What Could An Early American Buy With A Silver Dollar In 1797?

@westcoin An interesting question that comes to my mind when thinking about early American coinage is what was the velocity that these coins circulated. Were people keen to save some of their pennies/thalers/reales/dollars or was life much harder back then, and saving a coin with a decent purchasing power the last thing on their minds? Perhaps the longest any early Americans held on to their coins was a day or two, a week at the longest? (I'm just throwing this out there, this is all hypothetically speaking). I can appreciate why coins in higher grades are so valuable and sought after. The probability of a coin from that era never having to circulate is probably exceptionally low, especially when comparing to more modern issues, like the Morgan dollar.

Newguy, that is an interesting point to ponder on. There certainly wasn't as much to spend hard money on, no Starbucks, or McDonalds every day, I assume purchases were made weekly on shopping trips into town for rural folks and farmers, those that lived in town or city, more often certainly.

Many items at the local store might be purchased on a credit note and paid on at the end of each month rather than per transaction. I would think coinage didn't circulate as fast as it did later on (say another 50-80 years), of course by then we had a banking system in place and our mint was cranking out a steady stream of coinage.

I don't have the answer at all though, I'm "just thinking out loud."

@West Those are some great points and insight. Daily life for the average American back then was completely different to the lifestyles many of us live today, and it's important to keep that in mind when considering how money would have flowed and been used in that kind of a society. I always wonder, when looking at an old worn coin from that era, where it has been, who had used it and for what purpose, and what it could have bought. Great discussion and a great topic to research!

@Ty Yes I do agree with you, I think people today are much more wasteful than the people of the past. I wonder what questions people in the future will be asking themselves when looking back in our time and our coins haha!

While I can't help with your original question, I can give a more recent example. I recently acquired this note:




This note comes from a small run of 4,095,000 and has a rarity index of 92 on Numista. Less than 1 note was printed for every 2 people.

As my mom was around in the 50/60's I asked my mom about this note and she said she doesn't remember ever seeing one in circulation, 1000 Escudos was a lot of money in 1956 (equivalent to $34.78 USD then), considering the GDP per capita was $360 in 1960, this note was 1/10th of your yearly income. At the time, my mom and grandmother sold produce, eggs and other items at the loca market, they lived in a small town, the only goods they purchased were clothes and shoes and that was rare. So a 1000 escudos note was not used unless you lived in a large city. The largest she remembers seeing was 100 escudos (1/10 of this note). So assume a $1 coin in 1792 would be the same thing. You probably saved it until you had enough to buy what you need.

Oh yes it had, they even had restaurants in Roman times.

I just found this new book (well new to me):
NUMISMATIC ARCHAEOLOGY OF NORTH AMERICA.
Akin, Margorie H., James C. Bard and Kevin Akin.

Q. David Bowers comments: This book is one of the most thorough and most detailed work I have ever read on the use of money in the United States. From Indian wampum to modern turnpike tokens, from foreign coins used as money in America to gold coins recovered from sunken treasure, this book will enhance the knowledge of all who read it.

I haven't read it, nor do I have a copy (yet). But it looks right up this alleyway of research on money and it's early uses in America. Looks quite interesting and if Dave Bowers endorses it, well then, you know it's well done.



It just popped up as a new arrival at Kolbe & Fanning Numismatic Books. Another one to add to my list of for the near future books.

@westcoin, the latest Archaeology magazine had a blurb on the use of shell bead money being pushed back by 1000 years to 2000 years ago on the California coast, by the Chumash people. Possibly the earliest example of money being used in the Americas. A more thorough article here https://www.sciencedaily.com/releas...29120245.htm