John Ball's Presentation on British 17th Century Trade Tokens
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America’s First Coins: The Half Dismes of 1792
By Jacob Lipson
“A small beginning.” That was what George Washington called the meagre quantity of half dismes struck in July 1792 at his address to Congress four months later. The 1792 half dismes are widely regarded as the first official coinage in United States history. While other contract issues like the Fugio cents and Nova Constellatio patterns have similarly been regarded as the first officially sanctioned U.S. money, the half dismes of 1792 were the first coins struck after the passage of the Mint Act of 1792.
The Mint Act of 1792 laid out the foundations of America’s coinage system: denominations, weights, metallic compositions, motifs, etc. The legislation was the hard work of Alexander Hamilton and Thomas Jefferson, among others, and passed on April 2 of that year. Soon after, President Washington began appointing prominent and experience citizens to serve in various capacities at the Mint. David Rittenhouse, a Philadelphia resident and preeminent scientist of is time, was tasked with the role of Mint Director.
By late spring/early summer, the various jobs had been assigned, and the Mint personnel were ready to begin coining operations. There was, however, one little problem: the Mint building was still under construction. So, officials used local saw-maker John Harper’s basement as a workshop. The appropriate machinery was brought in. Harper himself had had experience in strike the New Jersey coppers, and was familiar with the process of striking coins.
Now here’s where the story gets interesting. Secretary of State Thomas Jefferson (Secretary of State was responsible for the Mint at that time) deposited $75 worth of silver, which he supposedly acquired from President Washington (that claim has never been verified, although we know the silver did not derive from Washington’s silverware), to Harper on July 11, 1792. Two days later, he recorded in his notebook that he had received 1,500 half dismes. Jefferson proceeded to make his way back to his Monticello estate, handing out the new coins along the way.
Examples of the 1792 can be found in heavily circulated condition, suggesting their commercial usage in late 18th America, as well as in the finest level of Mint State. Many examples were likely saved as souvenirs from Washington, Jefferson, and Rittenhouse as examples of the nation’s first coinage. Few issues, then, enjoy the historical and numismatic significance as these diminutive silver coins.
Jacob Lipson is an Educational Director for the Lakeshore Coin Club. He is a member of the ANA and RCNA, Board Member of the Medal Collectors of America, and works as a United States coin cataloging consultant for Heritage Auctions. For more information, visit his website at www.jacoblipsonrarecoins.com
By Jacob Lipson
“A small beginning.” That was what George Washington called the meagre quantity of half dismes struck in July 1792 at his address to Congress four months later. The 1792 half dismes are widely regarded as the first official coinage in United States history. While other contract issues like the Fugio cents and Nova Constellatio patterns have similarly been regarded as the first officially sanctioned U.S. money, the half dismes of 1792 were the first coins struck after the passage of the Mint Act of 1792.
The Mint Act of 1792 laid out the foundations of America’s coinage system: denominations, weights, metallic compositions, motifs, etc. The legislation was the hard work of Alexander Hamilton and Thomas Jefferson, among others, and passed on April 2 of that year. Soon after, President Washington began appointing prominent and experience citizens to serve in various capacities at the Mint. David Rittenhouse, a Philadelphia resident and preeminent scientist of is time, was tasked with the role of Mint Director.
By late spring/early summer, the various jobs had been assigned, and the Mint personnel were ready to begin coining operations. There was, however, one little problem: the Mint building was still under construction. So, officials used local saw-maker John Harper’s basement as a workshop. The appropriate machinery was brought in. Harper himself had had experience in strike the New Jersey coppers, and was familiar with the process of striking coins.
Now here’s where the story gets interesting. Secretary of State Thomas Jefferson (Secretary of State was responsible for the Mint at that time) deposited $75 worth of silver, which he supposedly acquired from President Washington (that claim has never been verified, although we know the silver did not derive from Washington’s silverware), to Harper on July 11, 1792. Two days later, he recorded in his notebook that he had received 1,500 half dismes. Jefferson proceeded to make his way back to his Monticello estate, handing out the new coins along the way.
Examples of the 1792 can be found in heavily circulated condition, suggesting their commercial usage in late 18th America, as well as in the finest level of Mint State. Many examples were likely saved as souvenirs from Washington, Jefferson, and Rittenhouse as examples of the nation’s first coinage. Few issues, then, enjoy the historical and numismatic significance as these diminutive silver coins.
Jacob Lipson is an Educational Director for the Lakeshore Coin Club. He is a member of the ANA and RCNA, Board Member of the Medal Collectors of America, and works as a United States coin cataloging consultant for Heritage Auctions. For more information, visit his website at www.jacoblipsonrarecoins.com