Did you know that in the case of classical rare coins
Bear
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They have been in short supply since 1798.
It is really nothing new.
It is really nothing new.
There once was a place called
Camelot
Camelot
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-Paul
--from page 76 of Fractional Money by Neil Carothers
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It would seem to me that there would have been a greater need during the time period for small change. When I posed this question before, someone suggested (Barndog, I think) that the half dollar was needed for government and banking purposes, therefore they were produced in greater quantity than the other denominations.
I know that in Louisiana, the Spanish 8 reals and fractions, as well as the coins of many other nations circulated until well into the Civil War era. Considering that there was a mint in the city itself from the late 1830's onward, I think that this is indicative of just how severe the shortage of small change was.
Imagine that- a government that was insensitive to the daily needs of its citizens, beholden to the banking and money interests! The more things change, the more they stay the same!
-Randy Newman
<< <i>they basically would throw the dies of the various other denominations in a storeroom >>
That would explain all the die breaks.
<< <i>I find it interesting that during the early federal period the only coin with a dedicated press was the half dollar. As I understand it, the reason for all the various die marriages/remarriages is that they basically would throw the dies of the various other denominations in a storeroom when changing the press over to another denomination, and pretty much grab dies at random for whatever was next in the production run.
It would seem to me that there would have been a greater need during the time period for small change. When I posed this question before, someone suggested (Barndog, I think) that the half dollar was needed for government and banking purposes, therefore they were produced in greater quantity than the other denominations.
I know that in Louisiana, the Spanish 8 reals and fractions, as well as the coins of many other nations circulated until well into the Civil War era. Considering that there was a mint in the city itself from the late 1830's onward, I think that this is indicative of just how severe the shortage of small change was.
Imagine that- a government that was insensitive to the daily needs of its citizens, beholden to the banking and money interests! The more things change, the more they stay the same!
Actually, the reason for the high amount of Half Dollar coinage was due to several factors, all of which were not in the mints control.
First and foremost, the mint act of 1792 stated that after the mint had produced a set $ amount of coins, a bullion fund would be set up to allow the mint to purchase bullion and then they could produced quantities of different denominations in anticipation of the public needs. Unfortunately this did not come to pass until 1837 as the mint was not under the control of the treasury and they would not provide the bullion fund.
Secondly, also listed in the mint act, anyone could bring bullion to the mint and request whatever denomination they wanted in return. The mint would have to process each deposit as it arrived and return the same bullion back to the depositor in the coin requested. Therefore, the mint had no control over what denomination they produced, it was strictly up to the depositor.
Once President Jefferson decreed that no more silver dollars should be produced, due to the recomendation of the mint Director as they were leaving the country instead of circulating, the highest silver denomination available was the Half Dollar.
At this time, most of the bullion sent to the mint to be coined was from banks. The banks wanted their silver deposits returned in the largest coin available so it was easier to do large transactions and took less room to store the coins used in backing issued currency.
Very few individuals or institutions requested smaller denominations due to the glut of foreign coins in circulation, and the fractions of the Spanish Colonial 8 Reales in particular. The mint employees even went so far as to buy bullion on their own and then deposit it to be coined into smaller denominations. In 1807 - 1809 the mint struck several million dimes, but could not get the public to accept them in payment for deposits for several years.
It was not until Spain began losing control over her colonial possesions in the America's, due to revolutions in the 1810 to 1825 time period, that the influx of Spanish silver began to decline and small denomination coins were needed and requested.
Our early mint was indeed hampered by many things not under it's direct control and even Congress did not recognize this as they continually tried to do away with the mint in favor of outside contract coinage as late as 1803.
QN
Edited for spelling...
Go to Early United States Coins - to order the New "Early United States Half Dollar Vol. 1 / 1794-1807" book or the 1st new Bust Quarter book!
<< <i>According to the Redbook, even in 1830, there was less than one coin per US Citizen. >>
You should change your statement to say "US coin per US citizen" since there were plenty of foreign coins in circulation.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire