Category Archives: August 2011

Morgan Dollars Not Always Considered Beautiful

1878 Morgan Dollar

1878 Morgan Dollar

Behold the Morgan silver dollar. Many have said that it is one of the most beautiful designs used on any United States coins, but that sentiment is not shared by everyone, and it is a fact that early critics described the portrait of lady Liberty as “ugly” and even “obese.” Clearly, there are some marked differences in perception as to the quality of this design.

Few coin series have inspired as much admiration and demand as the dollar pieces designed by Mint Engraver George T. Morgan. The coins with his rendering of Liberty were minted from 1878 until 1921, and were made in five different mints.
The Morgan dollar may very well be the most famous of all coins, and one whose appeal stretches far beyond numismatic circles into the general public. It is revered for its timeless beauty, numerous varieties and for the economic disasters and fiascoes it has played a hand in for the past 100 years.

Before the Morgan dollars were made in 1878 the previous silver dollar had as its design a seated figure of Liberty which was not particularly beloved by the American public. Thus when the new design was introduced there was a great interest in comparing it to other coins of the time. To most observers, the Morgan head was a refreshing relief from the tired seated design.

Artist George Morgan came to the United States in 1876 from England. He was only 30 years old at the time, but he was already an accomplished engraver and came highly recommended when the Mint selected him to join the engraving staff in Philadelphia. His first assignment was to redesign all of the nation’s silver coins, a task that he undertook with great enthusiasm.

Also posted in October 2010 | Leave a comment

Many Half Dollar Designs From 1836-1839

The thought of having two different designs on a coin in any one year seems strange to us today. That hasn’t happened for over seventy years. The last time was in 1938 when two kinds of nickels were made. It was the last year in which Buffalo nickels were issued, and the first time that the Jefferson design went into production. Prior to that there were many other occasions when transitional designs were used in the same year.

1836 Half DollarHalf dollars dated 1836 and again in 1839 are some of the transitional coins that are among a long list of overlapping designs. They were neither the first nor the last, but they are some of the most interesting to collectors and students of early American coinage. The reason for their popularity is that there are still so many unanswered questions about just what was going on in the mint during that time.

1836 Half DollarIn 1836 Mint Engraver Christian Gobrecht cut new dies to replace the old Liberty Head figure that had been used on half dollar coins for the past thirty years. The design remained essentially the same, but it was much more refined and showed Gobrecht’s superior skill as a master engraver. He also improved the appearance of the eagle on the reverse of the coin, and in the process he removed the traditional motto E PLURIBUS UNUM that had been part of the design since the turn of the century.

The fresh and vastly improved Gobrecht design was fashioned to accommodate modern minting equipment that had recently been installed in the Philadelphia Mint. The use of steam engines for the first time in coinage production allowed the opportunity to make coins that were perfectly round, and in much higher relief than any of the previous American money. To further distinguish between the old and new designs the denomination on the reverse was changed from “50C.” to “50 CENTS”.

There was no question in anyone’s mind about the new coinage being far superior to the anything that had been seen in the past, and all accepted these half dollars with pleasure. What went unnoticed in this change was the fact that the weight of the coin was lowered, the fineness raised, and the silver content reduced by about .006 of an ounce. The difference was so slight that no one complained.

Half dollars of the revised type were made throughout 1836 and 1837, but for some unexplained reason more changes were made to the design in 1838 and 1839. Those revisions were not really improvements, and one can only wonder why the eagle was made slightly larger, the lettering boxier, and the denomination changed to “HALF DOL.”

Perhaps all of those design modifications had something to do with the establishment of a new minting facility in New Orleans during 1838. Perhaps we will never know, but the new mint did begin production that year with an experimental run of about 20 coins. The few remaining examples of that trial coinage are considered great rarities today with specimens trading in the range of $60,000.00 to $75,000.00. Other half dollars of the 1838 to 1839 type made at the Philadelphia Mint are only moderately scarce and usually priced at $50.00 to $100.00 each. A smaller quantity of 1839-O half dollars was produced in New Orleans. Those are worth about three times as much as the more common Philadelphia pieces.

1839 Half DollarCompounding the confusion of various Bust type half dollar varieties dated from 1836 to 1839, an entirely new design was introduced late in 1839 to replace the earlier pieces. This coin marked the first appearance of the Liberty Seated design on a half dollar coin. The seated figure, which was another creation of Christian Gobrecht, had already been used on other denominations since 1836, and he was eager to see it used on all silver coins. While engraving the new reverse for this design Gobrecht again reduced the size of the eagle and lettering, to achieve a better balance.

A unique feature of the pieces struck at the New Orleans Mint is placement of the mint mark on the front of the coin in the space between the bust and the date near the bottom edge. This was changed in 1840, and for the next 125 years all mint marks appeared on the reverse of half dollars with the lone exception of 1916 and 1917.

Posted in August 2011 | 1 Comment

Star Notes Are Fun To Find And Collect

Star Note

A star note, obverse (asterisk after the serial number)

You don’t see “star” notes ever day. Perhaps you never even heard of them, so of course you would not think of looking through your wallet for one. Once you know how to spot a “star” you won’t forget, and you will be able to demonstrate a bit of trivia knowledge to your friends when you explain what these bills are.

Get a dollar bill and take a good look at the serial number. You will notice that it contains eight digits and has a prefix and suffix letter. You will also see that there are two identical serial numbers on the bill. One of these is in the lower left quadrant, and the other in the upper right. If you compare several bills you will become aware that the prefix letter in the serial number matches the letter in the black treasury seal on the left side of the note. The suffix will be a random letter.

Here’s how the system works: The country is divided into 12 Federal Reserve Districts. The Federal Reserve Bank in each of those districts is responsible for distributing all the paper money used by other banks in that district. All of the money issued in each district is marked with an identifying letter and number. The numbers are printed prominently in each of the four quadrants of the bill.

Federal Reserve District numbers correspond to the numerical sequence of the letters that are used. A is 1, B is 2, and so on up to L which is the twelfth district. Check out the bills you have in your pocket. If you live in the Great Lakes area you will likely have a preponderance of bills with the G-7 indicator for Chicago. When you travel to New York you will quickly begin to notice dollars with the B-2 indicators for that area.
While checking on the Federal Reserve District indicators you may be lucky enough to find a bill that does not have a suffix letter. Instead of the usual letter, you will find a small star. These are the prize “star” notes that collectors look for. They are scarce, and they are definitely worth saving for their added value. The most common star notes are worth $1.50, and some of the older bills sell for prices up to $500.00.

Star notes are not just curiosities. The government makes them for a very specific purpose. They are better described as ‘replacement’ notes, because they are used as substitutes for other bills that are missing or need to be replaced in a pile of newly printed money. Remember when I said that there were eight digits in the serial number on each note? Well, when the printer reaches the hundred millionth note in a stack the numbering machine can no longer print that number, and at that point a special star note is put in the pile to make the count right. Then the numbering begins over again starting from 1, and a new suffix letter.

Replacement notes are also used to fill in for any bills that are damaged during the printing process. If a run of notes is found to be defective for any reason, the bad bills are removed from the pile, and substituted with star notes. These are the reasons why there are not very many star notes that ever get into circulation. Finding one is a real kick, but you have to be persistent and keep looking.

Posted in August 2011 | Leave a comment

American Buffalo 24-Karat Bullion Gold Coins

American_Buffalo_Proof_ObverseThe American Buffalo Gold coin’s design, based on America’s 5-cent coin, was originally prepared by noted American sculptor James Earle Fraser, a student of Augustus Saint-Gaudens. The popular 5-cent coin , known as the Indian Head, or Buffalo nickel was introduced in 1913 and highlights the native beauty of the American West.

The Native American depiction on the obverse side of the coin, is widely believed to be based on three different American Indians.  Two of the American Indians who modeled for Fraser as he was designing the coin were named by the designer before his death.  These men were identified as Chief Iron Tail of the Lakota Sioux and Chief Two Moons of the Cheyenne.  Although many have claimed to be the third model which Fraser used for this design, he could not remember the name of this person and no useful documentation is found which can identify that individual.  It is believed that the bison on the reverse side of the coin was modeled after Black Diamond, a popular attraction at the New York Zoological Gardens.
In the coin’s introductory year, 1913, there were two unique varieties, the first showing the bison on a mound and the second with the base reshapedto a thinner, straight line.  American Buffalo Gold Coins reflect the original Fraser design.

American Buffalo Gold Bullion Coins are the first .9999 fine 24-karat gold coins struck by the United States Mint. These $50 gold coins are available to the public looking for a simple means to invest in 24-karat gold in the form of legal tender coins whose content and purity is guaranteed by the United States Government.

Posted in August 2011 | Leave a comment

Fascinating Coin Fact

Leonardo da Vinci invented a workable coinage machine in the fifteenth century. It was capable of cutting blanks from a strip of metal or stamping them with a design. A similar press was used to make the first federally authorized United States coins in 1787.

Posted in August 2011 | 1 Comment