It also established the first official Mint in Philadelphia, the nation’s capital at that time.ġ792 One Cent Pattern coin with silver center, one of the first struck at the Philadelphia Mint.
Once the Constitution was passed in 1789, the Coinage Act of 1792 changed all that by “…establishing a mint, and regulating the Coins of the United States.” It also created the United States dollar that would have “…the value of a Spanish milled dollar as the same is now current.” The Coinage Act also established decimal accounting where units are related to the power of 10, the first national coinage to do so. The Spanish silver dollar known as the ‘piece of eight’ was the most common coin used throughout the Colonies, but with different exchange rates. To fill the void, barter was common while states created their own sets of coinage and fiat currency that were hard to understand for everyday exchange. Great Britain held back its silver coinage insisting the Colonies send silver to them. States were mostly independent and there was little federal control and certainly no unified national coin or currency system.
But how do you know which branch made it? That’s where mint marks come in.ĭuring the years between the signing of the Declaration of Independence in 1776 and the adoption of the Constitution on September 17, 1789, the Articles of Confederation was the prevailing system of government. This coin can be a bit more expensive that it's cousins the Morgan and Piece Dollars, but for the serious investor it may be worth it.NEW YORK –The United States Mint is where our coins are made. These coins were originally minted at the Philadelphia mint (these contain no mint mark), and were also later minted in New Orleans (O), San Francisco (S), and Carson City (CC).Īll in all an amazing coin that saw the United States through such perilous times as the Civil War (1861–1865). In 1866 the words "In God We Trust" were added to the dollar. The front of this coin is graced with the head of Lady Liberty in a seated position, and the reverse contains a left-facing bald eagle. 7735 ounces of pure silver it's current melt value* is $16.82īookmark this page (Ctrl+D) and come back later.
Previous versions of this dollar with Christian Gobrecht's name on them were called Gobrecht dollars. This coins was designed by the chief engraver Christian Gobrecht. The Seated Liberty Dollar was minted from 1840 to 1873.
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