Investing in Gold: Putting your two cents in

Sayings sometimes reflect byegone eras that are now just distant and foreign to today's society. The phrases, "two cents," "your two cents worth," or "put your two cents in" are used in some of our lingo today, but most have never seen a two-cent coin.

Our two-cent coin was introduced in 1864. As the Civil War marched on the lack of coinage in the country was what spurned the minting of a two-cent piece. During the war people hoarded coins of copper, silver and gold. With uncertainty in the air most were trying not to have their value tied up in paper currency, especially since there was no way of predicting which currency would end up being worth even the paper it was printed on. Postage was either two or three cents during the time. With the lack of cents circulating, our government was looking for solutions to these short comings, and so a natural coin to introduce was the two-cent coin.

The two-cent coin carried a motto that had never been used in our coinage before but is now on all of our coins, "In God We Trust."

Increased religious sentiments during our country's civil war spurned our new motto. Since the motto's inception it has appeared on nearly every U.S. coin designed. Two cent pieces were struck in copper at twice the weight of a copper cent minted in the same year.

The need for two-cent coins abated after the Civil War and so they were no longer minted after 1873, and in 1873 only proofs were minted for collectors. One of the shortest lived coins ever produced in America, today it is popular with numismatists. Ironically since the need for small coinage was so great, today a two-cent coin can be found for less than $20. With a mintage of nearly 20 million in 1864 and more than another 13 million in 1865 the two-cent piece is part of many collections today.

Overall the denomination was only struck for 10 years making it a relatively easy set to collect today. According to price guides a complete set (including the large and small motto varieties of 1864) can be obtained for less than $3,000. Just like any collectable the price can vary by demand, and condition also can be a factor. In 2008 an 1872 in MS-65 Red sold for more than $37,000 at public auction. And one of the rarest was sold in October 2000, an 1864 Small motto in Proof 66 Red realized over $74,000 and has an estimated value of more than $100,000 today.

Whether you just want to own one as an example or if you want to challenge yourself to a world class registry set, the two cent series can be a fun way to collect part of our history. And if you are ever asked to give someone your "two cents worth" you will now be able to relate this saying to its origin.

• Allen Rowe is the owner of Northern Nevada Coin in Carson City.