the motto on the one-cent and two-cent coins. The Mint chose IN GOD WE TRUST in the capitalized form on a ribbon banner over the shield, and struck it on the first two-cent pieces released that year.
An additional Act of Congress on March 3, 1865 extended the authority to place the motto on all United States gold and silver coins that could accommodate the inscription. The two-cent piece was the beachhead. Every appearance of the motto on later United States coinage traces back to the 1864 two-cent obverse.
The 1864 Small Motto and Large Motto varieties
The 1864 two-cent piece exists in two motto varieties, and the difference is worth learning because it shifts the value by an order of magnitude on a good example.
The Small Motto came from a prototype die with smaller letters in IN GOD WE TRUST, similar in style to the pattern lettering. Only a few thousand circulation strikes and a small proof group were made from this die before the Mint moved to the Large Motto die used for the rest of 1864 and every year afterward.
The tell is in the letter size and shape. On the Small Motto, the letters are thin, tightly spaced, and shorter in vertical height. The D in GOD sits close to the O. On the Large Motto, the letters are taller, wider, and more forcefully impressed, and the D is more separated from the O. Sharp side-by-side reference photographs from a major grading service reference set are the fastest way to build the eye.
Because the Small Motto is scarce and the Large Motto is common, the Small Motto has been a target for tooling and outright counterfeit for decades. A common Large Motto host coin can be reworked with a lathe or hand-cut punches to imitate Small Motto lettering. Any suspected 1864 Small Motto that has not been through independent grading is not a Small Motto for market purposes.
The 1873 proof-only closing act and the Closed 3 versus Open 3
The two-cent piece did not survive the Coinage Act reform that Congress passed in early 1873. It was formally abolished by the Mint Act of 1873, along with several other minor denominations that had lost their circulation footing.
Only proof examples were struck in 1873, and no business strikes were issued for the year. Wikipedia records mintages of 500 proofs of the Closed 3 variety and 600 proofs of the Open 3 variety.
The Closed 3 and Open 3 story starts on other denominations. Early in 1873, the Mint used a numeral 3 whose upper and lower arms curved tightly toward each other, which reads at a glance like an 8. Chief Engraver William Barber re-engraved the date on most denominations to open the arms of the 3 wider so the numeral would be unmistakable.
The two-cent piece was already discontinued by the time the Open 3 correction cycle ran on the working denominations, and the coin was proof-only for the year. Both varieties nonetheless exist as documented mintages and are collected as a pair. Because both are proof-only issues from small mintages, both trade at strong premiums, and the difference between them is a matter of collector demand and grade rather than a large gap in scarcity.
What a two-cent piece is actually worth
The honest answer sits inside four levers. Grade, variety, originality, and eye appeal move the price on a two-cent piece more than any date on its own, with the exceptions called out below.
A common circulated two-cent piece from the higher-mintage years of 1864, 1865, or the mid-1860s trades for a modest premium over its small copper melt floor. These are the dates most inheritors and estate buyers see, because these are the years the Mint struck by the millions. The exact number a dealer will quote depends on wear, on original surfaces, and on whether the coin has been cleaned.
Originality is a lever the market punishes hard. A cleaned two-cent piece, even if it looks bright at first glance, always trades at a discount to an original example of the same technical grade. Bronze coins acquire a distinctive brown or chocolate patina over time. Stripping that patina with a dip or a polish ruins the surface value even when the sharpness score has not changed.
Color drives a large price step on uncirculated survivors. Independent graders label mint-state bronze coins as red, red-brown, or brown depending on how much of the original mint-red color remains. A fully red uncirculated two-cent piece from a common date sells for many multiples of the same coin in brown, and the gap widens on scarcer dates.
The scarce end of the series is a different market. The 1872 date is a genuinely low-mintage business strike with only 65,000 circulation pieces reported, and survivors in any grade are collector coins. The 1873 proof-only issues in both Closed 3 and Open 3 are always collector coins because they were never made for circulation. The 1864 Small Motto, when authenticated, is a scarce variety across all grades.
Mintage by year
The mintage schedule of the two-cent piece is the fastest way to see why the series ended. Circulation output collapsed from roughly 20 million in the first year to 65,000 in the final circulation year, as the new 5-cent nickel coin and the reintroduction of small silver drove the two-cent piece out of use.
Text equivalent: circulation strikes were 19,822,500 in 1864, 13,640,000 in 1865, 3,177,000 in 1866, 2,938,750 in 1867, 2,803,750 in 1868, 1,546,500 in 1869, 861,250 in 1870, 721,250 in 1871, and 65,000 in 1872. No circulation strikes were made in 1873.
| Year | Circulation strikes | Proofs |
|---|---|---|
| 1864 | 19,822,500 | 100 |
| 1865 | 13,640,000 | 500 |
| 1866 | 3,177,000 | 725 |
| 1867 | 2,938,750 | 625 |
| 1868 | 2,803,750 | 600 |
| 1869 | 1,546,500 | 600 |
| 1870 | 861,250 | 1,000 |
| 1871 | 721,250 | 960 |
| 1872 | 65,000 | 950 |
| 1873 Closed 3 | None struck | 500 |
| 1873 Open 3 | None struck | 600 |
Source: Wikipedia two-cent piece (United States) mintage table, citing Yeoman A Guide Book of United States Coins. Checked August 2026.
Two facts from the table sit under most price behavior on this series. The 1864 and 1865 dates are common. The 1872 date is a genuine low-mintage circulation coin, and any 1872 survivor is scarce in every grade. Between 1864 and 1909, the Treasury also repurchased about 17 million of the roughly 45.6 million coins issued and melted them into one-cent planchets, which reduced surviving population on every date.
Melt-floor math on a bronze two-cent piece
How to decide whether to submit your coin for grading
Independent third-party grading has a fee, so it is not the right answer for every coin. The decision usually comes down to date, condition, and originality. The steps below are the sequence a collector runs before spending money on grading a two-cent piece.
- Identify the date and confirm the specs. Check the year on the obverse under the shield and confirm the coin weighs 6.22 grams and measures 23.00 mm across. A digital jewelry scale and a caliper are enough. Any coin that fails these numbers is not a genuine bronze two-cent piece and should be authenticated before any price conversation.
- Check the motto size on any 1864. If the coin is dated 1864, compare the letters of IN GOD WE TRUST to reference photographs of the Small Motto and Large Motto. If the coin appears to be a Small Motto, treat it as a candidate for grading regardless of its outer condition. If it is a Large Motto, move to the next step.
- Assess originality and color. Look at the surfaces under a natural light source. An original two-cent piece has an even chocolate brown patina or, on a mint-state coin, red or red-brown surfaces with no bright spots that suggest cleaning. A coin with a stripped, brassy, or unnaturally shiny surface has been cleaned and will grade lower than an original example of the same wear.
- Estimate the technical grade. Compare the coin to grading guide photographs from an established reference. A common date in circulated condition on chocolate surfaces is a collectible curiosity, not a grading candidate. A common date in uncirculated grades with strong original color is a strong grading candidate.
- Weigh the fee against the likely value. Independent grading typically costs a fixed fee per coin plus return shipping. If the ungraded value is comfortably above the total fee, submission usually adds value. If the coin is a common circulated date, the fee will exceed the coin's collector value, and submission usually does not add up.
- Do not clean the coin. Any polishing, dipping, or scrubbing lowers the grade an independent grader will assign and can reduce the value by orders of magnitude. Preserve the coin exactly as it came to you, in a soft holder or an inert flip, before any grading decision.
- Submit through an established third-party grading service. Only a certified authentication and grade from an established grader carries weight in the marketplace for the scarce dates and the 1864 Small Motto. Verbal appraisals and photo opinions do not.
What your two-cent piece is probably not
Most two-cent pieces that surface in a jar, a coin album, or an inherited collection are not the scarce end of the series. It helps to know the honest patterns rather than count on the exception.
A common Large Motto 1864 or 1865 in circulated condition. These are the two highest-mintage years, and the survivors are the coins most inheritors see. The coin is a real historical artifact, and the value is a small collector premium over the copper melt floor. That is where the value line usually stops.
A cleaned or dipped bronze coin. Someone in the last century used a metal polish or a chemical dip to make the coin look brighter. The result is a bright but unnatural surface that no independent grader will assign a straight grade. The coin is honest bronze from the mint, but the surface is not original.
A tooled 1864 Small Motto counterfeit or an altered date. A common Large Motto host was reworked with hand-cut punches or a small lathe to imitate Small Motto lettering. This is a well-documented counterfeit family. A raw 1864 Small Motto with no independent authentication is not a Small Motto in the market.
A darkened or corroded coin. Copper alloys oxidize in poor storage conditions, particularly in humid environments or in contact with rubber, PVC plastic, or wood. A green or black coin with pitting is a legitimate two-cent piece, but the value drops sharply because independent graders will not assign a straight grade to an environmentally damaged surface.
A high-grade example of a common date, undiscovered. This does happen. A red uncirculated 1864 Large Motto or 1865 pulled straight from an old collection and never handled since the 1860s can be a valuable coin. The evidence is in the color, the surface, and the strike. The decision to grade should follow the checklist above, not the hope alone.
A modern copy or a museum-shop novelty. Souvenir shops and reproduction houses have made copper-look reproductions of famous American coins for decades. A two-cent piece marked COPY, or one that fails the weight and diameter test, is a novelty, not a mint product, no matter how convincing the presentation.
Two-cent piece FAQ
What is a two-cent piece worth today?
A common circulated two-cent piece from a higher-mintage year like 1864 or 1865 typically trades for a modest collector premium over a copper melt floor of a few cents. Scarcer dates such as the 1872 business strike, the 1873 proof-only issues, and the authenticated 1864 Small Motto command strong premiums that scale with grade, color, and originality. A specific price on any coin requires an in-hand look and, for the scarce end of the series, independent grading.
How can I tell a Small Motto 1864 from a Large Motto 1864?
Compare the size and spacing of the letters in IN GOD WE TRUST against reference photographs from an established grading service. The Small Motto has thin, short, tightly spaced letters, with the D of GOD close to the O. The Large Motto has taller, wider, more forcefully impressed letters. A suspected Small Motto without independent authentication is not a Small Motto for market purposes because the variety is a documented target for tooling.
Why is 1873 proof only?
Congress abolished the two-cent piece in the Mint Act of 1873 in the same reform that reworked several minor denominations. The Mint struck only proof examples for collectors in 1873 and issued no business strikes for the year. Both the Closed 3 and the Open 3 varieties exist in the small proof mintage.
Are all two-cent pieces from the Philadelphia Mint?
Yes. Every business strike and every proof came from the Philadelphia Mint, so no two-cent piece carries a mint mark. If you see a coin with a mint mark on the reverse or the obverse, it is either a modern novelty, an altered piece, or a counterfeit.
What was the first United States coin with IN GOD WE TRUST?
The two-cent piece was the first United States coin to carry the motto. The motto appears on a banner above the shield on the obverse, and the design ran on every two-cent piece from 1864 through 1873. The 1864 issue was authorized by the Coinage Act of April 22, 1864.
Should I clean a dirty two-cent piece?
No. A cleaned bronze coin always trades at a discount to an original example of the same technical grade, and the discount is often severe. Independent graders will not assign a straight grade to a cleaned coin, which cuts the coin off from a large part of the collector market. Store the coin in an inert flip or a soft holder and leave the surface alone.
How do I test whether the coin is genuine?
Start with the specifications. A genuine two-cent piece weighs 6.22 grams, measures 23.00 mm in diameter, has a plain edge, and rings copper on a jewelry scale to the second decimal place. The obverse shows a shield with IN GOD WE TRUST on a banner above, the reverse a wheat wreath around 2 CENTS. Any coin that fails these tests, or a suspected 1864 Small Motto, should be authenticated through an established third-party grading service before any sale.
What made the two-cent piece disappear?
Two forces pushed it out. The 5-cent nickel coin introduced in 1866 gave merchants a more useful base-metal denomination, and the return of small silver to circulation after the postwar period ended the shortage that had justified the two-cent piece in the first place. Mintage collapsed year over year, and Congress abolished the denomination in the Mint Act of 1873.
Sources
- Wikipedia, Two-cent piece (United States). Physical specifications (bronze at 95 percent copper and 5 percent tin and zinc, mass 6.22 grams, diameter 23.00 mm, plain edge, all struck at the Philadelphia Mint), designer James B. Longacre, mintage schedule from 1864 through 1873, Small Motto and Large Motto varieties of 1864, Closed 3 and Open 3 varieties of the 1873 proof-only issue, and the abolition by the Mint Act of 1873. Cites Bowers, Carothers, and Yeoman. en.wikipedia.org/wiki/Two-cent_piece_(United_States). Checked August 2026.
- Wikipedia, Coinage Act of 1864. Passed April 22, 1864, authorized the two-cent piece and the bronze one-cent composition. Included the phrase IN GOD WE TRUST on the newly authorized one-cent and two-cent coins. en.wikipedia.org/wiki/Coinage_Act_of_1864. Checked August 2026.
- Wikipedia, In God We Trust. Documents the November 13, 1861 letter from Reverend Mark R. Watkinson of Ridleyville, Pennsylvania to Treasury Secretary Salmon P. Chase, the November 20, 1861 forwarding to Mint Director James Pollock, and the first appearance of the capitalized motto on the two-cent piece in 1864. en.wikipedia.org/wiki/In_God_We_Trust. Checked August 2026.
- United States Mint. Coin Specifications and Historical Composition. Public reference for United States coin composition, weight, and diameter across denominations and eras, including nineteenth-century minor coinage. usmint.gov/learn/history-and-artistry. Checked August 2026.
- Yeoman, R. S. A Guide Book of United States Coins (the Red Book). Standard reference for United States coin varieties, mintages, and market context, cited in the Wikipedia mintage table for the two-cent piece and referenced by every major grading service for series overviews. Whitman Publishing. Checked August 2026.
- Professional Coin Grading Service (PCGS), CoinFacts series overview for the Two Cents 1864 to 1873 category. Reference for date-by-date PCGS grading population data, variety attribution notes, and market context on the two-cent piece. pcgs.com/coinfacts/category/two-cents-1864-1873/40. Checked August 2026.
- Numismatic Guaranty Company (NGC), Two-Cent Pieces Price Guide. Reference for date-by-date NGC census data, grade descriptions on bronze coins, and market context on the two-cent piece. ngccoin.com/price-guide/united-states/two-cent-pieces-pscid-51. Checked August 2026.