Numismatic History of the United States

The numismatic history of the United States encompasses the evolution of currency and coinage within the country. The purpose of this study is to give an overview of key milestones in the numismatic history of the United States.

Numismatic History of the United States

1. Table of Contents

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   Colonial Currency (17th-18th Centuries):

   • In the early colonial period, various forms of money were used, including foreign coins, commodity money, and locally issued paper currency. Each colony often had its own system of currency.

2. Continental Currency (1775-1781):

   • During the American Revolutionary War, the Continental Congress issued Continental Currency to finance the war effort. However, issues of overprinting and lack of backing led to significant depreciation.

3. Coinage Act of 1792:

   • The Coinage Act of 1792 established the U.S. Mint and regulated coinage.

4. Early 19th Century – Gold Rushes and Coin Designs:

   • The discovery of gold in various regions, such as Georgia and North Carolina, led to gold rushes. The U.S. Mint produced gold coins like the $5 Half Eagle and the $10 Eagle. Mint engravers like Christian Gobrecht created iconic coin designs.

5. Civil War and Fractional Currency (1861-1865):

   • During the Civil War, there was a shortage of coins, leading to the issuance of fractional currency—paper notes in denominations less than $1.

6. National Banking System (1863):

   • The National Banking Act of 1863 established a system of national banks and provided a uniform currency.

7. 1870s-1930s – Coin Designs and Redesigns:

   • The late 19th and early 20th centuries saw various coin redesigns, including the introduction of iconic designs like the Buffalo Nickel and the Mercury Dime. The Saint-Gaudens Double Eagle, considered a masterpiece, was introduced in 1907.

8. Gold Standard (1879-1933):

   • The U.S. officially adopted the gold standard in 1879, linking the value of the dollar to a specific quantity of gold. This standard remained in place until the Great Depression.

9. Federal Reserve System (1913):

   • The Federal Reserve System was established in 1913, creating a central banking system in the U.S. The Federal Reserve began issuing Federal Reserve Notes as a form of paper currency.

10. Gold Recall and End of Gold Standard (1933-1934):

    • During the Great Depression, President Franklin D. Roosevelt issued Executive Order 6102, recalling gold coins and certificates. The Gold Reserve Act of 1934 effectively ended the gold standard for currency.

11. Post-World War II Era:

    • The post-World War II period saw changes in coinage materials. In 1965, silver was removed from circulating dimes and quarters, and in 1971, the United States fully transitioned to a fiat currency system as the link between the dollar and gold was severed.

12. Bicentennial Coinage (1976):

    • In celebration of the Bicentennial, the U.S. Mint issued special commemorative coins, including the Bicentennial Quarter, Half Dollar, and Dollar.

13. State Quarters Program (1999-2008):

    • The State Quarters Program featured a series of quarters, each representing one of the 50 states. The program ran from 1999 to 2008, with five different quarters released each year.

14. 21st Century Innovations:

    • The 21st century has seen the introduction of new coin designs, including the Presidential Dollar series, the America the Beautiful Quarters, and various commemorative coins.

The numismatic history of the United States reflects the changing economic and cultural landscape of the nation. From colonial currencies to modern coinage innovations, U.S. numismatics showcase a rich tapestry of design, history, and monetary evolution.