Pre 1857 U.S. legal Tender Gold
SilverProofQuarter1883
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This coin, even though from a foreign mint was pre 1857 legal U.S. tender. A 1801 2 escudo coin from Spain. The NGC holder even has a special label. I think it’s fitting to post it on the U.S. forum. I traded my 1929 $2.5 Indian with an other coin because I think it is a way cooler peace of gold. Wanted to share, maybe discuss a little about pre 1857 legal tender. And of course If you have your own please post a picture!
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Comments
was it $10 worth?
I think it was $4
Its weight is between $3 and $5 gold denominations. I believe around 6.7 grams.
I can’t recall where I took these screenshots but I found the conversion tables to be pretty intriguing-
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IMO these early foreign coins should be a part of any serious history-focused US coin collection. A number of foreigns are already included in traditional colonial sets. Many beautiful early gold coins that were legal tender can be had for not much more than melt.
The amendment to the coinage act of 1793 provided the legislative basis for the legal tender declaration. The legislation specified that, for...
The rate was confirmed by revised legislation in 1806.
A 2-escudo coin weighs 104.48 grains. On that basis, by my reckoning the legal tender value for this coin ought to be $3.81. A worn, clipped or otherwise underweight coin would be legal tender for less.
In Spain and the Spanish colonies, the predecimal currency system in use was 16 reales to 1 escudo; thus, one of these gold coins could be exchanged for exactly four silver 8 reales coins. This did mean, therefore, that you could "buy" an escudo in the US for $3.81, take it to Mexico, and exchange it for $4.00. This discrepancy would, of necessity, cause a drain of these gold coins out of the country and a corresponding influx of the Spanish silver dollars.
Roman emperor Marcus Aurelius, "Meditations"
Apparently I have been awarded the DPOTD twice.