Coin Article – Page 2 – Fresno Numismatic Society

Silver Content Analysis for Selected Ancient Coins

Posted on January 4, 2025by James Obler

The first silver coins were produced around 600 BC in various locations including Lydia (in present-day Turkey) and India. The Greeks began striking silver coins before 500 BC and were likely the most prolific silver coin producers of their time. Silver coin production continued with the Romans and with practically every other empire, kingdom, and country for the following two thousand years. It’s only in the modern age that circulating silver coinage has been discontinued. While silver is obviously still a precious metal, it is no longer used to make coins for commerce.

Ancient artisans learned how to purify silver long before the first coins were struck. Even the earliest silver coins were generally composed of high-grade silver, with fineness of 95% or greater. This situation continued into Roman Republic times but things changed during the time of Imperial Rome. It’s well known that during the later years of the Roman empire the silver content of their coinage was steadily reduced. Eventually some Roman coins like the Antoninianus were basically just copper with a thin coating of silver. Many crude contemporary forgeries were made and by the late 3^rd century AD these debased coins were practically worthless. They were often just discarded.

I have six ancient silver coins in my collection and I thought it would be interesting to measure their actual silver content. Through the kind assistance of employees of a local coin shop (Fresno Coin Gallery, in Fresno, CA) I was able to get elemental analyses of these coins. Fresno Coin has an XRF analyzer which they mostly use to evaluate jewelry for precious metal content. This instrument generated the results for these coins.

The first sample we examined was my Athens Attica tetradrachm, minted between 449 and 413 BC. Here are some photos of this coin:

Silver content tested at 98.7%, with lead present at a level of 1.3%. The ancient Greeks used a cupellation tecnique to purify silver, in which lead contaminant was adsorbed into the clay lining of the melting furnace. Obviously when they prepared the silver that went into my tetradrachm there was still some lead impurity remaining.

The second coin is a Kings of Macedon Alexander tetradrachm minted approximately 325 BC. Here are images:

This piece showed 99.7% silver, with 0.3% gold as the only detected contaminant. It appears that by 325 BC the Greeks were quite adept at purifying silver for coinage

The next example is a Roman Republic serrate denarius minted in 79 BC:

Silver content was 98.7%, with copper, gold, and lead traces present (at levels of 0.6%, 0.4%, and 0.2%, respectively). In general the denarii minted during the Roman Republic era were expected to be high-quality silver. This piece provides evidence that this is true. This coin weighs 4.00 grams, so the actual pure silver content is about 3.95 grams.

Next up is the Egypt, Alexandria tetradrachm that was described in last month’s newsletter. Here are images of this interesting coin:

Minted around 136-137 AD during the reign of the Emperor Hadrian, this billon-alloy coin weighs 12.85 grams and tested at 28.1% silver. The main component was copper (71.8%). There was just a trace of lead present.

One on-line coin reference I found asserted that these provincial tetradrachm coins were designed to contain the same amount of silver as the smaller denarius coin which was more well-known in the Roman Empire. At 28.1% silver content, my Hadrian tetradrachm has about 3.61 grams of silver, which in fact is fairly close to the silver content of the earlier serrate denarius described above.

The next example is a denarius minted in 200 AD, featuring the portrait of Julia Domna, wife of the emperor Septimus Severus:

Silver content reduction in denarii in the Roman Empire was well underway by this time. The XRF results confirm this fact, with silver content measured at 75.1%. Copper content was 23.8%, lead measured at 0.6%, and gold was present at 0.4%.

The last subject is another denarius, this one minted in 220 AD and featuring Julia Paula, wife of Emperor Elagabalus.

This coin demonstrates the further debasement of Roman coinage. Silver tested at 64.4%. Copper was 31.0%, lead was at 0.7%, and gold content was 0.45%. This coin was the only one in this group to show tin which was present at 3.4%. Tin is a normal component of bronze coinage. Perhaps worn-out bronze coins were added to the melting pot as part of the process to reduce overall silver content in the finished coins.

This was obviously a very small sampling of ancient coins, but one fact seems apparent. Ancient silver processing technology was fully capable of producing coinage silver of consistently high purity. The production of low-silver coinage during the later years of the Roman Empire was a deliberate policy choice. This choice allowed the manufacture of more coins from a given quantity of pure silver, but the inevitable result was a gradual loss of public confidence in the currency. There are many reasons why the Roman Empire eventually fell, but the debasement of their coins probably didn’t help.

Coin Article

Error Coins

Posted on January 3, 2025by James Obler

Often errors occur during the coin manufacturing process. Depending on the nature of the error, the resulting abnormal coin may have no significant extra value, it may carry a slight to moderate value premium to an error specialist, or it may be very valuable. This article shows examples of several types of error coins.

This is a Flying Eagle cent with a “clipped planchet” error. The blank disc (“planchet”) which was struck to produce this coin was missing a small section, probably because the punch that cut out the planchet slightly overlapped the hole from a previously-punched planchet. This produces an error known as a “curved clip”, where the finished coin is missing a small portion of its circumference. As of 2024 a normal Flying Eagle cent in this grade might sell for about $70. Flying Eagle cents are seldom seen with errors. This example with the minor clipped planchet might fetch an extra $50 or so from an interested error collector.

Another type of error occurs when a piece of debris finds its way into the coining chamber. The debris is stamped onto the surface of the coin when the strike is performed. This error type is commonly known as a “strike-thru”. The debris may or may not end up attached to the finished coin. This Kennedy half dollar had a small piece of iron or steel stamped into its surface. The inclusion became firmly bonded to the coin surface and is therefore referred to as “retained.” A 1967 Kennedy half dollar is a very common coin, worth only a few dollars. The error could easily inflate the value to $50 or more.

Sometimes a coin fails to properly eject from the coin press after it is struck. If it falls back over the coining chamber it may be struck a second time. The second strike usually obliterates the portion of the design that is between the dies and creates a new struck image. The new image may be off-center by a random degree. The resulting error coin can be quite spectacular. This 1999-D Jefferson nickel was double struck in such a manner that the final coin has two dates. It has been graded an encapsulated as a double-struck error coin by the ANACS coin grading service.

Sometimes the die itself can be manufactured with a defect. A “doubled die” error is fairly common for various US coins. The actual dies that are used to strike coins are generally made by pressing a master die onto the steel working die to transfer the engraved coin design. This process generally requires repeated pressings to completely transfer the design. The working die is heated and cooled (annealed) between pressings to soften the steel. If the working die is misaligned with the master die during the final pressing the finished die may show doubling of some or all of the design elements.

The most famous example of this error type is the 1955 Doubled Die Lincoln cent, which has dramatic separation of the doubled design elements on the obverse. These cents are very popular among error collectors and command high prices. Less spectacular doubled die coin however are rather common and generally don’t cost very much. The 1964-D Kennedy Half Dollar can be found with several different doubled die errors. Minor doubling is most obvious on the letters of In God We Trust on the obverse. There are even tripled and quadrupled die versions known. The doubling effect is fairly small for these coins and you need magnification to see the doubling clearly. Here is an example that was found among a group of ordinary 1964 half dollars.

Yet another error class is known as a Rotated Die error. The obverse and reverse dies for United States coins are positioned such that a struck coin has “coin alignment” for the front and back designs. If you hold a normal coin with obverse image in the vertical position and then flip the coin around its horizontal axis, the reverse image will appear “right side up”. Sometimes however, the dies may be installed incorrectly in the press, or get twisted due to equipment wear or damage. Any coins struck at that point will have incorrect alignment of the obverse and reverse designs.

Rotated die errors were common during the early years of United States coinage. However, with improving technology and greater precision for machine manufacturing, modern coins rarely show any die rotation errors. This 1983-S Kennedy Half Dollar is one of those rare exceptions. Somehow the reverse die became rotated by about 90 degrees (a one-quarter turn) and this spectacular error was generated. It is even more exotic because the coin is a proof striking, made specifically for coin collectors. Proof coins are supposedly inspected for quality before they are packaged for sale. Somehow this coin made it past the inspectors. Apparently, it was eventually broken out of its original government packaging and spent since it was discovered in a roll of mixed half dollars obtained at face value from a bank. It’s a very rare coin, purchased for face value!

Yet another type of error became possible when the United Stated Mint began striking clad coinage in 1965. Dimes, quarters, and half dollars were made from a “sandwich” of three metal layers. The top and bottom layers were composed of a copper-nickel alloy while the center layer was pure copper. The alloy layers have a silvery-white color, while the copper interior has a coppery brown-orange color. You can see the copper layer on most modern coins by looking at the edge of the coin. Such coins are commonly referred to as clad coins.

On rare occasions a blank planchet prepared for a clad coin is missing some or all of one of the clad layers. In this case some or all of the copper interior layer will be exposed, usually on just one side. This 1979-D Washington Quarter is an excellent example of this type of error. The alloy outer layer was completely missing on one side so the struck coin ended up with a normal-looking reverse and a copper-colored obverse. Since a clad layer represents a significant amount of the mass of a normal coin, this error piece is around 20% lighter in weight than a normal quarter. By the way, this coin was found in change from a vending machine; another fantastic error coin obtained at face value!

Coin Article

The Silver “Owl” of Ancient Greece

Posted on November 15, 2024by James Obler

The Fresno Numismatic Society hosted our annual Coin Show on October 23 and 24, 2020. As usual, we had an excellent group of dealers who offered a great variety of coins and currency. I spotted an exceptional coin in the display case of dealer Glen Schinke. It is an Athens Attica silver tetradrachm from ancient Greece. This coin is popularly known as an “owl” because of the owl figure that dominates the reverse side. I have been aware of this coin ever since my parents picked up a brass replica piece at the New York Natural History Museum in about 1964. It only took 56 years, but I finally have one to call my own. Even though it’s over 2400 years old, it is extremely well-made and well-preserved. Here are some photos of this wonderful coin.

Obverse

Reverse

The Owl is perhaps the most iconic and famous of all ancient coins. It represented about one week’s pay for a soldier in ancient Greece and was minted in huge numbers in various forms, for several hundred years. It is regarded as the first successful international coin, widely recognized and accepted throughout the ancient world. The silver tetradrachm is widely believed to the type of coin given to Judas for the betrayal of Jesus. Legend has it that President Theodore Roosevelt carried an Owl coin and that it was in part the inspiration for Roosevelt’s interest in redesigning American coinage.

The Owl is pictured on the 1-euro coin of modern Greece and remains a symbol of the Greek city of Athens. The images on both sides of the coin refer to the goddess Athena. The obverse features the head of the goddess. She wears an ornate earring and Attic helmet adorned with olive leaves. The reverse shows the Athenian owl which represents Athena. The actual owl species depicted on the coins is believed to be the “little owl” (scientific name Athene noctua) which is native to the Mediterranean region.

The reverse legend reads AƟE (alpha-theta-epsilon). This is an abbreviation which translates to “of the Athenians”. There is a small crescent moon and an olive sprig with one berry. According to mythology, Athena brought the olive tree to Athens as a gift, in order to impress Zeus and outshine rival god Poseidon.

There are three general styles of Owls corresponding to different production dates. The so-called Archaic type was first minted around 515 BC. These are very scarce and expensive and despite their crude manufacturing quality are avidly sought by collectors. The “Classical” Owls were produced in large quantities starting around 465 BC and continuing until the defeat of Athens by Sparta in 404 BC. My coin is a classical-style piece with production date estimated between 449-413 BC by Glen Schinke. Coins minted after 404 BC are called “Late Classical”, were struck on a smaller planchet, and are less popular with collectors.

Beginning around 165 BC “New Style” coins were issued. These coins were struck on wider, thinner planchets and feature major changes to the reverse especially. The owl image remains, but it now perches on an amphora and the fields include a grape bunch, an encircling laurel wreath, and text indicating the issuing magistrate. The magistrate information allows more precise dating of these pieces. Dating for the Archaic and Classical pieces is less certain. Even major auction houses can disagree on dating for these earlier issues.

Owl silver is typically >99% pure. Traces of copper and gold are present, in concentrations of less than 0.25% and 0.04%, respectively. The silver ore was extracted from the Laurion mine complex located near Athens and was refined by smelting and cupellation processes which at the time were likely the most sophisticated in the world. During many decades of operation, the estimated total production of silver from Laurion exceeded 3,000 tons.

It is believed that Owl planchets were prepared by pouring molten silver into molds that were sized to contain the proper amount of metal. Target weight for a finished Owl was about 17.2 grams and most intact Owls in fact weigh between 17.0 and 17.2 grams. The dies were likely made of bronze and were hand-engraved using burins, drills, chisels, and punches. The obverse die was set into an anvil and the planchet placed on the die. The reverse die was then positioned on the planchet and hand-struck with a heavy hammer. The reverse dies tended to wear out faster than the obverses.

Many Owls have test-cuts which were inflicted in ancient times to verify the coins were solid silver, not some plated base metal. Others show countermarks punched in by merchants to confirm the coins were acceptable for commerce. No matter how you slice it, Owls are remarkable, historic, and beautiful coins. I’m happy to finally have one in my collection.

Coin Article

Why Attend a Coin Show?

Posted on October 2, 2024by James Obler

Why Attend a Coin Show? In Particular, the Fresno Coin Show presented by the Fresno Numismatic Society?

So, why would anybody want to go to a coin show in the first place? It might seem obvious to a dedicated collector, but maybe we can define a few specific reasons. Just for the record: coin shows are awesome!

A coin show provides the opportunity to speak with many numismatic professionals, each with their own wealth of knowledge and experience. If you have questions about Lincoln cents, you can find dealers with decades of experience in that field. They can explain everything from the history of the design to the nuances of grading and the reasons for price differences between different dates. Suppose you are interested in ancient Rome. The Fresno Coin Show usually features dealers who are intimately familiar with the gold, silver, and copper coinage of Rome, including the historical significance of the designs. Even the decline and fall of the Roman Empire is reflected in the gradual debasement of their silver coins, which were made with less and less silver as economic conditions deteriorated. All our dealers are eager to share their historical and numismatic insights with show attendees.

The fact that many dealers are available at a show gives the potential buyer an opportunity to shop around for the best deals. Popular collector coins like Morgan silver dollars are included in most dealer inventories. Attendees can move from table to table, looking for the most attractive specimens and compare prices. Nothing inspires buyer confidence like having choices and a coin show provides that opportunity. When I go to a show, I take notes on each coin that interests me. I’ll then go back to review my candidates. When the coin, the price, and my interest level all line up I open my wallet. A coin show is the only place where all this can happen.

It is possible to haggle with coin dealers. Many coins in dealer cases show a price tag. In most cases, the dealers have some flexibility on pricing. If you see a coin you like, it’s perfectly OK to ask if the dealer will take an offer below the listed price. Suppose you see a coin priced at $100. You like the coin but the price seems a little steep. Perhaps you could offer $80 for the coin. The dealer might say “no”, he might say “yes”, or you might come to an agreement at a $90 price point. It doesn’t hurt to ask and as long as you are polite no dealer should be offended by an offer to negotiate. In my experience it’s pretty common to complete a purchase at a price around 10% below the amount shown on the tag.

The USA is obviously experiencing near-record inflation right now (October, 2023). It can be a smart move to put some of your cash in precious metals which may maintain value when dollars are losing buying power. TV and radio are full of advertisements by companies selling gold and silver, but the best place to procure precious metals is at a coin show. You can see and hold the item you want and can negotiate the best price.

One important consideration for purchasers is that counterfeit precious metal products exist. These are sometimes offered for sale on venues like Craigslist and eBay and buyers need to be cautious. Reputable dealers (like the ones who attend the Fresno Coin Show!) guarantee the authenticity of what they sell. If you want the ultimate guarantee of authenticity you can purchase professionally-certified gold and silver coins.

I’ll provide an example of how a reputable precious metal dealer should operate. A few years ago, the official price of gold (“spot price”) was $1800/troy ounce. One dealer was selling American gold Eagle coins which have a pure gold content of exactly 1 ounce. The price offered to me for one Eagle was $1880, which was an $80 premium over spot price. The dealer said if I want to sell him that coin and the spot price is still $1800, he would pay me $1810 for it. So, the dealer is operating on a profit margin of $70 on an $1800 purchase. This is an honest dealer who offers precious metal at a fair price.

If you have coins or currency to sell, you should make attending the Fresno show a priority. With many dealers in one place you can show your items around and find out what they are potentially worth. You can then close a deal with whoever makes the best offer. Appraisals at a show are free and you are under no obligation to sell. You might even find attractive coins, currency, or precious metal products and trade in your old items for new ones that better fit you collecting preferences. Come to the show and see what happens!

Finally, a coin show is just plain fun. It’s exciting to see all the valuable and beautiful products in dealer cases. Meeting fellow collectors and talking with the dealers is inspirational and educational. Highly recommended!

Coin Article

The Mints that Coined Southern Gold

Posted on October 2, 2024by James Obler

Charlotte, Dahlonega, and New Orleans

The first mint in the United States was established in Philadelphia and commenced regular coining operations in 1793. Despite the best efforts of mint personnel, for many years the output of the mint was not sufficient to meet the commerce requirements of the young nation. Official US coins circulated alongside a wide variety of foreign coins, private tokens, and paper bank notes. Gold coins in particular were practically unknown in circulation, primarily because the official standard ratio of 1 ounce of gold to 15 ounces of silver undervalued the gold in comparison to the European standard. Most American gold coins were exported and melted for bullion. This problem was eventually solved by the passage of a law in 1834 that reduced the amount of gold in the coins. It was no longer profitable to melt coins for bullion so they began to be seen in circulation.

The discovery of gold deposits in Georgia and North Carolina in 1828 precipitated the first American gold rush. Miners and settlers moved into these areas and the population grew rapidly. Several private coinage operations were started in order to convert the raw gold into usable coins. Chief among these were Templeton Reid and the Bechtlers. However, there was increasing demand to provide a means to make universally-accepted Federal coinage from the local raw metal. The recommended locations for new mint facilities were Charlotte, North Carolina and Dahlonega, Georgia. During this same period, Mint Director Samuel Moore was promoting the establishment of another new mint for the city of New Orleans, Louisiana. New Orleans was the transit point for commerce for the Mississippi Valley and much silver and gold from Mexico passed through the city. The proposals for three regional mints seemed reasonable to President Andrew Jackson and on March 3, 1835 he signed a bill authorizing the U.S. Treasury to establish branch mints at all three locations.

The Charlotte Mint

Construction of the Charlotte mint facility started in December, 1835. The building was a T-shaped structure with the front section measuring 125 feet wide and 33.5 feet deep. The “upright” section of the T shape extended from the back of the main building, measuring 36 feet in width and 53 feet in length. The facility had two stories and a basement and was built from dressed stone. In the 1830’s Charlotte was already an established town with a reliable supply of materials and labor. Construction was carried out under the competent supervision of Major Samuel McComb and the project was completed without serious difficulty. The Philadelphia Mint dispatched Franklin Peale to inspect the Charlotte facility and he declared the new mint ready for operation by the end of 1837. Mr. John Wheeler became the first Superintendent.

The Charlotte mint operated for a total of 24 years, from 1838 to 1861 and was shut down after the onset of the Civil War. Only gold coins were struck at Charlotte, in denominations of one dollar, $2.50 (quarter eagles), and $5.00 (half eagles). The first coins were produced between March 26 and March 31, 1838, when 678 half eagles were struck. The Charlotte Journal reported the event, stating “We have the pleasure of announcing this week, that our Mint has commenced coining – there is no mistake now, for we have both seen and handled the yellow boys.” Mint operations were interrupted in 1844 when a fire broke out in the wing where the coin presses were located. The facility was severely damaged and its contents were almost completely destroyed. Due to the production shutdown relatively few 1844-dated Charlotte quarter eagles and half eagles were made and they are somewhat scarce. No coins were produced in 1845 but the mint was restored to operation by 1846 and coinage resumed. Production continued until the final shutdown in 1861.

The Charlotte mint building was put into service as a U.S. Assay Office in 1868 and there was an unsuccessful attempt to re-open the facility as a U.S. Branch Mint in 1873. The assay office closed in 1913 and the building subsequently saw service as a Federal courthouse, headquarters for the Red Cross (during WWI) and as a meeting place for the Charlotte Women’s Club. In 1932 the structure was dismantled and later reconstructed in a new Charlotte location, opening in 1936 as the Mint Museum of Art. This museum remains open today.

One-year Charlotte type coins:

1849 Open Wreath gold dollar
1855 Type 2 gold dollar
1838 Classic Head half eagle
1839 Liberty Head half eagle, with obverse mint mark.

1855-C Half Eagle, graded PCGS XF-45.

The Dahlonega Mint

The design for the Dahlonega mint building was the same as that for the Charlotte facility. However, the town of Dahlonega (which is a word from the Cherokee language, meaning “yellow money”) did not exist prior to the 1828 gold strikes. The area was basically a wilderness and construction of the mint was plagued by shortages of building materials and skilled labor. The Commissioner of Construction was Ignatius Few, a lawyer and Methodist minister who apparently did a very poor job of overseeing the construction process. When Franklin Peale inspected the site in 1837 he found the quality of work to be abysmal. He reported back to the Philadelphia Mint that the Dahlonega workmen “certainly deserve diplomas for Botching”. Nevertheless, the facility was eventually approved and the first 80 half eagles were struck on April 21, 1838. The Dahlonega mint superintendent Joseph Singleton remarked that the coins were beautiful, accurate, and had “a most cordial reception wherever carried.” During its years of operation Dahlonega produced gold coins only, in denominations of one dollar, $2.50 (quarter eagles), $3.00, and $5.00 (half eagles).

The Dahlonega mint accepted gold dust, nuggets, bullion, and foreign coins for conversion into Federal coins. Depositors would first present their gold at the counter of the Superintendent/Treasurer and would be issued a receipt. The gold was melted and assayed to establish its fineness and corresponding value. Most Georgia gold was more pure than the 90% standard for Federal coins and the practice was to leave the naturally-occurring silver in the alloy and add copper until the target purity was reached. The alloy would then be coined and depositors would return to pick up their brand-new Dahlonega gold pieces.

After the discovery of gold in California a significant amount of California gold was transported to Dahlonega for coining. One estimate is that about 20% of the total output from the mint was produced from California gold. With the opening of the San Francisco mint in 1855 shipments of California gold to Dahlonega largely stopped.

The state of Georgia seceded from the Union in January, 1861. Dahlonega struck 1597 half eagles in February while the mint was still operating under the authority of the United States government. After mint superintendent George Kellogg tendered his resignation to President Lincoln in April, the mint struck approximately 1600 more half eagles and about 3000 gold dollars. All of the 1861 dollar coins were struck under the authority of the Confederate States of America and they are unique among regular United States coins in that respect. The mint was officially closed by order of the Confederate Congress on June 1, 1861.

The Dahlonega mint building served as an assay office and repository for the Confederate Treasury during the Civil War. It was donated to the State of Georgia and became the main building for the North Georgia Agricultural College in 1873. Unfortunately a fire broke out in 1878 and the building burned to the ground. A new building was constructed on the foundation and it exists today as Price Memorial Hall of the North Georgia College and State University.

One-year Dahlonega type coins:

1855 Type 2 gold dollar
1839 Classic Head quarter eagle
1854 Three dollar gold piece
1838 Classic Head half eagle
1839 Liberty Head half eagle, with obverse mint mark.

1857-D Half Eagle, graded PCGS XF-40.

The New Orleans Mint

The building for the New Orleans mint was a neo-classical structure designed by well-known architect William Strickland, who was paid $300 for a set of watercolor and ink drawings and 16 pages of manuscript specifications. Strickland unfortunately never visited New Orleans and his designs were better suited for firm ground such as was found in Philadelphia. The soft soil of New Orleans did not provide a suitable foundation for Strickland’s building design, which meant that many repairs, reconstructions, and makeshift accommodations were later required in order to keep the facility operational. By the early 1840’s the main building was deemed to be in immediate danger of collapse and architect James Gallier, Sr. was hired to effect repairs. He installed many steel tie rods and plates to shore up the weakened structure. Later repairs included installation of new support structures below the melting room and replacement of wooden beams and floor supports with iron beams.

The New Orleans mint was much larger than the Charlotte and Dahlonega facilities. It was a three-story brick structure with a granite basement, consisting of a central section and two wings. The overall length was 282 feet and the depth was about 180 feet. Construction was nearly completed by 1837 and coining equipment was installed. By the end of that year Presidents Jackson and Van Buren had appointed many mint personnel, including a Superintendent, treasurer, assayer, melter/refiner, and coiner. Coining operations began in 1838 with the production of silver dimes. Gold coinage began in 1839 with a small mintage of quarter eagle coins. Throughout its service, the New Orleans mint produced gold and silver coins only. All gold denominations from dollars through double eagles were made at New Orleans.

As was the case at the Charlotte and Dahlonega facilities, coining operations at New Orleans were interrupted by the Civil War. On January 26, 1861 Louisiana voted to secede from the Union. The Federal employees at the Mint were allowed to continue in their posts as employees of the state of Louisiana. The state ceded the mint authority to the Confederacy and coining operations continued until the bullion supply ran short in April 1861. The mint changed ownership again in 1862 when the United States Marines recaptured the city from the Confederacy. The mint was not used in any official capacity until 1876 when it re-opened as an Assay Office. New coining equipment was eventually installed and the mint began striking new gold and silver coins starting in 1879. Over the next 30 years it became increasingly difficult to justify mint operations since coinage output from Philadelphia and San Francisco (and, starting in 1906, Denver) was adequate to serve the needs of commerce. Coining operations ceased in 1909. An assay office continued to operate on the 3rd floor of the building until 1931. A Naval Recruiting station, a Veteran’s Bureau dispensary and a dental clinic also made use of the facility. The building served as a federal prison until 1943 and then became a Coast Guard Receiving Station. Jurisdiction over the site was transferred from the Federal Government to the State of Louisiana in the 1960’s and was placed under the authority of the Louisiana State Museum Board. The mint opened to the public in 1979 as part of the state museum complex.

One-year New Orleans type coins:

1855 Type 2 gold dollar
1839 Classic Head quarter eagle
1854 Three dollar gold piece
1909 Indian Head half eagle
1879 Type 3 double eagle.

1844-O Half Eagle, graded PCGS AU-53.

Coin Article

The 1885-CC Morgan Dollar

Posted on October 2, 2024by Randy Clifton

As far as national events go, 1885 was a quiet year. Some noteworthy events that happened were on February 18th, when the literary classic “The Adventures of Huckleberry Finn” by Mark Twain was first published. On February 21st President Chester A. Arthur dedicated the Washington Monument. On March 4th Grover Cleveland succeeded Chester A. Arthur as President of the United States. On July 23rd, President U. S. Grant lost his final battle, dying of cancer at age 63. 1885 was also the year that President Cleveland signed off on the first closure of the Carson City Mint. Some coins were produced prior to that closure however, including the 1885 Morgan Dollar.

The Carson City Morgan Dollar of 1885 is a rather unusual coin. First consider the fact of its mintage of only 228,000. Excluding the 1895 Philadelphia minted Morgan of which the 12,000 business strikes were melted down by the government and none are known to exist, the 1885-CC Morgan has the third lowest mintage of the entire Morgan dollar series. Only the 1893 San Francisco with a mintage of 100,000 and the 1894 Philadelphia with a mintage of 110,000 business strikes had lower totals.

In the GSA mail bid sales of 1972-1974, 148,285 uncirculated examples of the 1885-CC dollar were offered with the minimum bid of $60.00. All but 31,569 were sold at that time; the remaining coins were sold in 1980. The 148,285 uncirculated coins that were offered in those sales account for nearly two thirds of the total mintage, meaning that the majority of the survivors are in uncirculated condition. Circulated examples are therefore quite rare, making it a bit challenging for collectors who are interested in building a circulated set. It is estimated that there are fewer than 7,000 examples in grades below MS-60. The famous Redfield hoard is said to have as many as 1,000 1885-CC Morgan’s making it the sixth scarcest Redfield date.

The strikes are generally full although there are some that are weakly struck in the hair above the ear. It is found with exceptional eye appeal with both frosty and proof-like surfaces, but many examples can also be very “baggy” with lots of obvious contact marks. There are about four die varieties, with the so-called VAM-4 or “thick dash under 8” variety being the only one that commands any premium.

The price spread between circulated Very Fine and the lowest grade of uncirculated, MS-60, is not that wide. Very Fine examples retail at around $490 and MS-60 at about $620. So for that little bit of extra cash, collectors are more apt to spend their money on a MS-60 examples than the lower grades. However the lower-grade pieces are much harder to find.

Approximate retail prices for various grades as of January 2024 are as follows: Good-4: $600, Very Good-8: $625, Fine-12: $635, Very Fine-20: $660, Extremely Fine-40: $725, About Uncirculated-50: $740, and Mint State-60: $800. If you are looking for a place to invest a few hundred dollars, you might enjoy a nice example of the 1885-CC Morgan Dollar.

The example pictured below is graded MS-64 by NGC.

Coin Article

A Brief Description of Civil War Tokens

Posted on October 2, 2024by James Obler

Tokens constitute an important and popular field within numismatics and are pursued by avid collectors worldwide. In the United States many token afficionados concentrate on Civil War tokens issued from 1862 to 1864. There are thousands of different Civil War tokens (CWTs) known. Some are quite common while others are extremely rare. These tokens offer a fascinating perspective on life during the Civil War and on economics in general.

During December 1860 and January and February 1861 seven southern states (South Carolina, Mississippi, Florida, Alabama, Georgia, Louisiana, and Texas) seceded from the United States, creating the Confederate States of America. Abraham Lincoln was sworn in as the US President on March 4, 1861. In his inaugural address, Lincoln stated that he had no intention of invading the Confederate states but would use force to maintain possession of Federal property in the South, including forts, arsenals, mints, and customhouses. He concluded the address with his famous plea to restore the Union, calling on “the mystic chords of memory” which should still bind the two regions of the divided nation.

The Civil War began on April 12, 1861 when Confederate forces opened fire on Union-held Fort Sumpter in Charleston, South Carolina. As always seems to be the case during wartime, civilians began to hoard their cash. Gold, silver, and even copper-nickel cents began to vanish from circulation. Despite huge mintages of 1-cent coins by the Philadelphia mint (over 100 million coins struck from 1857-1861) it became difficult to obtain cents for commerce. Merchants found themselves unable to make change and some turned to private minters to fill the void caused by massive hoarding. Various entrepreneurs stepped up and began producing cent-sized tokens to serve as substitute coinage. These tokens were usually copper or bronze and similar in diameter to the standard Federal small cents but weighed less than those copper-nickel coins being issued by the Philadelphia mint.

Civil War tokens fall into three distinct categories. These are patriotic tokens, store cards, and sutler tokens. Patriotic tokens display patriotic slogans or images on one or both sides. Since most of these pieces were minted in Union states, the slogans are almost always pro-union. Typical examples are “The Union Must and Shall Be Preserved”, “Union For Ever”, and “Old Glory”. Images of George Washington, Abraham Lincoln, and phrases like “Peace Forever” were common motifs. Some tokens copied the current Indian Head cent for the obverse design. Other patriotic images used include the American flag, cannons, and the warship U.S.S Monitor.

Possibly the best-known tokens of this type are the “Dix” tokens, named for John Adams Dix who was the Treasury secretary in 1861. Secretary Dix had sent a letter to the captain of a revenue cutter ship, ordering the captain to relieve the commander of another ship because that officer had refused an order to move hisship from New Orleans to New York. Apparently he intended to join the Confederacy. The letter from Secretary Dix ends with the sentence “If any one attempts to haul down the American flag, shoot him on the spot.” That quote and similar variations were included on many patriotic token designs.

Civil War store card tokens served as advertisements for privately-owned businesses. They typically displayed the business name and address plus a description of services and products offered. They were accepted as 1-cent coins and were given out as change. Most were dated and many used an Indian Head or Liberty portrait as the obverse. One of the most common store card tokens was produced by New York barkeeper Gustavus Lindenmueller in 1863. These were about the size of a quarter (unusual for a CWT) and over a million were produced. They depicted a bearded portrait and the date on the obverse and a beer stein on the reverse. Presumably these could be exchanged for a beer at Lindenmueller’s bar. For a time they were accepted for streetcar fare and New York’s Third Avenue Railroad company accumulated a large quantity. The company attempted to have Lindenmueller exchange them for cash but he refused. They basically lost their money because there was no legal recourse for recovering the funds.

Sutler tokens are the rarest category. They are similar in concept to store card tokens but rather than naming a business they reference a particular army unit, usually a regiment. They also bear the name of the specific sutler (or vendor) who was in charge of procuring supplies for that unit. Servicemen would exchange some of their military pay for small-denomination tokens that could be used to make small purchases from the sutler. In effect, each regiment had their own private currency which soldiers could easily spend as they wished.

The end for Civil War token use began with the passage of the Coinage Act of 1864, enacted by Congress on April 22, 1864. That Act is best known for the establishment of the 2-cent piece and for mandating the use of the phrase In God We Trust on US coinage. It also established the new alloy (bronze) and weight (3.11 grams) for 1-cent coins. The new cents were closer in weight to typical CWTs and found greater acceptance among the public.The issue of the legality of CWTs was settled by the enactment by Congress of 18 U.S.C. § 486, on June 8, 1864. This new law made the minting and usage of non-government issue coins illegal, with potential penalties of a fine up to $2,000, a prison term of up to 5 years, or both. It was not illegal to possess the tokens but the new law did stop token production since no tokens are known to have been manufactured after that date.

The standard references for CWTs are the two books written by Dr. George J. Fuld and his father, Melvin Fuld. These are Patriotic Civil War Tokens and U.S. Civil War Store Cards, plus A Guide to Civil War Store Card Tokens. Whitman Publishing also issues the “official red book” called A Guide Book of Civil War Tokens, written by Q. David Bowers. Anyone with serious interest in these tokens will need one or more of these books. You can also join the Civil War Token Society, a coin club dedicated to these interesting pieces.