1863

The 1863 Indian Head cent marks the peak of the Civil War hoarding crisis. Coins had essentially disappeared from retail commerce across the North. The Mint struck over 49 million cents in 1863, the highest copper-nickel Indian Head mintage, but the coins vanished into hoards almost immediately. People were spending Civil War tokens (privately produced copper pieces the size of a cent, issued by merchants and patriotic organizations) and fractional currency (small paper notes issued by the government in denominations as low as three cents) because actual coins could not be found in circulation.

The irony of 1863 is that the Mint's record production barely made a dent in the shortage. Hoarding driven by uncertainty about the war's outcome and the value of paper money meant that any coins reaching circulation were immediately withdrawn by the public. The Mint was filling a bottomless bucket.

The massive mintage and the hoarding behavior mean that 1863 cents survive in large numbers, many in better condition than typical circulated coins because they were stored rather than spent. The 1863 is one of the most available Indian Head dates across all grade levels. Uncirculated examples are common enough to be affordable, making the 1863 a popular type coin for the copper-nickel Indian Head subtype.