1865 2C, BN MS65BN Certification #31621019, PCGS #3582

Charles Morgan

The 1865 Two-Cent Piece

First struck in 1864 to alleviate the nationwide coin shortage caused by the Civil War, the Two-Cent Piece ultimately struggled to gain long-term traction. The coin, identical in diameter to the deprecated half-cent but slightly heavier, was conceived as an instrument to increase the circulation of small change in the Northeast and Midwest. For a few years, the coin fulfilled its purpose; however, a glut of base-metal issues—specifically the Indian Head Cent, the Three-Cent Nickel, and the Shield Nickel five-cent coin—eventually crowded out the "double cent."

This eventuality was not yet apparent in 1865. For the second year of the series, the Philadelphia Mint struck 13,640,000 pieces, representing a 31% decline from the inaugural year. This downward trend accelerated in 1866, with mintage falling by another 77% before stabilizing briefly over the following two years.

The Plain 5 and Fancy 5 Varieties

For completionists, the 1865 Two-Cent Piece offers two major varieties: the Plain 5 (PCGS #38247) and the Fancy 5 (PCGS #38256), along with several Cherrypickers' Guide varieties. These descriptors refer specifically to the style of the numeral "5" in the date.

The Plain 5 is the primary date style for the 1865 issue and is characterized by a straight, horizontal crossbar at the top of the digit. In contrast to the Fancy 5—which features a distinctively curved or "flipped" flag—the Plain 5 presents a more utilitarian, geometric profile. Within the Plain 5 and Fancy 5 families, collectors often hunt for several popular sub-varieties, including: 

Plain 5

• Doubled Die Obverse: FS-101 (#38250) and FS-102 (#569397)
• Repunched Date: FS-301 (#38253)
• Die Clash: FS-401/901 (#569400)

Fancy 5

• Repunched Date: FS-301 (#38259-#38261), FS-302 (#38262-#38264), FS-303 (#38265-38267).
• Misplaced Date: FS-304 (#38268-38270), FS-305 (#569403-#569405). 

* * *