Illustrated history of the United States mint / with a complete description of American coinage, from the earliest period to the present time

by Unknown

Colonial Coins.

In 1684, the charter of the Massachusetts Bay Company was revoked, and the governor recalled; one of the alleged grievances by the crown was a colonial law concerning the Mint. The currency used by the colonies was chiefly from England, Spain, and Portugal, but the supply was limited from these sources, and the mother-country was jealous of any infringement of her prerogative of coinage. There are various specimens of the “pine-tree” money of Massachusetts in the Cabinet. Some doubt has arisen as to the species of tree intended, but it is generally accepted as the emblematic pine. This is claimed to be about the second colonial issue, a kind of semi-official coin. The first was from the Bermudas.[13] It is a shilling piece, stamped by one John Hall, silversmith, of the city of Boston, 1652, who made a very good speculation of the privilege. There has lately been added to the Cabinet a sixpence of this rare money. The work on this species of coins is so exceedingly simple as to present little save a planchet. On the obverse, a double ring around a pine-tree; legend, “Massachusetts in;” and on the reverse, a double ring also, containing the legend, “New England An Dom.[14]”

Charles II., it appears, was easily deceived in regard to the significance of the “pine-tree shilling.” Sir Thomas Temple, a friend of the colonies, adroitly presented one of these obnoxious coins to the irate monarch, explaining that the tree was the “royal oak” which had saved his majesty’s life. Whereupon the king, laughing, denominated his trans-Atlantic subjects “honest dogs,” and allowed the coinage to proceed.

During the reign of George I. a new species of coin was issued from the English Mint, denomination half penny, and it is asserted upon good authority that this was the only issue ever authorized by the home government for general circulation in the colonies. It was a coin of mixed metal, resembling brass. The head of the king was on the obverse; inscription, “Georgius Rex.” The reverse, a large double rose under a crown; legend, “Rosa Americana.” Upon a scroll, “Utile Dulci.[15]”

“Peltry,” we learn, was one of the principal articles of currency, and was known as “pelt,” or Massachusetts currency, and was extensively used in trading between Indians and whites, sometimes called “Beaver Money,” “Corne, Wheate, Barley, and Rye;” and a still more quaint currency was established, as will be found in an old Massachusetts court order, as follows: “It is likewise ordered that muskett balletts of a full boare shall passe current for a farthing a peece, provided that noe man be compelled to take above 12d. att a tyme of them.”

In Maryland, not only cattle, tobacco, and other produce was accepted as currency, but powder and shot were also included. Lord Baltimore, in 1660, sent over to Maryland the “Baltimore” shilling. In the colonial case there is a series of these exceedingly rare coins. They were a shilling, sixpence, groats, and are all of the same design, differing only in denomination. They were coined in London, and compare favorably with any minting of that age. The bust of Lord Baltimore on the obverse is very well cut; his name “Cecil,” is the legend. On the reverse, the coat of arms of Cecil, Lord Baltimore, is given; this device has been re-adopted by the State of Maryland. The substitution of any legal tender seems to be fraught with danger, and at best is jealously scanned by the people; and there was trouble to put this coin into circulation. The people, though demanding coin, did not yield their old currency of “wheat, corn, tobacco, powder, and shot,” without a demonstration. The Carolinas, Virginia, and New Hampshire all followed Maryland in the introduction of a colonial coinage.

In the interval of the Revolution, known as the Confederacy, the growth of the spirit of independence in the people is plainly written on their coins, especially upon their tokens or individual coins. We notice one inscription attributed to Franklin, “Mind your business;” and others, such as “Good copper,” “Cut your way through,” and like characteristic expressions. The “New York Doubloon” was coined in 1787, value sixteen dollars. This coin is highly esteemed by reason of its rarity, and its market value to-day is about five hundred dollars, as only three or four are known to be in existence.

The Washington cent of 1791 (so-called) was not a coin of the United States, but was struck at a private mint in Birmingham, England, (Boulton’s), partly, no doubt, to bespeak the “job,” and partly to please Americans generally.

It has been said that Washington objected to putting his head on the coins, and it may be true; but it was also objected that no man’s head should appear on the coin of a republic, which, whether good doctrine or not, is still the prevailing idea. The “cent of 1791” is of two types, one very rare and costly, with a small eagle. The other, with a large eagle, is more common, and perhaps sells for about five dollars at a public coin sale.