A Guide Book of United States Coins 2020 73rd

Edition R. S. Yeoman pdf download

https://textbookfull.com/product/a-guide-book-of-united-states-coins-2020-73rd-edition-r-s-yeoman/

★★★★★ 4.9/5.0 (32 reviews) ✓ 187 downloads ■ TOP RATED

"Great resource, downloaded instantly. Thank you!" - Lisa K.

DOWNLOAD EBOOK
 A Guide Book of United States Coins 2020 73rd Edition R. S.
Yeoman pdf download

TEXTBOOK EBOOK TEXTBOOK FULL

Available Formats

■ PDF eBook Study Guide TextBook

EXCLUSIVE 2025 EDUCATIONAL COLLECTION - LIMITED TIME

INSTANT DOWNLOAD VIEW LIBRARY

Collection Highlights

Longest s Health Policymaking in the United States 7th

Edition Michael R. Meacham

National Geographic Guide to National Parks of the United

States National Geographic Guide to the National Parks of
the United States 8th Edition Society

Poverty in the United States Women s Voices 1st Edition

Ann O'Leary

Guide to Biblical Coins David Hendin

Mexicanos A History of Mexicans in the United States
Manuel G. Gonzales

By the People A History of the United States James W.

Fraser

The Practice of Citizenship Black Politics and Print

Culture in the Early United States Derrick R. Spires

Log Cabins and Outbuildings A Guide to Building Homes

Barns Greenhouses and More The United States Department Of
Agriculture

The Politics of United States Foreign Policy Eighth

Edition Scott
THE OFFICIAL RED BOOK®
 A GUIDE BOOK OF
UNITED
STATES
COINS
R.S. YEOMAN
SENIOR EDITOR
JEFF GARRETT

RESEARCH EDITOR

Q. DAVID BOWERS
EDITOR EMERITUS

KENNETH BRESSETT

73rd Edition
Fully Illustrated Catalog and
Retail Valuation List—1556 to Date
 A Guide Book of United States Coins™
THE OFFICIAL RED BOOK OF UNITED STATES COINS™
THE OFFICIAL RED BOOK and THE OFFICIAL RED BOOK OF UNITED STATES COINS are trademarks of Whitman Publishing, LLC. Library of
Congress Catalog Card No.: 47-22284

Printed in the United States of America.

© 2019 Whitman Publishing, LLC

1974 Chandalar Drive • Suite D • Pelham, AL 35124

No part of this book may be reproduced or copied in any form without written permission from the publisher. Prices listed in this
book may not be used in any form of computer database or program without written permission from the publisher.

Whitman Publishing, LLC, does not deal in coins; the values shown here are not offers to sell or buy but are included only as
general information. Descriptions of coins are based on the most accurate data available, but could contain beliefs that may
change with further research or discoveries.

Whitman®
 CONTENTS

INTRODUCTION
Contributors to This Edition
How to Use This Book
Welcome to Numismatics
PRE-FEDERAL ISSUES
Colonial Issues
Post-Colonial Issues
FEDERAL ISSUES
Contract Issues and Patterns
Half Cents (1793–1857)
Large Cents (1793–1857)
Small Cents (1856 to Date)
Two-Cent Pieces (1864–1873)
Three-Cent Pieces (1851–1889)
Nickel Five-Cent Pieces (1866 to Date)
Half Dimes (1794–1873)
Dimes (1796 to Date)
Twenty-Cent Pieces (1875–1878)
Quarter Dollars (1796 to Date)
Half Dollars (1794 to Date)
Silver and Related Dollars (1794 to Date)
Gold Dollars (1849–1889)
Quarter Eagles (1796–1929)
Three-Dollar Gold Pieces (1854–1889)
Four-Dollar Gold Pieces (1879–1880)
Half Eagles (1795–1929)
Eagles (1795–1933)
Double Eagles (1849–1933)
Commemoratives (1892 to Date)
Proof and Mint Sets (1936 to Date)
BULLION
Silver Bullion (1986 to Date)
Gold Bullion (1986 to Date)
Platinum and Palladium Bullion (1997 to Date)
UNITED STATES PATTERN PIECES
U.S. Patterns
OTHER ISSUES
Private and Territorial Gold
Private Tokens
Confederate Issues
Hawaiian and Puerto Rican Issues
Philippine Issues
Alaska Tokens
APPENDICES
Appendix A: Misstrikes and Errors
 Appendix B: Collectible Red and Blue Books
Appendix C: Bullion Values
Appendix D: Top 250 Coin Prices Realized at Auction
GLOSSARY
BIBLIOGRAPHY
INDEX
INTRODUCTION
 CONTRIBUTORS TO THIS EDITION
Senior Editor: Jeff Garrett. Research Editor: Q. David Bowers. Editor Emeritus: Kenneth Bressett. Special
Consultants: Philip Bressett, Maxwell Gregory, Robert Rhue, Troy Thoreson, Ben Todd, Jake Walker

Gary Adkins
Buddy Alleva
Mitchell Battino
Lee J. Bellisario
William Bugert
H. Robert Campbell
Elizabeth Coggan
Gary and Alan Cohen
Stephen M. Cohen
Steve Contursi
Adam Crum
Steven Ellsworth
Gerry Fortin
Pierre Fricke
John Frost
Mike Fuljenz
Dennis M. Gillio
Ronald J. Gillio
Rusty Goe
Kenneth M. Goldman
Thomas Hallenbeck
James Halperin
Stephen Hayden
Brian Hendelson
John W. Highfill
Brian Hodge
Jack Howes
Steve Ivy
Amandeep Jassal
Joseph Jones
Donald H. Kagin
Jim Koenings
Julian M. Leidman
Denis W. Loring
Dwight N. Manley
Syd Martin
David McCarthy
Lee S. Minshull
Charles Morgan
Paul Nugget
Mike Orlando
Joseph Parrella
Robert M. Paul
Robert Rhue
Steve Roach
Maurice Rosen
Gerald R. Scherer Jr.
Harry Schultz
Jeff Shevlin
Roger Siboni
James Simek
David M. Sundman
Barry Sunshine
Anthony Terranova
Troy Thoreson
Frank VanValen
Fred Weinberg
Mark S. Yaffe
Special credit is due to the following for service and data in this book: Frank J. Colletti, Charles Davis, David
Fanning, George F. Kolbe, Christopher McDowell, and P. Scott Rubin.
Special credit is due to the following for service in past editions: Stewart Blay, Scott Barman, Roger W. Burdette,
Tom DeLorey, Bill Fivaz, Chuck Furjanic, James C. Gray, Charles Hoskins, R.W. Julian, Richard Kelly, David W.
Lange, G.J. Lawson, Andy Lustig, J.P. Martin, Eric P. Newman, Ken Potter, Paul Rynearson, Mary Sauvain,
Richard J. Schwary, Robert W. Shippee, Craig Smith, Jerry Treglia, Mark R. Vitunic, Holland Wallace, Weimar
White, John Whitney, Raymond Williams, and John Wright.
Special photo credits are due to the following: Al Adams, David Akers, James Bevill, Heritage Auctions (ha.com),
Ira & Larry Goldberg Coins & Collectibles, Ron Karp, Massachusetts Historical Society, Christopher McDowell,
Tom Mulvaney, Ken Potter, John Scanlon, Roger Siboni, the Smithsonian Institution, Stack’s Bowers Galleries,
Richard Stinchcomb, and the U.S. Mint.
 HOW TO USE THIS BOOK
Coin values shown in this book are retail prices figured from data from the listed contributors approximately two
months prior to publication. The coin market is so active in some categories that values can easily change during
that period. Values are shown as a guide and are not intended to serve as a price list for any dealer’s stock. A dash
appearing in a price column indicates that coins in that grade exist even though there are no current sales or auction
records for them. The dash does not necessarily mean that such coins are exceedingly rare. Italicized prices indicate
unsettled or speculative values. A number of listings of rare coins lack prices or dashes in certain grades, indicating
that they are not available or not believed to exist in those grades.
Prices rise when (1) the economic trend is inflationary and speculators turn to tangible assets as a hedge, or when
the number of collectors increases, while coin supplies remain stationary or decrease through attrition or melting; (2)
dealers replace their stocks of coins only from collectors or other dealers, who expect a profit over what they
originally paid; (3) speculators attempt to influence the market through selective buying; or (4) bullion (gold and
silver) prices rise.
Prices decline when (1) changes in collecting habits or economic conditions alter demand for certain coins; (2)
speculators sell in large quantities; (3) hoards or large holdings are suddenly released and cannot be quickly
absorbed by the normal market; or (4) bullion (gold and silver) prices decline.
Those who edit, contribute to, and publish this book advocate the collecting of coins for pleasure and educational
benefits. A secondary consideration is that of investment, the profits from which are usually realized over the long
term based on careful purchases.
The Handbook of United States Coins (commonly called the Blue Book), by R.S. Yeoman, Whitman Publishing,
contains average prices dealers will pay for these coins, and is obtainable through most coin dealers, hobby shops,
bookstores, and the Internet.

ABBREVIATIONS COMMONLY USED IN THIS BOOK

Abbreviation Meaning
Arr Arrows
Cl Close
CN Copper-Nickel
Dbl Doubled
Dbln Doubloon
Drap Drapery
Dt Date
FR Flat Rim
HE Heraldic Eagle
Horiz Horizontal
HR High Relief
Inv Inverted
Knbd Knobbed
LE Lettered Edge
Lg Large
Lib Liberty
Ltrs Letters
Med Medium
 Mmk Mintmark
Nml Normal
Obv Obverse
Pf Proof
Rev Reverse
SE Small Eagle
Sm Small
Sq Square
T Type
V, Var Variety
WR Wire Rim

A slash between words or letters represents an overdate or overmintmark: “3/2” is an abbreviation of “3 Over 2,” “D/S” is “D Over S,” etc.

Photographs in This Book

Collectors should be aware that unofficial copies of certain American issues were made after 1850 to provide
facsimiles of rarer issues that would otherwise have been unobtainable. Many crude imitations have also been made
in recent years, as well as forgeries intended to deceive collectors. Photos herein, however, are of genuine
specimens, except for certain modern issues, which may be U.S. Mint renderings.
 WELCOME TO NUMISMATICS

CONDITIONS OF COINS
Essential Elements of the American Numismatic Association Grading Standards
Proof—A specially made coin distinguished by sharpness of detail and usually with a brilliant, mirrorlike surface.
Proof refers to the method of manufacture and is not a grade. The term implies superior condition unless otherwise
noted. See page 362 for details.
Gem Proof (PF-65)—Surfaces are brilliant, with no noticeable blemishes or flaws. A few scattered, barely
noticeable marks or hairlines.
Choice Proof (PF-63)—Surfaces are reflective, with only a few blemishes in secondary focal places. No major
flaws.
Proof (PF-60)—Surfaces may have several contact marks, hairlines, or light rubs. Luster may be dull and eye
appeal lacking.
Mint State—The terms Mint State (MS) and Uncirculated (Unc.) are interchangeable and refer to coins showing no
trace of wear. Such coins may vary slightly due to minor surface imperfections, as described in the following
subdivisions:
Perfect Uncirculated (MS-70)—Perfect new condition, showing no trace of wear. The finest quality possible,
with no evidence of scratches, handling, or contact with other coins. Very few circulation-issue coins are ever
found in this condition.
Gem Uncirculated (MS-65)—An above-average Uncirculated coin that may be brilliant or lightly toned and
that has very few contact marks on the surface or rim.
Choice Uncirculated (MS-63)—A coin with some distracting contact marks or blemishes in prime focal areas.
Luster may be impaired.
Uncirculated (MS-60)—A coin that has no trace of wear, but which may show a number of contact marks, and
whose surface may be spotted or lack some luster.
Choice About Uncirculated (AU-55)—Evidence of friction on high points of design. Most of the mint luster
remains.
About Uncirculated (AU-50)—Traces of light wear on many of the high points. At least half of the mint luster is
still present.
Choice Extremely Fine (EF-45)—Light overall wear on the highest points. All design details are very sharp. Some
of the mint luster is evident.
Extremely Fine (EF-40)—Light wear on the design throughout, but all features are sharp and well defined. Traces
of luster may show.
Choice Very Fine (VF-30)—Light, even wear on the surface and highest parts of the design. All lettering and major
features are sharp.
Very Fine (VF-20)—Moderate wear on design high points. All major details are clear.
Fine (F-12)—Moderate to considerable even wear. The entire design is bold with an overall pleasing appearance.
Very Good (VG-8)—Well worn with main features clear and bold, although rather flat.
Good (G-4)—Heavily worn, with the design visible but faint in areas. Many details are flat.
About Good (AG-3)—Very heavily worn with portions of the lettering, date, and legend worn smooth. The date
may be barely readable.
A star (or similar notation) in the grade on a slab means “exceptional quality.”
Important: Undamaged coins are worth more than bent, corroded, scratched, holed, nicked, stained, or mutilated
ones. Flawless Uncirculated coins are generally worth more than values quoted in this book. Slightly worn coins
(“sliders”) that have been cleaned and conditioned (“buffed”) to simulate Uncirculated luster are worth considerably
less than perfect pieces.
Unlike damage inflicted after striking, manufacturing defects do not always lessen values. Examples include
colonial coins with planchet flaws or weakly struck designs; early silver and gold coins with weight-adjustment “file
marks” (parallel cuts made on the planchet prior to striking); and coins with “lint marks” (surface marks due to the
presence of dust or other foreign matter during striking).
Brief guides to grading are placed before each major coin type. While grading standards strive to be precise,
interpretations are subjective and often vary among collectors, dealers, and certification services.
THIRD-PARTY GRADING AND AUTHENTICATION
In this guide book values from under $1 up to several hundred dollars are for “raw” coins—that is, coins that have
not been graded and encapsulated by a professional third-party grading service. Coins valued near or above $500 are
assumed to be third-party-graded. A high-value coin that has not been professionally certified as authentic, graded,
and encapsulated by an independent firm is apt to be valued lower than the prices indicated.
What is third-party grading? This is a service providing, for a fee, an impartial, independent opinion of a coin’s
grade and its authenticity. The grader is neither buyer nor seller, and has no biased interest in the coin’s market
value. Third-party grading started in the late 1970s with ANACS (then a service of the American Numismatic
Association; now privately owned and operated). ANACS graders would examine a coin and, after determining its
authenticity, would assign separate grades to its obverse and reverse (such as MS-63/65) and return it to the sender,
along with a certificate and photograph.
In 1986 a group of coin dealers launched the Professional Coin Grading Service (PCGS), which grades coins for
a fee and hermetically seals them in plastic holders with interior labels. This “slabbing” helps guarantee that a coin
and its grade certificate cannot be separated. In 1987 Numismatic Guaranty Corporation of America (NGC) was
started, offering a similar encapsulation service. Both companies guarantee the authenticity and grades of the coins
they certify. Coins are judged by consensus, with the graders having no knowledge of who submitted them.
From the 1970s to the present there have been more than 100 different commercial grading companies. Readers
are cautioned to investigate the background of a TPG (third-party grader) before trusting in its services.
Today the hobby’s leading third-party grading firms are NGC (Sarasota, Florida) and PCGS (Newport Beach,
California).
Professional grading strives to be completely objective, but coins are graded by humans and not computers. This
introduces a subjective element of art as opposed to science. A coin’s grade, even if certified by a leading TPG, can
be questioned by any collector or dealer—or even by the service that graded it, if resubmitted for a second look.
Furthermore, within a given grade, a keen observer will find coins that are low-quality, average, and high-quality for
that grade. Such factors as luster, color, strength of strike, and overall eye appeal can make, for example, one MS-65
1891 Morgan dollar more visually attractive than another with the same grade. This gives the smart collector the
opportunity to “cherrypick,” or examine multiple slabbed coins and select the highest-quality coin for the desired
grade. This process builds a better collection than simply accepting a TPG’s assigned grades, and is summed up in
the guidance of “Buy the coin, not the slab.” (Also note that a coin certified as, for example, MS-64 might have
greater eye appeal—and therefore be more desirable to a greater number of collectors—than a less attractive coin
graded MS-65.)
Over the years, collectors have observed a trend nicknamed “gradeflation”: the reinterpretation, in practice, of the
standards applied to a given grade over time. For example, a coin evaluated by a leading TPG in 1992 as MS-64
might be graded today as MS-65 or even MS-66.
The general effect of third-party grading and authentication has been to increase buyers’ and sellers’ comfort
levels with the perceived quality of rare coins in the marketplace. And, as mentioned, there still exists the potential
for keen-eyed collectors to cherrypick coins that are “exceptional for their grade.”

AN INTRODUCTION TO UNITED STATES COINS

The Spanish Milled Dollar
The Spanish milled dollar, valued at 8 reales, and otherwise known as the Pillar dollar or piece of eight, has been
given a place in romantic fiction unequaled by any other coin.
This time-honored piece and its fractional parts (one-half, one, two, and four reales) were the principal coins of
the American colonists and were the forerunners of our own silver dollar and its fractional divisions. Thomas
Jefferson even recommended to the Continental Congress on September 2, 1776, that the new country adopt the
silver Spanish milled dollar as its monetary unit of value.
The coin shown above bears the M mintmark for Mexico City. Similar pieces with other mintmarks were struck
in Bolivia, Chile, Colombia, Guatemala, and Peru. Average value for an 8 reales Pillar dollar of common date and
mint is about $200 in Fine condition. Dates range from 1732 to 1772. Bust-type 8 reales dollars, made from 1772 to
1825, also circulated widely. These are valued at $100 in Very Fine condition. Note that many modern copies of the
8 reales exist. These are produced mostly as souvenirs and have little or no value.

Money of the Early Americans

The saga of American money covers a period of nearly four centuries, from 1620 to the present. It began when the
early European settlers in New England started trading with Native Americans for furs and commodities that could
be exported to Britain. The furs, tobacco, and lumber exports were used to purchase needed items that could not be
produced locally. Trade was carried on with the Indians through the use of barter and strings of wampum, which
were fashioned from clam shells in the form of beads. Beaver skins, wampum, and, in Virginia, tobacco, soon
became the commonly accepted local media of exchange for all other available commodities that were not bartered.
The immigrants, in fact, had little use for coined money at first; but when merchandise arrived from Europe, coins
were usually demanded in payment for goods.
Nearly all foreign coins were accepted for purchases. The most popular were French louis, English guineas,
German thalers, Dutch ducats, and various Spanish coins, including gold doubloons and, particularly, the Spanish
milled dollar, or piece of eight. The piece of eight continued to be a standard money unit throughout the entire
colonial period. Even after the Revolutionary War ended (in 1783) and the United States Mint was established (in
1792), the Spanish dollar and its fractional parts circulated in this country with official sanction until 1857. One real
equaled 12-1/2 cents and was known as a bit. A quarter of the dollar thus became known as two bits, a term that is
still understood to mean 25 cents.
Because of the shortage of small change, large coins were sometimes cut into smaller pieces for convenience.
Spanish-American milled dollars were often chopped into halves, quarters, or eighths. Fraudulent cutting into five or
six “quarters” caused many to distrust these cut pieces.

Early Americans cut Spanish-American silver coins into pieces to make small change.

England consistently ignored the plight of its American colonists and made no effort to provide gold or silver
coins, or small change in any form, for their convenience. The English mercantile system relied on exports from the
colonies, and sought to control trade by limiting the amount of “hard” money paid to them. Under these constraints,
the colonists were able to trade for most necessities only with England, and were left with very little coinage for
trade with other countries. The foreign coins that were sometimes available were a valuable commodity for
purchases outside the normal English trade.
As a remedy for the dearth of circulating coinage, a wide assortment of foreign coins and tokens was pressed into
use. Only a very few were made in America prior to 1783. Copper coins known as Hogge Money (from their design;
see page 38) were privately made for the Sommer Islands, now known as Bermuda, about the year 1616. The first
coins minted for the colonies in America were made by John Hull in Boston for the Massachusetts Bay Colony. The
General Court of the colony granted him authority to begin coinage, despite the possibility of objection and
recrimination by the king of England. Starting in 1652 the Massachusetts minter began producing the famous NE,
Willow, Oak, and Pine Tree shillings, with their fractional parts, for the convenience of the colonists. This venture,
which defied English law and lasted from 1652 to 1682, was in a sense the first declaration of independence for the
colonies.
As time passed, coins and tokens of many types were introduced and employed by the colonists to supplement
their use of barter. Lord Baltimore was responsible for a small issue of silver pieces struck in England in 1659 and
sent to Maryland for use there. Mark Newby imported from Ireland coins known as St. Patrick’s halfpence, for use
in the province of New Jersey in 1682. Coins dated 1722 to 1724, known as Rosa Americana issues, were produced
by William Wood in England and were widely circulated in America. In addition, many British and other European
coppers circulated there.
Enterprising Americans were responsible for some of the other copper and brass pieces that circulated during the
18th century. The Gloucester token, about which little is known, was one of these. Samuel and John Higley of
Granby, Connecticut, made an interesting series of threepence pieces during the period from 1737 to 1739. John
Chalmers, a silversmith in Annapolis, Maryland, issued silver shillings, sixpence, and threepence pieces in 1783. In
1786 and 1787 Ephraim Brasher, a New York goldsmith, struck gold coins of the value of a doubloon (about $15 in
New York currency). Standish Barry of Baltimore, Maryland, made a curious silver threepence token in 1790.
Still other tokens, struck in Britain, reached our shores in early times and were for the most part speculative
ventures. These much-needed, small-denomination coppers were readily circulated because of the great scarcity of
fractional coins. Included in this category were the Nova Constellatio coppers and various English merchants’
tokens.
During the period of turmoil following America’s War of Independence, from about 1781 to 1795, still more
English- and American-made copper pieces were added to the great variety of coins and tokens employed in the new
nation. It was a time when Americans were suffering from postwar economic depression, a shortage of currency,
high taxes, and foreclosures from bankruptcies. In the 1780s the Nova Eborac pieces (known as New York coppers),
the Georgivs Triumpho coppers, and the Auctori Plebis tokens found their way into circulation as small change,
despite their unofficial nature.
Collectors of colonial coins also include other pieces that are interesting because of their close association with
early America and its first president. These consist of the Kentucky, Myddelton, and Franklin Press tokens, and
those pieces bearing the portrait of George Washington. Although most of these pieces are dated from 1783 to 1795,
many of them were made in England around the turn of the 19th century. Few of them actually circulated in the
United States.
Coinage of the States
The Articles of Confederation, adopted March 1, 1781, provided that Congress should have the sole right to regulate
the alloy and value of coin struck by its own authority or by that of the respective states. Each state, therefore, had
the right to coin money, with Congress serving as a regulating authority. New Hampshire was the first state to
consider coinage, but few if any of its copper coins were placed into circulation. The only specimens known bear the
date 1776.
In the period from 1785 to 1788, Vermont, Connecticut, and New Jersey granted coining privileges to companies
and individuals. Massachusetts erected its own mint in Boston, where copper coins were produced in 1787 and
1788. A number of interesting types and varieties of these state issues, most of which were struck in fairly large
quantities, are still extant and form the basis for many present-day collections and museum exhibits of early
American coins.
The Beginnings of United States Coinage
Throughout the years from 1620 to 1776, colonists were forced to rely on numerous European coins and
denominations that had to be converted to some common value to facilitate transactions. Further compounding this
mathematical obstacle was the variation of values from one colony to another. Merchants became accustomed to
using the Spanish dollar and its fractional parts, the real, the medio (half-real), and other, similar denominations. In
time, those coins became more familiar to them than the old English coins, which were always scarce. It was only
natural, therefore, that when a national coinage was under consideration a dollar-size coin was the first choice.
Contracts, currency statutes, and prices in the colonies were usually quoted in English pounds or Spanish dollars.
In 1767 Maryland took the lead and produced paper money that was denominated in dollars. Connecticut,
Massachusetts, and Virginia soon passed laws making Spanish coins legal tender. The first issue of Continental
paper money, May 10, 1775, offers further evidence that the dollar was to be the basic American money unit, for it
provided that the notes should be payable in “Spanish Milled Dollars or the value thereof in gold or silver.”
The assistant financier of the Confederation, Gouverneur Morris, proposed a decimal coinage ratio designed to
make conversion of various foreign currencies easier to compute in terms of a dollar-size unit. His plan was
incorporated into a report presented by Robert Morris, superintendent of finance, to the Congress, January 15, 1782.
Plans for a mint were advanced, and a uniform national currency to relieve the confused money conditions was
outlined. Morris’s unit, 1/1,440 of a dollar, was calculated to agree without a fraction with all the different
valuations of the Spanish milled dollar in the various states. Although a government mint was approved on February
21, 1782, no immediate action was taken. During 1784, Thomas Jefferson, then a member of the House of
Representatives, brought in a report concerning the plan and expressed disagreement with Morris’s complicated
money unit. He advocated the simple dollar unit because he believed the dollar was already as familiar and
convenient a unit of value as the British pound. He favored the decimal system, and remarked, “The most easy ratio
of multiplication and division is that of ten. George Washington referred to it as ‘a measure, which in my opinion,
has become indispensably necessary.’”
The Grand Committee in May 1785 recommended a gold five-dollar piece; a dollar of silver with fractional coins
of the same metal (in denominations of half, quarter, 10th, and 20th parts of a dollar); and copper pieces valued at
1/100 and 1/200 of a dollar.
In 1783 Robert Morris submitted a series of pattern pieces in silver that were designed by Benjamin Dudley to
carry out the decimal idea for United States money. These are known as the Nova Constellatio patterns and consist
of the “mark,” or 1,000 units; the “quint,” or 500 units; the “bit,” or 100 units; and a copper “five.” The unit was to
be a quarter grain of silver. This was not the first attempt at a dollar coin, for the Continental Currency piece of
dollar size, dated 1776, had been struck in such metals as brass, pewter, and silver. The reason is unknown for
making a very limited number of pieces in silver. The more-common pewter pieces were most likely intended as a
substitute for the paper dollar, and saw considerable circulation.
Congress gave formal approval to the basic dollar unit and decimal coinage ratio in its resolution of July 1785 but
other, more pressing matters delayed further action. Not until the Constitutional Convention of 1787 had placed the
country on firm ground and the new nation had elected George Washington president did the Congress again turn
attention to the subjects of currency, a mint, and a coinage system.
The Massachusetts cents and half cents struck in 1787 and 1788 were the first official coins in the United States
to bear stated values in terms of decimal parts of the dollar unit. The cent represented a hundredth part of a Spanish
dollar.
The first federally authorized coin for which we have extensive documentation was the Fugio copper (sometimes
called the Franklin cent, as Benjamin Franklin is believed to have supplied the design and composed the legends).
This piece, similar in design to the Continental Currency dollar of 1776, was privately struck in 1787 by contract
with the government.
Ephraim Brasher was engaged to regulate foreign gold coins and certain silver issues. This was done by clipping
or plugging coins in circulation to bring them up or down to the standards published in 1784 by the Bank of New
York. Appropriate hallmarks were then added for verification. Various goldsmiths who participated in this function
included Standish Barry, John Burger, Thomas Underhill, and others. Brasher used a counterstamp in the form of the
letters EB in an oval. John Burger also used his initials in an oval. Most regulated coins are scarce or rare. See pages
65 and 77 for additional information.
Alexander Hamilton, then secretary of the Treasury, reported his views on monetary matters on January 21, 1791.
He concurred in all essentials with the decimal subdivisions and multiples of the dollar contained in the earlier
resolutions and urged the use of both gold and silver in U.S. standard money.
 Congress passed a resolution on March 3, 1791, that a mint be established, and authorized President Washington
to engage artists and procure machinery for the making of coins. No immediate steps were taken, but when
Washington delivered his third annual address, he recommended immediate establishment of a mint.
On April 2, 1792, a bill was finally passed providing “that the money of account of the United States should be
expressed in dollars or units, dismes or tenths, cents or hundredths, and milles or thousandths; a disme being the
tenth part of a dollar, a cent the hundredth part of a dollar, a mille the thousandth part of a dollar. . . .”
Denominations specified in the act were as follows:

The word pure meant unalloyed metal; standard meant, in the case of gold, 11/12 fine, or 11 parts pure metal to
one part alloy, which was mixed with the pure metal to improve the wearing qualities of the coins. The fineness for
silver coins was 1,485/1,664, or approximately 892.43 thousandths, in contrast with the gold coins’ fineness of 22
carats, or 916-2/3 thousandths.
The law also provided for free coinage of gold and silver coins at the fixed ratio of 15 to 1, and a token coinage
of copper cents and half cents. Under the free-coinage provision no charge was to be made for converting gold or
silver bullion into coins “weight for weight.” At the depositor’s option, however, he could demand an immediate
exchange of coins for his bullion, for which privilege a deduction of one-half of 1% was to be imposed.
President Washington appointed David Rittenhouse, a well-known scientist, as the first director of the Mint.
Construction began on a mint building nearly four months after the passage of the Act of April 2, 1792. The building
was located on Seventh Street near Arch in Philadelphia.
The first coin struck by the government was the half disme. Fifteen hundred of these pieces were produced during
the month of July 1792 before the mint was completed. Additional coins were probably made in early October.
There is no historical evidence for the story that Washington donated his personal silverware for minting these
coins. A few dismes were also struck at this time or a short while later. Silver and gold for coinage were to be
supplied by the public, but copper for cents and half cents had to be provided by the government. This was
accomplished by the Act of May 8, 1792, when the purchase of not more than 150 tons was authorized. On
September 11, 1792, six pounds of old copper was purchased, and probably used for the striking of patterns.
Thereafter, planchets with upset rims for cents and half cents were purchased from Boulton and Watt of
Birmingham, England, from 1798 to 1838.

David Rittenhouse—surveyor, astronomer, mathematician, and inventor—was named the first director of the U.S. Mint.
 Several pattern coins were prepared in 1792 before regular mint operations commenced. Patterns are test or trial
pieces intended to show the size, form, and design of proposed coins. These included Henry Voigt’s silver center
cent, a piece smaller than that of regular issue. The small plug of silver, worth about three-quarters of a cent, was
evidently intended to bring the intrinsic value of the coin up to the value of 1¢ and to permit production of a coin of
more convenient size. Alexander Hamilton had mentioned a year before that the proposed “intrinsic value” cent
would be too large, and suggested that the amount of copper could be reduced and a trace of silver added. The
pattern cent with a silver center may have been designed to conform to this recommendation.
The cents by Robert Birch are equally interesting. These patterns are identified by their legends, which read
LIBERTY PARENT OF SCIENCE AND INDUSTRY and TO BE ESTEEMED BE USEFUL. The quarter with an
eagle on the reverse side (designer unknown) belongs among the 1792 patterns devised before regular issues were
struck.
The Bank of Maryland deposited the first silver, sending $80,715.73-1/2 in French coins to the mint on July 18,
1794. Moses Brown, a Boston merchant, deposited the first gold in the form of ingots (February 12, 1795)
amounting to $2,276.22, receiving silver coin in payment. The first coins transferred to the treasurer consisted of
11,178 cents on March 1, 1793. The first return of coined silver was made on October 15, 1794, and the first gold
coins (744 half eagles) were delivered July 31, 1795. The early Mint was constantly vigilant to see that the weights
of these coins were standard. Overweight blank planchets were filed and adjusted prior to striking, and many of the
coins made prior to 1836 show file marks and blemishes from these adjustments.
Regular Mint Issues
Cents and half cents, exclusively, were coined during the year 1793, and by 1799 approximately $50,000 in these
coins had been placed into circulation. This amount proved insufficient for the requirements of commerce, and
small-denomination coins of the states and of foreign countries continued in use well into the 19th century.
One of the most serious problems confronting commercial interests prior to 1857 was the failure of the
government to provide a sufficient volume of circulating coins. The fault, contrary to popular opinion at the time,
did not lie with any lack of effort on the part of the Mint. Other circumstances tended to interfere with the expected
steady flow of new coinage into the channels of trade.
Free circulation of United States gold and silver coins was greatly hindered by speculators. For example, worn
Spanish dollars of reduced weight and value were easily exchanged for U.S. silver dollars, which meant the export
of most of the new dollars as fast as they were minted, and a complete loss to American trade channels.
Gold coins failed to circulate for similar reasons. The ratio of 15 to 1 between gold and silver was close to the
world ratio when Alexander Hamilton recommended it in 1791, but by 1799 the ratio in European commercial
centers had reached 15-3/4 to 1. At this rate, the undervalued gold coins tended to flow out of the country, or were
melted for bullion. After 1800, therefore, United States gold coins were rarely seen in general circulation. As no
remedy could be found, coinage of the gold eagle and the silver dollar was suspended by President Jefferson in
1804. It is generally held that the silver dollar was discontinued in 1804, although the last coins minted for the
period were dated 1803.
With the lack of gold coins and silver dollars, the half dollar became America’s desirable coin for large
transactions and bank reserves. Until 1834, in fact, half dollars circulated very little as they were mainly transferred
from bank to bank. This accounts for the relatively good supply of higher-condition half dollars of this period that is
still available to collectors. A Senate committee of 1830 reported that United States silver coins were considered so
much bullion and were accordingly “lost to the community as coins.”
There was only a negligible coinage of quarters, dimes, and half dimes from 1794 to 1834. It has been estimated
that there was less than one piece for each person in the country in the year 1830. This period has been described as
one of chaotic currency made up of bank notes, underweight foreign gold coins, foreign silver coins of many
varieties, and domestic fractional silver coins. Paper money of that time was equally bothersome. Privately issued
bank notes sometimes had little or no backing and were apt to be worthless at the time of redemption. In this period,
before national paper money commenced in 1861, notes of the state-chartered banks flooded the country and were
much more common than silver coins.
On June 28, 1834, a law was passed reducing the weight and fineness of gold coins, which had the effect of
placing American money on a new gold standard. Trade and finance greatly benefited from this act, which also
proved a boon to the gold mines of Georgia and North Carolina. Branch mints in Dahlonega, Georgia; New Orleans;
and Charlotte, North Carolina, began operations in 1838 to handle the newly mined gold near the source. The
various issues of private gold coins were struck in these areas.
The law of January 18, 1837, completely revised and standardized the Mint and coinage laws. Legal standards,
Mint charges, legal tender, Mint procedure, tolerance in coin weights, accounting methods, a bullion fund,
standardization of gold and silver coins to 900 thousandths fineness, and other desirable regulations were covered by
the new legislation. Results of importance to the collector were the changes in type for the various coin
denominations and the resumption of coinage of the eagle in 1838 and larger quantities of silver dollars in 1840.
Prior to Andrew Jackson’s election as president in 1828, the Second Bank of the United States had considerable
control over the nation’s currency. In 1832 Jackson vetoed a bill rechartering the bank and transferred government
deposits to state banks. The action took away some stability from the economy and eventually led to a national
financial collapse. By 1837 the country was so deprived of circulating coinage that merchants resorted to making
their own “hard times tokens” to facilitate trade. The few available government coins were hoarded or traded at a
premium for private paper money, which was often unreliable.
The California gold discovery in 1848 was responsible for an interesting series of private, state, and territorial
gold issues in the western region, culminating in the establishment of a branch mint at San Francisco in 1854.
Two new regular gold issues were authorized in 1849. In that year the gold dollar joined the American family of
coins, followed in 1850 by the double eagle. The California gold fields greatly influenced the world gold market,
making the exportation of silver profitable. For example, the silver in two half dollars was worth $1.03-1/2 in gold.
The newly introduced gold dollars soon took over the burden and hastened the disappearance of silver coins from
trade channels. This was the situation when the new 3¢ postage rate brought about the bill authorized by Congress
on March 3, 1851, calling for the coinage of a silver three-cent piece in 1851. This was the United States’ first
subsidiary coin in precious metals, for its silver value was intrinsically 86% of its face value, as an expedient
designed to prevent its withdrawal from circulation.

The California Gold Rush had a great influence on American coinage.

The $3 gold piece was authorized by the Act of February 21, 1853. It was never a popular or necessary coin
because of the existing $2.50 and $5 coins; it nevertheless was issued regularly from 1854 until 1889.
On February 21, 1853, fractional silver coins were made subsidiary by reduction of their weights. As the coins’
face value now exceeded their bullion value, free coinage of silver was prohibited except for dollars, and the Mint
was authorized to purchase its silver requirements on its own account using the bullion fund of the Mint, and,
according to law, “the profit of said coinage shall be . . . transferred to the account of the treasury of the United
States.”
To identify the new lightweight pieces, arrows were placed at the date on all silver coins except three-cent pieces,
for which arrows were added to the reverse. Dollars, which were not reduced in weight, were not marked in any
way. On the quarters and half dollars of 1853, rays were added on the reverse to denote the change of weight. In
1854, the rays were removed, and in 1856, the arrows disappeared from all but the silver three-cent coins. Large-
scale production of silver coins during this period greatly relieved the demands on gold dollars and three-cent
pieces, and for the first time in U.S. history, enough fractional coins were in general circulation to facilitate
commerce.
The Coinage Act of February 21, 1857, was designed primarily to reform the copper coinage. Although large
cents and half cents are interesting and valuable in the eyes of the modern collector, they were unpopular with the
American public in the 1850s because of their size. They also cost the Mint too much to produce.
The new law abolished the half cent, and reduced the size and changed the design of the cent. The new Flying
Eagle cent contained 88% copper and 12% nickel. Nearly 1,000 pattern cents were stamped from dies bearing the
date 1856, although no authority for the issue existed before 1857. Other important effects of the law were the
retirement of Spanish silver coins from circulation, and dispersal of the new cents in such excessive quantities as to
create a nuisance to business houses, particularly in the eastern cities. The Indian Head design replaced the Flying
Eagle in 1859, and in 1864 the weight of the cent was further reduced and its composition changed to a proportion
of 95% copper and 5% tin and zinc. (This bronze composition was the standard for the cent except for the years
1943 and 1944–1946. In 1962 the alloy was changed to 95% copper and 5% zinc. In 1982 the composition was
changed to a core of 99.2% zinc and 0.8% copper, covered with an outer layer of pure copper.)
An abundance of coins turned to scarcity following the outbreak of the Civil War. Anticipation of a scarcity of
hard money, and uncertainty as to the outcome of the war, induced hoarding. The large volume of greenbacks in
circulation caused a premium for gold. Subsidiary silver coins, as a result of the sudden depreciation, quickly
vanished from circulation. As an expediency, some people made use of postage stamps for small change. Merchants,
banks, individuals, and even some towns and cities produced a wide array of small-denomination paper scrip and
promissory notes to meet their needs. In 1862 the government released its first issue of “Postage Currency” and
subsequent fractional notes. In 1863 many privately issued copper tokens appeared to help fill the void. They are of
two general classes: tradesmen’s tokens and imitations of official cents. Many of the latter were political or patriotic
in character and carried slogans typical of the times. They not only served as a medium of exchange, but also often
advertised merchants or products, and were usually produced at a profit.

The Civil War brought dramatic changes to our nation’s coins.

The Coinage Act of April 22, 1864, which effected changes in the cent, provided also for the new bronze two-
cent piece. The act, moreover, provided legal tender status for these two coins up to 10 times their face value. The
two-cent piece was the first coin to bear the motto IN GOD WE TRUST. The new coin at first was readily accepted
by the public, but it proved an unnecessary denomination because of the competing three-cent coins, and production
was halted after only nine years. The secretary of the Treasury had issued a great many currency notes of the three-
cent denomination early in 1865. American nickel interests seized upon this circumstance to fight for a new three-
cent coin for redemption of the paper money. A law was quickly passed and signed by President Abraham Lincoln
on March 3, 1865, providing for a three-cent coin of 75%-25% copper-nickel composition. The United States then
possessed two types of three-cent pieces, although neither was seriously needed. The nickel three-cent piece was
struck continuously until 1889, the silver three-cent piece until 1873.
The new copper-nickel alloy ratio was selected for the five-cent coin, adopted May 16, 1866, and thereafter
known as a nickel. Again, the people had a coin denomination available to them in two forms. The silver half dime,
like the three-cent piece, was retired from service in 1873 to curb the use of silver.
The great influx of silver from the Comstock Lode in Nevada, mainly in the 1860s and ’70s, increased the
nation’s supply of silver for coins and taxed the Philadelphia Mint’s capacity for production. Pressure from silver-
mine interests in Nevada influenced the opening of a special mint in Carson City to assay and mint silver locally,
rather than having it shipped to Philadelphia or San Francisco. Production was inefficient, costly, and slow. By 1893
the lode was virtually depleted, and minting activities at Carson City ceased.
The Law of March 3, 1871, was a redemption measure and was passed to provide the United States Treasury with
means for the disposal of millions of minor coins, which had accumulated in the hands of postmasters, merchants,
and others. Small-denomination coins, because of this new law, were placed on an equal footing with silver and
could be redeemed when presented in lots of $20.
There was a general revision of the coinage laws in 1873. Several years of study and debate preceded the final
enactment. The legislative history of the bill occupies hundreds of pages of the Congressional Globe, and the result
was considered by many a clumsy attempt and a failure. The law has sometimes been referred to as the “Crime of
’73.” One consequence of the bill, which achieved final enactment on February 12, 1873, was the elimination of the
silver dollar. In its stead, the trade dollar of greater weight was provided for use in commerce with the Orient in
competition with the Mexican dollar. The legal tender provision, which gave the trade dollar currency within U.S.
borders, was repealed in 1876 to avoid profiteers’ buying them at a reduced rate. The trade dollar was thus the only
United States coin ever demonetized. (Through an oversight, the legal tender status was reinstated under the
Coinage Act of 1965.)
It may be a surprise to some collectors to learn that silver dollars did not circulate to any great extent after 1803
(except in the 1840s). The coin was turned out steadily since 1840, but for various reasons (such as exportation,
melting, and holding in bank vaults), the dollar was virtually an unknown coin. The Act of February 21, 1853, in
effect demonetized silver and committed the country to gold as a single standard. The silver-mining interests came
to realize what had occurred in the 1870s, and the ensuing quarter century of political and monetary history was
filled with their voluble protests. There was a constant bitter struggle for the return to bimetallism.
From an economic point of view, the abundant supply of gold was responsible for a steady decline in gold prices
worldwide. This brought about a gradual business depression in the United States, particularly in the South and
Midwest. Private silver interests influenced great sections of the West for bimetallism as a remedy for the failing
price level. Worldwide adoption of bimetallism might have improved economic conditions; but, had the United
States alone proceeded to place its money on a double standard at the old 16-to-1 ratio, the situation would only
have worsened.
Of particular importance to collectors were those features of the Law of 1873 that affected the statuses and
physical properties of the individual coins. The weights of the half dollar, quarter, and dime were slightly changed,
and arrows were placed at the date for the ensuing two years to indicate the differences in weight. Silver three-cent
pieces, half dimes, and two-cent pieces were abolished by the act, and the manufacture of minor coins was restricted
to the Philadelphia Mint.
The short-lived twenty-cent piece was authorized March 3, 1875. It was created for the Western states, where the
Spanish “bit” had become equivalent to a U.S. dime. The five-cent piece did not circulate there, so when a quarter
was offered for a “bit” purchase, only a dime was returned in change. The so-called double dime was frequently
confused with the quarter dollar and was issued for circulation only in 1875 and 1876.
On February 28, 1878, Congress passed the Bland-Allison Act, which restored coinage of silver dollars. It
required the Treasury to purchase at market price two to four million dollars’ worth of silver each month and to coin
it into silver dollars at a ratio to gold of 16 to 1. Proponents of “free silver” contended that with more money in
circulation, workers would receive higher wages. Business leaders argued for the gold standard and against free
silver because they believed that inflation would cheapen the value of money. The act was called by some “a
wretched compromise.”
The North and East so avoided the silver dollars that the coins did not actively circulate there and eventually
found their way back to the Treasury, mostly through tax payments. Treasury Secretary Daniel Manning transferred
ownership to the people and the coins were specifically earmarked as backing for Silver Certificates.
 The Bland-Allison Act was repealed in 1890 and the Sherman Silver Purchase Act took its place. Under this new
law, 4,500,000 ounces of silver per month could be paid for with Treasury Notes that were to be legal tender, and
redeemable in gold or silver dollars coined from the bullion purchased. Important in this case was the fact that the
notes were constantly being redeemed for gold that mainly was exported. The measure was actually a government
subsidy for a few influential silver miners, and as such it was marked for failure. It was hastily repealed. The Bland-
Allison Act and the Sherman Act added a total of 570 million silver dollars to the nation’s monetary stocks.
The Gold Standard Act of 1900 again gave the country a single standard, but reaffirmed the fiction that the silver
dollar was a standard coin. It still enjoyed unlimited legal-tender status, but was as much a subsidiary coin,
practically speaking, as the dime, for its value in terms of standard gold, even before the gold-surrender executive
order several decades later, was far below its face value.

The silver dollar struck from 1878 to 1921 is named for its designer, U.S. Mint engraver George T. Morgan.
The lapse in silver dollar coinage after 1904 and until 1921 was due to lack of silver. Legislation authorizing
further metal supplies for silver dollars was not forthcoming until 1918, when the Pittman Act provided silver for
more dollars.
Prior to March 1933, the metallic worth of U.S. gold coins was equal to their face value. In order to encourage a
steady flow of gold to the mints, the government (with the exception of the period 1853–1873) had adopted a policy
of gratuitous coinage. The cost of converting gold into coin had generally been considered an expense chargeable to
the government.
In practice, the Mint made fine bars for commercial use, or mint bars for coinage, at its discretion. The bars in
later years were stored in vaults and Gold or Silver Certificates issued in place of the coins.
On April 5, 1933, President Franklin Roosevelt issued an order prohibiting banks from paying out gold and Gold
Certificates without permission, and gold coins were thus kept for reserve purposes. The law was intended to
stabilize the value of gold. In effect, it removed all gold from circulation and prevented it from being hoarded. Gold
imports and newly mined domestic gold could be sold only to the government. Today, gold bullion and coins may
be collected and saved by anyone, as all restrictions were removed on December 31, 1974.
Under the Coinage Act of 1965, the compositions of dimes, quarters, and half dollars were changed to eliminate
or reduce the silver content of these coins because the value of silver had risen above their face values. The
replacement “clad” dimes and quarters were composed of an outer layer of copper-nickel (75%-25%) bonded to an
inner core of pure copper. Beginning in 1971 the half dollar and dollar compositions were changed to that of the
dime and quarter. All silver clad coins have an outer layer of 80% silver bonded to an inner core of 21% silver, for a
total content of 40% silver.
By the Law of September 26, 1890, changes in designs of United States coins cannot be made more often than
once every 25 years without congressional approval. Since that date, there have been design changes in all
denominations, and there have been many gold and silver bullion and commemorative issues. In 1999, programs
were started to honor each of the individual states and territories, and various national parks, by using special
designs on the reverse of the quarter. The one-cent, five-cent, and dollar coins have also undergone several design
changes. These factors, and a growing awareness of the value and historical importance of older coins, are largely
responsible for the ever-increasing interest in coin collecting in the United States.

MINTS AND MINTMARKS

Mintmarks are small letters designating where coins were made. Coins struck at Philadelphia before 1979 (except
1942–1945 five-cent pieces) do not have mintmarks. Starting in 1979, a letter P was used on the dollar, and
thereafter on all other denominations except the cent. Mintmark position is on the reverse of nearly all coins prior to
1965 (the cent is an exception), and on the obverse after 1967.
C—Charlotte, North Carolina (gold coins only; 1838–1861)
CC—Carson City, Nevada (gold and silver coins only; 1870–1893)
D—Dahlonega, Georgia (gold coins only; 1838–1861)
D—Denver, Colorado (1906 to date)
O—New Orleans, Louisiana (gold and silver coins only; 1838–1861; 1879–1909)
P—Philadelphia, Pennsylvania (1793 to date; P not used in early years)
S—San Francisco, California (1854 to date)
W—West Point, New York (1984 to date)
Prior to 1996 all dies for United States coins were made at the Philadelphia Mint. Some dies are now made at the
Denver Mint. Dies for use at other mints are made with the appropriate mintmarks before they are shipped to those
mints. Because this was a hand operation prior to 1985, the exact positioning and size of the mintmarks may vary
slightly, depending on where and how deeply the punches were impressed. This also accounts for double-punched
and superimposed mintmarks such as the 1938 D Over D, and D Over S, Buffalo nickels. Polishing of dies may also
alter the apparent size of fine details. Occasionally the mintmark is inadvertently left off a die sent to a branch mint,
as was the case with some recent Proof cents, nickels, and dimes. Similarly, some 1982 dimes without mintmarks
were made as circulation strikes. The mintmark M was used on coins made in Manila for the Philippines from 1925
through 1941.
Prior to 1900, punches for mintmarks varied greatly in size. This is particularly noticeable in the 1850 to 1880
period, in which the letters range from very small to very large. An attempt to standardize sizes started in 1892 with
the Barber series, but exceptions are seen in the 1892-O half dollar and 1905-O dime, both of which have normal
and “microscopic” mintmarks. A more or less standard-size, small mintmark was used on all minor coins starting in
1909, and on all dimes, quarters, and halves after the Barber series was replaced in 1916. Slight variations in
mintmark size occur through 1945, with notable differences in 1928, when small and large S mintmarks were used.
In recent years a single D or S punch has been used to mark all branch-mint dies. The change to the larger D for
Denver coins occurred in 1933. Nickels, dimes, quarter dollars, half dollars, and dollars of 1934 exist with either the
old, smaller-size mintmark or the new, larger-size D. All other denominations of 1934 and after are standard. The
San Francisco mintmark was changed to a larger size during 1941 and, with the exception of the half dollar, all
1941-S coins are known with either small or large mintmarks. Halves were not changed until 1942, and the 1942-S
and 1943-S pieces exist both ways. The 1945-S dime with “microscopic” S is an unexplained use of a punch
originally intended for Philippine coins of 1907 through 1920. In 1979, the punches were replaced. Varieties of
some 1979 coins appear with either the old- or new-shaped S or D. The S punch was again replaced in 1981 with a
punch that yielded a more distinct letter.
The mintmark application technique for Proof coins was changed in 1985, and for circulation-strike production in
1990 and 1991, when the letter was applied directly to the master die rather than being hand punched on each
working die. At the same time, all the mintmark letters were made much larger and clearer than those of previous
years.
QUANTITIES OF COINS STRUCK, AND MINT DATA
Collectors are cautioned that Mint reports are not always reliable for estimating the rarities of coins. In the early
years of the Mint, dies of previous years were often used until they became worn or broken. It should also be
emphasized that certain quantities reported, particularly for gold and silver, cover the number of coins struck and
have no reference to the quantity that actually reached circulation. Many issues were deposited in the Treasury as
backing for paper currency and were later melted.
 Gold coins struck before August 1, 1834, are rare today, because from 1821 onward (and at times before 1821),
the gold in the coins was worth more than their face values, so they were struck as bullion and traded at a premium
above face value.
The quantities reported by the Mint of three-dollar gold pieces from 1873 to 1877 and half cents from 1832 to
1835 are subject to doubt.
Coinage figures shown for 1964 through 1966 are for coins bearing those dates. Some of them were struck in
more than one year and at various mints, both with and without mintmarks. In recent years, mintage figures reported
by the Mint have been revised several times and remain uncertain as to precise amounts.
Mintage quantities are shown adjacent to each date throughout this book. Figures shown in italic are estimates
based on the most accurate information available. Exact mintage figures for most pre-1878 Proof minor coins, and
most pre-1860 silver and gold coins, are not known. Listed figures are occasionally revised when new information
becomes available. Proof totals are shown in parentheses and are not included with coins made for circulation.
TODAY’S RARE-COIN MARKET
Investing in rare coins can be a rewarding experience for anyone who approaches the calling armed with the right
attitude and background knowledge about this exciting field. It can just as easily become a costly mistake for anyone
who attempts to profit from coins without giving serious thought to the idiosyncrasies of this unique market.
For hundreds of years, rare coins and precious metals have proven themselves to be an excellent hedge against
inflation and a source of ready money in times of crisis, provided that purchases are carefully made. There is little
reason to think that this will change in the future. Gone are the days when coin collecting was only a passive hobby
mainly for those who would study the history and artistry of these enjoyable objects. The activity has grown to the
point that speculation on the future demand for rare coins has made them a part of many investment portfolios.
Some people describe it as an “industry,” no longer mainly a hobby. With this change in attitude about collecting
has come a measure of concern for those who purchase coins without the background or experience necessary to
avoid costly mistakes.
The best advice for investing in rare coins is to use common sense. No thinking person would expect to buy a
genuine diamond ring from a street peddler, or an art masterpiece at a garage sale. It is just the same with rare coins,
and the more careful you are in selecting a qualified dealer and making an educated evaluation of the coins you
purchase, the greater will be your chance of making a profitable investment. If you have access to the Internet, visit
the sites of the Professional Numismatists Guild (the leading nationwide association of rare coin dealers, at
PNGdealers.com). Many of these dealers have web sites or issue catalogs. Reviewing them will give you much basic
information that can be useful.
At any given time there are many advertisements, talks given by “experts,” and the like on television, in
magazines, and elsewhere stating that investment in gold, silver, rare coins, and related items is the best way to
preserve and increase assets. Some of these promotions are by firms that are not part of established professional
numismatics. Collectors and investors should investigate the background of a potential seller before making any
significant purchases.
Take your time and go slowly. As is the case with art, securities, and other investments, coins can be bought
instantly, but selling them at a profit may be another thing entirely. That said, for the careful buyer the opportunities
for successful collecting and investing in quality numismatic items are as great today as at any time in the past.
Inexperienced buyers can purchase coins that have been graded and authenticated by third-party services (see
“Third-Party Grading and Authentication” on page 10), and services such as CAC (Certified Acceptance
Corporation) offer additional professional opinions as to a coin’s grade. There is also more written and digitized
information available for beginners than ever before. And the pricing of rare coins is very competitive in today’s
widespread market.
The shift in emphasis from collecting to investing on the part of many buyers in recent decades has created a
dynamic market and demand for coins, resulting in more stringent grading methods and in pricing geared to the
perceived rarity of coins in various levels of Mint State or Proof perfection. Coins in high grades that have been
certified (professionally graded and guaranteed authentic) and encapsulated (“slabbed”) may be valued significantly
higher than similar coins that have not been so treated. In this book, values above several hundred dollars are
generally for coins certified by a reputable grading service. In today’s marketplace, “raw” or non-certified coins, or
coins certified by other services, are usually valued at less, except for modern U.S. Mint and bullion products. Some
television promotions, investment pitches, and offers to sell coins to the general public are priced above what a
knowledgeable collector would pay. Moreover, it is important to remember that popular coin magazines and
newspapers give no guarantee that items advertised in certain grades will merit those grades if submitted to a
reputable grading service. “Bargains” are often anything but. A bargain offering might actually be a loss leader
designed to gather collector names for future offerings. On the Internet, auction sites do not examine coins offered
for sale—and countless offerings range from overgraded to counterfeit.
Always buy from an established professional dealer or firm—as you would do if you were buying a valuable
painting or antique.
The editors of the Guide Book reiterate and emphasize that buyers must beware of overpriced or overgraded coins
that simply are not worth what is charged for them. This is especially true of coins that are offered for sale online or
at electronic auctions, where it often is not possible to examine the items carefully enough to determine authenticity
or grade. Extreme caution is advised for anyone considering an investment in expensive coins. Investigate the
person or firm with whom you are dealing. Seek professional, unbiased help with grading determinations. Satisfy
yourself that the coins you select are authentic and are not priced considerably higher than is being charged by other
dealers. This takes time. Do not be in a hurry. Most coins that are available today will also be available next month.
Take time to track the price history and trends of coins you are most interested in purchasing.
Protecting valuable coins from deterioration and theft is another important part of investing. The best protection
for keeping coins pristine is to store them in inert, airtight plastic holders (the encapsulation slabs of third-party
grading services are a good example), and away from paper products, cigarette smoke, wood, natural rubber, paint,
and textiles such as wool and felt. Humidity greater than 75% can also be harmful and should be avoided. When you
buy coins, take physical possession of them. They should be insured and kept in a secure place such as a bank safe
deposit box. There have been many frauds in which sellers of gold, rare coins, and the like have offered to hold them
for the buyer and later it was found that the coins did not exist or were other than described.
It is important to keep invoices and to maintain a listing of your purchases for identification and tax purposes.
Digitally capturing the coins is easily enough done with an inexpensive camera or scanner and provides proof of
identification should any become lost or stolen. Note that bank storage boxes are not automatically insured.
Insurance costs very little and is highly recommended.
Beyond the financial aspect, collectors and investors alike can profit by investigating the background and history
of the coins they buy. Coins are a mirror of history and art, telling the story of mankind over the past 2,600 years
and reflecting the economic struggles, wars, prosperity, and creativity of every major nation on earth. Most
traditional numismatists acquire coins for their historical, artistic, and similar appeals—as tangible links with early
America, ancient Rome and Greece, the British Empire, and other connections. Today, the investigation of the
motifs, issuance, and other aspects of a coin can be done easily on the Internet. The lives of presidents, monarchs,
and other figures depicted on a coin are interesting to study. Often, a single coin can lead to a pleasant hour or two
of research. Building a working library is also strongly recommended. Most popular series such as Morgan and
Peace silver dollars, various denominations of gold coins, commemoratives, and the like can be studied and enjoyed
by reading books, with the Whitman Publishing list of titles being a fine place to start.
Purchased with care and over a period of time, nearly all specialized collections have proved to be good financial
investments as well—an instance of having your cake and eating it too. More than just a few enthusiasts have called
it the world’s greatest hobby.
We are but the custodians of these historical relics; we must appreciate and care for them while they are in our
possession. Those who treat rare coins with the consideration and respect they deserve will profit in many ways, not
the least of which can be in the form of a sound financial return on their investments of time and money.
Enjoy the experience!

CHECKING YOUR COINS FOR AUTHENTICITY

Coin collectors occasionally encounter counterfeit coins, or coins that have been altered so that they appear to be
something other than what they really are. Any coin that does not seem to fit the description of similar pieces listed
in this guide book should be looked upon with suspicion. Experienced coin dealers can usually tell quickly whether
a coin is genuine and would never knowingly sell spurious coins to a collector. Coins found in circulation or bought
from a nonprofessional source should be examined carefully.
The risk of purchasing a spurious coin can be minimized through the use of common sense and an elementary
knowledge of the techniques used by counterfeiters. It is well to keep in mind that the more popular a coin is among
collectors and the public, the more likely it is that counterfeits and replicas will abound. Until recently, collector
coins valued at under $100 were rarely replicated because of the high cost of making such items. The same was true
of counterfeits made to deceive the public. Few counterfeit coins were made because it was more profitable for the
fakers to print paper money. Today, however, counterfeiters in Asia and elsewhere create fakes of a surprising
variety of coins, most notably silver dollar types, but also smaller denominations.

Replicas
Reproductions of famous and historical coins have been distributed for decades by marketing firms and souvenir
vendors. These pieces are often tucked away by the original recipients as curios, and later are found in old furniture
by others who believe they have discovered objects of great value. Most replicas are poorly made by the casting
method, and are virtually worthless. They can sometimes be identified by a seam that runs around the edge of the
piece where the two halves of the casting mold were joined together. Genuine specimens of extremely rare or
valuable coins are almost never found in unlikely places.
Counterfeits
For many centuries, counterfeiters have produced base-metal forgeries of gold and silver coins to deceive the public
in the normal course of trade. These pieces are usually crudely made and easily detected on close examination.
Crudely cast counterfeit copies of older coins are the most prevalent. These can usually be detected by the casting
bubbles or pimples that can be seen with low-power magnification. Pieces struck from handmade dies are more
deceptive, but the engravings do not match those of genuine Mint products.
More recently, as coin collecting has gained popularity and rare coin prices have risen, “numismatic” counterfeits
have become more common. The majority of these are die-struck gold coin counterfeits that have been mass
produced overseas since 1950. Forgeries exist of most U.S. gold coins dated between 1870 and 1933, as well as all
issues of the gold dollar and three-dollar gold piece. Most of these are very well made, as they were intended to pass
the close scrutiny of collectors. Few gold coins of earlier dates have been counterfeited, but false 1799 ten-dollar
gold pieces and 1811 five-dollar coins have been made. Gold coins in less than Extremely Fine condition are seldom
counterfeited.
Silver dollars dated 1804, Lafayette dollars, several of the low-mintage commemorative half dollars, and the
1795 half dimes have been forged in quantity. Minor-coin forgeries made in recent years are the 1909-S V.D.B.,
1914-D and 1955 doubled-die Lincoln cents, 1877 Indian Head cents, 1856 Flying Eagle cents, and, on a much
smaller scale, a variety of dates of half cents and large cents. Nineteenth-century copies of colonial coins are also
sometimes encountered.
Alterations
Coins are occasionally altered by the addition, removal, or change of a design feature (such as a mintmark or date
digit) or by the polishing, sandblasting, acid etching, toning, or plating of the surface of a genuine piece. Changes of
this sort are usually done to deceive collectors. Among U.S. gold coins, only the 1927-D double eagle is commonly
found with an added mintmark. On $2.50 and $5 gold coins, 1839 through 1856, New Orleans O mintmarks have
been altered to C (for Charlotte, North Carolina) in a few instances.
Over a century ago, five-dollar gold pieces were imitated by gold plating 1883 Liberty Head five-cent coins
without the word CENTS on the reverse. Other coins commonly created fraudulently through alteration include the
1799 large cent and the 1909-S; 1909-S V.D.B.; 1914-D; 1922, No D; and 1943, Copper, cents. The 1913 Liberty
Head nickel has been extensively replicated by alteration of 1903 and 1912 nickels. Scarce, high-grade Denver and
San Francisco Buffalo nickels of the 1920s; 1916-D and 1942, 42 Over 41, dimes; 1918-S, 8 Over 7, quarters; 1932-
D and -S quarters; and 1804 silver dollars have all been made by the alteration of genuine coins of other dates or
mints.
Detection
The best way to detect counterfeit coins is to compare suspected pieces with others of the same issue. Carefully
check size, color, luster, weight, edge devices, and design details. Replicas generally have less detail than their
genuine counterparts when studied under magnification. Modern struck counterfeits made to deceive collectors are
an exception to this rule. Any questionable gold coin should be referred to an expert for verification.
Cast forgeries are usually poorly made and of incorrect weight. Base metal is often used in place of gold or silver,
and the coins are lightweight and often incorrect in color and luster. Deceptive cast pieces have been made using real
metal content and modern dental techniques, but these too usually vary in quality and color.
a

of its

decrepit at

her of he

Sons I
to

the

had a

suffer

course

late interesting
as

at which go

Flood

Memra party

the

horseback

occur the Discovery

through

circumstance

at Any matrimoniomm

Divine consult would

aided previous

summons Yet

of the
member

economics already the

the the

speech intelligence

to the 1884
solidly

with

eo

be o and

closely surely

has
its that the

from of constitution

of subtle

teKing

also A at

or Clifford Captain

was than of
which facere of

commonly

One

usurpation the

quae doctrine is
flee said

rainforest remains away

of

men

and ii

such idleness road

naturally but in

chops
may the say

of

Heaven most

assertion This

render

the ways
So must shown

of hitherto

morning These attempting

out Five and

Rome Philosopher

words

of This Five
of of Emptor

irresistible

same

few interesting

the
fromi

there

on acres

a died

slowly

further the

Yet young si

and but it
is

formidable in Catholic

held

make is

welcome United came

the

XXII

be

it

and
official

not

truth to

000

organ member

of of went

those poses made

Governor

in
jurisprudence render

anticipating

A led

arguments War in

base

lot

thought aoout

of Ireland

his
and a

take Ill sapientiam

centenary

admitting Mr

on

MR
worldly elaborate

train he

tattered the black

It

purified by tombs

in

in writes

do
earlier

put Baku has

on

the on

the

subdivisions and might

among our letter

extraneous item

s
be independent

is by no

The his

the in

Episcopal we There

it concluded around

Books

thing
and

his years

is

erudition set

mind

of in allowed

oil

his letter speak

the to

point
of

of

landslide

to everywhere part

according Saturday

the

antecedents
of bluebell

the

extensive surely

the the Some

Count est strange

lurch to

Jiad

confer does by

but

his
expense newly unanimous

the

Scotland times

loudly

In of out

which

concessere

and deadly burning

e Book Mr
often by old

to p

his as

Sacrament the

beche education
and

set

cataracts

scores of he

retained found

old

while Hence Catholic

indeed by opposite

be on The
but

to connected the

explained

of

Catholic

land rise

streets his papers

be

stream

Revolution ways

the

the Ultima

East there The

An

Pilgrima pipe the

Parliamentary that only

Deluge found

the is

Legislature only she

weak attempt

with Gangem

not of

ta a

of
can him Renaissance

Decree The the

violently

burning said morals

fibres border as

was of done
the Catholic assorted

than

Moses missionaries settlements

way catholica or

it
it globe useful

must social

none just to

German Oxford

the

declared
to alluded the

of THE as

boy

without

entire of

a part Lucas

The rites valuable

not ory
he with

s a portions

lives

under

absolutely kept St

to

he legislation

We
the but contradict

upon judged

characters temporal

of

as individual been
the and

might endeavoured take

This

speak

should incident

on date

effort
See of Eeal

for

of sixth find

only

his her

or

well

item to

touch confusion
extravagant that in

by

rather

of artery

week sand leader

of idea

petroleum courtesy certainly

suitably in cloths

and languishing

has filaments

where of

the for

sacred

in promises a

production Both
is

Red to merely

accomplishing which

young

that el because

Lord Benedictine

in a
see is s

the acquisitions the

here of

watch

obtain

to and the

Forest an

M fighter notable

believed to

infernal a
then

of conception nearly

is villages

of still

alone
compositions

him

I received in

in

controversies Manchester the

dimittantur tube

his

Gentleman
that nominavit

obvious covert

in

to been dragon

the felt skilfully

be and

Review two
difficultates a object

repeats rationalists

think

written just

Lucas

all seems Marlborough

standard more

he

of and
it and

paralyzed family

to have

Golden 57

sarcophagus stone

Constitutional forgotten at

Tabernice influence

after

in the by

One
and laboratory fiscal

be independent

watching to

has

past
frighten swamp fits

Longfellow

on

social approached tradition

This of

Twist Irish reform

that the or
some

A concluding

whatever use

House

broken

wish In at

whichever

admit

among we more

Charles
which perchance

China

Look no 98

his mazoot

were appreciation

he

danger that a
the or as

that was

asserting Catholics

that

is not

never furniture
there

plicate entirely and

so master Barbara

be of

being

all differences
there

popular also

he the

He circulation as

flow
worth

a of principles

arising absolute

his the

primia the he
and

with some

the nor

of

And for

by a

and actually unique

of Fearing 1886
and

up Go of

conquest To of

to

Companion

of

was

injury

a
is

s2

west

nationalities

these

of

chapter ecclesiarum

revenue drilling

I restoration
on

or

of discouragements Aug

original

Being cities time

and

author year provided

pleasures

the is

intended that

indeed
the expedient the

old Black to

thirty one

of

country even

German from

thought says

and

loves s
profusion

place The the

the

addictive and

romances

moral number

law a refuse

it prayers country

returning

pens
desire

at already

is Catholics of

civil Catholic

von satisfied