March 2005 Issue

I have always been grateful that the founding fathers gave up the overly complicated system of English coinage in favor of the decimal coinage we use in the United States. In English coinage the basic unit is the penny. Two hundred and forty dime size pennies could be struck from a pound of fine silver. Thus it began more than thirteen hundred years ago.

The pound was equal to 240 pennies, or 480 half pennies, or 960 farthings, or 20 shillings, or 40 six pences, or 80 three pences, or 60 groats, or 10 florins, or 4 crowns, or 8 half crowns, or 5 double florins. By the way, 21 shillings equals a guinea.

In addition to this, there were two penny silver pieces and two penny copper coins so huge that they were called “Cart Wheels.” This term has been misapplied to the United States’ silver dollar because of the size of the coin.

The United States also had odd coins that most people today are unaware of. We minted those pieces in copper, nickel, and silver. Although we minted half-cents from 1793-1857, most Americans are unaware of them. Back when a cent was of some real value and could buy a glass of gin, a bun, a newspaper, or food, half cents had a real place in the scheme of things. By 1857, the pricing structure had changed enough so that the half cent was no longer needed.

It is interesting to note that the U.S. government issued half-cent stamps until 1954. The government minted silver half dimes from 1794 to 1873. This tiny coin was a real workhorse. Five cents was more money than some people would earn in an hour. The coin was tiny and easy to misplace. By 1873, the nickel five cent piece had been around for seven years and was widely accepted. The silver half dime was redundant and, therefore, discontinued.

In 1851, the government believed that what the country needed was a three cent silver coin. The three cent coin met the cost of a three cent first class stamp. The three cent piece was also well used as the millions of well worn specimens still around will attest. The obverse carried a star in very low relief. The reverse featured the roman numeral “C” for a hundred enclosing the roman numeral “III” for three showing that the coin had a value of three-one-hundredths of a dollar.

By 1872, the coin was no longer needed. In 1873, 600 proofs were struck. Thus ended the 22 year run of the three cent silver coins. Like the silver half dimes, the three cent silver coins were replaced by nickel coins of the same face value.

In 1865, the dumpy looking three cents silver coin was complimented by the introduction of a really beautiful three-cent nickel. The obverse featured a delicate portrait of Liberty. The reverse had the roman Numeral “III” in a wreath. This coin lasted some 24 years. In 1889, 21,561 business strikes were minted along with 3,436 proofs. By that time, the first class mail rate had fallen to two cents.

In 1864, the United States minted the two cent copper coins. This amount would cover a mail rate and the cost of the average newspaper. This was also the first coin of the United States to carry the motto “In God We Trust.”

It was Abraham Lincoln who insisted that this motto be included in the design of this new coin. It seems that a minister had written a letter to the President saying that if the United States was to be excavated by archeologists thousands of years in the future that there would be no evidence that the people of the nation ever believed in a supreme being. Lincoln thought that the inclusion of the “In God We Trust” motto on the new coinage would solve this problem.

The two cent piece was handsome. The obverse featured a shield in a hanging wreath. The reverse featured the Arabic numeral “2” in a wreath. The coin is found in  a very well worn condition which shows that it was well used, but by 1872 it was seen as redundant. In 1873, 600 proofs were minted and an estimated 500 re-strikes of the “open 3” variety were minted as well. The coin had lasted only nine years before being abandoned.

In 1875, a truly unpopular coin was minted – the twenty cent piece. It was almost the size of the twenty-five cent piece although the reverse was different from the larger coin and the sides were smooth and unneeded.

The denomination was equal to the French, Belgian, and Swiss franc, the Italian lire, and the Spanish peseta. Americans hated the coin that featured the “Seated Liberty” as they did the rest of the silver coinage. Business strikes exist for 1875 and 1876. Only a total of 950 proofs were struck in 1877 and 1878. This coin lasted a mere four years.

Most people living in this nation of more than 335,000,000 people have never seen these coins. So here they are for your inspection and delight.

It might be interesting to note that the only coins President McKinley had in his pocket when he was shot at the Pan American Exposition in Buffalo, NY, in 1901, were a couple  of half cent pieces. These coins may be seen today on the campus of Stonehill College, Easton, MA  in the Joseph Martin Center.

Click PIX for Larger View ( Unless Otherwise Noted )
Two cent copper coin with “In God We Trust” motto. Click Here for Larger View		Half dime used between 1829 and 1837 Click Here for Larger View
The early half dime. Click Here for Larger View		The short-lived twenty cent piece. Click Here for Larger View
Early half cents.		Early half cents.
Click PIX for Larger View ( Unless Otherwise Noted )
Coronet half cent of the last type used.		The tiny three cent silver coin.
The beautiful three cent nickel coin.		Seated Liberty half dime.
Click Images for Larger View ( Unless Otherwise Noted )