The U.S. Mint in 1795.
BillJones
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At the beginning of 1795, some members of the United States Congress were becoming increasingly impatient with the mint. During its first two years of operations, the mint had produced a little more than 1.1 million copper coins, just over 25 thousand silver coins and no gold pieces. The lawmakers were also unhappy with the designs that had appeared on the mint’s products. There were calls for the mint to close and the authorization of a privately produced coinage to take its place.
In its defense, the mint had been hampered by the bonding requirements that prevented the Chief Coiner and the Assayer from performing their duties. Both officers were each required to post a $10,000 bond before they could handle gold and silver. Since these men earned only a little over $1,000 per year, posting such a lofty amount was financially impossible.
Secretary of State, Thomas Jefferson, who had the cabinet level responsibility for the mint, recognized the problem and relayed those concerns to President George Washington. Congress reduced the bonds to $5,000 for the Coiner and $1,000 for the Assayer. Jefferson secured loans for each officer to post their bonds. The mint issued the first silver dollars in October 1794 and the first half dollars in November.
This was not enough for some members of Congress. They wanted more, and the U.S. Mint began 1795 with a difficult assignment. The facility had to issue far more silver coins and introduce the gold coinage to satisfy its critics. At the same time, the mint had to improve the appearance of the coins it issued. Those requirements would result in an unusual production schedule.
Comments
January to June, 1795
During the first four months of 1795, the mint produced only half dimes and half dollars. Silver dollar production had to be delayed because the mint did not have a coin press that was large enough to strike the coin. This issue came to light during the production of the 1794 silver dollars. Most of those coins were poorly struck, and a heavier piece of equipment was required.
The other technical issue that curtailed production was the rollers which were used in the process to flatten the ingots into the thickness of the finished coins. The rollers were constantly breaking down, which caused delays. The mint management decided to limit the production to the silver denominations for which Chief Engraver, Robert Scot, had made dies. There would be a push to introduce the gold coins as soon as possible. The copper coinage was delayed until the end of year.
The first U.S. mint did not maintain an inventory of silver and gold that it used for its coins. Private concerns deposited these metals at the mint which the facility converted into coins, usually at no charge. This was one of the reasons why the mint consistently operated at a loss to the government.
The depositors were permitted to specify the denominations of coins they received. Most depositors specified silver dollars, but since the mint could not provide those coins, they chose half dollars instead. The mint made six deliveries of half dimes which were spaced throughout the year from March to November.
Notes on Mintages and Coin Survival Estimates
The mintages that are reported in standard references, such as A Guide Book of United States Coins (a.k.a. the “Red Book”) are based upon the mint’s reports of coin deliveries and some educated guess work. Although those mintages reflect the number of coins that were delivered, they do not note the date or the design that appeared on the pieces. Sometimes dies from previous years were used in subsequent years. The cost of producing coin dies was high, and in those frugal times, a good die might not be discarded because the year had changed.
Many survival estimates presented here are from the PCGS numismatic information site, “Coin Facts.” In some instances, your author believes that the “Coin Facts” estimates are inaccurate. In those cases, your author used compiled numbers, based upon the individual die variety rarity estimates.
Half Dime
1794 Half Dime
LM-3, R-4 (76 to 200 known)
1795 Half Dime
LM-10, R-3 (500+ known, the most common variety for the year)
Numismatic researchers have determined that all 1794 dated half dimes were made and delivered in early 1795. They determined this by examining breaks and wear on the reverse dies. Some reverse dies, that were used to strike some 1795 half dimes, were used before some 1794 dated pieces were made. The theory is that almost all of the coins in the first delivery of 7,756 half dimes on March 30, 1795 were dated 1794.
The total mintage was 86,416.
The estimated number of survivors is 550 for the 1794 half dime and 1,750 for the 1795 dated pieces
1795 Half Dollar
Overton 120, R-6, around 18 pieces known. This is the finest known example of the Overton 120 variety by a wide margin.
Half Dollar Legal Standards
Designer: Unknown Engraver: Robert Scot
Composition: .8924 Silver, .1076 Copper Weight: 13.48 grams Diameter: 32.5 mm
Edge: Lettered “FIFTY CENTS OR HALF A DOLLAR”
1795 Half Dollar mintage 299,680. Estimated number of survivors 4,900.
May 1795 - The Dollar Coin Press Arrives
The dollar coin press arrived in May and was quickly put into service. Once the press was available, bullion depositors immediately requested silver dollars. The silver dollar was the most convenient silver coin for use in large business transactions and international trade. The mint continued to issue the Flowing Hair / Small Eagle design, introduced in 1794, during the summer of 1795. Once the mint was able to issue silver dollars, the production of half dollars ended for the rest of the year.
Although the estimated number of surviving 1795 Flowing Hair Dollars is relatively high at 10,150 pieces, the coin is extremely popular among collectors. Today they bring high prices. High grade pieces, which sharp design features, are quite scarce.
Flowing Hair Dollar Legal Standards
Designer: Unknown Engraver: Robert Scot
Composition*: 8924 Silver, .1076 Copper Weight: 26.96 grams Diameter: 39 - 40 mm
Edge: Lettered “HUNDRED CENTS ONE DOLLAR OR UNIT”
1795 Flowing Hair Dollar mintage 160,295. Estimated number of survivors 10,150.
The Mint’s First Major Scandal
In the spring of 1794, as the mint was preparing to issue its first silver coins, Assayer Albion Cox, came to Mint Director, David Rittenhouse, with a strange request. Although the legal composition for the silver coinage was .8924 silver and .1076 copper, Cox asserted that the composition should be .9000 silver and .1000 copper.
He made the ridiculous argument that the coins made with the legal alloy would turn black while in circulation. Bizarrely he stated that the slight increase in purity would prevent this. The truth was that Cox found the .8924 number inconvenient. The .9000 was easier to manage. Surprising, Rittenhouse accepted this illegal request.
The result was that those who deposited silver received less money, in the form of fewer coins. Few knew that there had been a minor change in composition. Those who did know tried to ignore it and kept it secret.
In 1796 Philadelphia merchant and importer, David Vaughn, learned of the scandal. He calculated that he had been cheated out of $2,300, which was a considerable sum at that time. After getting no satisfaction from mint personnel, he took his case to the United States Congress. Vaughn was reimbursed in 1800.
July 1795 - The Mint Delivers the First U.S. Gold Coins
The half eagle or five dollar gold piece was the first U.S. gold coin. The first group, which contained 744 pieces, was delivered on July 11. This was the beginning of the $5 gold series that would continue for 135 years.
Early American gold coins had two roles. First, they were made to be used in commerce. Second, and almost equally important, they were issued as a symbol of national pride and sovereignty. The mint took special care to insure the purity of these pieces and make them as attractive as possible.
Despite a limited mintage of 8,707 pieces, there are 8 known obverse and 9 reverse dies which were used to make 12 known varieties. This indicates that the dies were changed frequently.
There are some very rare half eagles, dated 1795, which were paired with the Heraldic Eagle reverse. This reverse was introduced to the half eagle in 1797. The 1795 Heraldic Eagle $5 gold coins were an “emergency issue” which were stuck with reused dies in 1798. As such they are beyond the scope of this exhibit which covers the coins issued during 1795 and, for half cents and cents, several months into 1796.
The first eagles or ten dollar gold coins were delivered in September. Like the half eagles, great care was taken in their execution. For a mintage of 5,583 coins, three obverse and three reverse dies were used. There are five known die varieties.
1795 Half Eagle or $5.00 Gold Piece
BD-3, R-3+, 175 to 225 Known
$5 Gold Piece Legal Standards
Designer and Engraver: Robert Scot
Composition: .9167 Gold, .0833 Copper Weight: 8.75 grams Diameter: Approximately 25 mm
Edge: Reeded
1795 Capped Bust / Small Eagle $5 gold Mintage 8,707. Estimated Number of Survivors 550
1795 Eagle or $10.00 Gold Piece
BD-1, R-3+, 225 to 325 Known
$10 Gold Piece Legal Standards
Designer and Engraver: Robert Scot
Composition: .9167 Gold, .0833 Copper Weight: 17.50 grams Diameter: Approximately 33 mm
Edge: Reeded
1795 Capped Bust / Small Eagle $10 gold Mintage 5,583. Estimated Number of Survivors 522
What an great read, thank you for posting this Bill! I thoroughly enjoyed looking over your exhibit at FUN as well, and it was a pleasure to meet you in person. Your half dollar is drop dead gorgeous, and if I add a 1795 coin in the future, I want it to look like that one.
Type Collector of U.S. Pre-33 Gold https://instagram.com/deplorable_dan Successful transactions with- @drfish, @Cladiator, @johnny010, @Pedzola, @PerryHall, @2windy2fish, @Ike1964, @JohnThePainter, @rpmsrpms, @REALGATOR
The End of September, The Draped Bust Silver Dollars
In the fall of 1795, Robert Scot introduced his Draped Bust design. This change was driven by the desire to make the U.S. coinage more attractive. Scot succeeded brilliantly. Many collectors believe that the Draped Bust design, which would appear on all early U.S. copper and silver coins until 1807, is one of the most attractive motifs in the American series.
The variety, BB-51, is believed to have been the first Draped Bust coin. The bust of Ms. Liberty on that variety was placed too far to the left. It seems logical that Scot might have made that mistake on the first die he produced. The bust is well centered on all of the subsequent varieties, including BB-52, which was also issued in 1795.
Off-Center Bust
BB-51, 1,400 to 2,200 known (David Bowers Estimate)
Centered Bust
BB-52, 1,000 to 1,600 known (David Bowers Estimate)
Draped Bust Dollar Legal Standards
Designer and Engraver: Robert Scot
Composition*: .8924 Silver, .1076 Copper Weight: 26.96 grams Diameter: 39 - 40 mm
Edge: Lettered “HUNDRED CENTS ONE DOLLAR OR UNIT”
1795 Draped Bust / Small Eagle Silver Dollar Mintage 42,738, both varieties.
Estimated Number of Survivors 3,900, both varieties (Coin Facts Estimate)
The Copper Coinage from October until mid 1796
The mint management postponed the coinage of half cents and large cents until October for technical reasons. One of the weak links in the mint’s production process was the rollers which flattened the ingots of metal into the thickness of the finished coins. These rollers frequently broke down. Given the political pressures, the mint leadership chose to devote their efforts to the coinage of silver and gold only. Finally in October, the leadership turned their attention to the copper coinage.
The decision to concentrate on the copper coins was reenforced when Assayer, Albion Cox, died unexpectedly in November. Gold and silver coins could not be struck until his replacement was nominated and confirmed.
All of the half cents and the vast majority of large cents that were issued in 1795 had lettered edges. The lettered edges were possible because the coins were thick enough to accommodate them. The price of copper was rising in 1795 and was in short supply. Congress recognized the problem. In March Congress passed a bill which gave President Washington the power to reduce the weight of the half cent and cent at his discretion.
On December 27, 1795, Washington ordered decreases in the weights for the half cent and cent by 19%. The resulting coins, which had the same diameters, were too thin to accommodate the edge lettering. That forced to mint to leave edges of the new copper coins plain.
The mint produced a very small number of plain edged large cents at the end of 1795. The vast majority of the plain edged 1795 cents and all of plain edge 1795 half cents were minted in 1796. Although the statutes called for new coins to bear the date when they were struck, the mint’s budget was tight. The mint could not afford to discard good dies simply because the year had changed.
1795 Lettered Edge Half Cent and Cent
C-1, R-2 (501 to 1,000 known)
Lettered Edge Half Cent Legal Standards
Designer and Engraver: Robert Scot
Composition: Copper Weight: 6.74 grams Diameter: 23.5 mm
Edge: Lettered - “TWO HUNDRED FOR A DOLLAR”
1795 Lettered Edge Half Cent Mintage - Part of 139,960
Estimated Number of Survivors 1,400 (Based Die variety survival rarity estimates)
S-73, Low R-5 (about 40 Known)
All 1795 lettered edge large cents are scarce to rare.
Lettered edge
Lettered Edge Large Cent Legal Standards
Designer: Probably Henry Voigt
Composition: Copper Weight: 13.48 grams Diameter: 29 mm
Edge: Lettered - “ONE HUNDRED FOR A DOLLAR”
1795 Lettered Edge Cent Mintage 37,000.
Estimated Number of Survivors 650 (Based Die variety survival rarity estimates)
All Lettered Edge 1795 large cents are very scarce.
Being unable to attend the FUN show, I sincerely appreciate this sharing. Thank you.
- Ike Group member
- DIVa (Designated Ike Varieties) Project co-lead and attributor
1795 Plain Edge Half Cent and Cent
C-6a, Low R-2 (500 to 1,000 Known)
Plain Edge Half Cent Legal Standards
Designer and Engraver: Probably John Smith Gardiner
Composition: Copper Weight: 5.44 grams—Could vary from coin to coin Diameter: 23.5 mm
Edge: Plain (This coin was struck over a Talbot, Allum and Lee Cent)
1795 Plain Edge Half Cent Mintage - Part of 139,960
Estimated Number of Survivors 2,300 (Based Die variety survival rarity estimates)
S-76b, R-1 A few thousand known
This is most common Liberty Cap variety.
Plain Edge Large Cent Legal Standards
Designer: Probably John Smith Gardiner
Composition: Copper Weight: 10.89 grams Diameter: 29 mm
Edge: Plain
1795 Plain Edge Large Cent Mintage 501,500
Estimated Number of Survivors 3,700 (Based Die variety survival rarity estimates)
1795 Half Cent Struck Over a Talbot, Allum & Lee Cent
The early mint obtained copper from many sources. One of them was the Talbot, Alum & Lee cents which were issued in 1794-5. The company, which imported goods from India, was located on the waterfront at the lower end of Manhattan. It operated from 1794 to 1796. Their cents, which were imported from England, were placed in circulation to advertise their business.
In 1795-6 the mint purchased almost 3,000 pounds of cents from the T A & L Company. The mint rolled out the coins to flatten them, cut them down to size and struck half cents on the resulting planchets. Many pieces show some undertype from the host coin, but the 1795 half cent displayed here shows more details from the TA&L cents than most examples.
Epilog
The mint continued to issue half cents and large cents that bore the date 1795 well into 1796. The supply of 1795 dated half cent dies ran out in October 1796. Only 6,480, 1796 dated half cents were struck at that time, thus creating one of the great rarities in the half cent series.
The mint introduced the dime, quarter and quarter eagle ($2.50 gold piece) in 1796. The mint issued all ten denominations bearing the same date, 1796, for the only time in its history. Aspiring collectors should bear in mind the 1796 half cent, half dollar and all three gold coins are expensive rarities. The other five coins are very scarce with the 1796 Quarter bringing strong prices because its status as a one year type coin and the first of its kind.
The mint’s political struggles continued as its enemies in Congress continued to push for its closure. In 1802, Mint Director Boudinot compiled an inventory of the facility’s assets in case it were to be ordered closed. Finally in 1805, the mint’s critics backed away, and the facility’s political status became secure.
Yet, the first mint’s capacity was too small to meet the nation’s needs. It was officially closed on January 1, 1833 when the second Philadelphia Mint replaced it.
An Early 19th Century Coinage Strip Rolling Machine
Rolling machines, similar to this one, were a source of production woes for the first U.S. Mint in 1795. The devices were constantly breaking down which forced the mint to modify its production schedule. The ultimate solution was to buy copper planches from outside sources, first from British manufacturers, Boulton and Watt, and later from domestic producers.
Rolling machine on display at the U.S. Mint Museum in Philadelphia, Pennsylvania.
Really enjoyed reading this information. Thank you for sharing it here with us.
Fantastic thread Bill, thank you.
Any idea to the reasoning behind the ridiculously high $10K bond for the Coiner and Assayer? The powers that be must have understood how unrealistic it would have been for men of that position to pay such a bond. Could it have been a political move to try and block the mint from success? Perhaps propagated by lobbyists on the side of private minters?
I think that the government officials were trying to "cover their butts" if something bad did happen. One of the two, I think it was Cox, was wanted in New Jersey after he escaped from debtors' prison. He didn't step foot in the state, which must of have been hard since he was working across the Delaware River in Philadelphia.
There had been a few gold and silver coins made in what would be be the United States, by people like Brasher and Chalmers, but nothing on a large scale. The last significant coinage had been John Hull and Massachusetts silver, but that had ended in 1682.
Excellent retrospective for me. Coin collecting makes me a better student of history. Thanks. Peace Roy
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Great thread! I wish I had been to FUN to see the exhibit.
My YouTube Channel
Thanks, informative posts.
it is weird, i really never tire of reading about the challenges and issues surrounding us making some coins. nice thread BJ.
Thanks for the time to put this tougher and post up and liked reading through it.
I see others mentioning your FUN exhibit. So was this thread read a summation of the exhibit?
(sorry I did not make it around to any of the FUN exhibits).
https://youtube.com/watch?v=2YNufnS_kf4 - Mama I'm coming home ...................................................................................................................................................................... RLJ 1958 - 2023
Yes
Love this post. My 1795 off center draped bust silver dollar (my avatar picture) is the pride of my collection. Knowing additional history behind it makes it even more so! Thanks so much for sharing!
Thank you @BillJones - excellent presentation as always and really appreciate you sharing with those of us who didn’t have the opportunity to make it to FUN.
Awesome post- I love reading about this kind of history!
Excellent read, thank you for taking the time to post it.
Educational, informative… and an excellent read. Thanks!
Really well done! Your knowledge and presentation are both extraordinary Bill. Thank you for excellent work here.
Thanks for taking the time to post this, Bill, very interesting and a relaxing read.
Bill,
As always, I appreciate you sharing your knowledge on the coins of yesteryear. I really wish I could have come to the fun show in person to see these wonderful pieces and enjoy them.
Thanks for taking the time to share these coins for those of us who could not check these out in person.
Donato
Donato's Complete US Type Set ---- Donato's Dansco 7070 Modified Type Set ---- Donato's Basic U.S. Coin Design Set
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Great post(s)!
** 1795 Lettered Edge Cent Mintage 37,000.
Estimated Number of Survivors 650 (Based Die variety survival rarity estimates)**
I knew they were scarce, but didn’t realize they are that scarce!
My numbers could be off. I think the “Coin Facts” number was lower which sent me to the individual rarity variety numbers. I have not seen a lot of them, but I have not been looking. The lettered edge half cent is easier because of the C-1, but none of these coins are easy to find.
Thanks Bill for posting, see you solved the issue with too large of posts. For those that did not have the pleasure of seeing these at FUN, you missed a 1 in a lifetime exhibition on 1795 US coins. It is nice to see the info and images posted here.
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Thank you, @BillJones for this great thread. I enjoyed it a lot. I absolutely love your half cents, and I agree that is some of the best under type I have seen! Just a pleasure to read - thanks again!
I am a newer collector (started April 2020), and I primarily focus on U.S. Half Cents and Type Coins. Early copper is my favorite.
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Thanks for posting, really well done!
Thanks a lot for the posts, Bill. I look forward to the article in numismatic publications.
@BillJones... What a great and informative thread. I totally enjoyed reading this history of early American coinage. Cheers, RickO
That was a great informative read. Some nice looking coins too. Thanks for posting!
And this is why I should take the time to at least glance through the exhibits. However, the majority of the time I do not
as I am thinking of something else. Thanks again as this fits in with my current in-work mini set.
https://youtube.com/watch?v=2YNufnS_kf4 - Mama I'm coming home ...................................................................................................................................................................... RLJ 1958 - 2023
Excellent! 2023 post of the year award !!!
May I nominate this thread as the first to be pinned at the top for 2023!
I spent a lot of time at this exhibit and learned so much.
For some reason I was being drawn back the 1795 gold half eagle several times.
The fields have a mirror to them that is mesmerizing to me.
When I asked Bill about that he mentioned that the mint took care to make sure these were above average and then I recalled that fact within his narrative.
Anyway...fantastic exhibit.
Thank you.
-Mark
"If I say something in the woods and my wife isn't there to hear it.....am I still wrong?"
My Washington Quarter Registry set...in progress
That is an excellent and educational exhibit of the Mint in 1795.
Bill,
Thanks for one of the most informative posts of the early years of our mint and most enjoyable read.
Jim
When a man who is honestly mistaken hears the truth, he will either quit being mistaken or cease to be honest....Abraham Lincoln
Patriotism is supporting your country all the time, and your government when it deserves it.....Mark Twain
Very impressive and thank you.
I found that piece at the summer FUN show. After some negotiations I purchased it.
The coin was once in an NGC MS-62 holder where it sold in a Heritage auction. It is now in a PCGS AU-58 holder. Even so, it failed at CAC, which gave me a path to purchase it.
Thank you for sharing. It is great to learn more about the early period at the mint.
BillJones wraps up "thread of the year" title in January. Thank you!