Survey of United States Coins

Survey of circulating United States Coins

About this collection:

     While the coins found circulating in United States today originate exclusively in one of the U.S. mints, this was not always the case. The "Red Book", the bible of U.S. coins, recognizes the role of non-U.S. mint issued coins, such as Hard Times tokens and Civil War tokens and features the "Spanish milled dollar" as its first illustration.

    I put myself in the shoes of a hypothetical collector who saved examples of contemporary moneys illustrating:
- where our circulating coins were made,
- who made them,
- why they were made,
- in what denominations, and
- using what design elements.

This collection, while including many "traditional" U.S. Coins, is distinct from the traditional U.S. collection, which considers exclusively issues of the U.S. mints, and prizes pristine examples, including many which were designed for coin collectors, as opposed to circulation.

       Accordingly, this collection illustrates a variety of coins, tokens, and medals which circulated in the United States, regardless of the identity or intent of the issuer.

   As any collector, I enjoy including exotic and/or 'rare' pieces such as:
    - A Trade Dollar certified, "genuine" yet stamped "REJECTED"
    - Pieces labeled "NOT ONE CENT" which circulated as "one cent pieces"
    - An 1863 George Washington "cent".
    - A dollar sized "Assay medal", which is arguably one of the rarest U.S. mint issued objects which may have circulated as money.

    Thank you for taking the time to review my efforts. If you have a comment or suggestion I would be happy to hear from you by
            em@il to collector-2009 "@T" a-440.net

Categories:

I. Circulating Coins originating outside of the U.S. mint
       A. Coins minted in foreign mints.
       B. Privately issued tokens & coins.
   C. Counterfeit coins.
             D. Coins issued under State authority.
           E. Coins issued under Federal & State Authority (Articles of Confederation)

	II. Denominations.	III. U.S. Mints (non gold)
	IV. U.S. Mint Issued Coins not Intended for Circulation.	V. Coins altered after entering circulation.
	VI. Design Elements: My Original Classification	VII. Traditional 'Red Book' Types

I. Circulating Coins originating outside of the U.S. mint
   A. Coins minted in foreign mints.
   B. Privately issued tokens & coins.
   C. Counterfeit coins..
              D. Coins Issued under State Authority.
       E. Coins issued under U.S. Federal Authority (Articles of Confederation)

A. Coins minted in foreign mints.

   In the colonial and early federal periods, coins minted outside of the United States were, as a practical matter, the only coins in circulation. Foreign coins continued to circulate after 1857, when they ceased being legal tender.

        The Red Book, the "bible" of U.S. coins, acknowledges two of these pieces. The Spanish Milled Dollar has been featured at the front of the Red Book since its inception (at least to my knowledge). The colonial section notes that "The most common coin for small transactions in early America was the British Halfpenny."

   At one time or another, virtually any Western* country's coins were accepted in commerce in the United States. The pieces I include here are not intended as representative sampling. The more instructive pieces in this collection are the counterstamped foreign coins, which give testimony to their circulation in the U.S.

       A group 40 coppers reportedly sampled from a hoard of 100,000 pieces accumulated in early 19th century Vermont, recently offered on eBay, included 3 well worn U.S. coppers (1801-1804), 2 state coppers, 2 Portuguese, 2 Hibernia, 1 VOC, 1 gun money, and 23 French colonies and related pieces.
See eBay hoard. See also the following pages on the Notre Dame early American collection site: The Philadelphia Highway Find, Dutch and Spanish coins.

* I am unaware of any reports of Oriental coins circulating in the U.S.

Spanish-American 8 Reales

Mexico Pillar Dollar 1737 Mo MF

Dutch Lion Dolllar

28 Stuivers

British Halfpennies, VOC

      In most cases, as illustrated above, it is impossible to tell if any given coin circulated in the United States.
   An exception occurs when a known merchant has placed his counterstamp on a coin. These pieces are rare and highly undervalued documents of the circulating coinage of the United States from the early days of the republic through the nineteenth century.
        I illustrate here circulating U.S. coins which originated in Bolivia, France, Germany, Italy, Mexico and Norway. This list doesn't scratch the surface of countries whose coins have served as U.S. currency.

1830 French 5 franc

stamped by California druggist
Polhemus

1840 Italy 5 lire

Stamped in New Orleans

1838 Bolivian 8 Reales

Stamped in CT

1859 German 2 Thaler

Stamped in MN (after 1857)

1863 Norway Specie dollar

Stamped in Pennsylvania (after 1857)

B. Privately Issued Circulating Coins and tokens. (see links for more examples)

Privately issued tokens predate the American Revolution, in most cases issued to fill the need for low denomination coins. This area is traditionally broken down into a number periods. The "hard times tokens" (HTT) and civil war tokens (CWT) are among the better studied and cataloged private issues. The tokens illustrated here represent a tiny fraction of this rich genre. (Click the titles below for more examples).

This class also includes gold coins, minted to provide a more convenient means of exchange than raw gold. The gold issues are represented here by the smallest denominations, gold $.25, $.50 & $1.00, all issued in 1853.

Early American Tokens

Hard Times Tokens

Merchant Tokens 1844 - 1860.

Fractional Gold 1853

Civil War tokens

Patriotic Civil War Token - Lovett Obverse

Specialized Use

Trade Tokens

C. Circulating Counterfeits.

Circulating counterfeits have been probably been around since the first coins were issued around 500 B.C.

As opposed to today, it was probably more of an issue in 1845 when John Leonard Riddell documented 100's of varieties of circulating counterfeit dollars in his work “A Monograph of the Silver Dollar, Good and Bad. Illustrated with Facsimile Figures”. Two pieces identified by Riddel are included below.

Counterfeit and Imitation British 1/2 pennies.

Machins Mills

(This is not a Machins Mills coin)
1775 7.19g

Machins Mills, of Newburgh NY, the best known U.S. maker of counterfeit 1/2 pennies, also produced "legitimate" copper coins under contract from various states. The Machin's Mills mint was operational by July 1787 but they did not have a legal minting franchise. There only income was from their partnership with the Vermont mint. In order to make a profit Machin and Atlee began to produce counterfeit British halfpence. Imitation halfpence attributed to Machin's Mills can be identified by the thick pursed lips on the bust of George III and the large triangular denticles on the edge.
(Rarity table) (Plate I) (Plate II) (Plate III) (Plate IV)
"Commoner" varieties: R-1 VT-87C; R-2 23-88A;19-87C;17-87B;17-87A; R-3 11-78A;12-78B

Most counterfeit British 1/2 pennies, which circulated in the United States, and the colonies before that, or presumably manufactured in Great Britain.
Illustrated Counterfeit 1/2 cents (L-R / T-B)
1775 6.53 g.; 1773, 5.97 g
No date 6.17 g.
No date 6.43 g;; 1775 6.27 g.
1775 6.78 g.

Evasion counterfeits deliberately altered a design element, or legend, presumably to permit the maker to escape criminal prosecution for "counterfeiting" if caught by the authorities.
1774 6.36 g.

Counterfeit 8 reales.
This piece, Riddell 415, like the 1944 "no mint mark" nickel on the right, can be identified by the use of a nonexistent designation "Ds RL":

This piece, made in the U.S.A., identified as Riddel 223C shows degradation of the silver plating.

1944 Counterfeit Nickel

This nickel was made by Francis LeRoy Henning. He got 3 years for his crime. He made about 100,000 of them with at least 3 dates and probably would have gotten away with it of he hadn't made this non-existent 1944 "No mint mark" nickel.

D. State Authorized Issues. See: Listing of Die Variety Charts from the Notre Dame University Collection

Virginia Half Penny 1773

The Virginia Half Penny. Authorized by the Commonwealth of Virginia, struck in London.

On May 20, 1773, the Virginia Assembly authorized the coining of a halfpenny at the Tower mint in London.
The coin, engraved by Richard Yeo, was made of copper at a weight of sixty halfpence to the pound. Five tons of halfpence (about 670,000 pieces) arrived in New York aboard the ship "Virginia" on February 14, 1774 but were not distributed until written royal permission was obtained about a year later. The Virginia treasurer, Robert Nichaolas, published a notice bearing the date February 27, 1775 in all issues of the Virginia Gazette printed between March 2-16, explaining that "copper money is now ready to be issued in Exchange either for Gold, Silver or any Treasury Notes." Soon after the initial disbursement of the coins commenced, the Revolutionary war broke out in Massachusetts at Lexington and Concord on April 19, 1775. Consequently Virginians hoarded the new halfpenny, along with all other copper coins, until the end of the war. Although the halfpenny contained the portrait of the king of England, it is clear these coins were used in Revolutionary and post war Virginia, for out of fifty-nine coins found during the restoration of Colonial Williamsburg, forty were Virginia halfpence.
1773 Virginia Half Penny. 7 Strings. No period, Newman 8-H. 114.5 grains. Presumed to be a rare die combination based on the low grade illustration in Newman's reference.

1787 Vermont Copper.

1787 Vermont Copper. RR-13, Bressett 17-V. Rarity-1.
Bowers&Merena 6/11/2009 Lot 121
BRITANNIA. VF-20 Tooled
Reverse typically weak.

Authorized by contract from the State of Vermont in 1785. (technically an independent republic!))

Probably struck near Newburgh, NY by the Machin's Mills coiners.

E. Circulating Coins Issued Under (U.S.) Government Authority.

   Under the Articles of Confederation, adopted March 1, 1781, each state had the right to coin money. New Jersey and Connecticut contracted out coining privileges to companies or individuals. Massachusetts erected its own mint. Vermont, an independent republic until it ratified the U.S. Constituion in 1791, also contracted out coining privileges. With the adoption of the U.S. Constitution, in 1789, the minting authority of the states ceased. The already issued state coppers, along with many foreign coins, remained legal tender, subject to the Article I, Section 8 Congressional Power to regulate the Value of Money.

    Although the standard texts classify these as "colonial" coinage, they were issued after the colonial period, which ended at the latest when the British Monarch signed the Treaty of Paris in 1784, relinquishing all claims to the former the 13 colonies.

      The state coinage ceased with the Constitution withdrawal of authority.

       Struck between 1785 and 1788, the state coppers circulated for decades as demonstrated by the highly worn condition of most survivors. Nonetheless, presentable examples, as illustrated here can still be found at relatively modest prices.

See: Listing of Die Variety Charts from the Notre Dame University Collection

1787 Connecticut Copper

1787 Connecticut Copper (cent)
Stacks 5/15/2009, Lot 1433

Miller 31.2-r.3. Rarity-1. Draped Bust Left. VF-25.144.4 gns.

Authorized by contract from the State
of Connecticut in 1785. Probably struck under a subcontract by Samuel Broome and Jeremiah Platt, former New York merchants.

1786 New Jersey Copper - Maris 24-P. Rarity-2. VF-20.

1786 New Jersey Copper (cent)
Maris 24-P. Rarity-2. VF-20.
Stacks 5/15/2009, Lot 1440.

The 1786 New Jersey Coppers were authorized by contract from the Colonial Legislature in contracts, respectively dated 6/1/1786 and 11/22/1786.

1788 Massachusetts cent. Ryder 6-N. Rarity-3.

1788 Massachusetts cent. Ryder 6-N. Rarity-3., VG 10
Stacks 6/25/2009, Lot 23.

The state owned mint, located in Boston, produced about 300,000 cents and 100,000 half cents dated 1787 & 1788.

1787 Fugio Cent See: Fugio Cent Identification Guide to Newman Die Variety Chart
    The 1787 Fugio Cent was first coin issued coin issued under the direction of the U.S. government. Long popular with collectors, its status as the first "authorized" U.S. coin is somewhat of a misnomer as the state coppers were legally "authorized" under the Articles of Confederation.
    Approximately 400,000 of an authorized issue of 300 tons (approximately 30,000,000) were produced under contract with James Jarvis. Mintage took place in New Haven, CT, New York City, Rupert,VT, and possibly elsewhere.
     In 1926, the Bank of New York began distibuting a hoard of thousands of uncirculated Fugio cents, which had been in their custody since 1788. Currently the bank has 819 pieces. The Fugio cents, which were released around the time they re struck, circulated for many years, as demonstrated by this typically worn specimen.

Newman 6 W Reverse Rarity 4 (76-200 known)

II. Denominations

Half Cent 1793-1857

1806 Half Cent

Large cent 1793-1857

1797 One cent

Small cent 1856 - present

1857 Small cent

Two cents 1864-1873

1867 2 cents

3 Cents Silver 1851-1873

1862 3 c silver

3 Cents Nickel 1865-1889

1881 3c Nickel

Half Dime 1794-1873

1838 Half Dime

5 Cent Nickel 1866 - present

1905 Liberty nickel - received in change
from "SEPTA" vending machine
February 2002,

10 Cents
1796-present

20 Cents
1875-1878

1875-s twenty cents

25 Cents
1796-present

1834 Quarter Dollar

50 Cents
1794-present

1864 50 Cents

1.00 Silver 1794 - 1935

1795 Flowing Hair dollar

1876 CC Trade dollar "REJECTED"

Trade dollar 1873 - 1878

Listed as a separate denomination, the Trade Dollar was not afforded the same status as its regular "dollar" counterpart.

In 1876, Congress revoked its status as "legal tender" for domestic transactions.

In February 1887, all non-mutilated outstanding Trade Dollars were made redeemable to the United States Treasury, and approximately 8 million of them were turned in. The "REJECTED" stamp on the illustrated piece likely refers to the 1887 redemption, presumably based on its being underweight.

$.25 Gold 1852-1856

California Gold 1/4 dollar ND (1853) BG 222

$.50 Gold 1853-1856

California Gold 1/2 dollar 1853 BG 430

$1 Gold 1849-1889

1853 Gold $1.00

$2.50 Gold 1796-1929

1878 $2.50 Gold

$3.00 Gold 1854-1889

1860 $3.00 Gold

$5.00 Gold 1795-1929

1907 $5.00 Gold

$10 Gold 1795-1933

1932 $10.00 Gold

$20 Gold 1850-1932

1895 $20 gold

III. U.S. Mints (Circulating Silver & Minor Coins)

Numismatic Trivia: The Morgan Dollar was the only non-gold coin type which was struck at the 5 major mints.

"CC' Carson City, NV 1870-1893

1880 CC Dollar - from circulation ca 1962-1864

"D'-Denver. CO 1906- present

1921-D Dollar

"O" New Orleans, LA1838-1909

1904-O $- from circulation ca 1962-1864 This coin was a major rarity at the time.

'S' San Francisco 1855- present

1878-S One of last pieces
remaining from the stock of
Edward's Associate

"No Mint Mark"1792- present
Philadelphia PA

1878 7/8 Dollar - from circulation ca 1962-1964

"P" 1942 -1945, 1982-present
Philadelphia PA

IV. U.S. Mint Products Not Designed for Circulation.

Commemorative coins. (1892-1954)

Many, if not most, of the "NCLT" (non-circulating legal tender) issues of the "early" (1892-1954) commemorative series saw some degree of circulation. A sampling is illustrated at this link.

Mint Made/Authorized Medals.

HK 19

HK 20

Two examples in this category are HK19 & HK20, both the size of a silver dollar, released in conjunction with the 1876 Centennial Exposition and frequently found in circulated condition.

1879 Assay Medal.

Circulated 1879 Assay Medal.
At 38 mm and 22.45 g., the 1879 silver Assay Medal, was the only piece in the Assay Medal series which was roughly the size and weight of a circulating U.S. coin (silver dollar).

This piece is the only Assay medal which could have been passed as a silver dollar.

Its estimated mintage of four place it in contention for the lowest mintage U.S. mint product to see circulation.

V. Coins altered after entering circulation.

Certain counterstamped coins were released into circulation to promote the business or identity of the issuer. The most prolific producer of counterstamped U.S. coins was G.G. Wilkins, a Dentist from Pittsfield NH, who also sold firearms, animal pelts and patent medicines among other items, and was twice convicted of illegally selling liquor.
In other cases, it is more likely that the coin was stamped as a keepsake not intended for circulation. See e.g. the Ed Barry Masonic piece.

1883 "Racketeer" nickel
Most on the market today (including THIS ONE!) are probably not "genuine".
The lack of the word cents created an opportunity for the unscrupulous. The coins were gold plated and reeds were cut into the edge by hand (nickels have a plain edge) and they were passed off as $5 gold coins.

The most famous criminal case about altered 5 cent coins involved a deaf mute named Josh Tatum. He would go to cigar stands and purchase a 5c cigar and pay with a gold plated, hand reeded nickel. The attendant would assume that it was a $5 gold piece and give Josh $4.95 change. He was acquitted since he never said that the coin was $5, he couldn't. The Mint had learned its lesson and the following year put the word "cents" at the bottom of the reverse.

Some of these "Racketeer" nickels survive today and are interesting to collectors. Over the last century, there are many nickels that have been gilt and passed off as the "real" thing so beware of "copies". Its not easy to ascertain whether you have a "genuine" racketeer nickel as they are all altered coins tampered with outside the Mint. Generally, the ones used in 1883 have some or all of the gilt rubbed off and have a very carefully reeded edge.

   VI. Design Elements ===>

         VII. Traditional 'Red Book' Types ===>