Today it is highly unlikely that current purchases of newly minted American Coins of Proof or Uncirculated coins would keep up with inflation. Mint products: Unfortunately most of the American coins produced for collectors and investors at the US mint today are made to make the mint money and not you money. I would like to see examples of both coins together. Clearly some people will work on a very small margin. It is said that you cannot tell the mint issue from the counterfeit.Īt the time no one considered that it would be viable either which allowed it to continue so long. The counterfeiter was so good that he made these coins for some considerable time and they circulated freely without any suspicion. The Indian head penny of 1904 was counterfeited in very large quantities and no one knows how many. These notes are now called fractional currency issues.Ĭounterfeit Coins in Circulation. The federal government responding to this great shortage and issued paper notes in small change sizes to be used as change to facilitate the business sector. Private tokens again came into the market place to fill this void and circulated freely as money. This practice was taken to the extreme in New York where a ware house floor collapsed due to the enormous amount of copper cents being stored on it. Use of tokens during the civil war.During the civil war copper coins for small change became so scarce because of copper hording that commerce was again nearly halted. They were accepted because they were of a similar weight and size. Tokens mostly from England freely circulated with the copper cents and half cents of the period to provide the medium necessary for commerce to develop properly. Use of trade tokens From the early 1830’s until the late 1850’s commerce was growing faster than the production of coins from the new mint and it was not able to meet demand. The first US minted American coins came in 1793 with the introduction of half cent and large cents along the line of their British counterparts. Several coins were struck in various metals. These notes are called continental currency.įirst US Mint,In 1792 the newly formed government started looking at patterns produced for possible future coinage. In Massachusetts in 17 were produced the first coins of cent and half cent values.Ī paper currency was also issued in Massachusetts as well to provide much needed small change sizes in both pounds and shillings and Dollars. Today many of these coins bear the wear marks of having been previously folded. One of these shillings folded into a V shape was believed to ward off witches. They were primarily shillings and were quickly adopted by the local population. Private mints Massachusetts produced the first coins of the Americas in 1852 and continued for 30 years. Gold and Silver coins were indeed scarce and were required for payments overseas so as they would accumulate they would disappear again overseas. Proclamation coins, the first American coins, The earliest coins in circulation prior to 1792 were the then current coinage of England and Spain of the period with the Spanish Milled Dollar and its divisions of half and quarter as the most accepted.
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