Was this coin in a Congressman's pay envelope? It might have been.

BillJones · October 30, 2016 9:06AM

According to John Dannreuther, who co-wrote the reference book, Early U.S. Gold Varieties wth Harry Bass, the Capped Bust, Small Dentils, closed collar, $2.50 gold coins (type coin from 1829 - 1834) appeared in the pay envelopes of U.S. Congressmen. The lawmakers asked for this typ of payment for their salaries, and it was actually a pay increase.

In those days, before the Civil War, the only paper money in circulation was issued by private banks. These notes were discounted to varying degrees when they were used from transactions. Therefore gold coins were the only pieces of money that had a face value in excess of 50 cents that were accepted at their full face value at that time. Bust Dollars had not been issued since 1804 and were generally out of circulation. In a way this was a pay increase for the Congressmen who received these coins.

Nap · October 30, 2016 9:16AM

Love the old tenor gold coins, would collect them if they weren't so darned pricy.

Nice example.

BustCuds · October 30, 2016 9:19AM

Super Capped Bust Quarter Eagle.

BillJones · October 30, 2016 9:20AM

That coin actually looks much better in person. My photo makes every mark look bigger than it is, as usual. PCGS graded it AU-55, and it has original surfaces.

And it was pricey, and the early $2.50 gold pieces are the worst.

ricko · October 30, 2016 10:14AM

I did not know that...thanks Bill.... Cheers, RickO

RogerB · October 30, 2016 10:26AM

All members of the Congress had the option of drawing their pay in gold coin. They could also receive gold-equivalent certificates from the Bank of the United States and later, the Sub-treasuries, and FRBs. This continued into the first part of 1933. Senators and Representatives were never paid in state bank notes.

Zoins · October 30, 2016 10:41AM

Nice info on gold coinage, Congressional pay, and notes back then Bill and Roger. Definitely a different world when we were on the gold standard.

jonruns · October 30, 2016 10:58AM

Great info and fun coin!!!

steveben · October 30, 2016 11:09AM

i love these coins. i wish i had one. that is interesting about the pay envelope. i didn't know that.

golden · October 30, 2016 1:55PM

I wish that I had one.

amwldcoin · October 30, 2016 2:12PM

@RogerB said:
All members of the Congress had the option of drawing their pay in gold coin. They could also receive gold-equivalent certificates from the Bank of the United States and later, the Sub-treasuries, and FRBs. This continued into the first part of 1933. Senators and Representatives were never paid in state bank notes.

That says a lot about the beginning of corruption in our country. What's good for the Goose is not good for the Gander.

TopographicOceans · October 30, 2016 9:36PM

Cool. I'd take it in my pay envelope

BillJones · October 31, 2016 4:41AM

@RogerB said:
All members of the Congress had the option of drawing their pay in gold coin. They could also receive gold-equivalent certificates from the Bank of the United States and later, the Sub-treasuries, and FRBs. This continued into the first part of 1933. Senators and Representatives were never paid in state bank notes.

There was a political battle over the Sub-treasuries between the time that The Bank of the United States lost its charter in 1836 (I believe) and the Polk adminstration when the Sub-treasury became a long term fixture in the Federal Government. The Sub-treasury was approved during Van Buren's administration, repealed when the Whigs took over and approved again in 1846. I suppose that all of the politicians were paid in gold during the times when there was not Sub-treasury?

RogerB · October 31, 2016 5:04AM

Constitutional officers, both elected and appointed with the advice and consent of the Senate, were entitled to payment of their salaries in gold coin or equivalent. Thus, even the Mint Director, Engraver and other Senate-approved mint officers could be paid in gold coin. Most preferred gold-equivalent paper for its convenience.

asheland · October 31, 2016 8:51AM

Interesting thread.

originalisbest · October 31, 2016 9:10AM

@BillJones said:
That coin actually looks much better in person. My photo makes every mark look bigger than it is, as usual. PCGS graded it AU-55, and it has original surfaces.

And it was pricey, and the early $2.50 gold pieces are the worst.

Nice coin Bill! I wouldn't mind getting one of those in my pay envelopes nowadays! ;-)