1861 Silver 3 Cents
One of the smallest coins the U.S. Mint ever made was the 3-cent silver piece, sometimes referred to as a “trime.” Its 14mm diameter is much smaller than the 17.9mm diameter of today’s smallest circulating U.S. coin, the Roosevelt dime. Upon its 1851 debut, the silver 3-cent coin weighed 0.8g and was 75 percent silver; within a few years, the silver content increased to 90 percent, and the weight dropped to 0.75g—less than a third of modern Roosevelt dimes.
The mint melted nearly all the business strikes dated 1863 to 1872 after they failed to reach circulation, and most survivors are worth more than $1,000 today in About Uncirculated and higher grades. Trimes dated 1862 and earlier generally sell for a few hundred dollars in About Uncirculated, including the 1861 issue. Numismatic Guaranty Company (NGC) graders recently identified a counterfeit 1861 silver 3-cent, which, based on its condition, likely has an interesting backstory.
The counterfeit appears to be heavily worn, and it probably saw heavy circulation in the mid-19th century. This was likely aided by its small size and the fact that these coins tended to look dingy after frequent usage in commerce. During the Civil War, coins were hoarded, and privately issued cent-size tokens helped carry the burden in small, everyday transactions.
In the 1860s, people might not have paid too much attention to the nuances of the design on a coin with such a small denomination. But it is obvious to today’s experts that the date is much too large on the counterfeit, and the numbers (particularly the “1s”) are dramatically different.
On the reverse, the cartouches on the top of the shield are uneven, and the outline of the star is wobbly, a testament to the poorly executed design. Additionally, the coin is not struck in silver.
Although silver 3 cents may not have merited a critical eye when they circulated nearly 200 years ago, their value today makes them a good candidate for professional certification. Remember that NGC backs its determinations of authenticity and grade with the NGC Guarantee.
A version of this article appears in the September 2024 issue of The Numismatist (money.org).