A key date 1856 Flying Eagle cent was the top lot at Heritage’s November 21 Premier Session, realizing $312,000 and setting a record for the short-lived design type.

Graded Proof 67+ by Professional Coin Grading Service and carrying a green Certified Acceptance Corp. sticker recognizing quality within the grade, it is the finest-example at that grading service and is classified as Snow-3 in Rick Snow’s book on the series with a repunched upright 5 in the date. The price improved on the $240,000 it realized at Heritage’s September 2020 offering of selections from the Bob R. Simpson collection.

The 1856 Flying Eagle cent straddles the line between regular issue and pattern, with around 1,500 produced. Of these, 634 were distributed to Congress – most of the Snow-3 variety – to help promote new small-diameter cents to replace the large-sized cents that had been struck since 1793. Heritage wrote that with the introduction of the small cents, “Nostalgia for the old large cents brought about a remarkable increase in the number of U.S. coin collectors, and the hobby became widespread in this country for the first time.” The Flying Eagle type would be short-lived, replaced by the Indian Head cent in 1859.

Many collectors consider the Snow-3 examples to be “originals” as distinguished from “restrikes.” Both PCGS and Numismatic Guaranty Corp. generally certify the Snow-3 cents as Proofs, though Snow writes, “Nearly all examples seen show non-proof qualities such as weak breast feathers on the obverse and rounded leaves. The earliest die state examples show prooflike fields, but with the non-proof qualities seen on later strikings.”

Heritage adds, “Bronze-gold color dominates each side, but there are gorgeous accents of copper-orange, magenta, powder-blue, and mint-green throughout, delivering top-notch eye appeal,” and it is the pictured coin on the PCGS CoinFacts listing.

While most Snow-3 examples are characterized as Proofs by today’s standards, realizing $192,000 was another example of the variety graded MS-66 by PCGS housed in an old green-label PCGS holder of the type used at that service from 1993 to 1998. While scholars aren’t unified in calling the Snow-3 examples Proofs or Business Strikes, Heritage suggests that some may have been issued as Proofs for presentation, while others were struck to ensure that examples could be struck at normal speed, thus exhibiting characteristics of circulation strikes.

Heritage observed some slight weakness at the highest breast feathers and at the eagle’s left wingtip, noting, “The coin’s minor strike weakness actually helps confirm the Mint State status of this die pair,” before concluding, “Satiny surfaces further attest to its status as a non-proof.” Heritage’s provenance lists a 2003 auction where it realized $103,500 as part of the Joseph P. Gorrell collection.

Always a coveted issue

Owning any 1856 Flying Eagle cent is an achievement, as it is listed in the book 100 Greatest U.S. Coins. Most affordable of the selection at Heritage was a Snow-1 1856 Flying Eagle cent graded PCGS Genuine, Proof, Uncirculated Details, Environmental Damage. The Proof status is recognized by PCGS, while the Uncirculated Details designation means that it shows no circulation. Consistent with most Snow-1 Proofs, the reverse is rotated approximately 35 degrees clockwise relative to the reverse and some granularity on the obverse accounts for the designation.

Two photos in different light show the unique visual character of the piece, and Heritage writes, “Deep chocolate-brown surfaces display olive-gold undertones, but when the fields are flashed out under a light blue and lavender hues emerge with more prominence (the photos illustrate the different looks the coin displays under different angles of light).” It sold for $15,600.

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