The lowest denomination in use during the Civil War, the cent, saw an increase in its mintage in 1862. The total output of coins for circulation at the Philadelphia Mint, the only facility that struck minor coins at the time almost tripled to 28,075,000 coins. Most of these, especially those struck after August, where hoarded and would not enter circulation until after the Civil War, when federal coins came into circulation again. The monetary situation in the United States, which had been unstable for many decades, would saw another change during the Civil War. Again, after 1862 circulation would completely stop, a situation that had appeared many times since 1793 when the first pieces were produced for regular production.

The American monetary system had been unstable for many decades, and federal coins basically stopped circulating after 1851. Half cents had been unpopular for a long time, and their buying power had radically decreased since their introduction in 1793. Cents were occasionally seen, although many were from old types, worn down from a long period in circulation. Gold and silver coins struck at the various Mints of the United States were soon exported, and where virtually nowhere to be seen in general commerce. A decrease in the weight of the silver coins in 1853 did not help much, and the majority of coinage consisted of Mexican Reales, often worn down from a long period in circulation. Many different types of worldwide silver coins were also seen, as well as the occasional colonial copper coin, struck during the 1770s and 1780s.

The Civil War did not help much to improve the situation, and soon all United States coins were withdrawn from circulation, including those freshly minted in 1862. During that year, the United States army General-in-chief up to March of 1862 was George B. McClellan. Born in Pennsylvania in 1826, McClellan was an early student who graduated at the age of twenty, being the second of his class. Soon afterwards, he was sent to the Rio Grande to fight in the Mexican-American War, but was soon hospitalized for dysentery and malaria. Afterwards, he went overseas to Europe for some time, and at the beginning of the Civil War he became a major general of volunteers, quickly clearing West-Virginia.

His success and connections gave him the opportunity to form the Army of the Potomac, which he commanded, and to be appointed General-in-chief when Scott retired on November 1st, 1861. The task of both army and general concerned Lincoln, and the coming months proved that it would not be without reason. Slow in battle, Lincoln became frustrated and odds were against McClellan. Further defeats in minor battles and his constant opposition against President Lincoln was added to the fact that his proposed war plan could not be easily implemented given the circumstances and movements of Confederate troops. He was removed from the position of general-in-chief in March of 1862, and from the position of Army commander in November of the same year.

The cents that were struck that McClellan was removed from two army positions have an estimated 10,000 pieces still in existence in uncirculated condition. This makes the 1862 cent less scarce in uncirculated condition than the previous year, which had a much lower mintage. In fact, this issue is the most available Copper-Nickel cent, given the wide hoarding and investors who bought the cents in the year they were issued. After the Civil War, as with the other copper-nickel cents these circulated again until the redemption act in the early 1860's, which withdrew all older cents from circulation. However, the large mintage makes them common in uncirculated grades and an issue often included in type sets to represent the copper-nickel Indian Head Cent.