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Susan B Anthony Documentary Intro
Dollar coins have found little popular acceptance in circulation in the United States since the early 20th century, despite several attempts to increase their usage having been made since This contrasts with currencies of most other developed countries , where denominations of similar value exist only in coin. These coins have largely succeeded because of a removal or lack of their corresponding paper issues,  whereas the United States government has taken no action to remove the one-dollar bill. Whatever the reason, a U. Mint official claimed in a November meeting that most of the 2. Before the American Revolutionary War , coins from many European nations circulated freely in the American colonies, as did coinage issued by the various colonies.
Chief among these was the Spanish silver dollar coins also called pieces of eight or eight reales minted in Mexico and other colonies with silver mined from Central and South American mines. These coins, along with others of similar size and value, were in use throughout the colonies, and later the United States, and were legal tender until In , several thousand pewter Continental Currency coins were minted.
Although unconfirmed, many numismatists believe these to have been pattern coins of a proposed silver dollar coin authorized by the Continental Congress to prop up the rapidly failing Continental Currency —the first attempt by the fledgling U. The Continental Currency dollar coin bears the date , and while its true denomination is not known, it is generally the size of later dollars, and the name has stuck. The failure of the Continental Currency exacerbated a distrust of paper money among both politicians and the population at large.
The letters of Thomas Jefferson indicate that he wished the United States to eschew paper money and instead mint coins of similar perceived value and worth to those foreign coins circulating at the time. The Coinage Act of authorized the production of dollar coins from silver. The United States Mint produced silver dollar coins from to , then ceased regular production of silver dollars until The first silver dollars, precisely 1, of them, were coined on October 15, and were immediately delivered to Mint Director David Rittenhouse for distribution to dignitaries as souvenirs. There are two obverse designs: Flowing Hair — and Draped Bust — There are also two reverse designs used for the Draped Bust variety: small eagle — and heraldic eagle — Original silver dollars from this period are highly prized by coin collectors and are exceptionally valuable, and range from fairly common to incredibly rare.
Because of the early practice of hand engraving each die , there are dozens of varieties known for all dates between — It is also one of only two denominations the other being the cent minted in every year from its inception during the first decade of mint operation. Though a new Spanish dollar or 8-real minted after theoretically contained The less-exportable half dollar therefore became the largest US-made silver coin in domestic use for the next several decades. It was only after Mexican independence in when their peso's fine silver content of The dollar is one of the rarest and most famous coins in the world.
The silver dollars reported by the mint as being struck in were actually dated With die steel being very expensive in the early 19th century, dies were used until they were no longer in working condition. This is why many early U. Nearly every coin the U. No dollars bearing the date were ever struck in , though this was unknown to mint officials at the time the dollar came to be. The silver dollar was actually produced in , when the U. Department of State decided to produce a set of U. Coin Collection at the Smithsonian Institution , and 6 Class III dollars, struck surreptitiously sometime between and to meet collector demand for the coin. Seated Liberty dollars were introduced in and were minted in lesser quantities than the sparsely minted Gobrecht dollar that preceded it.
The dollars were used in general circulation until The production of large numbers of U. By , the value of a U. With the Mint Act of , all U. The U. The international trading partners did not like the fact that U. The use of much more common half dollars became problematic since merchants would have to separate higher value pre coins from the newer reduced ones. From onward, trade with Asia was typically done with Mexican coins that kept their weight and purity in the 19th Century. By , all silver coins were being used as money and by , gold was at par with all U. Beginning in , huge amounts of the Morgan silver dollars were produced but few were used as money. The size was too large to carry on business so Silver Certificates were used instead.
The mint made the coins, placed them in their vaults and issued the Silver Certificates instead. Treasury vaults most of the time. Each Seated Liberty dollar is composed of 0. The gold dollar was produced from to Type II gold dollars were thinner but larger at 15 mm diameter and were produced from to The most common gold dollar are the Type III, struck from until Most gold coins produced from and onward were produced for imports to pay for enormous amounts of war material and interest on some U. Government bonds. Many of these coins from the Civil War and after silver coins included are in excellent condition since they saw very limited circulation with greenbacks and postage currency taking their place.
When the U. The trade dollar was produced in response to other Western powers, such as Great Britain, Spain, France, and particularly Mexico, to compete with these trade coins for use in trade in Asia. While the previous Spanish dollar of Most trade dollars ended up in China during their first two years of production, where they were very successful. Many of them exhibit holes or chopmarks which are counterstamps from Asian merchants to verify the authenticity of the coins. Many trade coins of the western powers and large silver coins from China, Korea, and Japan also bear these chopmarks. While most chopmarked coins are generally worth less than those without, some of the more fascinating chopmarks can actually give the coin a modest premium.
Things changed, however, in , when the price of silver spiraled downward as western producers dumped silver on the market, making the trade dollar worth more at face value than its silver content. This prompted Congress to revoke their legal tender status, and restrict their coinage to exportation demand only. Production of the trade dollar was officially discontinued for business strikes in , and thereafter from —, produced only as proof examples of the coin. The issues of and were produced surreptitiously, and were unknown to the collecting public until In February , all non-mutilated outstanding trade dollars were made redeemable to the United States Treasury, and approximately 8 million of them were turned in.
Morgan dollars are second only to Lincoln Cents in collector popularity. The coin is named after George T. Morgan , its designer. Introduced in December and having the same ratio of silver-to-copper as the Morgan dollar, the Peace dollar, designed by medalist Anthony de Francisci , was promulgated to commemorate the signing of formal peace treaties between the Allied forces and Germany and Austria. In the Mint made silver dollar production its top priority, causing other denominations to be produced sparingly if at all that year.
Production ceased temporarily after ; original plans apparently called for only a one-year suspension, but this was extended by the Great Depression. Mintage resumed in , but for only two years. It is rumored that one or more pieces still exist, most notably any examples obtained by key members of Congress, the president, or mint officials. The Peace dollar and Morgan dollar will be reminted in as a commemorative of the dollars minting.
Because of the size and weight of the dollar coins, they circulated minimally throughout their history, except in the West especially at casinos in the early-to-midth century, where they were commonly used both at the tables and at slot machines. As a result, the coins were generally shipped to Washington and stored in the vaults of the U. Treasury; at times these stores numbered into the hundreds of millions. They were very popular as Christmas gifts, however, and from the s to the early s, many bags were annually released to banks nationwide to be distributed as presents. In November , during this annual distribution, it was discovered that there were some rare and valuable dates, still sealed in their original mint bags, all in uncirculated condition, among the millions of dollar coins still in the Treasury vaults.
Before this event, the great rarity of the Morgan series was O, which was by far the most expensive of the entire set. While still relatively expensive in circulated grades, uncirculated examples can be had for a modest amount over common dates. On March 25, , Secretary of the Treasury C. Douglas Dillon announced that Silver Certificates would no longer be redeemable for silver dollars. Following this, the Treasury inventoried its remaining stock of dollar coins, and found approximately 3, bags containing 3 million coins. Many of the remaining coins were Carson City mint dollars, which even then carried a premium.
The coins were placed in special hard plastic holders and the General Services Administration GSA was given authorization to sell them to the public in a series of mail-bid sales. Five sales were conducted in and , but sales were poor, and the results unspectacular. There was much complaining among the coin buying public, many stating that the United States government should not be in the "coin business", especially considering that the government had spent little more than a dollar to mint and store each coin. After these sales, more than a million coins were still left unsold. These sat again until —, where, amidst an extraordinarily volatile precious metals market , the remaining coins were sold under chaotic conditions.
The GSA, having published minimum bids in November , announced on January 2, , that those minimum bids were no longer valid, and that prospective bidders would have to "call in" to a toll free number to get current minimum bids. Then, on February 21, 13 days after the bidding process officially began, the maximum number of coins per bidder was changed from to Many bidders, under these confusing conditions, ended up with no coins at all. Complaints again flooded in to Congress, but the damage had already been done, and the last silver dollars held by the United States Treasury were gone. Over the years, many of these GSA dollars have been broken out of their special holders for purposes of grading or otherwise, and now GSA dollars still in the unbroken original holders carry a small premium.
Some third party grading companies have begun to grade coins still in their GSA holders, as a means of preservation, though this is not without controversy. From to , the U. Mint issued dollar coins with the obverse depicting President Dwight David Eisenhower and the reverse the insignia of the Apollo 11 Moon landing, both designed by Chief Engraver Frank Gasparro. Williams , while retaining the Eisenhower obverse, and the dual dates — The Eisenhower dollars minted for general circulation contained no silver or gold, but were instead composed of the same copper-nickel clad composition used for the dime, quarter, and half dollar. This made the circulation coins extremely resistant to wear and, like the smaller denominations, they still retain a good deal of shine even when subject to mass usage.
The — issues appeared in brown boxes or blue packages, depending on whether they were proof or uncirculated. Somewhat different Bicentennial sets were produced in the following two years. All issues remain very common. The coins were never very popular, primarily because of their large size and weight which made them inconvenient to carry and the fact that very few vending machines were designed to accept them. They saw the greatest use in casinos, and one-dollar tokens in many United States casinos still approximate the size and weight of the coins. Prior to the withdrawal of the coins, which remain legal tender and are sometimes available at banks by request , many casinos did not strike their own tokens, but instead used the Eisenhower dollar.
From to , and again in , the Mint produced Anthony Dollars depicting women's suffrage activist Susan B. Anthony also designed by Frank Gasparro. Anthony thus became the first historical female person portrayed on circulating U. Many earlier circulating coins had featured images of women via allegorical figures such as Peace or Liberty ; Spain 's Queen Isabella appeared on the Columbian Exposition quarter dollar but the coin was not intended for general circulation.
The Anthony dollars, like the Eisenhower dollars, were made from a copper-nickel clad. The coins were issued for collectors only but occasionally show up in circulation. The Anthony dollar, because of its color, size, and design, was often confused with the quarter. It was never popular and production was suspended after In , it was struck again when Treasury reserves of the coin were low and the Sacagawea dollar was still a year away from production. It was designed by Adolph A. It is struck only in the one troy ounce size, which has a nominal face value of one dollar and is guaranteed to contain one troy ounce of Its content, weight, and purity are certified by the United States Mint.
In addition to the bullion version, the United States Mint has produced a proof version and an uncirculated version for coin collectors. The Sacagawea dollar was authorized by Congress in because the supply of Anthony dollars, in inventory since their last mintage in , was soon expected to be depleted. These coins have a copper core clad by manganese brass. Delays in increasing Sacagawea dollar production led to a final dated mintage of Susan B. Anthony dollars. Dollar coins are used infrequently in general commerce. They were also used in certain subway and public transit systems, such as the "T" in Boston.
In , the U. Mint conducted a limited design competition for the new dollar, inviting 23 artists to submit designs portraying Sacagawea on the obverse "heads" side and American bald eagle on the reverse "tails" side. The obverse was designed by artist Glenna Goodacre. There are approximately 1 billion Sacagawea coins in circulation, and about million in reserve. Mint greatly reduced production of Sacagawea dollars after the minting, citing sufficient inventory. From to , the Sacagawea dollar was still minted for collectors and was available in uncirculated rolls, mint sets, and proof sets, but it was not released for general circulation again until the introduction of the Native American series in My favourite American actors. See all related lists ».
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