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As trading became Big Business, animal skins, tobacco, timber and other favored commodities were used and eventually sold abroad. The local tribes had little use for money but as trade between the New and Old Worlds increased, coins from many European states flowed back to the colonies. These coins were accepted by size, weight, and fineness instead of mere national origin. One such coin was the Thaler. This silver-dollar sized coin originated in Joachimsthal, Bohemia in 1518 when a large deposit of silver was discovered in “Joseph’s Valley.” Soon, more silver would be discovered in neighboring valleys, or “thals,” and mined for the production of large-sized silver coinage. Circulating around Europe, these popular coins would eventually take on names such as Thaler, Dalder, Daler and finally, Dollar.
Another import was the Spanish 8 Reale, frequently referred to as a Piece of Eight or Spanish Milled Dollar. Because the reverse motif includes two standing pillars, it is also called a Pillar Dollar. Produced in Spanish states such as Granada and Seville, it was the immediate predecessor of our standard monetary unit. These coins were so well known and trusted that they were often cut up into smaller sizes when colonists were short of small change. One-eighth was referred to as a bit, worth 12 ½ cents. A quarter-sized piece was called “two bits,” a term still in use centuries later. The history of our dollar sign can be traced back to British merchants in the 1730s, sailing in the then-Spanish Americas. One of the pillars on the Pillar Dollar had an S-shaped banner wrapped around it, and the symbol soon became an accepted abbreviation.
The first issue of coins struck for the English colony was the two, three, six and twelve pence (shilling) pieces of around 1616. They were struck in copper and lightly silvered in order to give them the appearance of having greater value. Referred to as Hogge Money, the obverse features a pig within a beaded border, the Roman numeral above its back signaling the denomination. Circling the outer border is the legend SOMMER ISLAND, named after Sir George Sommers, who discovered the pig-infested island after being shipwrecked in 1609. The island’s name was later changed to Bermuda, after an earlier Spanish explorer named Juan Bermudez. A sailing ship is pictured on the reverse.
In 1652, the first silver money began with New England coinage. This consisted of three pence, six pence and shilling pieces that were crudely hand-struck in Massachusetts. An NE was stamped on one side, while a Roman numeral III, VI or XII was stamped on the other. This issue was quickly followed by the Willow Tree (1653–1660), Oak Tree (1660–1667) and Pine Tree (1667–1682) coinage. In order to avoid antagonism from the British Crown, virtually all were backdated to 1652, Oliver Cromwell’s time. Artistically, the Tree-styled coinage was far more successful than the previous issues.
Small denomination coinage, mainly half penny, penny and two pence pieces from England eventually supplanted the meager amount of locally made coins, such as the three pence pieces made in 1737 by a Connecticut doctor, Samuel Higley. One of his coins featured a deer on one side, three hammers on the other, with the legend I AM GOOD COPPER. Another coin, a shilling made by J. Chalmers of Maryland, had two birds fighting over a worm. However, it was obvious to the settlers that more minor coinage from overseas was needed. England though, was not the only country to fill that need. Irish and French coins also joined the list. One of the last coins England authorized for the colonies was the 1773 Virginia half penny, the obverse showing a portrait of George III facing right, within the legend GEORGIVS III REX. The reverse shows the crown atop the regnal shield, the spelling of the state curiously split up to read NIA on the left and VIRGI on the right.
Having declared independence in 1776, the Second Continental Congress approved the striking of our first silver-dollar sized coin, the so-called Continental Dollar. Struck in pewter, the obverse has the legend CONTINENTAL CURRENCY, the reverse with a thirteen-link chain representing each state. Following that was a number of half cents and cents issued by individual states such as New York, New Jersey, Connecticut and Massachusetts. Copper pieces portraying George Washington were struck in England during the 1780s to 1790s. Many reached our shores and served as currency. By 1792, construction began on our first mint, which was established in Philadelphia. While construction was underway, various patterns were being struck elsewhere in the colonies. The most famous was the 1792 half disme, most likely pronounced “deem.” The obverse had a representation of Liberty within the motto LIBERTY PARENT OF SCIENCE & INDUSTRY. The reverse showed a flying eagle within the legend THE UNITED STATES OF AMERICA. The silver used in its manufacture was originally thought to be from Martha Washington’s silverware, but there is no evidence to support this. With the completion of the U.S. Mint in 1793, our nation’s coinage began with its two lowest denominations.
The half cents of 1793 had a mintage of just 35,334 pieces. This denomination concluded in 1857, though they were not issued continuously. Nor were they struck every year for general circulation. From 1840 through 1848, they were issued as Proofs for collectors, with perhaps only a dozen or two struck during each year. The lowest mintage for regular coins (non-proofs) occurred in 1796 with just 1,390 pieces struck for circulation. Yet, just eight years later in 1804, over one million came off the press. Demand and production varied greatly, and in some instances work was stopped altogether because of illnesses, or a shortage of supplies. The first issue showed a bust of Liberty facing to the viewer’s left. In 1794, the features of Liberty changed significantly, and faced to the right. There were a total of five different styles, or types – as numismatists refer to these changes. In most denominations to follow, there were significant variations in design over the years. Still, the obverse of the half cent always had a date under Liberty’s bust, while the reverse always kept the denomination within a wreath.
Cents also had their beginning 1793. The first 36,103 coins are called Chain Cents, because of the thirteen links on the reverse. This unattractive design was further compromised by a mistake in spacing the reverse letters, AMERI. being the end result. Though this problem was rectified, the ugly rendition of Liberty on the obverse was just too much, and the Chain Cents were replaced with a wreath motif on the reverse, and a slightly improved Liberty. Before the year was up, Liberty was again changed, her hair combed down a bit and fitted with a cap. From 1793 to 1857, cents were large and thick, averaging around 27.5 to 29mm, compared to 30.6mm with today’s half dollar. During 1857, as copper increased in value, the cent was reduced to approximately the size it is today. A few significant changes were made along the way. The Flying Eagle cent started in 1856 and was quickly replaced with the Indian Head type in 1859. This popular design lasted part way through 1909, when it was replaced with the Lincoln cent, issued to commemorate the 100th year of Lincoln’s birth. In 1959, the reverse design was changed from two stylized wheat stalks to the present Lincoln Memorial.
The outbreak of the Civil War drove many of the once-plentiful cents from circulation. Many private tokens were issued, and even postage stamps were encased and accepted as small change, but the shortage of a small denomination coin remained. To help alleviate this, the Two Cent piece was introduced in1864. It was issued for circulation until 1872, with around 1,000 Proofs for collectors struck the following year. Although this 23mm bronze piece proved to be very unpopular, it is renowned for being the first coin to bear the motto IN GOD WE TRUST. Rev. M.R. Watkinson of Ridleyville, Pennsylvania wrote to the Secretary of the Treasury, Salmon P. Chase, requesting that God’s name be recognized on our coinage. Several mottos were tried in 1863 on what are called Pattern coins. These are experimental pieces not yet ready for circulation. One motto used was GOD AND OUR COUNTRY. Another was GOD OUR TRUST. Finally, IN GOD WE TRUST, which best seemed to encapsulate the sentiment, was selected.
Three Cent silver pieces were first struck in 1851 and were discontinued in 1873. Their 14mm size and three-quarters of a gram weight made them unpopular, as they were easy to loose or misplace. Also called “trimes,” their design consists of a tiny shield within a six-pointed star, with the date on the bottom. The reverse is an ornate 3-into-100, done with Roman numerals, within a field of thirteen stars. Their initial mintage of 5+ million in 1851, 18+ million in 1852 and 11+ million in 1853 eventually dwindled to 12,000 for circulation in 1864. The slack was taken up by the Three Cent Nickel, 1865–1889. Again, the initial mintages were relatively large (26+ million struck from 1865 through 1870) but sank into the thousands during the final seven years. This plain-looking coin had Liberty’s head and date on the obverse. The reverse simply had a III within a wreath.
Half Dimes began in 1794, excluding the aforementioned 1792 pre-Philadelphia Mint issue, and ended in 1873. Initially, it had a silver content of only 1.35 grams, which was further reduced to 1.24 grams in 1853. The head on the 1794/95 issue looks similar to the Wreath Cent described earlier, with hair strands flowing out into the left field of the coin. On the reverse, an eagle, with outspread wings stands on a wreath. The design underwent serious modifications over the years, the 1837-1873 Seated Liberty issues having a full-body figure of Liberty, seated while holding up a pole surmounted by a Phrygian cap.
Nickels had their start in 1866, eventually replacing the half-dime. Although the nickel is recognized as a five-cent piece today, they originally shared the spotlight with their three-cent cousins. Actually, they are 75% copper with only 25% nickel. The first design had a shield on the obverse, very similar to the two cent piece. The Liberty Head design followed in 1883, ending in 1913. A large Roman numeral V fills up the center of the reverse. The initial minting omitted the word “CENTS.” Nearly the same size as a five dollar gold piece, they were gold-plated by a few dishonest people. Before 1883 was over, the Mint added CENTS to the reverse, perhaps a bit too late to save some merchants from a $4.95 loss. The most popular nickel design was the Buffalo type of 1913 to 1938. The mintages varied greatly; over 150 million were struck in 1936, yet not one was struck in 1922, 1932 or 1933. Jefferson types began in 1938. Needing nickel for World War II, close to 900 million were stuck for circulation containing 35% silver. The use of silver in this denomination came to an end in 1946.
Dimes began in 1796 with a mintage of only 22,135 pieces. The initial designs (by Robert Scot) started with a draped bust figure of Liberty facing to the viewer’s right; by 1809, Liberty was redesigned with a cap, and faced left. Starting with a realistically rendered eagle, it was changed to the heraldic style in 1798. The Seated Liberty style, previously used for the half dime, was instituted in 1837. This style concluded in 1891. In 1892, a redesign of the dime, quarter and half dollar took place. Charles E. Barber, who designed the “V” nickel, was again given the task. Part way through 1916, the design was again changed. Erroneously referred to as a Mercury Head dime, it shows Liberty wearing a winged cap, facing to the left. The reverse displays a fasces surrounded by leaves. A year after President Roosevelt died in 1945, his portrait was put on the dime where it exists to this day. 1964 saw the last issuance of silver coinage used in dimes, quarters and half dollars. Except for commemorative or other special circumstances, all of today’s once-silver coins are composed of a copper-nickel layer bonded to a copper core.
Perhaps the most useless coin struck for circulation was the Twenty Cent piece of 1875 and 1876. There are a few stories as to why it was created. One includes the need for small change out west. Another (and far more likely) was to accommodate silver-rich mine owners in Virginia City, Nevada. The Comstock Lode of 1859 resulted in enormous quantities of silver, eventually unearthed over the years. Possibly, this denomination was planned as a way to unload some unwanted metal by the mine owners for eventual export to Europe, to compete with the French Franc. Since the twenty-cent piece was virtually the same size as a quarter, and of similar design, it confused many merchants who mistook the coin for the twenty-five cent piece. Having a plain edge instead of a reeded edge was not enough to avoid confusion. In 1875, the Philadelphia, San Francisco and Carson City Mints circulated 1,325,200 coins. The next year, only Philadelphia’s 14,640 saw circulation, while all but a handful of Carson City’s 10,000 coins were melted. In 1877 and 1878, approximately one thousand total coins were struck, all as Proofs for coin collectors.
Quarters began their reign in 1796 with only 6,146 issued. Their design was practically identical to the dime. With little demand, the next issue was in 1804. This also had a low mintage of just 6,738. As with dimes, there were various design modifications, and this extended through the Seated Liberty and Barber types. 1916 saw the Standing Liberty type, designed by Hermon MacNeil. With a “war to end all wars” brewing, the design was changed to reflect the nation’s readiness. The first type had a bare breasted Liberty, in stride toward the viewer. In her right hand (the viewer’s left) is an olive branch representing peace, while in the other is a shield for protection. In 1917, a second variety was created by draping a chain mail over her upper body. This had nothing to do with public prudery, as previously believed, but to signify America’s increasing readiness for war. This type ended in 1930. In 1932, a quarter commemorating the 200th anniversary of George Washington’s birth was issued. It resumed in 1934 as an ongoing circulation piece. Except for the 1976 Colonial Drummer reverse, the standard eagle type resumed until the Statehood series began in 1999 (five states per year), with a planned conclusion in 2008.
Half dollars had the same design as the half dime, and even shared its beginning in 1794. The Draped Bust design took over in 1796, with general modifications until the Capped Bust style began in 1807. Unlike the previous issues, it showed Liberty facing to the viewer’s left. It also showed a major change in 1836, as the new hydraulic presses churned out 1,200 coins for circulation. The standard Seated and Barber coinage came next, and was following by the Walking Liberty type, 1916-1947. Magnificently designed by Adolf Weinman, it shows a full figure of Liberty striding to the left. On the reverse, an eagle with open wings also appears to be in stride to the viewer’s left. The Franklin half dollar began in 1948 but abruptly ended in 1963 with the assassination of President John Kennedy. Beginning in 1964 and continuing to this day, the Kennedy half dollar is seldom seen in circulation. It too had a bicentennial change, showing Independence Hall on the reverse.
Dollars were first struck for circulation in 1794, with a minuscule mintage of 1,758. The design used for the half dollar was repeated, and again, this Flowing Hair type ended in 1795. Also in this year, the Draped Bust design appeared. Similar to earlier described silver denominations, the modifications generally entailed an eagle on the reverse which took on a heraldic appearance. This series ended in 1803, though some pieces dated “1804” were later struck for dignitaries and collectors. After some experimental, or pattern coins were struck in 1836–1839, the regular issues resumed in 1840 with the Seated Liberty design of Christian Gobrecht, a design that was used in the smaller silver denominations throughout this era. The rich Comstock Lode led to the minting of another coin, a Trade Dollar, (1873–1878) that was intended to compete with coinage in the Orient. After nearly 36 million were struck for this purpose, a diminishing supply of Proof specimens were issued for collectors in 1879–1885. There was still a large store of Comstock silver on hand and the Trade Dollar was not for commercial use in the U.S. Regular issues once again resumed with a Liberty Head type, this designed by George T. Morgan. The Morgan Dollar started in 1878 and ended in 1904. In 1921, it was reissued for only that year. Toward the end of 1921, a new design, called the Peace dollar was issued; it ended in 1935. Created by Anthony De Francisci, it was the last silver dollar issued for circulation. Eisenhower (1971–1978), Susan B. Anthony (1979–1999) and Sacagawea (2000 to present) dollars followed, all unpopular and seldom seen.
Unlike copper and silver issues, gold coins were not produced in America until 1795. One exception was the Brasher Doubloon of 1786–1787, struck in New York by a goldsmith named Ephraim Brasher. They were equivalent to sixteen silver Pieces of Eight, but were never circulated. The 1848 discovery of gold in California led to an increased production of the already-established $2.50, $5 and $10 gold coins. In addition, three new denominations and a minting facility were added. Gold coins intended for circulation were halted in 1933, during the depression. A year later, President Roosevelt took the nation off the gold standard, making gold ownership illegal. The price of gold then rose from $20.67 to $35 per ounce.
The first $1 gold pieces were struck in 1849, weighed 1.672 grams (90% gold, 10% copper) and had a diameter of 15mm. A simple Liberty Head design, facing to the viewer’s left, was circled by 13 stars. On the reverse, a wreath separated “United States of America” from both date and denomination. The coin was made thinner and wider (17mm) in 1854, with a far more attractive Indian Princess design by James Longacre. This was also the first year that the San Francisco Mint began their operations. In 1889, the minting of $1 gold pieces ceased.
The $2.50 gold piece, or Quarter Eagle, began in 1796 with a Capped Bust design, facing right. Executed by Robert Scot, the first design had an unfinished look until stars were added to the obverse later in the year. In 1808, Liberty’s position was switched to the left, where it remained. The reverse featured a heraldic eagle design, which was to stay relatively unchanged for over 110 years. Unlike the $1 gold piece, the metallic composition, weight and size of the $2.50 was not uniform, due to the changing value of gold over the many decades. In 1838, a mint was established in Charlotte, North Carolina and began striking this denomination. It ended in 1860, with war on the horizon. In 1908, a radically new design by Bela Lyon Pratt was created. An Indian with full headdress defined the obverse, while a perched eagle facing left dominated the reverse. The devices, letters and date are all incused, thus obviating the need for a raised edge. This denomination, also called a Quarter Eagle, concluded in 1929.
An unpopular coin from the start, the $3 gold piece was struck from 1854 through 1889. With some modifications, Longacre borrowed his $1 Indian Princess design for the obverse of this strange denomination. Its reverse is also quite similar. Most of its thirty-six year history saw mintages of well under 5,000 coins per year. In five of those years, less than 1,000 pieces were struck.
Stellas, or $4 gold pieces, were never struck for circulation in America. Intended for foreign trade but never sent overseas, probably fewer than 500 were struck. All were dated 1879 or 1880. Two types of these attractive patterns exist, one with flowing hair and the other with coiled hair. The reverse has a large five-pointed star in its center, hence the term Stella.
The $5 gold piece, also called a Half Eagle, had its start in 1795 with the Capped Bust design of Robert Scot. Two types of reverses exist for this year, and for a few years thereafter. One has a small eagle perched on a branch while holding a wreath in its beak. Another has a heraldic eagle, supporting a banner with the motto E Pluribus Unum. The Capped Bust and eagle design was changed in 1807, John Reich designing this type. With various changes along the way, 1839 was the beginning of the Coronet design by Christian Gobrecht, which ended in 1908. One of the longest lasting series, it saw mintages from the Philadelphia, Denver, San Francisco, Charlotte, New Orleans, Carson City and Dahlonega (Georgia) Mints. Until West Point, New York, began striking coins in 1984, these seven were the only mints used at one time or another. In 1908, a $5 Indian Head denomination by Pratt was struck. As with the $2.50 series, the coins were incused . The issue terminated in 1929.
The $10 gold piece, or Eagle also had its beginning in 1795. It was the highest denomination issued until 1850. It had the same Capped Bust design as the $5 piece. Either small or heraldic eagle designs were employed through 1804 with a total mintage of 132,592 for that period. So many were struck, it wasn’t until 1838 that other $10 coins were issued. Once again, the Coronet design was used and it lasted until 1907. The Indian Head style was issued late in 1907. It was conceived by St. Gaudens as a woman’s head, the Indian bonnet a later addition requested by President Theodore Roosevelt. The eagle on the reverse is modeled after the Roosevelt Special Inaugural Medal of 1905, also by St. Gaudens. Ending in 1933, the Indian Head was the last $10 gold piece issued for circulation.
The $20 Double Eagle was the highest denomination issued by any of our mints. With minor alterations, only two designs were made. The first was the typical Coronet design of the 1849–1907 era, followed by the St. Gaudens style of 1907–1933. This last design is generally regarded as the most beautiful of all U.S. issues. Based on an early 1906 sketch, this coin shows a woman, personifying Liberty, standing with her left foot upon a rock. In her left hand, on the viewer’s right, is an olive branch. Her right hand holds a torch, while sun rays shine above a small rendering of the U.S. Capitol Building. On the reverse, an eagle flies to the observer’s left while large sun rays burst from under the eagle. The twenty dollar series is odd in one respect. The first year of issue had just one piece minted, which is now in the Smithsonian Institute. The last year, 1933, had its mintage of 445,500 melted, as gold coins were no longer to be struck. One was legally removed. Some were questionably removed.
The California gold rush produced many privately-struck coins. Largest amongst these were the $50 pieces of August Humbert and Wass, Molitor & Co. Containing nearly 2.5 ounces of gold, these round and octagonal coins were often referred to as Slugs or Quintuple Eagles. In 1915, $50 pieces were issued by the San Francisco Mint to commemorate the Panama-Pacific Exposition held that year. Nearly identical in size and weight to the above, they were sold to coin collectors for $100 each. Beginning in 1986, the Mint resumed issuing $50 gold pieces for collectors. These contain one ounce of gold. They are sold through distributors at a small premium over the prevailing bullion price, which far exceeds its face value. In 1998, $100 platinum coins, referred to as “bullion” coinage, were and still are offered to the public. Numismatics continues to author the multi-faceted and unfinished face of American history through its many changes. There will always be more to a coin than its surfaces can reveal. A Foundation and Overview of U.S. Coins
Jay Erlichman, Consultant to R.M. Smythe and Company, Inc.
jay@erlichman.com
917.402.2367
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