What is a Two-cent Coin?

 

What is a Two-cent Coin?

Most Americans are familiar with the standard coin denominations. Until the U.S. government’s decision to eliminate the cent in 2025, U.S. coins were minted in five denominations:

• One-cent (penny)
• Five-cent (nickel)
• Ten-cent (dime)
• Twenty-five-cent (quarter)
• Fifty-cent (half dollar)
• One-dollar. 

The penny has been officially discontinued, and the coin may become nothing more than a memory in the coming decades. The one-cent coin isn’t the only U.S. coin to be removed from circulation, either. Throughout the history of the U.S. Mint, a variety of different unique denominations have been introduced and subsequently eliminated.

Perhaps the most interesting of these forgotten denominations is the two-cent piece, a coin minted during the height of the American Civil War and released at the same time as the 95% copper Indian Head cent. Today, the awkward two-cent piece is a valuable collectible coin and a famous relic from a bygone time of American coinage.

On this page, learn more about the history of the two-cent piece, the coin’s value, and more.

History of the Two-cent Piece

The two-cent piece was designed in 1863 and first minted in 1864. During the American Civil War, economic turmoil led to the mass hoarding of U.S. coins, particularly silver coins and the copper-nickel Indian Head cent. To help alleviate the growing coin shortage, Congress passed the Coinage Act of 1864, which removed nickel from the Indian Head cent and approved the creation of the two-cent piece.

Because of the coin shortage during the Civil War, the two-cent coin was initially largely popular. Its mintage numbers dwindled in the years following the Civil War until it was officially abolished through new legislation in 1873. After the end of the two-cent piece, the United States would never see another coin with a face value of two cents.

Decades before the two-cent piece was minted, such a coin was proposed to Congress by Uriah Tracy, a Connecticut Senator, in 1806. The coin was suggested along with the twenty-cent piece, which would eventually be minted for only four years starting in 1875.

Two-cent Piece Details and Mintages

The two-cent piece was minted from 1864 until 1873. The coin’s date was placed at the bottom of the coin, below the shield. James B. Longacre, who was the artist behind the Flying Eagle cent, Indian Head cent, and the Shield nickel, designed the two-cent coin. 

Its obverse featured a shield and a banner reading, “IN GOD WE TRUST.” On the reverse, the coin featured a wreath around the denomination “2 CENTS.” The name of its minting country, “UNITED STATES OF AMERICA,” encircle the reverse-side wreath. 

Uniquely, mintage figures for the two-cent piece decreased each year following its initial release. Circulation strike mintage figures for the two-cent coin are as follows:

• 1864: 19,822,500
• 1865: 13,640,000
• 1866: 3,177,000
• 1867: 2,938,750
• 1868: 2,803,750
• 1869: 1,546,500
• 1870: 861,250
• 1871: 721,250
• 1872: 65,000

The U.S. Mint also produced proof strikes of the two-cent piece annually, including a total of 1,100 proof coins across two varieties in 1873. Proof mintages for the two-cent piece include:

• 1864: 100
• 1865: 500
• 1866: 725
• 1867: 625
• 1868: 600
• 1869: 600
• 1870: 1,000
• 1871: 960
• 1872: 950
• 1873 (Type 1, Closed 3): 500
• 1873 (Type 2, Open 3): 600

Because the two-cent piece was largely minted as a substitute for other coins during the coin shortages of the American Civil War, the declining mintage figures starting in 1865 make a lot of sense. Over time, the introduction of newly accessible base metal coins to the U.S. economy made the intermediary two-cent piece redundant, leading to lower mintage needs.

Two-cent Coin Mint Marks

The U.S. two-cent piece features no mint marks. All coins from the series were produced at the Philadelphia Mint.

Is There a Two-cent Coin Today?

There is no two-cent coin produced by the U.S. Mint today. The one-cent piece continued to be a popular fixture of American coinage following the abolition of the two-cent coin in 1873. The U.S. cent was similarly abolished in 2025 as the cost of producing it outpaced its value as a currency, making the five-cent nickel the lowest denomination U.S. coin in circulation.

It is unlikely that the U.S. Mint will ever produce another two-cent coin. Because the value of the U.S. dollar continues to increase over time, it will likely never again be possible to produce a two-cent coin for a cost of less than the coin’s denomination. In other words, coin collectors shouldn’t hold their breath for another two-cent piece in the USA!

What Ever Happened to the Two-cent Piece?

The two-cent piece was discontinued for a variety of reasons. Most importantly, the coin had outlived its usefulness. Initially minted amid a coin shortage during the American Civil War, the two-cent piece served an important role in keeping the Union’s economy running until the end of the war.

But after more base metal coins were introduced into the American economy, the two-cent piece’s usefulness slowly declined. Fewer and fewer of these fascinating coins were minted annually until 1873, when the coin was officially continued. 1,100 1873 proof two-cent pieces were minted in 1873 for collectors, and this was the last time that the U.S. Mint would ever produce a two-cent piece.

Denomination Oddities: Half-cents, Two-cents, Three-cents, and Twenty-cents

The two-cent piece isn’t the only uncommon denomination to be trialed by the United States Mint. Americans have seen the introduction – and subsequent abolition – of a wide range of circulating coin denominations. Here’s a list of “strange” denominations of coin minted at various times during U.S. history:

• Half-cent Piece (1793-1857)
• Two-cent Piece (1864-1873)
• Three-cent Piece (1851-1873)
• Twenty-cent Piece (1875-1878)

These denominations were eliminated for a multitude of different reasons, and it’s unlikely Americans will see them return anytime soon. In a way, the arrival and abolishment of these small coin denominations can help historians chart the gradual devaluation of the United States dollar.

Two-cent Piece Values

Given the series’ limited run and mintage figures, two-cent pieces are surprisingly affordable in lower grades. Mint-state specimens of the coin are valuable throughout the series, with proofs fetching even higher auction records because of their extremely limited mintages and low survivorship rates.

A U.S. two-cent piece can range in value from as little as $25 to as much as $10,000 or more, depending on the coin’s year, condition, and whether or not it is a proof. 

Key Dates in the Two-cent Series

Because mintage figures decreased for each year of the two-cent piece’s mintage life, spotting key dates in the series is relatively easy to do. The most valuable key date from the circulation strike two-cent piece series is the 1872 two-cent piece, of which only 65,000 were minted.

Among the proof strikes, the key date for the two-cent series is the 1864. Despite over 19.8 million coins minted for circulation, only 100 proof two-cent pieces were minted in 1864, making them exceptionally rare in any grade. 

Auction Records for Two-cent Pieces

The highest auction price ever fetched for a two-cent piece was $63,000, realized at a 2018 Heritage Auctions event for a 1964 “Small Motto” two-cent piece graded MS66 with a red color. Other proof coins from the two-cent piece series may also sell for an even higher figure at auction.

Auction records for the two-cent piece can be confusing to parse, since so many different factors go into determining the market value of copper coinage. Coins like the two-cent piece tend to fetch higher prices at auction when they’re RD, or red, since copper coins typically develop a more brownish coloration over time.

Proof RD two-cent pieces are generally worth the most, but it is extraordinarily rare to see proof two-cent pieces in such great condition. The market for two-cent pieces is also a bit smaller compared to coins from the same era. This may be due to a few different factors, including the coin’s minimalist designs, the high mintages of the 1864 release, and the presence of several more iconic coins released around the same time.

Final Thoughts: The Strange Tale of the U.S. Two-cent Piece

The two-cent piece is an oddity in American coinage. Minted at the height of the American Civil War to alleviate a growing coin shortage caused by hoarding, the coin’s short life illustrated a unique time in the history of the United States Mint. It was produced from 1864 until 1872, with mintage figures diminishing annually until the coin was finally abolished.

It’s unlikely that the United States will ever produce another two-cent coin, but this strange little coin lives on in the world of numismatics and rare coin trading.

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