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 Replies: 6 / Views: 1,580 |
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Pillar of the Community
United States
2424 Posts |
Yea so I was just curious if there is a reason as to the low mintage numbers from 1865 to 1878? I know not all coin denominations were made that low during those years. If some one could point out any historical info that'd be great! Thanks
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Moderator
 United States
23522 Posts |
I wonder if it had to do with the sheer variety of different coins being minted during this period? At one point, Philadelphia was striking Cents, 2C's, two different 3C's, Half Dimes, Nickels, Dimes, Quarters, Halfs, Dollars in both silver and gold, and further gold coins in $2.50, $3, $5, $10 and $20 denominations. And all of those in the same year for a few of those years. Further, some of the larger San Francisco mintages were during those years, indicating Philadelphia was trying to offload some of the burden. Keep in mind, between 1859 and 1865 Philadelphia minted a quantity (over 200 million) of Indian Heads which probably exceeded the total combined mintage of all prior copper coins, and quite possibly exceeded the total number of coins ever struck at Philadelphia in the preceding 65 years. That's a lotta Cents.  |
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New Member
United States
24 Posts |
That period was known as "reconstruction". After the civil war the economy was a wreck. States were broke. I read somewhere that the Grant administration held back the mintage of gold and silver coins. I don't know the economic reasons. I think to strenghten the dollar. There were hundreds of thousands of slaves that had been freed and alot of worthless conferderate currency floating around.
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Valued Member
United States
294 Posts |
SuperDave hit it. The number of different denominations offered, along with the glut of previously minted coins, limited demand for new cents. There was a lot of hoarding of coins during the Civil War, causing a shortage of circulating coins, hence the minting of private tokens and the issuing of paper money by the US during that period.
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Bedrock of the Community
United States
20753 Posts |
Guess that does make sence sine so many other types were being produced. And we can't ignore the fact that the population was no where what it is today making the quantity of coins necessary not high. The civil war just ending too would make a lot of things uncertain to many at that time. And too the lack of great communications between people also made things a lot more uncertain so the manufacturing of large volumns of coins was probably not high on the governments list. Still isn't today.
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Pillar of the Community
United States
1817 Posts |
That was the era between the 1st & 2nd National Bank and the Federal Reserve system we know today. Because the lack of a strong unified banking system to back the currency, the money was under constant threat of destabilization which led people to hoard coins for the metal content, which sometimes exceed the face value because of the fluctuation. No coins circulating, usually meant fewer coins issued by the mint, not more. Many community banks issued paper money some of which no doubt was funny money...so in a nutshell this is why mintages of silver and gold coins in the 1860s & 1870s are so sparse. I believe the average citizen living then had access to a few coppers and the occasional silver coin, but mostly carried paper script.
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Bedrock of the Community
United States
17884 Posts |
Also in the early 1870's paper money finally reach par with gold and silver and all the coinage that had gone into hiding or had left the country during the war years came flooding back. The country and treasury now found itself swimming in coinage and new production was basically not needed.
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Replies: 6 / Views: 1,580 |
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Posted 03/28/2011 01:22 am
