The United States three cent piece was a unit of currency equaling of a United States dollar. The mint produced two different three-cent coins for circulation: the three-cent silver and the three-cent nickel. Additionally, a three-cent bronze coin was made as a pattern in 1863. During the period from 1865 to 1873, both coins were minted, albeit in very small quantities for the silver three-cent piece.

History

The three-cent coin was proposed in 1851 both as a result of the decrease in postage rates from five cents to three and to answer the need for a small-denomination, easy-to-handle coin. The three-cent silver featured a shield on a six-sided star on the obverse and the Roman numeral III on the reverse. The coin was initially composed of 75% silver and 25% copper to ensure that the coin would be considered real currency yet not worth melting down for the silver. The coins were physically the lightest-weight coins ever minted by the United States, weighing only and with a diameter smaller than a modern dime and only slightly greater than the smallest gold dollars. The silver coins were known as "fishscales".

Starting in 1854, the three-cent silver had its silver metal content raised to 90% to encourage circulation. At the same time, its weight was reduced to by reducing thickness. The coin went through a design change at the time such that two lines were now used to border the star on the obverse and an olive sprig was added above and a bundle of arrows below the Roman numeral III on the reverse. It was minted from 1851 to 1873 at the Philadelphia Mint. Later years had very small mintages and the 1873 issue was in proof state only, commanding prices upwards of $400. However, an earlier-date silver three-cent piece can be bought in worn condition for a relatively low price. The silver three-cent pieces can be purchased for around $25 if they are in decent shape and before 1862, depending on the mintage. The silver three-cent piece (along with the half dime, and the two-cent piece as well as the temporary suspension of the standard silver dollar in favor of the Trade Dollar) was discontinued by the Coinage Act of 1873.

Civil War-era silver shortages led to widespread hoarding of all silver coins, and most one- and five-cent coins, as well.

Mintage figures

Three cent (silver), 1851–1873

  • 1851 (P) – 5,447,400
  • 1851 O – 720,000
  • 1852 (P) – 18,663,500
  • 1853 (P) – 11,400,000
  • 1854 (P) – 671,000
  • 1855 (P) – 139,000
  • 1856 (P) – 1,458,000
  • 1857 (P) – 1,042,000
  • 1858 (P) – 1,603,700
  • 1859 (P) – 364,200
  • 1860 (P) – 286,000
  • 1861 (P) – 497,000
  • 1862 (P) – 343,000
  • 1863 (P) – 21,000
  • 1864 (P) – 12,000
  • 1865 (P) – 8,000
  • 1866 (P) – 22,000
  • 1867 (P) – 4,000
  • 1868 (P) – 3,500
  • 1869 (P) – 4,500
  • 1870 (P) – 3,000
  • 1871 (P) – 3,400
  • 1872 (P) – 1,000
  • 1873 (P) – 600 (all proof)

Three cent (nickel), 1865–1889

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Further reading

  • Q. David Bowers, United States Three-Cent and Five-Cent Pieces: An Action Guide for the Collector and Investor. Wolfeboro, NH: Bowers and Merena Galleries, 1985.
  • US Three Cent Piece by year and type. Histories, photos, and more.
  • Three Cent Pictures
  • Silver Three Cents: 1851–1873 – Type Set Coin Collecting
  • [http://www.coinweek.com/dealers-companies/gainesville/rare-us-coins-glass-cent-pattern-discovered/] About Glass Coins