Best known as one of the rarest and most valuable coins in U.S. numismatics, the Flying Eagle Penny of 1857 continues to astonish everyone simply through its mere 1 cent value. Though manufactured more than a century ago, this little piece of coin can be sold for amounts as high as $7000 at an auction today. What exactly gives it such a big value?
In what ways is it different from other rare coins? This article will discuss the 1857 Flying Eagle Penny-the history, features, and latest value-with an explanation as to why collectors are still hunting for it.
The Historical Background of the 1857 Flying Eagle Penny
The 1857 Flying Eagle penny was the first and only small-size copper-nickel coin minted by the United States. Until then, pennies were considerably larger, making the smaller size a departure in U.S. coinage.
The coin was designed by James B. Longacre, the Chief Engraver of the U.S. Mint at the time. Longacre’s design featured an eagle in majestic flight on the obverse of the piece, the source of the nickname “Flying Eagle.”
Key Facts About the 1857 Flying Eagle Penny:
- Minted Year: 1857
- Designer: James B. Longacre
- Diameter: 19 mm
- Composition: 88% copper, 12% nickel
- Minting Quantity: Approximately 24 million coins were struck
- Value Today: Up to $7,000 in high-grade conditions
The Flying Eagle Penny of 1857 ushered the beginning of the new American coinage era by replacing the bigger copper cent. Though minted in vast quantities, the short mintage period and the small number of surviving examples made them highly coveted by collectors.
Reasons for Huge Value of the 1857 Flying Eagle Penny
There are a number of reasons for the value of the 1857 Flying Eagle Penny; the most important ones are rarity, historical importance, and that it served a transitional purpose. Here are some major factors that affect its value:
Rarity and Limited Survival
While there were approximately 24 million 1857 Flying Eagle Pennies struck, most of these coins circulated and have long since been lost in the flow of time.
The surviving ones are few, and very few in good condition. As in the case with many coins, fewer surviving coins equal greater demand, pushing price ever higher.
At least in some parts and many ways, the Flying Eagle penny of 1857 is historically significant: It was the coin designed and minted to mark the minting of smaller-than-large cents.
This change was part of a more general movement toward homogenous coinage that was easy to carry for general everyday use. The Flying Eagle penny in this way represents this important transition stage for American coinage.
Condition and grading matter:
As with any rare coin, condition is an important driver in the value of the off-1857 Flying Eagle penny. Coins in mint or near-mint condition (MS-63 and above) are worth a non-descript sum against coins of average condition.
Coins that are well-detailed and lustrous with only minimal signs of wear could sell for around $7,000, whereas those that show signs of additional impairments may come down in value to a few hundred dollars.
Design of 1857 Flying Eagle Penny
The design of the 1857 Flying Eagle penny is one major draw for collectors. The soaring eagle represents freedom and might on the obverse, surrounded by the words “UNITED STATES OF AMERICA.”
The reverse holds a wreath that encircles the number “1,” standing for the coin’s face value of one cent. The beautiful simplicity of the penny has made it quite appealing to collectors.
Design Features
- Obverse: A flying eagle with “UNITED STATES OF AMERICA” above it.
- Reverse: A laurel wreath with “1 CENT” at the center.
- Edge: Plain (no reeding or inscription).
How Much is the 1857 Flying Eagle Penny Worth Today?
The value of the Flying Eagle penny of 1867 depends on the condition of the coin, its rarity, and demand for it. The majority of them fetch a price of several hundred dollars, while coins in well-preserved condition might actually go for $7,000 or more.
Value Breakdown by Condition:
| Condition | Approximate Value (Per Coin) |
|---|---|
| Poor (AG-3) | $100 – $150 |
| Fine (F-12) | $250 – $350 |
| Very Fine (VF-20) | $400 – $600 |
| Extremely Fine (EF-40) | $800 – $1,200 |
| Mint State (MS-63) | $2,500 – $7,000 |
Coins attaining MS-63 or finer condition, permitting full detail and sharpness, deserve premium prices in pricing.
1857 Flying Eagle Penny-buying or Selling Markets
If you desire to sell or buy an 1857 Flying Eagle Penny, you should do so through respectable dealers or auction houses. The best option for a fine quality 1857 Flying Eagle Penny would probably be through professional numismatic dealers or major auctions, such as Heritage Auctions and Stack’s Bowers Galleries.
If you are interested in selling, you just want to make sure that the penny is submitted for grading by a recognized grading service, such as PCGS or NGC, which will guarantee you a true value based upon their opinion.
The Treasure Hunt for an 1857 Flying Eagle Penny- Is One in Your Collection?
For a coin collector, the 1857 Flying Eagle Penny is indeed a great prospective addition to any collection. It is one of those very scarce coins that exist somewhere out there in barely known pockets, and with resourcefulness and patience, it could be in hand.
The search for this coin, whether carried out in coin shops, numismatic shows, or on online auction sites or marketplaces, makes for a rewarding experience for any collector.
The 1857 Flying Eagle Penny is a fascinating coin with a high dollar value and continuous attraction for numismatists and investors. Among the unique features, numerous elements in the history and the coin’s design itself make it so rare that some examples command prices of around $7,000 or more.
And in the case that anyone should come by one, have it graded and preserved because a little coin such as this could be one of the big ones in any personal collection!
FAQS:
Why, really, is the Flying Eagle Penny of 1857 worth its dollar weight?
It is for the 1857 Flying Eagle Penny’s rarity, historically as a first small-size cent, and with its condition that it draws such worth. A coin in the best of grades may fetch up to $7,000.
How many Flying Eagle Pennies were made in 1857?
Roughly 24 million Flying Eagle Pennies were minted in 1857 but, over the years, a number will have disappeared or deteriorated, adding to the value of surviving specimens.
What is the most valuable Flying Eagle Penny minted in 1857?
The most valuable could be those 1857 Flying Eagle Penny coins, which are in mint condition (MS-63 or higher), with a price tag of $7,000 or more on some of them.
How do I know if my penny, the Flying Eagle one in 1857, is rare?
If you want to find out whether your 1857 Flying Eagle penny is rare, it would probably be wise to have it appraised by a professional classification service such as PCGS or NGC. The condition of the coin would then depend very much on its particular mint and general characteristics.