Early American Coins: Myths, Facts, and Rare Collectibles

How many fascinating stories, myths and legends can lie behind the beautiful coin gleaming in your hand? Have you ever wondered about the early US coins, and the events that had to occur for people to finally have a convenient means of payment and even began to treat some of them as masterpieces and amazing objects to collect.

American numismatics is full of fascinating stories and for many people collecting is not only a hobby, but also an opportunity to touch the past and learn how the financial system of the country was formed. And today we will be glad to tell you about the first coins minted in the US that you can now find in coin dealers’ hands, and the formation of American numismatics in more detail.

A coin collector carefully studies an early United States coin with a magnifying glass.

Proto-Dollar: What Was Used Before Official Coins Appeared

The United States declared its independence in 1776, but for a long time did not have its own coinage system. The popular first US coin minted examples appeared only in 1792 with the adoption of the Coinage Act.

But what were other objects and foriegn coins used as early US currency before that time? The answer lies in the variety of currency forms and materials used in circulation. Colonial economies could not rely on just one form of money, and each region used what it had at its disposal.

In the table below you will find some examples of currency that was used in different parts of the country before the first US minted coin:

Currency	Used By	Interesting Fact
Spanish Real	Popular with traders	It was often cut into 8 pieces for convenient payments
Tobacco	Virginia planters	Tobacco was officially used as currency until the 1700s.
British pound	Official currency until 1776	It was used as a standard for payment to foreigners.
Rum	Sailors and harbor workers	Used not only for payments, but also for payoffs.
Dutch Guilder	Merchants in New York	In the Dutch colonies, it was considered a reliable coin.
Fur	Frontier settlers and traders	Beaver furs were one of the most valuable assets.

Frontier settlers traded beaver furs, a valuable asset used as currency before the first US minted coin in early United States history

Thus, silver and gold coins from various European countries used in circulation further became the basis for the first American coins and their denominations.

Fugio Cent: The Official 1st US coin

This official first coin minted in the US, the Fugio, was issued in 1787, before the adoption of the Constitution. It was named after the Latin word “fugio”, which means "I run". The unusual inscription symbolized the idea that time does not stand still and life is passing quickly.

Here we would also like to take a moment to understand some of the nuances of the coin's status. It was issued when the country was governed by the Articles of Confederation. This officially makes it the first United States coin at the national level, but it should not be confused with coins issued after the establishment of a full-fledged monetary system in 1792.

Description and symbolism of the coin:

The obverse of the coin shows sunlight falling on the dial and the inscription “Mind Your Business”.
The reverse illustrates 13 rings connected to each other, symbolizing the original states. Inside the chain was the inscription “We Are One”.

The Fugio coin was unique for its design, but also for being a reminder of the need for economic discipline and unity among the new Americans.

Close-up of the Fugio Cent, the 1st US coin minted in 1787, showing its unique design of chain and inscription on the reverse.

Legends of the Numismatic World: Early United States Coins

1792 Half Disme

The Coinage Act of 1792 officially established the U.S. Mint system already after the advent of the Constitution. This time was the beginning of the more famous first silver, gold and copper coins.

Thus, the first coin after the passage of the act was the Half Disme. The coin (with denomination of 5 cents) was struck in silver and had a small size (approximately 17.5 mm in diameter and weighing about 1.35 grams). The obverse of the coin was decorated with a bust of Liberty, and the reverse depicted an eagle with spread wings. According to rumors and legends, George and Martha Washington are directly related to the creation of the coins, as the coin was minted from the First Lady's silver jewelry, though there is no direct evidence of this.

The half-dime itself was used less as circulating currency than as a test piece, a symbol of the new Mint's capabilities. Collectors still consider it one of the most desirable coins of early American numismatics.

Related article: The American Innovation Coin.

A close-up picture featuring the first coin minted in the US after Coinage Act of 1792 - Half Disme in the hands of proud investor.

Further Steps After Half Disme

After 1972 Half Disme, the first regular issues of United States coins began to appear, due to the foundation of the United States Mint in Philadelphia.

Thus, the Mint issued new denominations for ease of calculation: half cent and cent (copper); half disme and disme, quarter, half dollar and dollar (silver); Quarter Eagle - $2.50, Half Eagle - $5 and Eagle - $10 (gold).

Who is on the early US coins and what is their value now? The answers to these questions can be found in the table with the main types of coins from this period:

Coin and the Year of Issue	Metal	Design	Features	Estimated Value (depends also on condition)
1793 Chain Cent	Copper	Obverse: bust of Liberty with loose hair, reverse: chain with 15 rings	The first US 1-cent piece issued. The 15-link chain symbolized the union of the states, but quickly attracted criticism because the chain was associated with slavery, leading to its replacement with a wreath.	$5,000 - $500,000
1793 Wreath Cent	Copper	Obverse: bust of Liberty, reverse: wreath with ribbon	Issue replaced the previous one; limited issue; only a few surviving variants known	$5,000 - $400,000
1794 Liberty Cap Cent	Copper	Obverse: bust of Liberty in Phrygian cap, reverse: wreath	One of the best known early types of the 1 cent.	$2,000 - $250,000
1794 Flowing Hair Dollar	Silver	Obverse: Liberty with loose hair, reverse: Small Eagle	First United States dollar, limited edition. It is one of the rarest and most expensive coins, most notably the 1794 specimen was sold at auction for more than $10 million.	$200,000 - $10,000,000
1795 Eagle ($10)	Gold	Obverse: Liberty with turban, reverse: Eagle with spread wings	The first gold Eagle of the United States. High price at auctions due to rarity and historical significance.	$50,000 - $3,000,000
1796 Draped Bust Quarter Dollar	Silver	Obverse: Bust of Liberty, reverse: Small Eagle	First issue of quarters with the design of a bust of Liberty on the obverse and an Eagle on the reverse.	$10,000 - $500,000
1796 Draped Bust Half Dollar	Silver	Obverse: Bust of Liberty, reverse: Small Eagle	One of the earliest half dollars, a rare mintage	$25,000 - $1,000,000
1795-1798 Half Eagle ($5)	Gold	Obverse: Liberty with turban, reverse: Small Eagle	One of the first gold coins of the United States. The design is similar to the eagle, but the smaller size and denomination make it more accessible to collectors, although rarity is still high.	$25,000 - $800,000
1804 Dollar	Silver	Obverse: Bust of Liberty, reverse: Eagle with shield	The most famous and one of the rarest coins in the world	$1,000,000 - $10,000,000+

Coins Changed History

Early U.S. coins tell the story of the development and economic independence of a young country. They are the most valuable and sought-after collectible due to their unique characteristics, limited circulation and low mintages. To find such coins today is possible, but it is expensive and time-consuming, which also requires attention to their condition and authenticity.

However, the valuation and identification of any coins requires experience and trusted tools. So, fast-paced collectors can use the Coin ID Scanner app to identify and value coins from around the world, accessing information in seconds.

Sources:

1. https://en.wikipedia.org/wiki/Numismatic_history_of_the_United_States

2. https://www.usmint.gov/learn/history/us-circulating-coins