The Flying Eagle Penny is one of the most sought-after coins in American numismatics. Dating back to 1856, 1857, and 1858, this small copper-nickel coin holds a significant place in history. Collectors are keen to know its value, errors, and history. Let’s explore the Flying Eagle Penny’s value, its history, and everything you need to know about these rare coins.
History of the Flying Eagle Penny
The Flying Eagle Penny, first minted in 1856, marks a major shift in U.S. coinage. Prior to this, the design of the penny had not changed much in over 50 years. The Flying Eagle design was introduced to replace the large cent, which was becoming too cumbersome for everyday use.
- First Minting: The first Flying Eagle Penny was produced in 1856.
- Design: The coin featured a flying eagle in flight, a symbol of freedom and power.
- Minting Issues: The U.S. Mint faced challenges with the new design, leading to limited production.
Why Was the Flying Eagle Penny Introduced?
The Flying Eagle Penny was introduced to address the growing need for smaller and more convenient coins. The large cent was being phased out due to its size and high copper content. The smaller Flying Eagle Penny was a part of this effort.
- Smaller Size: The new penny was smaller and lighter than the large cent.
- Affordable Material: The copper-nickel alloy reduced costs compared to the large cent’s high copper content.
Flying Eagle Penny Designs and Features
The Flying Eagle Penny underwent several design changes throughout its short run. Despite being minted for only three years, the coin left a lasting impact.
- Obverse Design: The front of the coin displayed a flying eagle.
- Reverse Design: The back featured a shield with the words “UNITED STATES OF AMERICA” and “ONE CENT.”
- Edge: The coin had a smooth edge.
Flying Eagle Penny Value: Price Chart for 1856, 1857, and 1858
The value of Flying Eagle Pennies depends on the year, condition, and any errors present. Below is a price chart to give you an idea of the value range for each year.
1856 Flying Eagle Penny Value
The 1856 Flying Eagle Penny is the rarest and most expensive among the three years of production. It was minted in limited quantities, and only a few examples have survived.
- Value: The value of a 1856 Flying Eagle Penny ranges from $100 to over $1,000,000, depending on its condition.
- Key Factors: Rarity, historical significance, and condition are crucial in determining the price.
1857 Flying Eagle Penny Value
The 1857 Flying Eagle Penny was produced in larger quantities compared to the 1856 coin. However, it remains a highly valuable coin among collectors.
- Value: The value ranges from $30 to $500, depending on the coin’s grade.
- Key Factors: Coin’s wear, mint mark, and condition impact its price.
1858 Flying Eagle Penny Value
The 1858 Flying Eagle Penny is the most commonly available among the three. It was the last year of production, marking the end of the Flying Eagle design.
- Value: Prices for 1858 Flying Eagle Pennies range from $25 to $250.
- Key Factors: Overall condition and whether the coin is a high-grade specimen.
Common Errors Found on Flying Eagle Pennies
Collectors are particularly interested in error coins because they can be significantly more valuable. Below is a list of common errors found on Flying Eagle Pennies.
1. Die Cracks
- Description: A die crack occurs when the coin die breaks, causing a crack in the design.
- Value: Coins with noticeable die cracks can fetch higher prices due to their rarity.
2. Double Struck Coins
- Description: A double strike happens when a coin is struck twice, creating an overlapping image.
- Value: Double struck Flying Eagle Pennies are highly sought after and often command higher prices.
3. Off-Center Strikes
- Description: Off-center strikes occur when the coin is not properly aligned during minting.
- Value: These errors can increase a coin’s value, depending on the severity of the misalignment.
4. Missing Mint Marks
- Description: Coins missing mint marks are considered rare and valuable.
- Value: Missing mint marks can make a Flying Eagle Penny worth significantly more.
FAQs:
1. What is the value of a 1856 Flying Eagle Penny?
The value ranges from $100 to over $1,000,000, depending on condition and rarity.
2. Why is the 1856 Flying Eagle Penny so valuable?
It is the rarest of the series, with only a few surviving examples.
3. Are there any errors that increase the value of Flying Eagle Pennies?
Yes, common errors include die cracks, double strikes, off-center strikes, and missing mint marks.
4. How can I tell if my Flying Eagle Penny is rare?
Look for unique features such as errors or high-grade condition coins.
5. How should I store my Flying Eagle Pennies?
Use protective cases and handle them carefully to preserve their condition and value.