US Coins

Which coins were used before the US dollar?

The first English settlers used materials such as shells, rice and tobacco for their transactions since it was very difficult for them to obtain English currency. Later on, they adopted the use of the Spanish piece of 8, which was the most widespread currency in the world at that time. In fact, pieces of 8 were legal currency in the USA until 1857. This coin had the same weight and size as other European silver issues, known in different languages as Thaler, daler, daalder or tallero, from which the name dollar derived. After the Revolution, the US government began to issue paper money known as "Continental currency" to finance the war. However, this currency quickly lost value due to overprinting and lack of backing, leading to hyperinflation. Finally, the US Mint was established in 1792, and the dollar became the country’s official currency.

Which US coins are the oldest?

The first official United States minted coin was the Half Cent, first produced in 1792 along with the passing of the Coinage Act of 1792. This coin was followed by the mint of 1 and 2-cent pieces. Gradually, their production increased, and in 1794 the first one-dollar coins were put into circulation. These coins had the same weight and size as the Spanish piece of eight, which were still in use. The first one-dollar coins featured an image of Liberty on the obverse and an eagle on the reverse.

Which US coins can you buy at Vcoins?

At VCoins, you can purchase certified, high-grade examples of a wide variety of US coins, from different kinds of cents (small, large, half dimes etc.) to dollars and gold coins. Moreover, we also offer an extensive collection of Civil War tokens, colonial issues, mint sets, proof sets and errors, commemorative issues, and paper money, along with interesting US numismatics books and collecting supplies.

Half-cent

The half-cent was issued from 1793 to 1857. It was the smallest denomination ever produced by the US Mint and was worth half a cent, or 1/200th of a dollar. Its design was similar to the larger copper cents of the time, with an obverse featuring the head of Liberty facing right and a reverse featuring a wreath and the denomination "half-cent" in the centre. However, the half-cent was inconvenient to use in everyday transactions and subject to frequent counterfeiting. As a result, it was discontinued in 1857.

Large cent and small cent

The large cent had a face value of 1/100 of a dollar. The coin was made of copper and featured Lady Liberty on the obverse and an eagle on the reverse. It was minted from 1793 to 1857, when it was replaced by the modern one-cent coin, also known as the small cent or penny. The latter was first issued in 1856 and is still in use today. Since the abolition of the half-cent in 1857, it has been the lowest face-value physical unit of U.S. currency. The coin features a portrait of Abraham Lincoln on the obverse and the Lincoln Memorial on the reverse.

2, 3 and 5 cents

The 2 cent coin, also known as the two-cent piece, was minted from 1864 to 1873. It was made of copper and featured a shield on the obverse and an oak wreath on the reverse. The 3 cent coin, or the three-cent piece, was minted from 1865 to 1889. It was made of silver and featured a Liberty head on the obverse and a wreath on the reverse. The 3-cent coin was initially popular, but its place in commerce was supplanted by the five-cent piece, or nickel, which was first introduced in 1866 and is still used today. The coin is made of copper and nickel and has a shield on the obverse and the Roman numeral V surrounded by a wreath on the reverse.

Half-dime

The half-dime was minted from 1794 to 1873. It was the smallest silver coin ever minted by the United States and was valued at 5 cents. The coin featured a Liberty head on the obverse and an eagle on the reverse. Its design underwent several changes over the years, including the introduction of the Draped Bust design in 1796, the Capped Bust design in 1829, and the Seated Liberty design in 1837. The half-dime was a popular coin in the early days of the United States and was used for everyday purchases. However, by the mid-19th century, it had fallen out of favour and was discontinued in 1873.

10 and 20 cents

The 10-cent coin, also known as the dime, was first issued in 1796 and is still in use today. Since its introduction, the dime has been issued in six different major types, such as the Barber design in 1892, the Mercury dime in 1916, and the Roosevelt dime in 1946. The latter is still being produced nowadays. The 20-cent coin was minted from 1875 to 1878 with the aim of introducing a new denomination that could be used for everyday purchases. It featured a Liberty head on the obverse and an eagle on the reverse. However, the issue of this coin proved a failure due to confusion with the quarter, to which it was close in both size and value.

25 cents or quarter dollar

The 25-cent coin, commonly known as quarter, was first issued in 1796 and is still in use today. It is made of a copper-nickel alloy and features a portrait of George Washington on the obverse and after 1998 its reverse design has changed frequently. The different designs include the Standing Liberty in 1916, the Washington Quarter in 1932, the Statehood Quarter in 1999, the America the Beautiful Quarter in 2010 and the American Women Quarters in 2022, which is still ongoing.

50 cents

The 50-cent coin, also known as the half-dollar, was first issued in 1794 and is still in circulation today, although it is not commonly used in everyday transactions. In both size and weight, it is the largest United States circulating coin currently produced. It is made of a copper-nickel alloy and since 1964 features a portrait of John F. Kennedy on the obverse and the seal of the president of the United States on the reverse. Other popular designs over the years are the Barber design in 1892, the Walking Liberty design in 1916, and the Franklin design in 1948.

Dollar

The dollar is the official currency of the United States and is the most widely used currency in international transactions. Thomas Jefferson decided that the currency should be adapted to the decimal system, and so the dollar, from the beginning, was divided into 100 parts, called cents, in honour of the French cent. The dollar is available in both paper notes and coins. The bills come in denominations of $1, $2, $5, $10, $20, $50, and $100. Each bill features a portrait of a notable historical figure on the front and a design on the back representing a specific theme or historical event. The coins are available in different series, each with its own designs and themes. The Presidential Dollar series, for example, features the portraits of former US presidents, while the American Innovation series features innovators and innovations from each of the states.

Gold coins

The United States has a long history of producing gold coins, with the first ones issued in 1795. Over the years, many different types have been produced, each with its own unique design and history. One of the most famous US gold coins is the Double Eagle, which was first minted in 1850. The Double Eagle was a $20 gold coin featuring a design of Lady Liberty on the obverse and an eagle on the reverse. Another well-known coin is the $10 gold coin, also known as the Eagle. Other types include the Half Eagle ($5 gold coin), Quarter Eagle ($2.50 gold coin), and Gold Dollar ($1 gold coin). Today, the US Mint produces a variety of gold coins, including the American Gold Eagle, American Gold Buffalo, and American Gold Commemorative coins.

Commemoratives

Commemoratives are special coins issued by the US Mint to commemorate important events, people, and institutions in American history. These are typically produced in limited quantities and are highly sought after by collectors. Commemorative coins can be minted in either silver or gold and are often designed with unique features and designs that reflect the event or person being commemorated. They can be issued in circulating or non-circulating form. Circulating commemorative coins are intended to be used as legal tender and are issued in limited quantities. Non-circulating ones, on the other hand, are not intended for general circulation and are often produced in higher quality and smaller quantities.

When did the circulation of precious metal coins in the US end?

The circulation of precious metal coins in the United States ended gradually during the 20th century. In 1933, President Franklin D. Roosevelt issued an executive order banning the ownership of gold coins, bullion, and certificates by US citizens, effectively ending their circulation in the country. In 1965, the US Mint ceased production of silver coins for general circulation due to rising silver prices and the increasing cost of production. From that point on, dimes, quarters, and half dollars were made of a copper-nickel alloy rather than silver. Today, the US Mint produces commemorative gold and silver coins, as well as bullion coins, for collectors and investors, but these coins are not intended for general circulation.

When were the first dollars minted?

The first dollars were minted in 1794, shortly after the establishment of the US Mint. These were known as "Flowing Hair" dollars, named after the design on the obverse of the coin, which featured a portrait of Lady Liberty with her hair flowing behind her. The Flowing Hair dollar was minted from 1794 to 1795. It was followed by the "Draped Bust" dollar, which was minted from 1795 to 1804 and included a design of Lady Liberty with a draped bust on the obverse. After a hiatus of over 30 years, the US Mint began producing dollars again in 1836, with the introduction of the "Gobrecht" dollar, a modified version of the Draped Bust design. In 1840, the US Mint introduced the "Seated Liberty" dollar, featuring Lady Liberty seated on a rock.

American Eagle: eagle and double eagle

The American Eagle was a $10 gold coin issued by the US Mint from 1792 to 1933. The eagle base unit of denomination served as the basis of the quarter eagle ($2.50), half eagle ($5), eagle ($10), and double eagle ($20) coins. This denomination should not be confused with the American Eagle bullion coins which are manufactured since 1986 and still in production today. The American Double Eagle gold coin was first minted from 1849 to 1933 and had a denomination of $20. In 1933 most of the coins were melted down and destroyed following the US government's decision to abandon the gold standard. However, a few examples of the 1933 Double Eagle managed to escape destruction and were later sold at auction for millions of dollars.

When was the first paper money in the US issued?

The first paper money issued by the United States was during the American Revolution, in the form of "Continental currency" notes. However, these were not backed by gold or silver, and their value quickly depreciated. The first paper money backed by gold or silver was the “Demand Notes”, which were issued in 1861. These were used to finance the Civil War and were redeemable for gold or silver. A year later, the Congress authorized the introduction of "Legal Tender Notes” or "United States Notes”, which featured the seal of the Treasury at the time on the front. In 1863, the "National Bank Notes” began to be issued by banks. Over time, many different types of paper money have been used, including Silver Certificates, Gold Certificates, and Federal Reserve Notes.