Although represented in the 100 Greatest United States Coins Series higher up on the list, this next coin is what author Jeff Garrett says is a “perpetual embarrassment” for the United States Mint. While considered a rarity that collectors seek out now, the silver coin was also considered a failure before it was even issued. We continue our journey through the Whitman Publishing series today breaking down this unique specimen.
#26 – 1876-CC Liberty Seated Twenty-Cent Piece
Created to limit long term short-changing happening in the West, the twenty-cent piece was a massive misstep by the Mint. Author Jeff Garrett claims the creation of the denomination, despite the previous intention mentioned, was for the silver miners in the West who lost a large part of their businesses when silver coins were ceased by the Coinage Act of 1873. The twenty-cent denomination was too similar to the quarter dollar, therefore creating confusion by the public. As a result, it was struck for circulation in 1875 and the beginning of 1876, apart from the Proof issues which were made until 1878.
Despite its short-lived run, the 1876-CC Liberty Seated twenty-cent piece is now looked at as a rarity. Before the plug was pulled in 1876, the Mint struck around 10,000 coins and kept them in the vault while they were waiting to be released for circulation. During this time though, the Mint realized how badly the denomination was turning out, causing them to call for their destruction. The approximate 10,000 that were waiting in reserve were also a part of this as they looked to melt the coins down and made other silver coins.
Per usual though, some did not get melted down and somehow made their way outside of the building. While some were said to have been pulled aside for the Assay Commission, the number of coins that survived was greater than what was needed for the assay coins. It is said that around 12-20 coins are known to exist today of the 1876-CC.
In 1960, the market value for the 1876 twenty-cent piece from Carson City in Choice Uncirculated condition was $7,500. By this fourth edition (2015), the coin was estimated at $300,000.
