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

by Unknown

United States Coins.

The first copper coins made by the United States Mint were one cent and one-half cent issues, of which there were four designs: 1st, the “chain cent;” 2d, the “wreath cent;” 3d, the “flowing hair;” and 4th, the “liberty cap,” which was used for a number of years. The “chain” device was not acceptable to the sensitive American mind, and of consequence the accidental breaking of the die was not a subject of regret, but “quite the contrary.” The pattern sections of United States coins are very beautiful and varied, especially those in gold.

The Trade Dollar.

This coin bears on the obverse a female figure seated on bales of merchandise, holding in her left hand a scroll on which is the word “liberty.” At her back is a sheaf of wheat; this and the bales of goods indicate the commercial character of the coin. Her right hand, extended, offers the olive branch. On a scroll beneath the figure are the words “In God we trust,” and the date below, “1873.” The reverse has a circling inscription, “United States of America, Trade Dollar.” In the centre is an eagle, in his claws three arrows and a sprig of olive. On a label above are the words “E Pluribus Unum.” Below, “420 grains fine,” very beautiful in design.

History of the Trade Dollar.

The coinage of the Trade Dollar was authorized by act of February 12, 1873, and was not intended for circulation in the United States, but for export to China.

It was designed to compete with the Spanish and Mexican dollar. That empire, having no mint for the coinage of gold or silver, depended upon foreign coin for its domestic circulation, and until the institution of the Trade Dollar the principal shipments of coin to China were in the form of Mexican dollars.

The Trade Dollar was made a trifle more valuable than the American and Mexican dollar, thus not only affording a market for the surplus silver of the mines of the Pacific Coast, but furnishing merchants and importers from China with silver in a convenient form for payment for commodities, instead of their being obliged to purchase Mexican dollars for that purpose.

When its coinage was authorized it was inadvertently made a legal tender to amount of five dollars, but this was repealed by section 2, Act of July 22, 1876.

Brief History of the Standard Silver Dollar.

Authorized to be coined, Act of April 2, 1792. Weight, 416 grains, standard silver; fineness, 892.4; equivalent to 371¼ grains of fine silver, with 44¾ grains alloy of pure copper.

Weight changed, Act of January 18, 1837, to 412½ grains, and fineness changed to 900, preserving the same amount of pure silver = 371¼ grains, with ⅒ alloy.

Coinage discontinued, Act of February 12, 1873.

Total amount coined, from 1792 to 1873, $8,045,838.

Coinage revived, two million dollars per month required to be coined, and issue made legal tender for all debts, public and private, Act of February 28, 1878.

Total amount coined, February 28, 1878, to November 1, 1884, $184,730,829.

Pacific Coast.

The semi-official coins of the Pacific coast present quite a glittering array of monetary enterprise, and signify the great wealth and daring spirit of that part of the world. The fifty-dollar octagon gold piece, issued in 1851, is a very beautiful coin. “Gold slugs” are novelties; are oblong gold pieces, and are valued at sixteen dollars. The Utah coins also attract attention. They are of gold, fine. The device is an “all-seeing eye” and two clasped hands; reverse, “a bee-hive,” with inscription, “Holiness to the Lord.” Some have for legend, “G. S. L. C. P. G.,” which the initiated receive as “Great Salt Lake City, Pure Gold.”

The series of the United States coins is complete, and can be readily examined. The changes have been very gradual. The motto, “In God we trust,” was introduced in 1866.

There is one specimen which illustrates how a coin may become famous without the least premonition, and also is a witness of the positive law which protects and governs coinage. A law passed Congress in 1849 ordering twenty-dollar gold pieces to be issued. One piece was struck. Something intervened to delay the work, and the year closed; then, of course, the dies had to be destroyed, as no more could be lawfully issued of 1849. The coin just beside this, marked 1850, of same value, is not worth the collector’s consideration, while “1849” cannot to be purchased. It is marked “unique,” and is really the only one in gold. One specimen exists in brass.

Coins of the Southern Confederacy.

It has been said and repeated as a historical fact that the Southern Confederacy had no metallic currency. After a lapse of eighteen years the following official document from the Confederate archives explains itself, and substantiates the fact that silver to a limited extent was coined at the New Orleans Mint by order of the Confederate Government, in the early days of the rebellion, and only suspended operations on account of the difficulty in obtaining bullion for coinage.

War Department, Adjutant General’s Office, Washington, March 27, 1879.

Dr. B. F. Taylor, New Orleans, La.

Dear Sir:—The enclosed circular will explain to you the nature of the duties upon which I am now engaged; I would like to have from you, from file with confederate archives, a letter stating when you were appointed Chief Coiner of the Confederate States Mint, instructions received copies of the originals of any official papers, sketches, descriptions, etc., of all the coins made, etc. This will make a valuable addition to Confederate history, and I know no one but you can give it.

Very truly yours,

MARCUS J. WRIGHT.

New Orleans, La., April 7, 1879.

To Hon. Marcus J. Wright.

Dear Sir:—Your favor requesting a statement of the history of the New Orleans Mint, in reference to the coinage under the Confederate Government, is received. That institution was turned over by the State of Louisiana, the last of February, 1861, to the Confederate States of America, the old officers being retained and confirmed by the government, viz.: Wm. A. Elmore, Superintendent; A. J. Guyrot, Treasurer; M. F. Bonzano, M. D., Melter and Refiner; and Howard Millspaugh, Assayer. In the month of April, orders were issued by Mr. Memminger, Secretary of the Treasury, to the effect that designs for half-dollars should be submitted to him for approval. Among several sent, the one approved bore on the obverse of the coin a representation of the Goddess of Liberty, surrounded by thirteen stars, denoting the thirteen States from whence the Confederacy sprung, and on the lower rim the figures, 1861. On the reverse there is a shield with seven stars, representing the seceding States; above the shield is a liberty-cap, and entwined around it stalks of sugar cane and cotton, “Confederate States of America.” The dies were engraved by A. H. M. Peterson, Engraver and Die Sinker, who is now living in Commercial Place. They were prepared for the coining press by Conrad Schmidt, foreman of the coining room (who is still living), from which four pieces only were struck. About this period an order came from the secretary suspending operations on account of the difficulty of obtaining bullion, and the Mint was closed April 30, 1861.

Of the four pieces mentioned, one was sent to the Government, one presented to Prof. Biddle, of the University of Louisiana, one sent to Dr. E. Ames of New Orleans, the remaining one being retained by myself. Upon diligent inquiry I am unable to find but one piece besides my own, that being in the possession of a Confederate officer of this city, who transmitted it to his son as a souvenir of his father’s in the Confederate cause.

So soon as copies are made I will take pleasure in sending you a specimen for the archives you represent.

Very respectfully, your obedient servant,

B. F. TAYLOR, M. D.
Formerly Chief Coiner C. S. A.

The most notable and valuable silver coin is the dollar of 1804. It is said that the scarcity of this dollar was owing to the sinking of a China-bound vessel having on board almost the entire mintage of the 1804 dollars in lieu of the Spanish milled dollars. It is believed that there are not more than seven, possibly eight, genuine 1804 dollars extant. The rarity of the piece and the almost fabulous prices offered for it are patent facts.

Sketch of the 1804 Dollar.[16]

This coin among collectors is known as the “king of American rarities.” But seven or eight pieces are known to exist. The 1804 dollars are of two classes, to wit: first, originals, which are from but one obverse and one reverse die,—draped bust of Liberty facing right; the head bound with a fillet; hair flowing; 6 stars before and 7 behind the bust above LIBERTY, upper right hand star almost touching letter y; reverse heraldic eagle bearing on his breast a broad shield, in his beak a scroll, inscribed E Pluribus Unum; 12 arrows in right talon, a branch of olive in left; above, an arc of clouds from wing to wing of eagle; in field beneath 13 stars; UNITED STATES OF AMERICA; edge lettered ONE HUNDRED CENTS, ONE DOLLAR OR UNIT, which are lightly struck in some parts. The first specimen in the Mint Cabinet weighs 415.2 grs.; second, Mr. M. A. Stickney procured from the Mint in 1843 in exchange for other coins; third, W. S. Appleton bought, at an advance of $750, in 1868, from E. Cogan, who purchased it from W. A. Lilliendahl, who bought it at a sale of collection of J. J. Mickley, 1867, for $750; fourth, L. G. Parmelee bought, at sale of E. H. Sandford’s collection, 1874, for $700, who obtained it in 1868 from an aged lady, who got it at the Mint many years before; fifth, W. B. Wetmore bought of Mr. Parmelee, 1868, for $600, from sale of H. S. Adams’ collection, 1876, at $500, from sale of M. J. Cohen’s collection, 1875, at $325 (in fair condition); sixth, present owner unknown to us, formerly in possession of collection of Mr. Robert C. Davis, of Philadelphia, and recently sold for $1200; seventh, S. H. and H. Chapman purchased October, 1884, at a sale in Berlin, and resold to a Mr. Scott, a dealer in coins, for $1000 at their Philadelphia sale, in May, 1885.

Restrikes. There were struck at the Mint in 1858 restrikes with plain edges, of which three were recovered after diligent search; two of these were destroyed in the Mint, and the other placed in the Cabinet, where it remains. The difference between these and the originals are as follows: obverse, the original die was re-cut in the word Liberty, the stars and date, which made them larger and deeper, especially noticeable in the stars, which are broadened; also in the date, it making the outline sharp and square, whereas in the originals they are somewhat rounded; reverse, not having the original die, they used another, which differs in many respects, most easily noticeable in that the A touches the eagle’s claw, the OF much nearer of the end of eagle’s wing than S in States (in the original it is equally spaced); edge, plain; weight, 381.5 grains. One specimen is in the Mint and another in England,—struck between 1860 and 1869, as in the latter year all dies remaining were destroyed, same as the above, but endeavors were made to letter the edges in the absence of a complete collar by using pieces of collars which did not contain all the letters, but repeated some of them several times. There was one of these pieces sold in the Berg collection in 1883 for $740, and showed all the peculiarities mentioned, and its weight was said to be inaccurate. The dies were destroyed in the winter of 1868-69. No counterfeit dies of the 1804 dollar were ever made. After the close of each year all dies are now destroyed.

Double Eagle.

Among the rare coins in the Cabinet at the Mint is a Double Eagle. The dies for this piece were made in 1849, and only one was struck. “Unique” and beyond price. There is also a Quarter Eagle of 1842, and the only one known extant at the Mint.