![]() The power of coinage was exercised by several of the independent States from 1778 until the adoption of the national Constitution.Ī mint was established at Rupert, Vt., by legislative authority in 1785, whence copper cents were issued, bearing on one side a plough and a sun rising from behind hills, and on the other a radiated eye surrounded by thirteen stars. This base coin was vehemently opposed in the colonies.Ī writer of the day, speaking of the speculation, said Wood had “the conscience to make thirteen shillings out of a pound of brass.” In the coinage of 1724 the rose was crowned. One side of the coin bore the image of George I., and on the other was a large double rose, with the legend “ Rosa Americana utile dulci.” He made it of pinchbeck - an alloy of copper and tin. ![]() In 1722-23, William Wood obtained a royal patent for coining small money for the “English plantations in America.” Some coins had been made in Bermuda for the use of the Virginia colony as early as 1644.Ĭopper coins bearing the figure of an elephant were struck in England for the Carolinas and New England in 1694.Ĭoins were also struck for Maryland, bearing the effigy of Lord Baltimore. All the coins issued from it bore the dates 1652 or 1662, the same dies being used, probably, throughout the thirty-four years of coining. The “mint-house” in Boston existed about thirty-four years. Thus the pound currency of New England came to be one-fourth less than the pound sterling of Great Britain and this standard was afterwards adopted by the British Parliament for all the English American colonies. The silver was alloyed a quarter below the English standard, with the expectation that the debasement would prevent the coin leaving the country. To stop this drain of specie Massachusetts set up a mint, and coined silver threepences, sixpences, and shillings, each bearing the figure of a pine-tree on one side, and the words “ New England” on the other. ![]() The coins would not regain their official legal tender status until nearly a century later with the passage of the Coinage Act of 1965.Wampum depreciated in value as currency in consequence of over-production, and a final blow was given to it as a circulating medium in New England by an order from the authorities of Massachusetts not to receive it in payment of taxes.Īs fast as coin came to the colony of Massachusetts by trade with the West Indies, it was sent to England to pay for goods purchased there. In the following year, the United States government allowed for the redemption of unmutilated Trade Dollars at face value during a brief six-month period. On July 22, 1876, a bill was passed to officially demonetize the Trade Dollar within the United States. The coins became widely disliked and some banks and businesses refused to accept them. These would be sold wholesale at a discount and distributed throughout the country, sometimes used by employers for payroll. When the value of the silver content fell below face value, bullion depositors began having their silver struck into Trade Dollars. Most of the initial production was exported to China, however many pieces were reimported into the United States after the price of silver declined. Finally, a banner appears between the eagle and upper inscription reading “E PLURIBUS UNUM”.Īlthough the Trade Dollar was intended primarily for export, the coins were legal tender within the United States for payments up to five dollars. The silver weight and fineness, appearing as “420 GRAINS”, “900 FINE”, and “TRADE DOLLAR “appear below. ![]() The inscription “UNITED STATES OF AMERCA” appears above. On the reverse, a bald eagle is pictured with its wings spread, grasping an olive branch and a bundle of arrows in its talons. ![]()
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