THREE CENT SILVER (1851-1873)

Produced by the United States Mint from 1851-1873, the Three Cent Silver Piece (or “trime”) was struck for circulation from 1851 to 1872, and then as a proof coin in 1873. The three-cent silver was notably the first American coin to contain a face value significantly more than its metal value, as from 1851–1853 the coin was composed of .750 silver and .250 copper. Congress later lightened the three-cent silver piece to keep it in circulation and increased its fineness to 900 silver. These silver coins, sometimes called “fish scales,” are the smallest coins ever produced by the U.S. Mint.

Three Cent Silver Piece History

Background: 

By early 1849, mostly small coins of the Spanish colonial real dominated circulation in the Eastern US. These included the "levy" (one real) worth around 12 cents, and "fip" (half real), worth around 6 cents. These coins were used as a convenience, as during that time actual “cents” were large, made of copper, and not accepted by the government as legal tender due to their lack of precious metal.  In the Western U.S., the levy and fip were accepted as the equivalent of the silver dime and half dime, even though the Spanish pieces contained a higher silver content.

In 1850, New York Senator Daniel S. Dickinson brought forward legislation for a three-cent piece in .750 fine silver, (three parts silver to one part copper). Dickenson proposed the three-cent piece to replace the Spanish silver.

Production of the Three Cent Piece:

Officials at the Philadelphia Mint began striking pattern coins in 1849, and continued to experiment with three-cent silvers. An ongoing conflict soon arose between Mint chief coiner Franklin Peale and the chief engraver, James B. Longacre, who each prepared designs. Peale produced a coin depicting a Liberty cap, based on a design prepared by Christian Gobrecht, Longacre's late predecessor, in 1836. Despite the provision of the Mint Act of 1837 entrusting Longacre with full responsibility for die preparation by virtue of his office, Peale prepared his own and ran off some samples to the treasury. However, the next day, acting Treasury Secretary William L. Hodge approved Longacre's design instead of Peale’s.

Three Cent Silver Design and Variations

Although art historian Cornelius Vermeule considered the silver three-cent piece one of the ugliest U.S. coins, he admitted it “the redeeming feature of delicate workmanship". Longacre's original design for the reverse was later dubbed “Type 1”, as it was altered when the fineness of the coin was increased in 1854. For the Type 2 and Type 3 Three Cent Silver pieces, the reverses are identical. The only differences between the two types are on the obverse: an olive sprig was added over the III, and a bundle of three arrows below it. The olive sprig symbolizes peace, while the bundle of arrows symbolizes war.

Type 1: No Outlines to Star (1851–1853)

When authorizing the three-cent silver piece, Congress had required that it bear a design distinct from both the gold dollar and the other silver coins.  Despite mechanical challenges in striking a piece so small, a total of 5,446,400 were struck at Philadelphia in 1851, and 720,000 at New Orleans—the only location outside of Philadelphia to mint these coins.

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Type 2: Three Outlines to Star (1854–1858)

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Type 3: Two Outlines to Star (1859–1873)

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Three Cent Silver Value

The value of a Three Cent Silver piece starts at around $20 and, depending on its condition and the year of mintage, can go up to around $600. It should be noted there are a few varieties of three-cent silver pieces that may fetch a price over $700, but these cents are very rare due to their lower mintages. They are listed below

1851 O Silver Three Cent - Type 1

This coin is a favorite among dealers and collectors, as the 1851-0 is the only 3-Cent silver piece minted at a branch located outside of Philadelphia.

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1855 Silver Three Cent - Type 2

Value: Between $40 and $1,230 for G to MS condition, and around $5,700 for PR

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1865 Silver Three Cent - Type 3

Value: Between $371 and $1,230, depending on condition

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Three Cent Silver pieces are intriguing and desirable coins for many collectors, as they have an interesting history and relatively low mintage compared to many other silver coins. Values for the common dates may range from $20 in good condition up to $600 or more in uncirculated condition. In some cases, Three Cent pieces can even earn you over $1,000 depending on the condition and date. As always, when determining the worth of your coin, we advise you to seek out the assistance of a numismatic professional.