The NGC Universal ID is a four digit alphanumeric that groups coins based on a unique combination of date, mintmark, denomination and striking process (MS, PF, or SP). These IDs are a simple organization of all coins prior to variety attribution and grading.
The certainty of an early Civil War victory for the Union turned into doubt and dismay in the North during 1862, with a series of Confederate victories--chiefly the Seven Days Battles and the Second Battle of Bull Run (Second Manassas)--in the spring and summer leaving the conflict's outcome unpredictable. The populace predictably turned to hoarding, beginning with gold and silver coins, which promptly disappeared from circulation. Banks suspended specie payments in 1861-62. By the second week of July 1862, Indian Head cents and other minor currency was gone from commerce as well, replaced by scrip, fractional currency, and private tokens, including the historic Civil War tokens with patriotic themes and merchant store cards.
In the case of the P-mint quarter eagles, production dropped from more than 1.2 million pieces in 1861 to 98,508 business strikes in 1862. Pieces in the higher Mint State grades are seldom encountered, and the average certified grade is only about AU55.
Description and Analysis courtesy of Heritage Auctions and may not be republished without written permission.
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