Why are there no capped bust dollars from 1805-1835?

stevepk

Capped bust half dollars from 1807 through 1838 are extremely popular today. Why were there no silver dollars struck between 1805 through 1835 with a design similar to the half dollar at the time? The high mintage figures of half dollars suggests silver was in no shortage. Surely there must have been plenty of silver to strike both half dollars and dollars.

oih82w8

Lack of interest early on, I don't think that it was because of lack of silver, I remember something about Spanish Dollars being more favorable in circulation and were actually legal tender as long as they met the criteria, but weigh no less than U.S. Dollars.

I am looking it up for a better answer...

BillJones

President Thomas Jefferson ended the coinage of silver dollars in 1804 because he thought that the large silver coin was facilitating the outflow of silver from The United States. He ended the coinage of the eagle or $10 gold coin for the same reason.

U.S. gold coinage continued to flow out of the U.S. continuously until 1834 when the weight was reduced in the U.S. gold pieces. These lower weight gold pieces are now called the Classic Head $2.50 and $5.00 pieces.

Perhaps the assumption was that resuming the silver would once more result in a coin that would be exported instead of used domestically. There were also issue with the productive capacity of the first Philadelphia Mint which could never produce enough coins to supply the economy despite that fact that was much smaller in those days. Silver dollars given their size were more of a production. They ate up far more dies than the smaller coins.

Silver dollar coinage did not resume until 1836 after the Philadelphia Mint had moved to a much larger facility.

BillJones

Adding to what I wrote.

The silver dollar never was a universally popular coin. Even the early ones didn't circulate that much. Just look at most of the pieces that are offered. A piece that grades below Fine is unusual. Most pieces fall in the VF or better range. The really low grade coins were pocket pieces more than likely, and you don't see a lot of those. The low grade pieces got that way because of damage, not honest wear.

oih82w8

Bill said it better than I ever could.

Especially when I keep getting this pop-up;

DennisH

Also keep in mind that $1 was a LOT of money back then. Small denominations were far more needed and used.

drwstr123

Unstable economic times...the Recession of 1802-1804 was followed by the Depression of 1807.
Then a series of economic events up to 1834.
Lots a stuff goin' on.

COALPORTER

A dollar coin has never been popular, needed or successful.

VanHalen

<< <i>Also keep in mind that $1 was a LOT of money back then. Small denominations were far more needed and used. >>



Very true. 200 years ago the 50c piece was like a $20 bill today (almost).

LindeDad

Our current dollar is the size and weight of the cent of the day.
Close to the same buying power to.

Hydrant

Because none were produced. Simple logic.

CaptHenway

As I understand it, merchants going overseas to buy goods preferred crown or dollar-sized coins because they were both faster to count and/or more popular in the areas where they were buying goods to bring back. Dollar coins filled that niche and were exported. Half dollars did not, so they stayed in circulation in America to the benefit of the country.

TD