Because of America’s status as an English colony, Americans relied heavily on foreign currencies for many years rather than developing their own official currency. However, there were some early attempts to develop American coinage in New England.

If you are considering a purchase of a pre-1800s American coin, or even if you are just interested in early American coinage history, here are five things you should know about early American currency:

1. What were the New England coins?
2. What were the Pine Tree shillings?
3. Who made United States coins after the Revolutionary War?
4. What were the Washington Pieces?
5. What is the Coinage Act of 1792?

What were the New England coins?

The first coins made in the United States were the “NE” coins, or the “New England” coins. These were created by the order of the Massachusetts General Court in 1652.

The first printing of the New England coins were very simple with “NE” on the obverse and the denomination on the reverse. Because of their simplicity, coin clipping (shaving or cutting bits of silver off the edge of a coin for its value) became common, so the next production involved more elaborate designs to discourage clipping.

What were the Pine Tree shillings?

The Pine Tree shillings were another coin created by the order of the Massachusetts General Court in 1652. Production continued for many years following 1652, but all had the date 1652 struck on them.

England had banned English colonies from minting their own coinage, so the New England coins and the Pine Tree shillings were created in spite of the ban. All of the Pine Tree shillings had 1652 struck on them, regardless of the year they were minted, so that Massachusetts could claim that they had minted coins for one year only.

Who made United States coins after the Revolutionary War?

After the Revolutionary War, private minters or individual states created the majority of coins made in America. However, during this time several attempts by legislators failed to standardize American coinage.

The Superintendent of Finance, Robert Morris, proposed a coin system based on a “mill”. This was designed to simplify coin exchanges between American coins and foreign currency, including Spanish milled dollars.

However, Thomas Jefferson believed that the value of the mill was too low, and proposed his own solution: he recommended a currency based on the “dollar”, inspired by the popularity of the Spanish milled dollars. He proposed they then divide the dollar into tenths (dimes) and hundredths (cents). Congress adopted Jefferson’s proposal in 1785.

What were the Washington Pieces?

From 1783 to 1792, a series of coins were printed in America as well as England depicting George Washington on the front. These were made mostly of copper and silver, and had more than twenty varieties from various makers. However, the United States government never officially adopted any of these varieties.

What is the Coinage Act of 1792?

On April 2, 1792, Congress established the first national mint in Philadelphia and declared the silver dollar the United States basic unit of money. In addition to the dollar, they established nine denominations:

• Copper penny
• Silver half dime
• Silver dime
• Silver quarter
• Silver half dollar
• Silver dollar
• Gold quarter eagle
• Gold half eagle
• Gold eagle

The first coinage was the half disme (the nickel) and the disme (dime). The flowing hair half Dime began production in 1794. The dime began production in 1796. 

Early American coinage has a fascinating, varied history leading up to the Coinage Act of 1792. If you would like to know more about early American coinage or see what other coins we may have in stock, please stop by our location and I would be happy to discuss this with you.

Sources:

https://www.littletoncoin.com/shop/Early-American-Coins

https://www.philadelphiafed.org/education/money-in-colonial-times

https://www.pcgs.com/coinfacts/category/washington-pieces-1783-1800/5905

https://atlantagoldandcoin.com/a-history-of-the-first-coins-issued-by-the-united-states/