THROUGH 65+ By the 1850s, the large copper cent had worn out its welcome. The U.S. Mint conducted tests to find a suitable substitute and settled at length on a smaller coin made from an alloy of 88% copper and 12% nickel. The coin was the same diameter as the current Lincoln cent, but thicker and twice as heavy. It carried a portrait showing an eagle in flight and is known as the Flying Eagle cent.
The Flying Eagle cent wasn’t struck for commerce until 1857. However, the Mint produced small quantities of the coin in 1856 for presentation to members of Congress, Treasury officials and other dignitaries.
Researchers estimate more than 600 were distributed and hundreds of restrikes were made a few years later, using the same dies, for sale to collectors of the day for a combined total of possibly 1,500 – all proofs. This is the nation’s first small-size cent. Prices are far from cheap: $25,000 in Proof-63, $40,000 in Proof-64 and $50,000 in Proof-65.
Discontinuance of the Lincoln cent should propel this small cent to great heights in 2023. Copper coins exposed to moist environments, even in grading service holders, deteriorate rapidly. Flying Eagle cents are considerably more stable. Source
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