Library
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October 15, 2015
When California gold was first discovered in 1848, there was an immediate need to convert the yellow metal into money. Until the San Francisco Mint opened in 1854, private assayers and refiners produced their own coins and ingots for everyday commerce. These privately-issued bars and coins usually had denominations of $2.50 or greater, with some bars weighing in excess of 100 ounces! By the mid-1850s, official United States gold coins struck at San Francisco rendered most of these private issues obsolete. The San Francisco Mint was striking $1, $2.50, $3, $5, $10 and $20 pieces; this satisfied the demand for trustworthy and universally accepted gold coins.
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October 09, 2015
Of all the metals used for United States coins, copper is perhaps the most chemically volatile. While silver, gold and (to a lesser degree) nickel are reactive to some degree, copper is the most likely to oxidize, tone and change in color. With that in mind, numismatists have devised specific designations to describe a copper coin’s color.
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October 07, 2015
The Panama Pacific Expo, held in 1915, was meant to celebrate the completion of the Panama Canal. However, despite its official purpose, this world’s fair was widely seen as an opportunity to showcase San Francisco’s remarkable recovery from the 1906 earthquake. The expo was a tremendous success, but its commemorative coinage was an initial failure. Relatively few of the gold and silver coins sold during the fair and many of the excess specimens were melted. Decades later, however, these “commems” became wildly popular—and valuable.
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October 05, 2015
Beginning in 1892, America’s silver dimes, quarter dollars and half dollars were designed by US Mint engraver Charles Barber. This motif was continued until 1915 for the half dollar and 1916 for the quarter and dime; it was considered a “safe” design but not terribly inspiring. Ironically it was introduced to replace a design that became “long in the tooth,” but eventually the Barber motifs developed the same reputation.
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October 03, 2015
The four dollar gold “Stella” is one of the most enigmatic, valuable and coveted rarities in American coinage. Intended for use in international commerce, the coin was struck in extremely limited quantities and technically never left the prototype phase. Fewer than 1,000 pieces were made over the span of two years before the concept was abandoned. This article will cover the circumstances leading up to the coin’s creation and why it never entered mass production.
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October 01, 2015
For most collectors, the goal is to buy coins in the highest grade available—or the highest affordable grades. However there is actually an active market for coins in the very lowest grades, also known as “lowballs.” In fact, some coins are worth more with extreme levels of wear versus an average amount of circulation. Why? The basic answer is rarity.
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September 27, 2015
Proof coins, by definition, are special numismatic items. They are produced specifically for collectors, given to dignitaries, or struck to commemorate momentous events. While proof coins are special as a category, a certain type is even more unusual: branch mint proofs. Until the mid to late 20th century, all proof coins were made at the Philadelphia Mint except for a select few. Proofs made at other facilities, also known as "branch mint proofs," are among the rarest of all United States coins.
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September 25, 2015
Until the 1860s, virtually all of America’s currency was in the form of copper, silver and gold coinage. Other than a small issuance of paper money in the 1770s and 1780s, federally-issued money was hard money made out of valuable metals. Private banks and firms issued paper money and notes, but they did not circulate freely—and were often mistrusted. Federally-issued paper money was not freely accepted and often traded at a discount to face value.
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September 23, 2015
As the United States of America grew and its population became more and more dispersed, the federal government responded by opening new Mint facilities. One such example is the Denver Mint, which opened in 1906 but traces its roots back to the 1850s. Not only was the city of Denver growing in population, but gold had been discovered in the area too. This called for the establishment of a federal assay office and, later, an official United States Mint. Today, despite its humble beginning, the facility is the largest producer of coins in the world.
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September 21, 2015
The silver dollar was a mainstay of United States commerce for over two centuries. It was one of the very first denominations produced by the United States Mint in 1794 and was struck in massive quantities until the 1930s. Given its prominent place in everyday American life, it may come as a surprise that the silver dollar was discontinued in 1935. Even while the smaller silver denominations (the dime, quarter and half dollar) were still in production well into the 1960s, the ever-popular silver dollar was phased out in the 1930s. The reason for this paradoxical situation: overproduction.