Twenty-cent piece (United States coin)
The American twenty-cent piece is a coin struck from 1875 to 1878, but only for collectors in the final two years. Proposed by Nevada Senator John P. Jones, it proved a failure due to confusion with the quarter, in 1874, the newly elected Jones began pressing for a twenty-cent piece, which he stated would alleviate the shortage of small change in the far West. The bill passed Congress, and mint director Henry Linderman ordered pattern coins struck, Linderman eventually decided on an obverse and reverse similar to that of other silver coins. Although the coins have an edge, rather than reeded as with other silver coins, the new piece was close to the size of, and immediately confused with. Adding to the bewilderment, the obverse, or heads, sides of coins were almost identical. After the first year, in which over a million were minted, there was demand. At least a third of the mintage was melted by the government. Numismatist Mark Benvenuto called the twenty-cent piece a chapter of U. S. coinage history that closed almost before it began, a twenty-cent piece had been proposed as early as 1791, and again in 1806, but had been rejected.
The 1806 bill, introduced by Connecticut Senator Uriah Tracy, sought both a two-cent piece and a double dime, the bill passed the Senate twice, in 1806 and 1807, but did not pass the House of Representatives. Several factors converged to make possible a twenty-cent piece in the 1870s, the first was a shortage of small change in the far West, where base-metal coins did not circulate. Prices in the West were sometimes in bits, adding to the change problem, a second factor was the anxiety of Congress to see more silver made into coin. This was due to pressure from mining and other interests, the Coinage Act of 1873 ended the practice of allowing silver producers to have their bullion struck into silver dollars and returned to them. He quietly urged Congress to end the practice, which it did, within a year, silver prices had dropped, and producers tried vainly to deposit bullion at the mints for conversion into legal tender. Mining interests sought other means of selling silver to the government, the third was American interest in aligning its currency with the Latin Monetary Union and to bring its weights for coinage into the metric system.
Another purpose for an issue of silver coins, regardless of denomination, was to retire the fractional currency—low-value paper money or shinplasters. Congress passed legislation in 1875 and 1876 for large quantities of coins for this purpose. The father of the twenty-cent piece was Nevada Senator John P. Jones. Part-owner of the Crown Point Mine, he had elected to the Senate in 1873, on February 10,1874, he introduced a bill to authorize a twenty-cent piece
A double eagle is a gold coin of the United States with a denomination of $20. The coins are made from a 90% gold and 10% copper alloy and have a weight of 1.0750 troy ounces. The eagle, half eagle, and quarter eagle were specifically given these names in the Act of Congress that originally authorized them, the double eagle was specifically created as such by name. The first double eagle was minted in 1849, coinciding with the California Gold Rush, in that year, the mint produced two pieces in proof. The first resides in the Smithsonian Institution in Washington, D. C, the second was presented to Treasury Secretary William M. Meredith and was sold as part of his estate—the present location of this coin remains unknown. In 1850, regular production began and continued until 1933, prior to 1850, eagles with a denomination of $10 were the largest denomination of US coin. The $10 eagles were produced beginning in 1795, just two years after the first U. S. mint opened, since the $20 gold piece had twice the value of the eagle, these coins were designated double eagles.
In 1866, the motto In God We Trust was added to the liberty coronet double eagle, in 1877, the coins denomination design on the reverse was changed from twenty D to twenty dollars creating a third and final subtype for the series. An 1879 pattern coin was made for the quintuple stella using a design combining features of the liberty head double eagle and stella pattern coin, however this coin was stolen in July 2008. The Saint-Gaudens double eagle is named for the designer, Augustus Saint-Gaudens, theodore Roosevelt imposed upon him in his last few years to redesign the nations coinage at the beginning of the 20th century. Saint-Gaudens work on the high-relief $20 gold piece is considered to be one of the most extraordinary pieces of art on any American coin. The mint eventually insisted on a version, as the high-relief coin took up to eleven strikes to bring up the details. Only 12,367 of these coins were struck in 1907 and these coins easily top the $10,000 price in circulated grades, but can reach nearly a half million dollars in the best states of preservation.
There were several changes in the years of this design. The first coins issued in 1907 design featured a date in Roman numerals, the motto In God We Trust was omitted from the initial design, as Roosevelt felt that putting the name of God on money that could be used for immoral purposes was inappropriate. By act of Congress, the motto was added in mid-1908, the design of the Saint-Gaudens coin was slightly changed once more when New Mexico and Arizona became states in 1912, and the number of stars along the rim was accordingly increased from 46 to 48. Double eagles were routinely minted through 1933, although few of the very last years coinages were released before the recall legislation of that year. Accordingly, these issues bring very high prices, the Saint-Gaudens obverse design was reused in the American eagle gold bullion coins that were instituted in 1986
The three-cent silver, known as the three-cent piece in silver or trime, was struck by the Mint of the United States for circulation from 1851 to 1872, and as a proof coin in 1873. Designed by the Mints chief engraver, James B, Longacre, it circulated well while other silver coinage was being hoarded and melted, but once that problem was addressed, became less used. It was abolished by Congress with the Coinage Act of 1873, after a massive importation of gold bullion during the California Gold Rush, silver could be traded for increasing amounts of gold, so U. S. silver coins were exported and melted for their metal. This, and the reduction of postage rates to three cents, prompted Congress in 1851 to authorize a coin of that made of.750 fine silver, rather than the conventional.900. The three-cent silver was the first American coin to contain metal valued significantly less than its value. The coin saw heavy use until Congress acted again in 1853, making silver coins lighter. Congress lightened the three-cent silver, and increased its fineness to 900 silver, a three-cent piece in copper-nickel was struck beginning in 1865, and the three-cent silver saw low mintages for its final decade before its abolition.
The series is not widely collected, and the pieces remain inexpensive relative to other U. S. coins of similar scarcity. Although the Mint of the United States had been striking silver coins since the 1790s, in 1834, for example, half dollars sold on the market at a premium of one percent. The U. S. was on a bimetallic standard, by early 1849, most of the silver coins in circulation were small coins of the Spanish colonial real, including the levy and fip. The levy and fip often passed for twelve and six cents respectively in the Eastern U. S, the mint accepted them as payment at a slightly lower figure, but even so, lost money on the transactions as many of the pieces were lightweight through wear. In the Western U. S. the levy and fip were accepted as the equivalent of the dime and half dime. Bullion from the California Gold Rush and other came to the Eastern U. S. in considerable quantities beginning in 1848. By the following year, the price of gold relative to silver had dropped, making it profitable to export American silver coins, sell them as bullion, early in 1849, Congress authorized a gold dollar to help bridge the gap.
Spanish silver coins were the bulk of what was left in commerce for small change, they were often heavily worn, reducing their intrinsic worth at a time when Americans expected coins to contain metal worth the value assigned to them. In 1850, New York Senator Daniel S. Dickinson introduced legislation for a three-cent piece in.750 fine silver, that is, three parts silver to one part copper. He proposed to offer it in exchange for the Spanish silver, the three-cent denomination was chosen as it coordinated well with the six and twelve cent values often assigned the fip and levy. No legislation passed in 1850, which saw continued export of Americas silver coinage, impetus for the passage of a three-cent coin came when Congress, in January 1851, considered reducing postage rates from five cents to three
The half dime, or half disme, was a silver coin, valued at five cents, formerly minted in the United States. Some numismatists consider the denomination to be the first coin minted by the United States Mint under the Coinage Act of 1792, with production beginning on or about July 1792. However, others consider the 1792 half dime to be nothing more than a coin, or test piece. These coins were smaller than dimes in diameter and thickness. The introduction of the copper-nickel five-cent pieces made the coins of the same denomination redundant. The following types of half dimes were produced by the United States Mint or under the authority of the Coinage Act of 1792, authorized by the Act of April 2,1792, it lasted until 1873. Until 1829 it showed no value anywhere on its obverse or reverse, the flowing hair half dime was designed by Robert Scot and this same design was used for half dollar and dollar silver coins minted during the same period. The obverse bears a Liberty portrait similar to that appearing on the 1794 half cent and cent but without the liberty cap, mintage of the 1794 version was 7,765 while 78,660 of the 1795 version were produced.
The obverse of the draped bust half dime was based on a sketch by artist Gilbert Stuart, with the dies engraved by Robert Scot, the primary 1796 variety bears fifteen stars representing the number of states in the union. The reverse bears a wreath surrounding a small eagle perched on a cloud. 54,757 half dimes of this design were minted, following a two-year hiatus, mintage of half dimes resumed in 1800. The obverse remained essentially the same as the version. The eagle on the reverse now had outstretched wings, heraldic style and this reverse design first appeared on gold quarter and half eagles and dimes and dollars in the 1790s. Mintage of the series never surpassed 40,000, with none produced in 1804, no denomination or mintmark appears on the coins, all were minted in Philadelphia. Production of half dimes resumed in 1829 based on a new design by Chief Engraver William Kneass, all coins were minted at Philadelphia and display no mintmark. The high circulating mintage in the series was in 1835, when 2,760,000 were struck, both Capped Bust and Liberty Seated half dimes were minted in 1837.
These were the last silver half dimes produced, the design features Liberty seated on a rock and holding a shield and was first conceived in 1835 used first on the silver dollar patterns of 1836. The series is divided into several subtypes, the first was struck at Philadelphia in 1837 and New Orleans in 1838 and lacks stars on the obverse
The gold dollar or gold one-dollar piece is a gold coin that was struck as a regular issue by the United States Bureau of the Mint from 1849 to 1889. The coin had three types over its lifetime, all designed by Mint Chief Engraver James B, the Type 1 issue has the smallest diameter of any United States coin minted to date. A gold dollar coin had been proposed several times in the 1830s and 1840s, Congress was finally galvanized into action by the increased supply of bullion caused by the California gold rush, and in 1849 authorized a gold dollar. In its early years, silver coins were being hoarded or exported, Gold did not again circulate in most of the nation until 1879, once it did, the gold dollar did not regain its place. In its final years, it was struck in small numbers and it was in demand to be mounted in jewelry. The regular issue gold dollar was last struck in 1889, the following year, Congress followed Hamiltons recommendation only in part, authorizing a silver dollar, but no coin of that denomination in gold.
In 1831, the first gold dollar was minted, at the mint of Christopher Bechtler in North Carolina. Additional one-dollar pieces were struck by August Bechtler, Christophers son and he was opposed by the Mint Director, Robert M. Patterson. Woodbury persuaded President Andrew Jackson to have pattern coins struck, in response, Patterson had Mint Second Engraver Christian Gobrecht break off work on the new design for the silver one-dollar coin and work on a pattern for the gold dollar. Gobrechts design featured a Liberty cap surrounded by rays on one side, and a palm branch arranged in a circle with the denomination, consideration was given to including the gold dollar as an authorized denomination in the revisionary legislation that became the Mint Act of 1837. Nevertheless, after Mint Director Patterson appeared before a congressional committee, in January 1844, North Carolina Representative James Iver McKay, the chairman of the Committee on Ways and Means, solicited the views of Director Patterson on the gold dollar.
Patterson had more of Gobrechts pattern dollar struck to show to committee members and he told Treasury Secretary John C. Spencer that the gold coins of that size in commerce. This seemed to satisfy the committee as nothing more was done for the time, even before 1848, record amounts of gold were flowing to American mints to be struck into coin, but the California Gold Rush vastly increased these quantities. This renewed calls for a dollar, as well as for a higher denomination than the eagle. In January 1849, McKay introduced a bill for a gold dollar, there was much discussion in the press about the proposed coin, one newspaper published a proposal for an annular gold dollar, that is, with a hole in the middle to increase its small diameter. Nevertheless, Gobrechts successor as chief engraver, James B, prepared patterns, including some with a square hole in the middle. McKay introduced a version into the House on February 20, debate began the same day, McKay did not respond substantively, but stated that if no one wanted these denominations, they would not be called for at the Mint, and would not be coined
Hawaii overprint note
A Hawaii overprint note is one of a series of banknotes issued during World War II as an emergency issue after the attack on Pearl Harbor. The intent of the overprints was to easily distinguish US currency captured by Japanese forces in the event of an invasion of Hawaii, on June 25,1942, new overprinted notes were first issued. The hope was that should there have been a Japanese invasion, with this issue, military officials made the use of non-overprinted notes redundant and ordered all Hawaii residents to turn in unstamped notes for Hawaii-stamped notes by July 15. Starting from August 15,1942, no paper currency could be used except under special permission. At first, a crematorium was pressed into service to burn the notes. To ensure complete destruction, a fine mesh was placed on the top of the smokestacks to catch, progress on the destruction was slow, and pressed with time, the bigger furnaces of the Aiea sugar mill were requisitioned to help burn the currency. The notes and issuance continued in use until October 21,1944, by April 1946, many notes were saved as curios and souvenirs by servicemen.
Of the series, the $5 note is considered the most desirable, over 35 million $1 notes were made, making them the most common of the series. Star notes exist for all the notes, and command a sizable premium, hawaiis Forgotten History, the good. the bad. the embarrassing. Friedberg, Arthur L. & Ira S, a Guide Book Of United States Paper Money, Complete Source for History and Prices Whitman Publishing ISBN 0-7948-2362-9 Simpson, MacKinnon. Hawaii Homefront, Life in the Islands during World War II
The United States large cent was a coin with a face value of 1/100 of a United States dollar. Its nominal diameter was 1 1⁄8 inch, the first official mintage of the large cent was in 1793, and its production continued until 1857, when it was officially replaced by the modern-size one-cent coin. Large cents were made of pure copper, or copper as pure as it emerged from smelting. First struck in 1793, the cent was coined every year from 1793 to 1857 except 1815. When the United States declared war in 1812 against Great Britain, the wartime embargo against shipments made it so the mint could not get any new copper planchets to strike coins which were imported from Great Britain. The mint made do with what supply it had and struck coins into 1815, after the war ended in 1816, the mint wasted no time in ordering new planchets. For an unknown reason no coins were dated 1815 from the supply the mint had in the interim, in addition to the copper shortage, people hoarded precious metals during the war.
The Philadelphia Mint produced all large cents, which contained twice the copper of the half cent and this made the coins bulky and heavy, bigger than modern-day U. S. Quarters. The obverse featured a bust of Liberty with a reverse of a ring of chains, henry Voigts design was almost universally criticized in its time for its unattractiveness and perceived allusion to slavery. It bears the distinction, however, of being the first official coinage minted by the United States federal government on its own equipment and premises. As a result, all surviving specimens command high prices ranging from $2, the Mint caved in to the intense ridicule in 1793, and Mint Director David Rittenhouse ordered Adam Eckfeldt to revise the obverse and reverse designs. Libertys bust was redesigned with longer, wilder hair. Scholars are undecided as to plant or plants are depicted in the wreath, with several varieties extant. Total mintage of the wreath reverse numbered about 63,000 pieces, wrights design faced Liberty to the right and tamed her wild hair.
The Phrygian cap was added as an ancient symbol of freedom, the reverse design was revised to a recognizable laurel wreath, and future Chief Engraver Robert Scot had a hand in several minor revisions to the design over the next three years. This design was successful and it was continued into 1796. In 1795, planchets became too thin for the edge lettering because of a reduction, so the mint stopped edge lettering on the cent. Four coins from 1795 are known to have a reeded edge, Robert Scot redesigned the whole of United States coinage for 1796, applying a new design featuring a bust of Liberty wearing a drapery at the neckline and a ribbon in her flowing hair
Second Bank of the United States
The banks formal name, according to section 9 of its charter as passed by Congress, was The President and Company, of the Bank of the United States. A private corporation with public duties, the bank handled all fiscal transactions for the U. S. Government, and was accountable to Congress, twenty percent of its capital was owned by the federal government, the banks single largest stockholder. Four thousand private investors held 80% of the capital, including one thousand Europeans. The bulk of the stocks were held by a few hundred wealthy Americans, in its time, the institution was the largest monied corporation in the world. The federal deposits endowed the BUS with its regulatory capacity, failing to secure recharter, the Second Bank of the United States became a private corporation in 1836, and underwent liquidation in 1841. A national alliance arose to legislate a central bank to address these needs, calhoun of South Carolina and Henry Clay of Kentucky was decisive in the successful chartering effort.
The charter was signed into law by Madison on April 10,1816, opposition to the banks revival emanated from two interests. if Congress could incorporate a bank, it might emancipate a slave. Hostile to the effects of the central bank, private banks—proliferating with or without state charters—had scuttled rechartering of the first BUS in 1811. These interests played significant roles in undermining the institution during the administration of U. S. President Andrew Jackson, Government land sales in the West, fueled by European demand for agricultural products, ensured that a speculative bubble would form. When the U. S. Further, it transpired that branch directors for the Baltimore office had engaged in fraud and larceny. Resigning in January 1819, Jones was replaced by Langdon Cheves who continued the contraction in credit in an effort to stop inflation and stabilize the bank, the central banks reaction to the crisis—a clumsy expansion, a sharp contraction of credit—indicated its weakness, not its strength.
The effects were catastrophic, resulting in a recession with mass unemployment. The financial crisis raised doubts among the American public as to the efficacy of paper money, upon this widespread disaffection the anti-bank Jacksonian Democrats would mobilize opposition to the BUS in the 1830s. The national bank was in disrepute among most Americans when Nicholas Biddle. Under Biddles guidance, the BUS evolved into a banking institution that produced a strong and sound system of national credit. From 1823 to 1833, Biddle expanded credit steadily, but with restraint, albert Gallatin, former Secretary of the Treasury under Thomas Jefferson and James Madison, wrote in 1831 that the BUS was fulfilling its charter expectations. By the time of Jacksons inauguration in 1829, the bank appeared to be on solid footing. Public perceptions of the bank were generally positive
The copper-nickel three-cent piece, often called a three-cent nickel piece or three-cent nickel, was designed by US Mint Chief Engraver James B. Longacre and struck by the United States Bureau of the Mint from 1865 to 1889 and it was initially popular, but its place in commerce was supplanted by the five-cent piece, or nickel. These small slips of paper became ragged and dirty, and the came to hate shinplasters. The advocates were led by Pennsylvania industrialist Joseph Wharton, who controlled the domestic supply of nickel ore. After 1870, most years saw low mintages for the three-cent nickel. The last were struck in 1889, many were melted down to coin more five-cent pieces, the issue is not widely collected, and prices for rare dates remain low by the standards of American collectible coinage. In 1851, a bill for a three-cent piece in 75% silver and 25% copper was introduced in Congress by New York Senator Daniel S. Dickinson and this percentage of silver was less than the normal 90% so that the coins would circulate at a time of hoarding.
Dickinsons bill passed on March 3,1851, and in addition to authorizing the new three-cent silver, by 1854, the imbalance had abated, and Congress increased the silver content of the three-cent piece to the standard 90% for silver coins, though its weight was reduced. The large cent was replaced by a version made of 88% copper. In 1861, the Civil War began, and when efforts to finance the war via borrowing failed, the United States shifted to a paper money-based economy with little disruption. This departure of low-value coins was far more disruptive to commerce than the loss of the gold coins. These included currency issues by cities and businesses, encased postage stamps, the low-value paper currency, whether issued by government or business, were called shinplasters by the public, which disliked them. On the Pacific Coast, where money was not favored, silver. The Philadelphia Mint tried to keep up with demand, limiting public purchases of cents to five dollars, with cents from the Philadelphia Mint selling at a premium, many private token issues were issued in 1863, and passed as cents in commerce.
Mint officials took notice that the tokens, often made of bronze rather than the copper-nickel alloy being used in the cent, were not hoarded, pollocks bill, as introduced, provided for one- and two-cent pieces of bronze, and the Wharton interests opposed it. According to Carothers, Congress declined to compromise with the nickel interests, in the House, its opponents managed to delay its passage for a month. Thaddeus Stevens, one of the most influential men in the House, fought it bitterly, however, the Coinage Act of 1864 passed into law on April 22 of that year. After entering circulation several months later, the cent and two-cent piece circulated in trade without being hoarded
United States dollar
The United States dollar is the official currency of the United States and its insular territories per the United States Constitution. It is divided into 100 smaller cent units, the circulating paper money consists of Federal Reserve Notes that are denominated in United States dollars. The U. S. dollar was originally commodity money of silver as enacted by the Coinage Act of 1792 which determined the dollar to be 371 4/16 grain pure or 416 grain standard silver, the currency most used in international transactions, it is the worlds primary reserve currency. Several countries use it as their currency, and in many others it is the de facto currency. Besides the United States, it is used as the sole currency in two British Overseas Territories in the Caribbean, the British Virgin Islands and Turks and Caicos Islands. A few countries use the Federal Reserve Notes for paper money, while the country mints its own coins, or accepts U. S. coins that can be used as payment in U. S. dollars. After Nixon shock of 1971, USD became fiat currency, Article I, Section 8 of the U. S.
Constitution provides that the Congress has the power To coin money, laws implementing this power are currently codified at 31 U. S. C. Section 5112 prescribes the forms in which the United States dollars should be issued and these coins are both designated in Section 5112 as legal tender in payment of debts. The Sacagawea dollar is one example of the copper alloy dollar, the pure silver dollar is known as the American Silver Eagle. Section 5112 provides for the minting and issuance of other coins and these other coins are more fully described in Coins of the United States dollar. The Constitution provides that a regular Statement and Account of the Receipts and that provision of the Constitution is made specific by Section 331 of Title 31 of the United States Code. The sums of money reported in the Statements are currently being expressed in U. S. dollars, the U. S. dollar may therefore be described as the unit of account of the United States. The word dollar is one of the words in the first paragraph of Section 9 of Article I of the Constitution, dollars is a reference to the Spanish milled dollar, a coin that had a monetary value of 8 Spanish units of currency, or reales.
In 1792 the U. S. Congress passed a Coinage Act, Section 20 of the act provided, That the money of account of the United States shall be expressed in dollars, or units. And that all accounts in the offices and all proceedings in the courts of the United States shall be kept and had in conformity to this regulation. In other words, this act designated the United States dollar as the unit of currency of the United States, unlike the Spanish milled dollar the U. S. dollar is based upon a decimal system of values. Both one-dollar coins and notes are produced today, although the form is significantly more common