US Coinage trivia: answered
kranky
Posts: 8,709 ✭✭✭
In the 1880s, the Director of the Mint was in favor of minting a $50 gold coin which was called a Half Union. They would have been useful for banks, as storing gold reserves in the larger denomination would have reduced the amount of time required to count the coins.
But another official of the Mint successfully argued against introducing this denomination. They created some patterns without difficulty, so the manufacturing process wasn't a concern. What was the reason which kept the Half Union from being introduced?
[Answer below]
But another official of the Mint successfully argued against introducing this denomination. They created some patterns without difficulty, so the manufacturing process wasn't a concern. What was the reason which kept the Half Union from being introduced?
[Answer below]
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
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Comments
Brian.
Brian
Could it be that by law only a certain amount of gold could be used for making coins in a given year? In that case, minting $50's would mean that fewer $20's and $10's could be minted.
Or maybe it had something to do with foreign countries being reluctant to accept $50 gold pieces?
Dan
mcinnes@mailclerk.ecok.edu">dmcinnes@mailclerk.ecok.edu
The Assayer of the Mint was fearful that a large $50 gold coin would be an easy target for a type of scam which was already being pulled on the smaller gold coins. Unscrupulous people were slicing gold coins in half, hollowing out the inside, then inserting a platinum disk before putting the coin back together. The reeding was touched up to hide the alteration. At the time platinum was cheaper than gold and using platinum kept the altered coin at the correct weight.
The Mint was looking at making gold coins concave on both sides so the center would be thin enough to prevent this, but felt it would only work on the $5 and smaller coins. The Assayer felt a large $50 gold coin would only make it easier for people to successfully alter them.
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
Tom
2 Cam-Slams!
1 Russ POTD!
I've been waiting for the answer - thanks
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