The History of America’s First Issued Coins
United States coin history reaches back well before the Coinage Act of 1792 created the first national mint in Philadelphia. During the Colonial Period and the years after the Revolutionary War, people used a mixture of foreign and “domestic” coins. That complicated and impractical mix of currencies was eventually replaced by the young country’s first national coins.
Colonial Money
Because coins were in short supply during the Colonial Period, European colonists often relied on substitutes as money. These included musket balls, animal pelts, farm products, and Native American wampum. The limited coins accepted by merchants and other sellers were foreign coins, including the British pound, German thaler, Spanish milled dollar, and coins issued by other colonies. Spanish milled dollars became the leading foreign coin because they were readily available and contained substantial silver.
State Coins and Fugio Cents
Following the Revolutionary War, the Articles of Confederation allowed individual states to strike coins and assign their own values. With foreign coins and numerous newly made domestic issues circulating together, the arrangement soon became confusing; a coin’s value could differ from one state to another. To address that problem and create national coinage, Congress authorized copper Fugio cents in 1787. The Constitution’s ratification the next year, however, formed a new government and opened a fresh debate over a national currency.
The Coinage Act of 1792
The Coinage Act of 1792 established the nation’s first mint in Philadelphia and made the silver dollar the basic U.S. monetary unit. Copper cents, America’s first circulating coins, entered use in March of the next year. Production of silver coins, including half dimes, dimes, quarters, half dollars, and dollars, and gold coins, including quarter eagles, half eagles, and eagles, began in 1794 and 1795.
When this article was published, Atlanta Gold & Coin Buyers reported having two metro-area locations and assisting with coin appraisals, as well as purchases and sales of rare coins and bullion, including American coins from the 18th and 19th centuries. At publication, readers were invited to schedule an appointment by calling (404) 236-9744 or completing the online form.
