One of the curious goals that has periodically been embraced by the United States government is to create a circulating dollar coin. The general belief is that since coins last longer than paper money, it would save taxpayer dollars. Many other countries throughout the world have made the transition, but problems have continually been encountered in the U.S.
The dollar coin took a hiatus from 1935 until 1971. This was the space of time between the last issues of the silver Peace Dollar and the first issuance of the copper nickel clad Eisenhower Dollar. The new dollar coin would have the same size as the previous, but lack any precious metal content. Within circulation the coins proved heavy and bulky to transact.
A solution was embraced in 1979 to reduce the size and weight of the coin with the issuance of the Susan B. Anthony Dollar. At the time of release, the US Mint presented both the cost savings from the reduced use of copper and nickel for each coin, as well as the durability compared to the dollar bill. Promotional materials stated that the coins were easy to identify since they had an octagonal inner edge. The public didn’t agree and fond the coins too easily confused with the quarter dollar, which had a similar diameter. Coins were minted for two years before circulating coin production ceased.
Two decades passed and the idea to create a new circulating dollar coin, which would overcome the issues of the prior issue, took hold. This time the coins would have a distinctive color to differentiate the coins by sight and a different edge to differentiate the coins by touch. The Sacagawea Dollar was launched in 2000 with even more promotional efforts taking place. Although there did seem to be some excitement surrounding the release, the coins didn’t circulate widely. Once again, after two years, production for circulation was halted.
What’s the best strategy? Of course, it would be to force the public to use the dollar coin by withdrawing paper dollars.
design coins, dollar
One of the most acclaimed and beautiful designs in the history of U.S. coinage is the Saint Gaudens Double Eagle issued between the years 1907 and recalled in 1933. The image of allegorical Liberty was used for all early U.S. coins until being replaced by images of Presidents or other famous Americans. This depiction of Liberty is certainly striking.
She appears striding confidently forward with the rays of the rising sun and the U.S. Capitol building visible in the background. Dressed in a flowing gown, she hold an olive branch and a lit torch in her hands. This symbolizes bringing peace and the light of democracy to the world.
The coins were first released in 1907, shortly after the passing of the artist behind the coins. The $20 gold pieces were issued in subsequent years, while this denomination was used for circulation in the United States. Following the gold recall issued in 1933, the coins stopped being issued for circulation and many of the earlier pieces were melted.
Saint Gaudens design received its second life when Congress authorized the American Eagle Bullion Program. After more than five decades, the program would provide Americans with a cost effective method to acquire gold bullion. The US Mint would also strike collectible versions of the coins for collectors. The new Gold Eagles were first issued in late 1986. The coins carried the obverse design of Liberty created by Saint Gaudens paired with a new reverse design of a family of eagles by Miley Busiek.
Instantly popular with the public due to the design and precious metals content, the new American Gold Eagles very quickly became the world’s top selling gold bullion coin.
design coins, double eagle, gold
As a result of striking weakness experienced for the Flying Eagle small cents introduced in 1856, a new new design was requested by the Mint Director. James B. Longacre would create the new design, which was put into use on January 1, 1859.
The coin design which is known today as the Indian Head Cent did not actually depict an Indian (Native American). Close examination will reveal that the face is that of a white female, actually intended to be a depiction of Liberty. Liberty is shown wearing a Native American headdress, which lead to the early and continued identification of the series.
The model for the obverse is rumored to be James B. Longacre’s daughter, Sarah Longacre Keen. The story goes that her father sketched her while she was playing with a toy warbonnet. This story has never been confirmed with US Mint records, although it remains a commonly recounted anecdote about the design for the series series of small cents.
The Indian Head Cent was struck from 1859 to 1909 with a change to the reverse design and composition taking place during the series. The most difficult coin to acquire for collectors will be the 1877 Indian Head Cent, which had a mintage of 852,500 pieces.
design cent, coins
As one of the most famous Founding Fathers, Benjamin Franklin was an appropriate choice to appear on the half dollar denomination when it was redesigned in 1948. The Director of the Mint at the time was Nellie Tayloe Ross. She had considered Franklin for depiction on a coin ever since she saw John R. Sinnock’s medal depicting the important author, inventor, scientist, and diplomat.
During a speech for the release of the new half dollar, the Mint Director had stated that many people urged Franklin’s depiction on the one cent coin. This was due to his famous quote “a penny saved is a penny earned.” The honor of appearing on the most heavily produced coin was currently with Abraham Lincoln who had appeared there since 1909. The Mint Director explained that the size and nature of the half dollar would be an even more impressive way to honor Franklin.
The Franklin Half Dollar was minted each year from 1948 to 1963. Although the duration of the series was short, it remains collected widely by date and mint mark, and by specialists looking for sharply struck “full bell lines” examples.
design coins, half
The Coinage Act of April 2, 1792 both established the United States Mint and provided authorization for a specific set of coins. The coin valued at five cents was the “half disme” or “half dime” with primary composition of silver. It wasn’t until the introduction of the Shield Nickel, that the five cent denomination would take on its family composition and name.
The Act of May 16, 1866 authorized the minting of a 5 cent coin with the same composition of the nickel three cent piece. This would consist of 75% copper and 25% nickel. The first Shield Nickels were produced in 1866, with production continuing until the series was replaced by the Liberty Nickel in 1883. This series represents an important shift in coinage as the half dime struck in silver was put to an end after 1873.
composition coins, nickel