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produce and that it would darken if put into circulation. Instead, Cox recommended that the purity be modified to .900 fine, but also that the weight be kept at 416 grains. This meant that the new alloy was contrary to statute and that all depositors would be overcharged for their silver bullion deposits, as there was a higher silver content in the coins than was allowed by the
Coinage Act of 1792. The Mint's action cost suppliers of silver about one percent of their deposit; the largest depositor, John Vaughan, reckoned his loss at $ 2,260. Congress approved his petition for reimbursement in 1800, after several delays.
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1,758 silver dollars were transferred from the custody of Chief Coiner Henry Voigt to the custody of Mint
Treasurer Dr. Nicholas Way. Also on October 15, per a handwritten coin return warrant issued by Director Rittenhouse, the 1,758 silver dollars were transferred from the custody of Mint Treasurer Dr. Nicholas Way to David Rittenhouse, as a partial coin return towards his August 22 silver deposits. The 1,758 coins that were struck by Chief Coiner Henry Voigt, though acceptable, were poorly struck due to issues with the coining press that was used during early production at the Mint. It was a man-powered
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427:. Machinery and personnel began occupying the new building by September 1792, and production began on cents in February 1793. In the first year of production at the Mint, only copper coins were minted, as the prospective assayer could not raise the required $ 10,000 surety to officially assume the position; the 1792 Coinage Act stated that both the chief coiner and assayer were to "become bound to the United States of America, with one or more sureties to the satisfaction of the Secretary of the Treasury, in the sum of ten thousand dollars". Later that year,
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547:, the author noted that a good quality specimen of the 1794 dollar was valued at fifty dollars. In the early 1990s, numismatic historian Jack Collins estimated the surviving number of the coins to be between 120 and 130. In 2013, the finest known example, which was among the earliest coins struck and was prepared with special care, was sold at auction for $ 10,016,875, the highest selling price of any coin in history. The dollar was graded Specimen-66 by the
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issue) are known to have been struck with a silver plug set into the center, measuring approximately 8 millimetres (0.31 in). It is believed that this was done to correct the weight of underweight planchets. The total mintage for the second and final year of production is estimated at 160,295. In total, 203,033 silver dollars were struck in 1795, but it is unknown exactly how many of those were of the
Flowing Hair type, as the
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market the new products of the Mint. Others were distributed to VIPs and distinguished visitors to the Mint. After the initial production, Rittenhouse ordered all dollar coin production to end until Mint personnel could build a more powerful press that would be capable of better striking the coins. The
Columbian Centinel (Boston, MA) first wrote an article about the new dollar coins on November 26, 1794:
497:; the machine stamped the edge with the words "Hundred Cents One Dollar or Unit" along with ornamentation. As production was inexact, many planchets intended for silver dollars were overweight. This was remedied by filing the face of the planchets; for this reason, the coins vary in weight more dramatically than later issues, which were minted with more precise equipment.
559:, a former owner of the coin, said that it was a "national treasure" and that he was proud to have been its "custodian" from 2003 until its sale in 2010. Martin Logies, representative of the foundation that purchased the coin, said that of all the rarities he had seen, he believed that one was the "single most important of all".
448:
271:, which granted Congress the power "to coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures", was ratified and came into force. The following year, Congress began deliberating on the state of the nation's monetary system and coinage. On January 28, 1791,
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On
October 16, 1794, after receiving a silver dollar from David Rittenhouse, Secretary of State Edmund Randolph forwarded the dollar coin to President Washington for his inspection. In an attempt to help circulate the coins, Rittenhouse spent many of the new coins and traded them for foreign coins to
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of silver and a total weight of 416 grains, as
Hamilton had earlier recommended. The new silver coins were to be struck in an alloy containing 1,485 parts out of 1,664 (about 89.24 percent) fine silver, with the remainder copper, intended to equal the silver in Spanish dollars. However, an assay
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Beginning in the 1780s, a large number of prominent
Americans called for the establishment of a central mint to supply the United States with official coinage; all such proposals failed due in large part to lack of funds and opposition from individuals and groups who preferred that coins be struck by
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The new coinage press was completed in early 1795, and the first group of dollars, totalling 3,810 coins, was delivered on May 6. The coins struck on May 8 may have borne a 1794 date, however there is no document or evidence to support such a statement. A number of 1795 dollars (along with one 1794
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to draft the necessary specifications and legislation that would officially create a federal mint and coinage. The committee presented a bill before
Congress on December 21, 1791, which stated in part that the new dollar coin (which was to form the basis of the United States monetary system) should
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The disorders in the existing currency, and especially the scarcity of small change, a scarcity so peculiarly distressing to the poorer classes, strongly recommend the carrying into immediate effect the resolution already entered into concerning the establishment of a mint. Measures have been taken
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Now that mintage of the silver denominations could begin, the Mint began seeking depositors to bring in silver and gold bullion to be coined. After receiving several deposits, assayer Albion Cox notified
Rittenhouse of his beliefs that the .892 standard approved for silver coinage was difficult to
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The first silver dollars were struck on
October 15, 1794. The silver used for the 1794 dollars came solely from silver ingots deposited with the Mint by Mint Director David Rittenhouse on August 22, 1794. Per a handwritten coin transfer warrant issued by Director Rittenhouse on October 15, 1794,
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removed. Government officials later instructed Scot to include a wreath around the eagle and to move the denomination from the reverse face to the edge of the coin. After receiving approval, Scot began engraving the hubs for the new silver dollar. Extra care was taken during the engraving of this
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tests of Spanish dollars performed, as that was the coin upon which the United States monetary system would be based. After viewing the results, the secretary recommended that the silver content of the United States dollar be based on the average silver content of the
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Some of the new dollars now coining at the Mint of the United States have found their way to this town. A correspondent put one in into the editor's hands yesterday. Its weight is equal to that of a Spanish dollar, but the metal appears finer ... The
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to appear. Upon returning to the Senate, the upper house insisted on its version of the design provision. The House rejected the provision for the second time and passed another version of the bill, after which the Senate concurred. The law, known as the
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began preparing designs for the silver dollar. Scot's initial design depicted a bust of Liberty, while his reverse featured an eagle, both required by the 1792 Coinage Act. Scot's design closely followed his design for the cent, but with the
555:, was sold by Stack's Bowers Galleries in a public auction in January 2013. It was previously sold in 2010 for what was then a record sum of $ 7.85 million, to the Cardinal Collection Educational Foundation.
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were struck. Officials decided to add fifteen stars around the periphery, representing the fifteen states that had ratified the Constitution to that point, to the right-facing Liberty on the obverse.
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denomination, because the dollar would be the largest American coin, and would thus receive the most scrutiny from foreign nations. The lettering was executed by Frederick Geiger, who had worked as a
518:(entire design) has a pleasing effect to a connoisseur, but the touches of the graver are too delicate, and there is a want of that boldness of execution which is necessary to durability and currency
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presented a report to Congress detailing the findings of a study he had conducted on the monetary system and the potential of a United States mint. As part of his study, Hamilton had a series of
383:, and appropriated money to meet the cost of construction of an appropriate facility, and for salaries for employees and officials. The denominations sanctioned under the Act were
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the individual states. Since there were no federal coins issued, the needs of the states were fulfilled by a variety of domestic and foreign coins and tokens, including Spanish
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appealed to Congress that the amount of the bonds be lowered. On March 3, 1794, Congress lowered the bonds to $ 5,000 and $ 1,000 for chief coiner and assayer, respectively.
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Throughout its history, the 1794 dollar has widely been considered one of the rarest and most valuable of all United States coins. In a September 1880 issue of
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Secretary of the Treasury Alexander Hamilton compiled a report on the American monetary system prior to the establishment of the United States Mint.
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of silver and have a gross weight of 416 grains, the balance being copper. On March 3, 1791, after reviewing Hamilton's report, Congress passed a
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issued by the United States federal government. The coin was minted in 1794 and 1795; its size and weight were based on the
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pursuant to that resolution for procuring some of the most necessary artists, together with the requisite apparatus.
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of the Spanish dollars was in error—they were in fact 65/72 silver (about 90.28 percent) with the remainder copper.
225:. Despite the authorization, silver and gold coins were not struck until 1794. The Flowing Hair dollar, designed by
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side of every coin struck by the new mint. The bill passed the Senate after debate, but it was altered in the
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423:. On July 31, 1792, the foundation stone of the Philadelphia Mint was laid by newly appointed Mint Director
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Before the coins could be struck, the edge lettering and devices had to be impressed on the edge of the
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urged members of Congress to put the joint resolution approved earlier that year into immediate effect:
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for the Flowing Hair dollar, struck in copper without the obverse stars of the circulating issues
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One provision in Morris' legislation called for President Washington to be depicted on the
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authorizing a federal mint; the resolution, however, gave no specifics or appropriations.
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History of the Monetary Legislation and of the Currency System of the United States
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1030:(reprint ed.). New York, New York: Sanford J. Durst Numismatic Publications.
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succeeded it in October 1795; the Draped Bust dollar was designed by portraitist
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for various books and newspapers. After the dies were created, several copper
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Columbian Centinel Newspaper, Boston, MA, November 26, 1794, Page 3, Column 1
704:. Boston, Massachusetts: Charles C. Little and James Brown. pp. 246–251.
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urged Congress to provide for a mint, which was officially authorized by the
327:, established in 1792, struck its first coins in February 1793. (Photo 1908)
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tested. Hamilton's recommendation was that the dollar should contain 371.25
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The Spanish dollar was the basis of the United States silver dollar.
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to instead call for the head of an allegorical figure representing
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Walter Breen's Complete Encyclopedia of U.S. and Colonial Coins
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The Public Statutes at Large of the United States of America
313:, delivered on October 25, 1791, in Philadelphia, President
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In his third annual address to Congress, later known as the
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at the behest of Rittenhouse's successor as Mint Director,
1000:. Wolfeboro, New Hampshire: Bowers and Merena Galleries.
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The Director's Deposits, The Numismatist, September, 2017
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intended for use on coins no larger than a half dollar.
1066:(63rd ed.). Atlanta, Georgia: Whitman Publishing.
1050:. Vol. 1. New York, New York: Edward Walker. 1858.
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Silver Dollars & Trade Dollars of the United States
493:. This action was performed with a device known as the
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198:, which was popular in trade throughout the Americas.
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879:"Stack's Bowers — The 2013 New York Americana Sale"
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1021:. Philadelphia, Pennsylvania: John J. McVey.
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1920:America the Beautiful silver bullion coins
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1491:Counterfeit United States currency
1148:United States currency and coinage
881:. Stack's Bowers. January 24, 2013
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977:. New York, New York: Doubleday.
549:Professional Coin Grading Service
341:appointed a committee chaired by
209:calling for the establishment of
60:39–40 mm (1.53–1.57 in)
1235:Bureau of Engraving and Printing
1093:Dollar coin of the United States
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213:. Later that year, in his third
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201:In 1791, following a study by
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698:Peters, Richard, ed. (1845).
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1599:Coinage of the United States
907:"Dollar Sets Record Price".
7:
2012:Goddess of Liberty on coins
1015:Preston, Robert E. (1896).
10:
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2007:United States dollar coins
1393:Discontinued denominations
638:Statesman's Manual, p. 117
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311:State of the Union address
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269:United States Constitution
260:coins (popularly known as
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164:Eagle surrounded by wreath
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48:26.96 g (416
28:United States of America
1466:Continental dollar coin
1336:American Liberty (gold)
1326:American Platinum Eagle
1316:American Buffalo (gold)
1486:Canceled denominations
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1166:Federal Reserve System
1047:The Statesman's Manual
911:: 1, 38. June 8, 2010.
588:Article 1, Section 8.
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992:Julian, R.W. (1993).
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264:or pieces of eight).
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1969:(1976, 1992–present)
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1436:Bicentennial coinage
1171:Federal Reserve Note
1026:Taxay, Don (1983) .
961:United States portal
553:Colonel E.H.R. Green
205:, Congress passed a
39:United States dollar
1908:First Spouse (gold)
1531:Novus ordo seclorum
1476:Large denominations
1346:Current paper money
1321:First Spouse (gold)
1311:American Gold Eagle
833:Yeoman, pp. 207–208
377:Coinage Act of 1792
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188:Flowing Hair dollar
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1101:Draped Bust dollar
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1073:978-0-7948-2767-0
1037:978-0-915262-68-7
984:978-0-385-14207-6
590:U.S. Constitution
425:David Rittenhouse
337:In response, the
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219:George Washington
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1955:Special Mint Set
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1280:
1275:
1270:
1265:
1260:
1254:
1252:
1246:
1245:
1243:
1242:
1237:
1232:
1231:
1230:
1223:
1218:
1213:
1208:
1203:
1198:
1193:
1188:
1183:
1173:
1168:
1163:
1157:
1155:
1151:
1150:
1145:
1144:
1137:
1130:
1122:
1114:
1113:
1108:
1105:
1089:
1086:
1079:
1078:
1072:
1052:
1042:
1036:
1023:
1012:
1006:
989:
983:
966:
965:
964:
950:
936:
920:
917:
915:
914:
892:
867:
865:Julian, p. 166
853:
844:
842:Julian, p. 177
835:
826:
817:
815:Yeoman, p. 206
805:
796:
787:
771:
757:
737:
721:
707:
681:
665:
649:
640:
631:
611:
609:Preston, p. 44
602:
600:Preston, p. 42
593:
581:
566:
564:
561:
540:
537:
529:Gilbert Stuart
482:
479:
444:
441:
439:
436:
413:quarter eagles
303:Main article:
300:
297:
238:
235:
196:Spanish dollar
190:was the first
182:
181:
178:
174:
173:
170:
166:
165:
162:
158:
157:
149:
148:
144:
143:
140:
136:
135:
130:
126:
125:
119:
115:
114:
106:
105:
101:
100:
97:
93:
92:
90:
89:
83:
76:
74:
70:
69:
66:
62:
61:
58:
54:
53:
46:
42:
41:
35:
31:
30:
27:
15:
9:
6:
4:
3:
2:
2029:
2018:
2015:
2013:
2010:
2008:
2005:
2003:
2000:
1998:
1995:
1994:
1992:
1985:
1974:
1971:
1968:
1965:
1962:
1959:
1956:
1953:
1950:
1947:
1944:
1941:
1940:
1938:
1934:
1927:
1924:
1921:
1918:
1915:
1912:
1909:
1906:
1903:
1900:
1897:
1894:
1891:
1888:
1885:
1882:
1881:
1879:
1877:
1873:
1867:
1864:
1862:
1859:
1857:
1854:
1852:
1849:
1847:
1844:
1842:
1839:
1837:
1834:
1832:
1829:
1827:
1824:
1822:
1819:
1817:
1814:
1812:
1809:
1807:
1804:
1803:
1801:
1799:
1798:Commemorative
1795:
1789:
1786:
1784:
1781:
1779:
1776:
1774:
1771:
1769:
1766:
1764:
1748:
1746:
1743:
1742:
1740:
1738:
1734:
1728:
1725:
1723:
1720:
1718:
1715:
1713:
1710:
1708:
1705:
1703:
1700:
1698:
1695:
1693:
1690:
1688:
1685:
1683:
1680:
1678:
1675:
1673:
1670:
1668:
1656:
1655:
1653:
1651:
1647:
1641:
1638:
1636:
1633:
1631:
1628:
1626:
1623:
1621:
1618:
1616:
1613:
1612:
1610:
1608:
1604:
1600:
1593:
1588:
1586:
1581:
1579:
1574:
1573:
1570:
1558:
1555:
1553:
1550:
1548:
1545:
1543:
1540:
1538:
1535:
1533:
1532:
1528:
1526:
1525:
1524:Annuit cœptis
1521:
1519:
1518:
1514:
1512:
1509:
1507:
1504:
1502:
1499:
1497:
1494:
1492:
1489:
1487:
1484:
1482:
1479:
1477:
1474:
1472:
1469:
1467:
1464:
1462:
1459:
1457:
1454:
1452:
1449:
1447:
1444:
1442:
1439:
1437:
1434:
1433:
1431:
1427:
1421:
1418:
1416:
1413:
1411:
1408:
1406:
1403:
1401:
1398:
1397:
1395:
1391:
1385:
1382:
1380:
1377:
1375:
1372:
1370:
1367:
1365:
1362:
1360:
1357:
1355:
1352:
1351:
1349:
1347:
1343:
1337:
1334:
1332:
1329:
1327:
1324:
1322:
1319:
1317:
1314:
1312:
1309:
1307:
1304:
1302:
1299:
1298:
1296:
1294:
1290:
1284:
1281:
1279:
1276:
1274:
1273:Quarter (25¢)
1271:
1269:
1266:
1264:
1261:
1259:
1256:
1255:
1253:
1251:
1247:
1241:
1238:
1236:
1233:
1229:
1228:
1224:
1222:
1219:
1217:
1214:
1212:
1209:
1207:
1204:
1202:
1199:
1197:
1194:
1192:
1191:San Francisco
1189:
1187:
1184:
1182:
1179:
1178:
1177:
1174:
1172:
1169:
1167:
1164:
1162:
1159:
1158:
1156:
1152:
1143:
1138:
1136:
1131:
1129:
1124:
1123:
1120:
1111:
1104:
1102:
1096:
1095:(1794, 1795)
1094:
1083:
1075:
1069:
1064:
1063:
1057:
1053:
1049:
1048:
1043:
1039:
1033:
1029:
1024:
1020:
1019:
1013:
1009:
1007:0-943161-48-7
1003:
999:
995:
990:
986:
980:
976:
972:
971:Breen, Walter
968:
967:
962:
951:
948:
937:
934:
923:
910:
903:
901:
899:
897:
880:
874:
872:
862:
860:
858:
851:Breen, p. 425
848:
839:
830:
821:
812:
810:
803:Julian, p. 37
800:
791:
782:
780:
778:
776:
769:Julian, p. 36
766:
764:
762:
755:Julian, p. 35
752:
750:
748:
746:
744:
742:
735:Julian, p. 33
732:
730:
728:
726:
719:Julian, p. 32
716:
714:
712:
703:
702:
694:
692:
690:
688:
686:
679:Julian, p. 31
676:
674:
672:
670:
663:Breen, p. 423
660:
658:
656:
654:
644:
635:
629:Julian, p. 29
626:
624:
622:
620:
618:
616:
606:
597:
591:
585:
579:Julian, p. 27
576:
574:
572:
567:
560:
558:
554:
550:
546:
536:
534:
530:
526:
519:
517:
516:tout ensemble
510:
506:
504:
498:
496:
492:
487:
478:
476:
472:
467:
462:
454:
449:
435:
433:
430:
426:
422:
418:
414:
410:
406:
402:
398:
394:
390:
386:
382:
378:
373:
369:
365:
356:
352:
349:
344:
343:Robert Morris
340:
334:
326:
322:
318:
316:
312:
306:
296:
294:
290:
286:
281:
277:
274:
270:
267:In 1789, the
265:
263:
259:
258:
253:
243:
234:
232:
228:
224:
220:
216:
212:
208:
204:
199:
197:
193:
189:
179:
175:
171:
167:
163:
159:
155:
150:
145:
141:
137:
134:
131:
127:
124:
120:
116:
112:
107:
102:
98:
94:
88:
84:
82:
78:
77:
75:
71:
67:
63:
59:
55:
51:
47:
43:
40:
36:
32:
25:
19:
2002:Silver coins
1984:
1973:Prestige Set
1961:Souvenir Set
1936:Special sets
1902:Gold Buffalo
1884:Silver Eagle
1529:
1522:
1515:
1283:Dollar ($ 1)
1225:
1186:Philadelphia
1099:
1091:
1061:
1056:Yeoman, R.S.
1046:
1027:
1017:
997:
974:
933:Money portal
919:Bibliography
908:
883:. Retrieved
847:
838:
829:
824:The Red Book
820:
799:
790:
700:
643:
634:
605:
596:
584:
544:
542:
521:
515:
512:
507:
499:
488:
484:
466:Phrygian cap
458:
405:half dollars
361:
346:contain 371
336:
331:
308:
284:
266:
256:
251:
248:
217:, President
200:
187:
185:
18:
1975:(1983–1997)
1963:(1972–1998)
1957:(1964–1967)
1922:(2010–2021)
1768:3¢ (bronze)
1745:2¢ (billon)
1692:5¢ (silver)
1687:3¢ (nickel)
1682:3¢ (silver)
1607:Circulating
1263:Nickel (5¢)
1221:Manila Mint
1216:New Orleans
1201:Carson City
1161:U.S. dollar
885:January 26,
503:screw press
475:test pieces
471:typographer
461:Robert Scot
417:half eagles
227:Robert Scot
192:dollar coin
177:Design date
172:Robert Scot
139:Design date
133:Robert Scot
73:Composition
1991:Categories
1890:Gold Eagle
1702:$ 1 (gold)
1268:Dime (10¢)
1258:Penny (1¢)
1196:West Point
563:References
539:Collecting
438:Production
393:half dimes
385:half cents
237:Background
1943:Proof Set
1537:Nicknames
1471:Funnyback
1420:$ 100,000
1211:Dahlonega
1206:Charlotte
1176:U.S. Mint
491:planchets
99:1794–1795
37:1 Dollar
1949:Mint Set
1737:Canceled
1650:Obsolete
1415:$ 10,000
1058:(2010).
973:(1988).
254:, eight-
169:Designer
129:Designer
121:Bust of
68:Lettered
57:Diameter
1876:Bullion
1758:⁄
1662:⁄
1429:Related
1410:$ 5,000
1405:$ 1,000
1103:(1795)
996:(ed.).
481:Minting
453:pattern
409:dollars
372:Liberty
364:obverse
147:Reverse
123:Liberty
104:Obverse
85:10.00%
79:90.00%
1181:Denver
1154:Topics
1098:With:
1070:
1034:
1004:
981:
421:eagles
348:grains
339:Senate
289:grains
161:Design
118:Design
1866:2020s
1861:2010s
1856:2000s
1851:1990s
1846:1980s
1841:1970s
1836:1950s
1831:1940s
1826:1930s
1821:1920s
1816:1910s
1811:1900s
1806:1800s
1788:$ 100
1707:$ 2.5
1400:$ 500
1384:$ 100
397:dimes
389:cents
285:pesos
280:assay
34:Value
1783:$ 50
1727:$ 20
1722:$ 10
1496:Mill
1379:$ 50
1374:$ 20
1369:$ 10
1087:None
1068:ISBN
1032:ISBN
1002:ISBN
979:ISBN
887:2015
419:and
257:real
252:peso
186:The
180:1794
142:1794
65:Edge
45:Mass
1778:$ 4
1773:$ 2
1717:$ 5
1712:$ 3
1697:20¢
1640:$ 1
1635:50¢
1630:25¢
1625:10¢
1364:$ 5
1359:$ 2
1354:$ 1
1993::
1677:2¢
1620:5¢
1615:1¢
895:^
870:^
856:^
808:^
774:^
760:^
740:^
724:^
710:^
684:^
668:^
652:^
614:^
570:^
535:.
451:A
415:,
411:,
407:,
403:,
399:,
395:,
391:,
387:,
233:.
87:Cu
81:Ag
50:gr
1763:¢
1760:2
1756:1
1753:+
1751:2
1667:¢
1664:2
1660:1
1591:e
1584:t
1577:v
1141:e
1134:t
1127:v
1076:.
1040:.
1010:.
987:.
889:.
52:)
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