The 20-Cent Piece: Short-Lived and Unloved

By E.B. Robinson

Produced for circulation only in 1875 and 1876, and in proof finish from 1875 to 1878, the 20-cent piece is the shortest-lived of all regular-issue federal coin denominations. Although such a denomination had been suggested in the United States as early as 1791, it was not until 1874 that the idea of a 20-cent piece became a reality. In February 1874, Senator John P. Jones of Nevada introduced a bill for the 20-cent coin. The need for this denomination was centered in the western states, and in particular, the west coast. Small denomination minor coins, including Indian cents, 2-cent pieces, nickel 3-cent pieces and Shield nickel 5-cent pieces, had never circulated there to any extent. Since the half dime had been discontinued in 1873, the dime was the smallest denomination coin regularly found in circulation. If someone made a 10-cent purchase and offered 25 cents as payment, he might only receive a dime in change since few 5-cent coins existed. At best, he might receive a Spanish-American silver 1-reale “bit” worth 12-1/2 cents. Such coins were still in circulation but were rapidly disappearing since their legal tender status had been removed in 1857.

In the first year 1,155,000 20-cent pieces were struck at the San Francisco Mint, 133,290 at Carson City, but only 36,910 (plus 2,790 proofs) in Philadelphia, as these coins were not needed in the east. The coin was almost immediately rejected by the public, who confused the new coin with the Liberty Seated quarter-dollar of nearly the same size. The fact that the 20-cent coin lacked the reeded edge did not seem to help the situation.

The coin was redundant by 1876. None were struck at all in San Francisco that year, where the coin was supposedly needed the most. At the Carson City Mint, 10,000 were made, but almost all of them were melted, and this coin is a great rarity today. Only 14,750 (plus 1,150 proofs) were produced in Philadelphia. Probably 2/3 of these were melted. The survivors, along with proof examples of the 1876, were offered as souvenirs at the Centennial Exhibition in that city. Sales of coins at the exhibition were lackluster, and the unsold 20-cent coins were likely placed into circulation.

With so few dates and mintmarks, not many collectors have made a specialty of this denomination. Plus, putting together a complete set is virtually out of the question since only around 20 of the 1876-CC are known to exist. The proof issues of 1877 and 1878 are not cheap, either. Most collectors seek a single example to include in a type set. Most easily obtained in all grades by far is the 1875-S. The 1875-CC, though scarcer and higher priced, is easily obtained. The Philadelphia issues are much scarcer, particularly the 1876. This author feels that the 1876-P 20-cent coin is quite under-appreciated and is a great bargain. If you doubt this, check eBay and see how many 1876 20-cent coins you see listed compared to the number of other higher-dollar rarities such as the 1893-S Morgan dollar or 1901-S Barber quarter, just to name a couple. Or compare third-party population figures for these coins. I think you will be in for a surprise.

The 20-cent piece might have been successful had there been no quarter dollar coins in circulation. However, the quarter dollar was firmly entrenched in commerce, and soon the 20-cent coins were forgotten. On May 2, 1878, authorization for the 20-cent piece was repealed.

Sources: A Guide Book of Liberty Seated Silver Coins, Q. David Bowers; Double Dimes, The United States Twenty Cent Piece, Lane J. Brunner and John M. Frost.

This Viewpoint was written by E.B. Robinson.

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