1859 Proof coin circular
RogerB
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The following is a transcription of a December 20, 1859 US Mint circular presenting availability and price of proof coins. Also, it covers the previous exchange of pattern and trial pieces for items needed for the Mint's "Cabinet of Coins and Ores." (I have only a poor image of the circular. If a member has better, please let me know.)
"Mint of the United States
Philadelphia
December 20, 1859
The Director of the Mint deems it proper to make the following regulations respecting the giving out of master-coins and trial pieces at the Mint.
The master-coins, which are struck from polished dies, and with extra labor and care, have hitherto been given out at their intrinsic value. In view of the great and increasing demand for these coins, it is deemed not just to the public service that so much labor should be given away. In order to cover this expense, and to put it in the power of any individual to obtain these coins on equitable terms, the set of gold coins, whose intrinsic value is $41.50, will be given for $43.00; and the set of silver coins, with the cent, whose intrinsic value is $2.02, will be given for $3.00: but no person or institution shall obtain more than one set of said coins. The excess beyond the intrinsic value of the coins thus delivered, will be paid into the fund for defraying the expenses of the Mint and be accounted for in like manner as other funds placed to that account.
The object of the circular of the 21st of May, 1859, respecting the formation of a “Washington Collection” at the Mint, having been in a satisfactory manner attained, and most of the pieces of the American series, heretofore wanting in the Mint Cabinet proper having been supplied, it is deemed inexpedient to make any further exchange of pattern or trail pieces. The Director would be glad to gratify the taste of coin collector by supplying them with these pieces, if it could be done on equal terms to all applicants; but as this would involve the necessity of making a large issue of such pieces, and be productive of serious inconvenience to the officers of the Mint, no better alternative seems to present itself than to decline to give out any of such pieces.
Hereafter, therefore, the only specimen pieces that will be given out at the Mint will be the master-coins of the current year, commencing with the year 1860. These will be prepared for delivery as soon after commencement of the year as the business of the mint will permit.
James Ross Snowden,
Director of the Mint"
[RG104 E-1 Dec 1859]
Comments
We should start calling them "master-coins" again.
I wonder how they arrived at the pricing and how much people squawked about it. The silver set had a 49% markup over face, but the gold set only 4%.
Archival letters contain few complaints. Most of those concerned fingerprints or marks on the coins. Mint replys were to return the coin and it would be replaced.
Mail order purchasers also paid postage and registration.