1881 Three Cent Nickels

ziggy29

Anyone know the story behind this one? Every time I look at the Red Book or some other reference, the 1881 mintage sticks out like a sore thumb. From 1877 to 1889 when the series ended, other than 1881 the mintage never exceeded 41,200 (in 1879). Yet in 1881, with about 25,000 coins being minted the year before and after, there were 1,080,575 of these struck.

This was pretty much a dead denomination by the early 1870s. Was there a sudden demand for them in 1881? Normally I might think it had to do with economic conditions emphasizing minor coinage (given the low mintage of 1881 dimes, quarters and halves), but I suspect the reason for low mintage of those denominations was more because of the requirement to coin a boatload of Morgans. Plus, there was a very low mintage of 1881 Shield nickels, too. Only 72,000 five cent nickels were minted in 1881...and almost 1.1 million three-cent nickels, a denomination long out-of-favor?

Any specialists in obsolete denominations who might know the story? Why the heck was three cent nickel production ramped up so much in 1881?

pontiacinf

ttt so ziggy can get an answer

BillJones

This is just a guess, but the high mintage for 1881 Nickel Three Cent Pieces may have had something to do the redemption of Fractional Currency notes. I know that was one of the uses that prompted the creation of the nickel three cent coin. The last Fractional Currency notes were issued in 1876, but the government did have an obligation to redeem them after that date.

rmoss

Just a guess on my part too but it could have been to balance the books at the Philidelphia mint or possibly a hard push by the nickel mine owners if the 5¢ coins had already been produced for the year.

ziggy29

<< <i>Just a guess on my part too but it could have been to balance the books at the Philidelphia mint or possibly a hard push by the nickel mine owners if the 5¢ coins had already been produced for the year. >>

I thought about these, but as for the former, you could just coin more 5-cent nickels (which were actually circulating), and as for the latter, there were only 72,000 five-cent nickels, so if there were some limit I don't see why they would have busted it with three-centers rather than five-centers.

The hypothesis about the shinplasters is interesting. There would have had to be a LOT of three-cent notes out there. Suppose it's possible, though.