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The Panic of 1873 had many root causes, however, the effects of this depression was widespread. Not only did the stock market close for ten days and stock prices fall steeply, but by the end of the year, over 5,000 businesses closed. Millions of Americans were unemployed and and those fortunate enough to be employed saw their wages drop by a quarter in some cases. This would also be the last year the Seated Dollar would be minted. It would be replaced with the Trade dollar that was primarily made for trade with China although it could be used in commerce within the United States. The US Mint also stopped minting some minor denominations. The two and three cent piece along with the half dime would soon fade into history.
There are two major varieties of Indian Head cents in 1873, the Open 3 and the Closed 3. The closed three was quickly complained about because many were confusing this three for an eight. New dies were cast and the Mint began creating Open 3 Indian Head cents. Because the Mint was making both varieties at the same time, it is impossible to know how many of each variety was made, however, it is estimated that roughly 2,500,000 Closed 3 Indian Head cents were minted in 1873. The cents from this year were less likely to be melted, thus are easier to find today. They were widely circulated for a long period of time, so those surviving are mostly in lower grades.
Since the closed 3 variety was struck first, all the proof issues this year are closed 3. Cameo examples from this year are very rare. Within the Close 3 style, there is one popular variety: the doubled “Libertyâ€. The doubling is very bold. There is a less bold example of this doubling, but the bold variety draws a heavy premium due to its popularity.