In the annals of American numismatics, few coins spark as much intrigue and fascination as the twenty-cent piece.
This short-lived denomination, minted for just a brief period in the 1870s, stands as a testament to the ever-evolving nature of U.S. currency and the complex interplay of politics, economics, and public opinion that shapes our monetary system.
A Brief but Impactful Existence
The twenty-cent piece, often referred to as the “double dime,” made its debut in 1875.
Its lifespan was remarkably short, with production for circulation ceasing after just two years in 1876, though proof versions continued to be struck until 1878.
This fleeting existence has only added to the coin’s mystique and desirability among collectors.
The Birth of a Denomination
The impetus for creating the twenty-cent piece came from several quarters. Senator John P. Jones of Nevada was a primary advocate, arguing that a coin of this denomination would help alleviate the shortage of small change in the Western states.
At the time, the West was experiencing a boom due to silver mining, and there was a push to find more uses for the abundant silver being extracted from mines like the famous Comstock Lode.
Moreover, the suggestion was made that a twenty-cent piece would simplify transactions.
The theory was that it would be easier to make change for a quarter using a twenty-cent piece and a nickel, rather than two dimes and a nickel. This argument, while logical on paper, would prove to be flawed in practice.
Design and Specifications
The task of designing the new coin fell to William Barber, the Chief Engraver of the U.S. Mint at the time. Barber’s design featured a seated Liberty on the obverse, similar to the motif used on other silver coins of the era.
The reverse displayed an eagle with outstretched wings, surrounded by the words “UNITED STATES OF AMERICA” and the denomination “TWENTY CENTS.”
The specifications of the coin were as follows:
Composition: 90% silver, 10% copper
Weight: 5 grams
Diameter: 22 millimeters
Edge: Plain
Interestingly, the plain edge was a departure from the reeded edges of other silver coins of the time. This was intended to be a distinguishing feature, but as we’ll see, it wasn’t enough to prevent confusion with the quarter dollar.
Minting and Distribution
Four mints produced the twenty-cent piece during its short life:
Philadelphia (no mint mark)
Carson City (CC)
San Francisco (S)
Denver (D) – proof strikes only in 1875
The mintage figures tell a story of initial enthusiasm followed by a rapid decline:
1875:
Philadelphia: 36,910
Carson City: 133,290
San Francisco: 1,155,000
1876:
Philadelphia: 14,640
Carson City: 10,000
San Francisco: 1,260,000
1877-1878: Proof strikes only, with mintages under 1,000 per year
The Coin’s Reception and Downfall
Despite the good intentions behind its creation, the twenty-cent piece was met with a lukewarm reception from the public.
The primary issue was its similarity in size and design to the quarter dollar. At 22mm in diameter, it was only slightly smaller than the quarter at 24.3mm.
This similarity led to frequent confusion and frustration among consumers and merchants alike.
The plain edge, intended to differentiate it from other silver coins, proved insufficient as a distinguishing feature.
Many people found themselves accidentally spending twenty-cent pieces as quarters or receiving them as change for a quarter, leading to disputes and dissatisfaction.
Furthermore, the theoretical advantage of simplifying change-making never materialized in practice.
People were accustomed to using quarters, dimes, and nickels, and the addition of a twenty-cent piece seemed to complicate rather than simplify transactions.
As a result of these issues, the coin quickly fell out of favor. By 1876, it was clear that the experiment had failed, and Congress moved to discontinue the denomination.
The last twenty-cent pieces for circulation were struck in 1876, though proof versions continued to be produced for collectors until 1878.
Rarity and Collectibility
The short production run and subsequent melting of many specimens have made the twenty-cent piece a prized item among numismatists. Certain dates and mint marks are particularly rare and valuable:
1876-CC: With only 10,000 minted and many melted down, this is the holy grail for twenty-cent piece collectors. In high grades, these can fetch hundreds of thousands of dollars at auction.
1875-S Proof: Only a handful are known to exist, making this one of the rarest proof coins in U.S. history.
1877 and 1878 Proofs: While not as rare as the 1875-S, these low-mintage proof-only years are highly sought after by collectors.
Even the more common dates can command significant premiums, especially in higher grades. The combination of historical significance, rarity, and the coin’s unique status as a “failed denomination” make it a fascinating addition to any collection.
Grading and Preservation
As with all coins, the condition of a twenty-cent piece significantly affects its value. The grading scale for these coins typically ranges from Poor (P-1) to Perfect Uncirculated (MS-70), with proof versions having their own designations.
Key areas that graders focus on include:
Liberty’s head and knee on the obverse
The eagle’s wings and breast feathers on the reverse
Overall luster and presence of bag marks or other imperfections
Preservation of these coins is crucial. Many have been lost to time or damaged through improper handling.
Collectors are advised to store their twenty-cent pieces in non-reactive holders and handle them only by the edges to prevent damage to the surfaces.
Historical Context and Significance
The twenty-cent piece, while a failure in terms of circulation, provides a fascinating window into the economic and political climate of the 1870s.
This was a time of significant change and challenge for the United States:
The country was still recovering from the Civil War
The Panic of 1873 had led to a severe economic depression
Western states were booming due to silver mining
The debate over bimetallism (the use of both gold and silver as monetary standards) was heating up
The twenty-cent piece can be seen as a product of these forces. It was an attempt to address practical issues (the need for small change in the West) while also serving political interests (finding uses for the abundant silver being mined).
Moreover, the coin’s failure illustrates the importance of public acceptance in the success of any currency. No matter how logical a new denomination might seem on paper, if the public finds it confusing or inconvenient, it is unlikely to succeed.
Legacy and Impact on American Coinage
While the twenty-cent piece itself was short-lived, its brief existence had lasting impacts on American coinage:
It reinforced the importance of distinctive designs for different denominations. Future coin designs would place greater emphasis on clear differentiation between denominations.
The experience likely contributed to the reluctance to introduce new denominations in the future. The next new denomination, the Sacagawea dollar, wouldn’t appear until 2000, over 120 years later.
The coin’s failure may have influenced the decision to cease production of the similar-sized twenty-cent piece in Canada in 1921.
It serves as a reminder of the complex factors that influence our monetary system, beyond mere economic considerations.
Collecting Twenty-Cent Pieces Today
For modern collectors, the twenty-cent piece offers a unique opportunity.
Its rarity, historical significance, and status as a “failed” denomination make it a compelling addition to any collection. However, collecting these coins can be challenging:
Genuine specimens, especially of rarer dates, can be expensive.
Due to their value, counterfeit twenty-cent pieces exist. Collectors should purchase from reputable dealers and consider having valuable specimens authenticated by professional grading services.
Complete date and mint mark sets are difficult to assemble due to the rarity of certain issues.
Despite these challenges, many collectors find the pursuit of twenty-cent pieces rewarding. Each coin tells a story of American history, from the silver mines of Nevada to the halls of Congress and the pockets of 19th-century citizens.
Rare 20-Cent Coin : A Numismatic Treasure
The twenty-cent piece, despite its failure as a circulating coin, has found enduring success as a collector’s item. Its brief existence, tied so closely to the economic and political currents of its time, makes it more than just a coin – it’s a tangible piece of American history.
For numismatists, historians, and curious individuals alike, the twenty-cent piece serves as a reminder of the ever-evolving nature of our monetary system.
It stands as a testament to the fact that not all experiments in currency are successful, but even failures can leave a lasting legacy.
In the end, the rare and elusive twenty-cent piece is more than just a forgotten denomination. It’s a window into a specific moment in American history, a prized collector’s item, and a fascinating example of the interplay between politics, economics, and public opinion in shaping the coins we use every day.