Posts Tagged ‘settlers’

The Story of Change- No not President Obama, I’m talking about money here!

Monday, March 2nd, 2009

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The story of American money started more than three centuries ago. Before this, settlers mostly bartered goods for goods. Crops like tobacco and corn and pork and butter were widely used. Learning from the Native Americans who used stringed clamshell beads, or wampum, European colonists adopted the wampum among trades with the Native Americans and then, amongst themselves.

The Massachusetts Bay Colony contracted John Hull to begin minting coins. Hull set up a mint in Boston and began producing “NE” (New England) coins in 1652. The NE coins were very easy to counterfeit, only having NE on one side and XII on the other. The coin was redesigned from 1667-1682. Eventually as more and more people came to the New World and brought their money with them, the settlers and colonists relied on foreign money for buying and selling. Money from Europe, Mexico and South America could be found at any given time. These coins mixed in with the NE coins and wampum and were all used for purchasing, barter and trade.

Early in the 18th century, a large amount of copper coins were imported from England and Ireland for the purpose of making more coins for the colonies. In 1776, dollar-sized coins were produced with a sundial and the inscription “Mind Your Business” on the front and “American Congress We Are One” on the back. These pieces were struck in three different metals; those struck in pewter are scarce or rare, while the silver and brass examples as extremely rare. The Articles of Confederation, adopted on July 9, 1778, gave Congress the ability to place the value on the coins that were struck by each state. At that time, the states each had the right to strike their own coins, there was just no fluidity in their values until the Articles came about.

Finally in 1792 the U.S. Mint was established by Congress. The U.S. Mint makes all U.S. Coins and became an operating bureau of the Treasury Department in 1873. To this day, U.S. coins typically have a mint mark showing which mint it was produced by. The Philadelphia Mint has been the longest in continuous operation, since 1792. The Denver Mint began coin producing in 1906. The newest mints were the West Point, New York, and San Francisco which gained official status in 1988.

From 1965-1968 there were no identifications used to tell where coins were minted. In 1968 the mints resumed putting their initials on the coins. Coins minted in Philadelphia had a P or no letter, Denver has a D, West Point a W and S for San Francisco. To this day, look at your coins and right under the date there should be a letter telling you where that coin was minted and if no letter is present, your coin was minted in Philadelphia!

Coins’ designs and values have changed over the years from the half-penny to silver dollars. The designs will continue to change as society deems it necessary . For now, the coins in your pocket have come a long way to get there because there was a time when there was a lack of United States coins.