From Roman Denarii to 1870 Two Cent Pieces: A Numismatic Specialist’s Guide to Ancient vs. Modern Collecting Philosophies and the Allure of a PCGS MS65+BN CAC Rarity

How does collecting a relatively modern piece compare to holding a coin struck in the Roman Empire? Let’s compare the philosophies. When I first laid eyes on images of this stunning 1870 2 Cent Piece—graded PCGS MS65+ BN with the coveted CAC approval and a population of just 2 with none higher—I found myself reflecting on the fundamental differences between the ancient coins I specialize in and the meticulously preserved modern American rarities that captivate so many collectors today. I’ve spent decades studying, handling, and authenticating coins from antiquity—from Republican denarii struck in the moneyer’s shops of Rome to Byzantine solidi minted in Constantinople. That experience has given me a deep appreciation for how collecting philosophies diverge between these two worlds. This particular 1870 2 Cent Piece, with its breathtaking eye appeal and extraordinary scarcity in mint condition, offers the perfect case study for exploring those contrasts.

The Philosophy of Historical Tangibility: Holding History in Your Hand

The Ancient Coin Experience

In my experience grading and authenticating ancient coins, the most profound difference between ancient and modern numismatics lies in the concept of historical tangibility. When I hold a Roman denarius minted during the reign of Augustus—or even a provincial bronze from a forgotten city in Asia Minor—I am holding an object that circulated through the hands of people who lived two millennia ago. These coins were not created for collectors. They were functional currency, used to pay soldiers, purchase grain, and facilitate commerce across vast empires.

The wear patterns, the test marks, the scratches and dents—these are not flaws. They are historical evidence. They tell a story of economic life, of trade routes, of the rise and fall of civilizations. A bronze sestertius of Marcus Aurelius, for example, might show significant wear from decades of circulation, yet its historical significance is undiminished. In fact, that wear often enhances its collectibility to the ancient coin specialist. We read the surfaces like archaeologists read stratigraphy. Every mark is a data point.

The Modern Coin Perspective: Pristine Preservation as Historical Statement

Now consider this 1870 2 Cent Piece in PCGS MS65+ BN. The philosophy here is entirely different—and it is no less valid. When a modern collector holds this coin, they are experiencing a different kind of historical tangibility, one rooted in preservation rather than circulation. This coin has survived over 150 years in essentially the same condition it left the Philadelphia Mint in 1870. The clean surfaces, the beautiful RB color, the sharp strike—all of these attributes speak to a different relationship with history. Instead of telling us about the economic life of the 1870s, this coin tells us about survival, about the care of previous owners, about the American tradition of preserving numismatic treasures.

The 1870 2 Cent Piece itself carries significant historical weight. The Two Cent Piece was the first United States coin to bear the motto “In God We Trust,” making it an important piece of American numismatic history. The series was minted from 1864 to 1873, born out of the coinage shortages of the Civil War era. By 1870, the series was nearing its end, and mintages had declined significantly. Finding a Mint State example—let alone one at the MS65+ level with CAC approval—is an extraordinary achievement that speaks to both the rarity of the date and the dedication of the collector who assembled this piece.

Supply and Demand: The Economics of Scarcity Across Eras

Ancient Coin Supply: Finite but Unpredictable

One of the most fascinating aspects of ancient numismatics is the supply dynamic. The total supply of ancient coins is theoretically finite—no more denarii are being struck in Rome—but new discoveries constantly reshape the market. Hoards are unearthed in Britain, shipwrecks yield thousands of coins off the coast of Turkey, and metal detectorists in Eastern Europe regularly find caches that have been buried for centuries. This means the supply curve for ancient coins is not as straightforward as one might assume.

That said, certain ancient coins are genuinely rare in high grade. A tetradrachm of Athens in superb condition, a gold aureus of Nero with full luster, or a perfectly centered tetradrachm of Alexander the Great—these pieces command extraordinary premiums because they combine historical significance with aesthetic beauty and genuine scarcity. The market for ancient coins is driven by a relatively small but passionate collector base, and prices can be volatile based on new discoveries, scholarly interest, and geopolitical factors affecting source countries.

Modern Coin Supply: Documented and Quantified

The supply dynamics for modern coins like this 1870 2 Cent Piece are far more transparent. We know the mintage figures. We know the certified populations. PCGS CoinFacts provides detailed breakdowns by grade, and the CAC population reports add another layer of confirmation for quality within grade. With a PCGS population of just 2 at MS65+ BN and zero higher, this coin represents the absolute pinnacle of availability for this date and grade combination.

The demand side for modern coins is also more structured. Registry set collectors, series completists, and type collectors all create predictable demand patterns. The Two Cent Piece series has a dedicated following, and as forum members noted, finding an 1871 or especially an 1872 in comparable quality is extraordinarily difficult. This creates a cascading effect where collectors who have secured key dates like the 1870 must then pursue even rarer dates to complete their sets, driving sustained demand for the entire series.

The economics of this particular piece are compelling:

• Population rarity: PCGS MS65+ BN, Pop 2, 0 Higher—this is a condition census piece
• CAC approval: Confirms quality within the grade, adding a premium layer
• Series demand: The Two Cent Piece series remains undervalued relative to its historical significance
• Historical context: First coin to bear “In God We Trust,” Civil War-era origin
• Eye appeal: Forum consensus indicates exceptional surfaces and color for a BN designation

Slabbed vs. Raw: The Authentication Divide

The Ancient Coin Tradition: Trust, Expertise, and the Naked Eye

Perhaps no area of numismatics reveals a deeper philosophical divide than the question of encapsulation. In the ancient coin world, the vast majority of coins trade “raw”—without third-party grading or encapsulation. This is not because ancient coin collectors are unsophisticated or unconcerned with authenticity. Rather, it reflects the fundamental nature of ancient coins themselves.

Ancient coins were hand-struck. No two are exactly alike. The planchets are irregular, the strikes vary in centering, and the surfaces have been shaped by two thousand years of chemical transformation. Standardized grading scales—from Poor to Mint State—simply do not apply in the same way they do for machine-struck modern coins. When I authenticate a Greek silver coin, I am examining the style of the engraving, the fabric of the flan, the patina, the weight, and the die axis. These are qualitative assessments that require years of experience and cannot be reduced to a numerical grade on a plastic holder.

That said, third-party certification has made significant inroads in the ancient coin market. Services like NGC Ancients have been grading and encapsulating ancient coins for years, and many collectors—particularly those entering the market for the first time—appreciate the security and confidence that a certified coin provides. However, the tradition of raw ancient coins remains strong, and many of the world’s most important collections are housed in custom trays and albums rather than plastic slabs.

The Modern Coin Standard: The Slab as Guarantor

For modern American coins like this 1870 2 Cent Piece, the slab is not merely a convenience—it is an essential component of the collecting experience. The PCGS MS65+ BN grade encapsulates a wealth of information that would take paragraphs to describe in a raw coin listing. The grade tells us about luster, strike, surface preservation, and eye appeal. The BN designation tells us about the color and level of original red remaining. The CAC sticker tells us that an independent expert has confirmed the coin is a solid or premium example for the grade.

The slab provides several critical functions for modern collectors:

1. Authentication: Guarantees the coin is genuine—counterfeiting is a serious concern for rare dates
2. Grading consistency: Provides a standardized assessment that facilitates market transactions
3. Preservation: Protects the coin from environmental damage, handling, and chemical exposure
4. Marketability: Slabbed coins trade more easily and command higher prices than raw equivalents
5. Registry eligibility: Required for participation in PCGS and NGC registry competitions

The transition from raw to slabbed collecting has been one of the most transformative developments in modern numismatics. It has democratized the market, allowing collectors who lack decades of grading experience to participate with confidence. It has also created a quality premium—the difference between a raw coin and a CAC-approved slabbed coin of the same grade can be substantial, and this premium reflects the market’s confidence in the certification process.

Historical Preservation: Two Philosophies, One Goal

Preserving the Ancient Past

As an ancient coin specialist, I view preservation through a broader lens. Every ancient coin that survives in collectible condition is a miracle of historical preservation. These coins have survived wars, invasions, the collapse of empires, centuries of burial, and the chemical processes of corrosion and mineralization. The patina on an ancient coin is not merely an aesthetic feature—it is a geological record of the coin’s journey through time.

The preservation philosophy for ancient coins emphasizes minimal intervention. Harsh cleaning, artificial toning, and other forms of “improvement” are strongly condemned by serious collectors and scholars alike. A cleaned ancient coin loses not only its numismatic value but also its historical integrity. The patina contains information about the burial environment, the metal composition, and the coin’s age. Removing it is akin to erasing pages from a historical manuscript.

Preserving Modern Excellence

For modern coins like this 1870 2 Cent Piece, preservation takes on a different character. The goal is to maintain the coin in its original Mint State condition, protecting it from the environmental factors that degrade copper and bronze coins over time: humidity, airborne pollutants, sulfur compounds, and improper handling. The PCGS slab provides an inert, protective environment that shields the coin from these threats.

The concept of “originality” is paramount in modern copper coin collecting. Forum commentators noted the “clean surfaces” and “good amount of RB color for a BN example”—these observations reflect the market’s appreciation for coins that have retained their original mint luster and color. A copper coin that has been cleaned, dipped, or artificially retoned loses its originality and its value plummets. The MS65+ BN grade on this 1870 2 Cent Piece indicates that the coin has survived in exceptional original condition, with enough original red color to earn the RB designation even though it falls short of the full Red threshold.

The Collector’s Journey: Building a Set Across Philosophies

The Ancient Coin Collector’s Path

Building a meaningful collection of ancient coins is a journey of scholarship and discovery. The collector must develop knowledge of history, art, metallurgy, and languages. They must learn to distinguish genuine coins from forgeries—a skill that requires years of handling and study. They must navigate a market that spans every continent and every major auction house in the world.

The rewards, however, are extraordinary. There is nothing quite like the experience of holding a coin that was struck in ancient Athens, or one that bears the portrait of a Roman emperor whose biography we know from ancient texts. The connection to the past is immediate and visceral, and the intellectual challenge of attribution and interpretation never grows stale.

The Modern Series Collector’s Path

Building a complete set of Two Cent Pieces in Mint State with CAC approval—as one forum member inquired about—represents a different but equally compelling challenge. This is a pursuit defined by patience, market knowledge, and financial commitment. The collector must wait for the right coins to appear at the right price. They must evaluate each coin not just for its technical grade but for its eye appeal, its originality, and its provenance.

The forum discussion reveals the depth of knowledge and passion within this collecting community. Members immediately recognized the significance of the 1870 date, noted the difficulty of finding comparable 1871 and 1872 examples, and appreciated the quality of the specific piece. This is a community that understands its series at a granular level, and the acquisition of a Pop 2, 0 Higher coin is a significant event that generates genuine excitement and respect.

Actionable Takeaways for Collectors and Investors

Whether your passion lies in ancient coins or modern rarities, the principles of successful collecting share common threads:

• Buy the best you can afford: This 1870 2 Cent Piece exemplifies the principle that premium quality commands premium value and appreciation potential
• Focus on eye appeal: Forum members consistently praised the “eye-popping” quality of this coin—coins with exceptional visual appeal always outperform technically equivalent but visually inferior pieces
• Seek expert verification: The CAC approval on this coin adds a layer of confidence that is particularly important in the modern market
• Understand the series context: Knowing that 1871 and 1872 are significantly rarer helps contextualize the importance of this 1870 acquisition
• Preserve what you acquire: Whether raw or slabbed, proper storage and handling are essential for maintaining numismatic value
• Build relationships: The forum community’s enthusiastic response to this coin demonstrates the value of engaging with fellow collectors and experts

Bridging the Gap: What Ancient and Modern Collectors Can Learn From Each Other

As someone who works across both worlds—or at least observes both with deep respect—I believe there is tremendous potential for cross-pollination between ancient and modern coin collecting. Modern collectors can learn from the ancient coin community’s emphasis on historical context, scholarly research, and the appreciation of coins as primary sources for understanding the past. The story behind a coin—who issued it, why, and what it tells us about the issuing authority—adds immeasurable depth to the collecting experience.

Ancient coin collectors, in turn, can learn from the modern market’s emphasis on quality verification, market transparency, and systematic collecting approaches. The registry set concept, the population report, and the third-party grading system have created a level of market efficiency and collector confidence that the ancient coin world is only beginning to approach.

Conclusion: The Enduring Allure of Numismatic Excellence

This 1870 2 Cent Piece—PCGS MS65+ BN, CAC approved, Pop 2 with none higher—represents the pinnacle of modern copper coin collecting. It is a coin that combines historical significance (the first “In God We Trust” coinage), exceptional technical quality, and extraordinary rarity in a single, beautiful package. The forum community’s enthusiastic response reflects a deep appreciation for what this coin represents: the culmination of years of dedicated collecting, market knowledge, and patient pursuit of excellence.

From the perspective of an ancient coin specialist, I find the contrast between this piece and the coins I typically study to be both fascinating and instructive. The ancient coin collector holds a piece of history that has survived through centuries of use and burial, its surfaces telling the story of its journey through time. The modern collector holds a piece of history that has survived through centuries of careful preservation, its surfaces telling the story of the care and devotion of previous owners.

Both philosophies are valid. Both approaches yield profound rewards. And both remind us that coins—whether struck by hand in ancient Rome or by machine in 1870 Philadelphia—are more than mere currency. They are tangible connections to our shared human history, and they deserve to be collected, studied, and preserved with the highest standards of care and expertise.

For collectors pursuing the Two Cent Piece series, this 1870 example represents a cornerstone acquisition—a coin that will anchor any serious collection and serve as a benchmark for quality. For those of us who work in the ancient coin world, it serves as a reminder that the passion for numismatic excellence transcends eras, technologies, and collecting philosophies. In the end, we are all united by the same fundamental desire: to hold history in our hands and to preserve it for generations to come.

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