The American twenty-cent piece was a coin struck from 1875 to 1878, but only for collectors in the final two years. Proposed by Nevada Senator John P. Jones, it ultimately proved to be a failure due to its confusion with the quarter. The twenty-cent piece was close in both size and value to the quarter, leading to mix-ups. Here are some key points about this intriguing coin:

1. Inception and Authorization:
   • A twenty-cent piece had been proposed as early as 1791 and again in 1806, but both attempts were rejected.
   • Americans were already familiar with the denomination due to the Spanish two reales piece, which passed for twenty cents in the United States.
   • In the 1870s, there was a shortage of small change in the far West, where base-metal coins did not circulate.
2. Design and Confusion:
   • The twenty-cent piece was designed with an obverse (heads) and reverse similar to other silver coins.
   • Despite having a smooth edge (unlike reeded edges on other silver coins), it was immediately confused with the quarter due to its size and similarity in design.
   • After the first year, during which over a million were minted, there was little demand, and the denomination was abolished in 1878.
3. Collectibility and Rarity:
   • The 1878 Twenty-Cent piece is a Proof-only final year issue.
   • It is considered scarce, popular, and valuable, with prices ranging from $5,000 to $25,000 in high grades¹².
   • The total mintage was relatively low, and at least a third of the coins were later melted by the government.

In numismatic history, the twenty-cent piece remains a fascinating chapter that closed almost before it began¹

Source: BingAI