1856 Flying Eagle Cent
A historically significant issue, the first year Flying Eagle cent was initially prepared as a pattern in late 1856 and early 1857 to illustrate the new small size cent in copper-nickel composition, which was envisioned as a replacement for the costly (to produce) large copper cents first struck in 1793. Later in 1857, and continuing through at least early 1860, the Mint struck additional examples. The later strikings were initially meant for distribution to Congressional leaders, Mint personnel and others in government posts, but by 1859, if not late 1858, Mint Director Colonel James Ross Snowden was striking 1856 Flying Eagle cents expressly for distribution to contemporary collectors who had become fascinated with the nation's first copper-nickel cent. According to Rick Snow (A Guide Book of Flying Eagle and Indian Head Cents, 2006), the 1856 Flying Eagle cent had become so popular during the late 1850s that prices soon reached $2 per coin, sparking the nation's first coin-collecting boom.
Snow-9 is the most frequently encountered die marriage of this classic issue, and it accounts for the vast majority of Proofs struck for collectors from 1856-dated dies circa 1859. The exact striking period for these coins is unknown, and production may have begun as early as 1858 and likely continued into 1860. We also do not know how many 1856 Flying Eagle cents were prepared during this later striking period. The coins were not part of a regular issue and, hence, the mintage was not reported by Mint personnel.
Most of the coins that Director Snowden began selling to collectors in 1859 were struck in Proof format, as above, the number extant suggesting a mintage on the order of 1,500 pieces. Interestingly, this newly created supply flooded the market and caused prices to plummet, eventually reaching a low of 25 cents per coin. The Mint clearly overestimated contemporary demand, so much so that prices remained below $2 per coin well into the 1870s (again per Snow). Today, however, the popularity of the 1856 Flying Eagle cent is as strong as ever.
The example to the left was sold by Stack's Bowers Galleries in the August 2018 ANA Auction, where it realized $52,800.
1856 Flying Eagle Cent Auction Highlights
 PCGS MS-65 Sold for $52,800 View Lot 1061 |  PCGS MS-64, CAC Sold for $38,400 View Lot 1007 |  PCGS PR-65 Sold for $35,250 View Lot 5001 |
