In the second half of the 19th century, the U.S. Treasury faced an impasse. A deluge of Spanish coins, called reals, had entered the country. On top of that, the intrinsic value of the copper used in pennies was fast approaching and even surpassing the value of pennies as currency. Something needed to be done. So, James R. Snowden, the director of the U.S. Mint, launched a campaign to create new coinage. On February 21st, 1857, Congress passed a sweeping bill reforming the U.S. currency. Not only did Congress abolish the half cent, which was already waning in popularity, but it also gave the Treasury Department and the U.S. Mint authority to accept Spanish reals in trade for new U.S. pennies. The first so-called Flying Eagle cents entered the public purview in May of 1857. However, in 1856, the government ran a test run of Flying Eagles. Approximately 1,500 or so of these pieces were struck. Proof sets from this era are worth on the order of thousands of dollars. Even back during the mid-19th century, 1856 Flying Eagles were sought after--these rarities were worth a dollar or more even back then. The success of the smaller, less copper-heavy Flying Eagle pennies spurred a revolution in U.S. coinage. Flying Eagles have been popular for more than 150 years for their historical value, interesting design, and rarity. Counterfeit attempts abound, however, so take care to appraise any high-value coins from this era expertly before making purchases. Counterfeit dyes, corrosion techniques, and other fake alterations have all been practiced. |
