Whether jingling in pockets, feeding into vending machines, or adding to piggy banks, we use coins every day without thinking how the currency evolved or what history is involved in its original creation. United States coinage history is an interesting topic that involves politics, economics, gold and silver discoveries, technological breakthroughs and more. In short, the history of America’s coinage reflects the history of the United States.
Unlike older civilizations, coinage in the United States only came about relatively recently. Before the late 1700s, people traded goods, such as tobacco, rice, corn, and lumber, for foreign coins. With the birth of the new nation, there was a need for it to have a unique currency.
The Creation of America’s First Coins
The United States Congress passed America’s first coinage act in 1792, giving the United States Mint official responsibility for creating coins for public use. However, there is evidence that the first coin was struck as early as April 1783, when Robert Morris, the superintendent of finance for the United States, wrote in his diary about “a Piece of Silver Coin being the first that has been struck as an American Coin.” Before that, the first official one-cent piece, the Fugio Cent, featuring a design inspired by Benjamin Franklin, was authorized by the Congress of the Confederation in 1787. Both Benjamin Franklin and Thomas Jefferson are credited as having contributed to research and ideas behind the earliest coins, and the Treasury Seal developed at the time is still in use today.
Denominations
U.S. coinage production began with the minting of copper half cents and cents in 1793. In 1794, the Mint began striking silver half dimes, half dollars and dollars, followed by silver dimes and quarter dollars. In 1795, the first gold coinage was struck with the $5 Half Eagle, the $10 Eagle, and then the $2.50 Quarter Eagle in 1796. U.S. coinage includes those minted for circulation as well as commemorative and bullion coins. American coin denominations have included:
- Platinum — $100, $50, $25 and $10
- Gold — $50, $25, $20, $10, $5, $3, $2.50 and $1
- Silver (including copper-nickel) — Silver dollar, Trade dollar, half-dollar, quarter dollar, 20-cent, dime, half dime, 5-cent, 3-cent, 1-cent, as well as a copper half-cent, bronze 2-cent and cents in six different alloys.
U.S. Coins Today
The motto “IN GOD WE TRUST” appeared first on the 1864 two-cent coin, and while there have been periods of interruptions, it has been imprinted on the one-cent coin since 1909 and featured on the ten-cent coin since 1916. Additionally, since July 1, 1908, all gold coins, silver dollars, half-dollars, and quarter-dollars have sported the motto.
Over time, the metal content of coinage has changed. During the silver shortage of the 1950s, a new Coin Act was issued to modify the silver content of coins to allow some, such as quarters and dimes, to not have any silver content. The silver was replaced by alloys such as manganese, copper, and nickel instead.
The United States Mint issues new coins fairly regularly, but occasionally produces special coins issued as a commemorative or collector’s item, such as the Susan B. Anthony and Sacagawea golden dollars, yearly proof and uncirculated coin sets, and the recent America the Beautiful Quarter sets. Recent collectible commemorative coins include those honoring Boys Town and Lions Club and others featuring past U.S. presidents. While commemorative coins are legal tender, they aren’t minted for casual use, but rather as an investment for collectors and numismatic hobbyists. Collecting, studying and cataloging historical American coins is a hobby many people in the United States and abroad find fascinating.
Whether you are a beginning coin collector, an experienced numismatist, or are interested in investing in gold and silver, Roswell Gold, Silver & Coins, LLC is your expert coin dealer. Please visit our showroom today, or call us if you have any questions.