United States | |
Value | 3 cents (0.03 US dollars) |
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Mass | 1.94 g |
Diameter | 17.9 mm |
Edge | plain |
Composition |
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Years of minting | 1865–1889 |
Mint marks | None, all struck at Philadelphia Mint without mint mark |
Obverse | |
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Design | Head of Liberty |
Designer | James Barton Longacre |
Design date | 1865 |
Reverse | |
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Design | Wreath surrounding Roman numeral III |
Designer | James Barton Longacre |
Design date | 1865 |
The copper-nickel three-cent piece, often called a three-cent nickel piece or three-cent nickel, was designed by US Mint Chief Engraver James B. Longacre and struck by the United States Bureau of the Mint from 1865 to 1889. It was initially popular, but its place in commerce was supplanted by the five-cent piece, or nickel.
With precious metal federal coinage hoarded during the economic turmoil of the American Civil War, including the silver three-cent piece, and even the copper-nickel cent commanding a premium, Congress issued paper money in denominations as small as three cents to replace the hoarded coins in commerce. These small slips of paper became ragged and dirty, and the public came to hate "shinplasters". After the issuance in 1864 of a lighter bronze cent and a two-cent piece of that metal, both of which circulated freely, there were proposals for a three-cent piece in copper-nickel to replace the three-cent note. The advocates were led by Pennsylvania industrialist Joseph Wharton, who then controlled the domestic supply of nickel ore. On the last legislative day of the congressional session, March 3, 1865, a bill for a three-cent piece in copper-nickel alloy was introduced in Congress, passed both houses without debate, and was signed by President Abraham Lincoln.
The three-cent nickel piece initially circulated well, but became less popular when the five-cent nickel was introduced in 1866, a larger, more convenient coin, with a value of five cents better fitting the decimal system. After 1870, most years saw low annual mintages for the three-cent nickel, and in 1890 Congress abolished it. The last were struck in 1889; many were melted down to coin more five-cent pieces. The issue is not widely collected, and prices for rare dates remain low by the standards of American collectible coinage.
The great influx of bullion from the California Gold Rush and other finds caused the price of silver relative to gold to increase starting in 1848, and silver coins were hoarded or exported for melting. In 1851, a bill for a three-cent piece in 75% silver and 25% copper was introduced in Congress by New York Senator Daniel S. Dickinson, who wanted to lower postage rates from five to three cents. This percentage of silver was less than the normal 90% so that the coins would circulate at a time of hoarding. The copper large cent did not circulate in the Pacific Coast region or South due to prejudice against coins that did not contain precious metal, and some means of allowing the purchase of a postage stamp without the use of copper cents was necessary. Dickinson's bill passed on March 3, 1851, and in addition to authorizing the new three-cent silver, lowered rates for most domestic mails. By 1854, the imbalance had abated, and Congress increased the silver content of the three-cent piece to the standard 90% for silver coins, though its weight was reduced.