In the 200+ years the U.S. Mint has produced coins, many different denominations have come and gone. Today’s circulated coins are pennies, dimes, quarters, and half-dollars. Most of these coins underwent multiple design, size, composition, and weight changes. From the first coins to today’s modern coinage, the history of U.S. coins ties directly into our nation’s legacy. Wars, economic lows, legislative coin acts, and even public opinion have all been significant factors in the evolution of our earliest coins.
Official U.S. currency came about after the Revolutionary War, when the government attempted to solve the issue of national coinage. Multiple types of foreign currency were used throughout the country, which was confusing and challenging to keep track of. Congress authorized the production of copper cents in 1787 as the first circulated coins. It wasn’t until the Coinage Act of 1857 that foreign coins were banned as legal tender. Foreign currency was used for so long due to the struggles of producing enough domestic coinage. Thanks to the California Gold Rush, the U.S. Mint was able to bridge the gap and eliminate foreign currency once and for all.
These cent coins, called Fugio Cents or Franklin Cents, featured a sundial on the obverse and a chain of 13 links on the reverse. These coins were short-lived, as the Constitution was ratified the following year, and national coinage was once again a debate.
The Coinage Act of 1792 formally established a national mint in Philadelphia. The Philadelphia Mint, now the U.S. Mint, experimented with new cents in its early stages.
The first coins the new United States Mint ever struck were 1,500 silver half-dimes, which were experimental coins and not circulated. Some numismatics and historians claim that the silver for these coins came from George and Martha Washington’s silverware. These coins were not circulated to the public and were likely only given to friends and local officials as commemorative keepsakes for this historical event.
The Designs of the First Circulated Coins
Part of the Coinage Act of 1792 specified the design of the first coins:
All coins must have an impression emblematic of liberty, the inscription “LIBERTY,” and the year of coinage. Gold and silver coins must have an eagle design and the inscription “UNITED STATES OF AMERICA.” Copper coins were only required to list the denomination.
Congress chose the Lady Liberty obverse design as an alternative to using effigies of presidents because they felt that the latter would be too similar to the practice of other countries that put monarchs on their currency. Liberty has been a symbol of the United States of America since the American Revolution, and she is still present on most coins today. In the 1900s, notable presidents became the staple imagery for circulated coins.
The official first circulated coins were 11,178 copper cents in 1793, featuring Lady Liberty on the obverse and a chain of 15 links on the reverse. The chain design was received poorly; some perceived it to represent slavery. Within a few months, it was changed to a wreath instead.
The Brasher Doubloon, America’s first gold circulated coin, was struck in 1787. Gold coins did not have printed denominations until 1838. After the Brasher Doubloons, the following gold coins were Eagles in $2.50, $5, and $10 denominations due to the Coinage Act of 1792. While gold coinage officially began in 1795, these coins were not initially circulated in large mintages. After multiple gold rushes and establishing more branches, the U.S. Mint issued the coins in larger quantities in the mid-1800s.
The Flowing Hair dollar was the first silver U.S. coin. It was minted in October 1794 in a small batch of 1,758 and given to dignitaries as souvenirs. Afterward, it entered circulation. The Draped Bust dollar replaced the design in October 1795.
Designed by Robert Scot, the Draped Bust dollar was minted from 1795 to 1803. The reverse design was changed in 1798, and collectors now call it the Heraldic Eagle. The original reverse was dubbed the Small Eagle. Both versions are highly sought-after among collectors of early U.S. coins for their scarcity, silver content, and historical significance as the first iteration of the now-famous silver dollars.
Coins of the Early 1800s
Many of the first U.S. coins popular among collectors were issued in the early 1800s. The Draped Bust and Capped Bust designs are the most prominent in this era as they were used across the majority of the early coins.
Draped Bust (1796 to 1807): Chief Engraver Robert Scot designed this obverse of Lady Liberty, which was used on various denominations of copper and silver coins. At the time, all of the first U.S. coins had the same obverse design.
Capped Bust (1807 to 1839): Designed by John Reich, the Capped Bust iteration of Lady Liberty was present on the half dime, dime, quarter, and half dollar.
During this time, the U.S. Mint produced a large amount of half cents and large cents along with the previously established standard denominations.
The Half-Cents
Three versions of the half-cents were prominent in the 1800s:
Draped Bust Half-Cent: 1800 to 1808
Classic Head Half-Cent: 1809 to 1836
Braided Hair Half-Cent: 1840 to 1857
These small coins were the smallest denomination ever made in the United States.
Large Cents
These hallmark coins of the 1800s were prominent, but not well-liked. Citizens found them bulky and cumbersome to carry around. Collectors today enjoy creating complete sets and finding rare issues.
Classic Head: 1808 to 1814
Matron Head: 1816 to 1835
Modified Matron Head: 1836 to 1839
Braided Hair: 1839 to 1857
Early Gold Coins
In the early 1800s, coins were not just copper or silver. Gold coins were also in circulation, in denominations of $1, $2.50, $5, and $10.
$2.50 Quarter Eagles were minted from 1796 to 1929 and saw six different designs: Capped Bust, Draped Bust, Capped Head, Classic Head, Liberty Head, and Indian Head.
Half Eagles, worth $5, were the first official gold coins struck by the U.S. Mint, although early mintages were limited and not widely circulated. They also had the same six designs as the Quarter Eagles. Minted from 1795 to 1929, the $5 Half Eagle lives on as commemorative coins for special occasions and in bullion.
Coins of the Late 1800s
The mid-to-late 1800s were tumultuous for American coinage. This period is significant to historians and collectors alike, with the American Civil War, the makeshift coins from the coin shortage, and the first designs that influenced today’s currency. Some of the most significant designs during this period were Indian Head, Seated Liberty, Liberty Head, Barber, and Morgan. Large cents were discontinued in 1857 and replaced with small cents, and many of these cents are among the world’s most sought-after collectibles due to their composition and historical significance. These lighter, less bulky coins were not made of pure copper due to the rising cost of the material.
Seated Liberty Coinage (1836 to 1891)
This long-running design by Thomas Sully and Titian Peale appeared on half dimes, dimes, quarters, half dollars, and silver dollars. The short-lived twenty cent piece also bore the popular Seated Liberty design.
Indian Head (1859 to 1909)
This popular design on the early copper cents replaced the Flying Eagle cent. These two cents were commonly called “white cents” due to their light coloration from being made of copper and nickel. Indian Head Cents are widely collected, and specific iterations can be worth over $50.
Liberty Head (1883 to 1912)
The Liberty Head Nickel, also known as the “V” nickel, is famous for its rarity and unique history. Decades before its creation, an industrial miner named Joseph Wharton pitched nickel coins to the U.S. Mint. The first nickel was the Shield nickel, minted in 1866. Due to many issues with the design, a new nickel design was ordered, and Chief Engraver Charles Barber produced the Liberty Head nickel in 1883. The “V” on the reverse is the Roman numeral for five, symbolizing the denomination of five cents.
An unexplained batch of five coins was struck in 1913 despite no production record, as 1912 was the last year of issue. First discovered in 1919, the numismatic community learned that these 1913 coins existed at a Chicago Coin Club meeting, and all five were owned by a prominent numismatist, Samuel Brown. He had been an employee of the Mint in 1913, causing many to speculate that he struck the coins himself, or perhaps they were issued as private releases. To this day, the true origin of the nickels has yet to be uncovered. These incredibly rare coins have sold for millions at auctions over the years and are now displayed in museums.
Barber Coins
In 1892, multiple coins featuring designs from the head chief engraver at the U.S. Mint, Charles E. Barber, were introduced into circulation. Now known as “Barber Coins,” his new dime, quarter, and half-dollar designs debuted around the same time. Since he had also designed the Liberty Head Nickel, every denomination of coins bore his designs from 1892 to 1904, an achievement no other engraver has shared.
Morgan Dollars
One of the most notable coins produced in the late 1800s is the Morgan Silver Dollar. This iconic coin was struck in 1878 by five different mints to benefit the silver mining companies rising in the western United States. The Bland-Allison Act of 1878 spurred the creation of the Morgan Silver Dollars, which are named after the coin’s designer, George Morgan. These coins quickly became popular among silver collectors and remain among the most collectible U.S. coins ever made.
Coins of the Civil War
On April 12, 1861, the American Civil War began. This historic conflict significantly impacted the use of precious metals in currency, as people hoarded them as a hedge against the declining dollar. This led to a shortage of coins, causing the government to borrow gold coins from the New York banks in late 1861. The value of paper currency lowered, and premiums on precious metals rose to 9% over paper by June 1862. This caused great disruption to the markets and businesses, and substitutes for coins were introduced:
- Shinplasters (1861 to 1869): Paper money of low denomination (less than one dollar) issued by banks. The name comes from a piece of paper soldiers used to protect their shins from chafing on their boots.
- Civil War Tokens (1861 to 1864): These privately minted coins were used primarily in the Northeast and Midwest. There were three kinds: patriotic tokens, store cards, and Sutler tokens. Each type had particular uses.
- Encased Postage Stamps (1862 to 1863): The government passed a law allowing postage stamps to be used toward debts under $5. Like coins, these were made with silver or brass, which proved too expensive for long-term use.
In 1863, Fractional Currency replaced Postage Stamps. This was colorful printed paper money with several anti-counterfeiting measures to combat the postage currency issues. Notes were issued in denominations of $0.03, $0.05, $0.10, $0.25, and $0.50 until the currency was discontinued in 1876.
1864 marked a historic change for the early U.S. coins with the introduction of the two-cent piece and the now-iconic phrase “In God We Trust” on all coinage today. This coin was made primarily of bronze because copper, silver, and gold were too expensive and scarce at the time. The two-cent piece was circulated until 1873, and the denomination was never reissued.
After the Civil War ended in 1865, coinage gradually returned to stable circulation levels. The five-cent nickel was introduced in 1866, replacing the half dime. This coin was the first use of nickel, an affordable and abundant metal. In its first year of issue, the Mint produced 15 million five-cent nickels, which are still circulating today.
New Gold Coins of the Mid to Late 1800s
$1 Gold coins weren’t minted until 1849 and were the physically smallest coins ever produced in the United States at only 15 mm, smaller than a half dime. They first bore the Liberty Head design, but it was changed in 1854 to give Liberty a headdress of feathers. This new design was dubbed Indian Princess Head and remained until the coin was discontinued in 1889.
One of the rarest gold coins ever made is the $4 Stella gold coin. Created only in pattern proofs from 1879 to 1880, it had two designs: Flowing Hair and Coiled Hair. It was intended to be part of a universal currency, but never made it to production as Congress canceled the denomination before it could be officially authorized. The proofs are scarce and can be difficult and expensive to obtain as a collector.
Another unique denomination of gold coins was introduced in 1854: the $3 Princess gold coins. These were created to purchase sheets of 3-cent stamps, but they didn’t catch on with the public. Still, they stayed in circulation until 1889 and only had one design throughout their production.
Coins of the 1900s
U.S. coins saw significant changes in currency at the turn of the century. Paper money quickly became more popular, and increasing denominations such as Federal Reserve Notes were introduced. From 1917 to 1933, you could use Federal Reserve Notes to exchange gold coins at a bank. Similarly, silver certificates were exchangeable for silver coins until 1968.
Gold Coins Return
The first commemorative coins were issued in 1902 to celebrate the historic Louisiana Purchase. These gold coins featured Thomas Jefferson or William McKinley on the obverse with an olive branch on the reverse. Gold dollars featuring the Lewis and Clark Expedition followed in 1904.
1907 is notable for the release of the Augustus Saint-Gaudens Double Eagle coins, which many collectors have regarded as the most beautiful coins the U.S. Mint has ever produced. These stunning coins are still widely popular today.
From Liberty to President
In 1909, American coins were changed forever when the new Wheat Penny featured a real person and president: Abraham Lincoln. The portrait, designed by Victor David Brenner, is still used on modern pennies. Because of this historic first and how well received it was by the public, it is common to find presidents and historical figures on U.S. coins and paper currency today.
The Wheat Penny was created in honor of Abraham Lincoln’s 100th birthday. The name was derived from the reverse design, which showed two sheaves of wheat. This coin was minted until 1958, when the new reverse design of the penny showed the now-iconic Lincoln Memorial to commemorate Lincoln’s 150th birthday.
Peace Dollars
The Peace Dollars are among the most notable coins from the early 1900s and are widely popular today. The Peace Dollar is the successor to the iconic Morgan Dollar and was minted from 1921 to 1928, then again from 1934 to 1935. The original design stirred backlash and controversy, causing it to be changed just days before production began.
Executive Order 6102
In 1933, to recover from the Great Depression, President Roosevelt signed an executive order forbidding citizens from owning gold and requiring them to return it to the Treasury. Millions of coins were returned and melted down to produce gold bars. Coins were also removed from circulation and halted from further production by the U.S. Mint. The coins that survived are called Pre-1933 Gold and are highly sought-after by collectors and investors.
Composition of Early U.S. Coins
Many of the first U.S. coins, such as the penny, started as pure copper. However, the U.S. Mint had to adjust the composition due to quickly rising copper prices. The U.S. Mint gradually removed genuine silver and gold from circulated coins as the precious metals hobby, industrial uses, mine shortages, and geopolitical events began to affect supply and demand.
The penny went through quite a few composition changes in the 1800s, especially:
- Nickel was added in 1857, but eventually, tin and zinc became the go-to composition from 1864.
- In World War II, pennies became zinc-coated steel due to the high demand for copper.
- In 1962, tin was eliminated from U.S. coins entirely.
- By 1982, the penny was primarily zinc and only 2.5% copper.
Gold coins were short-lived. Originally containing .9167 gold, the fineness was lowered to .8992 in 1834 and again to just .900 in 1837. When the law was changed from Executive Order 6102 to allow ownership of gold coins again in 1974, the Mint did not reinstate gold in circulating coins.
Silver, however, remained in U.S. circulated coins until the Coinage Act of 1965 eliminated silver from dimes and quarter dollars and then removed it entirely from half-dollar coins. Early silver coins, such as dimes, quarters, and dollars, were typically .8924 fine silver. The new five-cent coin in 1866 was the first “silver” coin not to contain any silver, but instead made of copper and nickel. This led to the name “nickel” for the five-cent piece.
Today, most U.S. coins are made of “cupronickel,” an alloy of copper and nickel.
