The following "coin eras/periods" will be elaborated upon after the jump:
The Early Era (1793-1834)
--- the Commencement Period (1793-1804)
--- the Undervalued Gold Period (1805-1834)
The Classic Era (1834-1889)
--- the Early Classic Period (1834-1850)
--- the Neo-Denominational Period (1851-1877)
--- the Late Classic Period (1878-1889)
The Renaissance Era (1890-1933)
--- the Early Renaissance Period (1890-1906)
--- the Renaissance Period (1907-1921)
--- the Late Renaissance Period (1922-1933)
The Modern Era (1934-1998)
--- the Early Modern Period (1934-1947)
--- the Portraiture Period (1948-1970)
--- the Clad Period (1971-1998)
The Circulating Commemoratives Era (1999-present)
THE EARLY ERA (1793-1834):
The beginnings of United States coinage. This era is characterized by irregular production, low mintages, and notable rarities as the young United States sought to meet commercial demands for specie.
Though not necessary, this era may be subdivided into two periods:
- The Commencement Period (1793-1804) covers the very beginnings of United States coinage from the first large cents and half cents in 1793 up to the suspension of silver dollars and gold eagles in 1804.
- The Undervalued Gold Period (1805-1834) is most notable for Congress failing to act on the gold:silver ratio. The United States practiced bimetallism in these days meaning that gold could be traded for a fixed sum of silver and vice-versa which is fine so long as the legal ratio (what Congress says they're worth) matches the trade ratio (what they're actually worth). The gold coins throughout much of this period were worth more as gold than as money so they were exported in great numbers and used to profitably trade for silver before starting the process anew.
THE CLASSIC ERA (1834-1889):
This era begins with gold being revalued at $20.67 per troy ounce under the Coinage Act of 1834, an amount which would remain until 1933. Overall, this era is characterized by the introduction and subsequent loss of experimental denominations. The U.S. Mint's production capacity would also during this time finally be able to meet the demands of commerce allowing the United States to remove the legal tender status of foreign gold and silver coins in the marketplace thus monopolizing its own. The era ends with the modernization of U.S. coin denominations.
Like the previous era, the Classic Era may be further subdivided into three periods as follows:
- The Early Classic Period (1834-1850) is most notable for the first affordable gold coins for the modern collector, the short-lived Classic Head quarter and half eagles, produced under the new standard of the Coinage Act of 1834 which kept them from being exported for profit. Silver dollars and gold eagles would resume production in 1840 and 1838 respectively, having been suspended previously in 1804. Additionally, production methods were modernizing allowing the screw press to be gradually replaced with the newer steam press which improved both quality and production capacity. The period ends with the discovery of gold in California which now put strains on the nation's silver coins causing them to be exported for profit.
- The Neo-Denominational Period (1851-1877) begins with Congress authorizing the production of a debased (75% silver, rather than 90%) 3-cent silver piece (also known as a trime) as a stopgap measure to get silver coins back into circulation. The Coinage Act of 1853 would return silver coins to the marketplace by reducing the amount of silver in all but the silver dollar by about 7%.
----- Other coins would be abolished by the end of this period. This included the Half Cent and Large Cent in 1857 due to the aforementioned rising costs of copper and 1873 brought about the abolition of the two-cent piece, trime, half-dime, and silver dollar.
- The Late Classic Period (1878-1889) begins with the abolition of the unpopular twenty-cent piece and the resurrection of the silver dollar, the latter as a heavy-handed political attempt to shore up the price of silver. The period is notable for the resumption of gold coin in circulation starting in 1879 after a long absence resulting from economic complications of the Civil War and for the abolition of all remaining oddly-denominated U.S. coins: the three-cent nickel, gold dollar, and three dollar gold piece.
THE RENAISSANCE ERA (1890-1933):
This era begins with the Coinage Act of 1890 which, in addition to abolishing the denominations mentioned above, required that any new coin design issued be minted for a period of no less than 25 years unless Congress approves an exception. This fixes the lineup of U.S. coin denominations and sets coin redesign in motion as many designs have been in place since the 1830s, most notably the Seated Liberty silver and Coronet Head gold coins.
The Renaissance Era may be subdivided into three periods:
- The Early Renaissance Period (1890-1906) is noted mainly for fixing U.S. coin denominations leaving only the cent, nickel, dime, quarter-dollar, half-dollar, silver dollar, quarter-eagle, half-eagle, eagle, and double-eagle. The first coins made under the Coinage Act of 1890 were the Barber dime, quarter-dollar, and half-dollar which all debuted in 1892.
- The Renaissance Period (1907-1921) is the period of wholesale redesign of every U.S. coin denomination. This period is generally considered the height of U.S. coin design. The series of this period remain highly collectible and have produced fond memories in those who were alive to collect them as they disappeared from circulation in the 1950s and '60s. It started with the Indian Head eagle and Saint-Gaudens double-eagle in 1907, followed by the Indian Head quarter-eagle and Indian Head half-eagle in 1908; the Lincoln Cent in 1909; the Buffalo nickel in 1913; the Mercury dime, Standing Liberty quarter, and Walking Liberty half-dollar in 1916; and ended with the introduction of the Peace dollar in 1921.
----- A side note for this period was the introduction of branch mint production of cents (1908 for San Francisco & 1911 for Denver) and nickels (both San Francisco and Denver in 1912) as well as the end of the New Orleans mint which ceased production in 1909.
- The Late Renaissance Period (1922-1933) is simply the time when all of these new designs were in concurrent production. The period does not end in 1931 because while the Washington quarter-dollar debuted in 1932, at the time it was considered to be a one year commemorative and there was no quarter-dollar production in 1933.
----- The gold recall in 1933 produced a number of late-date gold rarities such as the 1929 Indian Head half-eagle, 1930-S & 1933 Indian Head eagle, and most mintmarked Saint-Gaudens double-eagles from the 1920s (especially 1927-D) & all such coins from 1929-1932. This was because the recalled coins were melted down, destroying a great many of them. Many late-date gold coins were found in European bank vaults though not enough to bring their values down to common date or even better date status. They are all multi-thousand dollar coins today.
THE MODERN ERA (1934-1998):
This era kicks off with the end of circulating gold under Franklin Roosevelt's Executive Order 6102 and with the formal introduction of the Washington quarter-dollar after which all subsequent coin designs would feature historical figures from U.S. history rather than allegorical depictions of Libertas or Native Americans. This era marks the end of precious metal coinage with the Coinage Act of 1965, an enormous rise in coin production, and staid coin designs.
The Modern Era may be subdivided into three periods:
- The Early Modern Period (1934-1947) marks the twilight years of the designs from the Renaissance Period (the technical exception being the Lincoln cent though it arguably joins the portrait gallery once the Washington quarter-dollar goes from a one year commemorative to the Standing Liberty quarter's replacement and definitely in 1959 when only the reverse is changed to the Lincoln Memorial). All the nation's coin designs are gradually (and permanently) replaced by ex-Presidents/Founding Fathers starting in 1934 with the Washington quarter-dollar, 1938 with the Jefferson nickel, 1946 with the Roosevelt dime, and 1948 with the Franklin half-dollar.
----- World War II would produce some curiosities like the 1943 steel cents, the 1942-1945 "war nickels" which contained no nickel (an emergency alloy of copper, silver, and manganese), and a 1942/41 overdate for the Mercury dime from both mints.
- The Portraiture Period (1948-1970) came to be in the declining years of precious metal coinage in the United States. All circulating coins now feature historical figures and with the introduction of the Kennedy half-dollar in 1964, all coins would feature ex-Presidents. Silver would be removed from the dime and quarter-dollar in 1965 and the last vestiges of circulating precious metal coinage in the form of 40% silver half-dollars would end in 1970.
- The Clad Period (1971-1998) is notable not only for non-precious metal coin compositions but also for static coin designs, the only exception being the dual-dated (1776-1976) bicentennial quarter-dollar, half-dollar, and dollar coins. It contains the last large-sized dollar, the Eisenhower dollar made from 1971-1978 and saw the introduction of the ill-fated mini-dollar featuring the suffragette Susan B. Anthony in 1979 instead of the classic depiction of Libertas Chief Engraver Frank Gasparro had intended or even a reduced-in-size Eisenhower portrait. Increasing costs associated with cent production necessitated a composition change to copper-plated zinc in 1982 which continues to this day. All remaining coin compositions were stable during this period.
----- Also worth noting is the half-dollar stopped circulating during this time. It continued to be produced in reduced numbers primarily for the gambling industry but even this limited use would come to an end. The last half-dollars made for circulation were struck in 2001.
THE CIRCULATING COMMEMORATIVES ERA (1999-present):
Beginning in 1999, the Washington quarter was modified so that its reverse would feature designs of all 50 states (5 states per year for 10 years) followed by its 6 districts/territories in the order they joined the Union. This would be followed by a two-year four coin set of modified reverses for the Jefferson nickel commemorating the Louisiana Purchase called "The Westward Journey" series in 2004 & 2005 (2005 featured a one-year redesigned Jefferson portrait as well).
In 2007, the dollar coin was repurposed to feature all the Presidents of the United States (four per year) in the order which they served up until the most recent President, provided he has been deceased at least two years prior to his design. At present this means the series will conclude with Gerald Ford because no exception has been made for the still-living Jimmy Carter and the Mint has chosen not to skip him in order to release a Ronald Reagan dollar. In 2009, the Sacagawea dollar (which was not terminated for the Presidential dollar program for the same provincial reasons why Monticello is still being depicted on the redesigned Jefferson nickel) began featuring an annually redesigned reverse depicting various Native American themes.
In 2009, the Lincoln cent featured four designs commemorating the life of Abraham Lincoln for the bicentennial of his birth. These designs are uncommon in circulation (though by no means rare) because production dropped precipitously that year due to the start of the Great Recession.
Starting in 2010 and continuing until the beginning of 2021, the Washington quarter will again feature commemorative designs for all 56 of its states, districts, and territories. This series is called "America the Beautiful [ATB]" and will feature one national park or historical site from each state in the order they became such.
This era has also brought about the restoration of artwork for some of its coin designs. In 2006, the depiction of Monticello was strengthened to look as it did in 1938 (though its relief was not restored). Starting in 2010, the Lincoln and Washington portraits were made to look as they originally had (though, like the nickel, their relief is still lower than the original designs). The Kennedy half was also restored beginning this year.
- This era also features coin redesign. The Sacagawea dollar debuted to much fanfare in 2000 and unlike the Susan B. Anthony dollar, it was brassy colored and smooth-edged to make it distinctive from the quarter-dollar. However, since the legislation for this mini-dollar did not also include the abolition of the paper dollar, the coin failed to circulate. The coin may also be said to represent the politicization of coin design as its subject was decided by committee before any designs were presented rather than selected from designs produced by artists.
- The cent and nickel were redesigned as well but only half new as has been the case since the introduction of the Lincoln Memorial cent in 1959. The Lincoln cent now features a Union Shield motif on its reverse and the obverse of the Jefferson nickel has a forward-facing portrait of Thomas Jefferson.
- Also worthy of note is the introduction of collector-only mintages for the half-dollar and dollar coins starting in 2002. In the past when coins of a particular denomination were not needed for circulation they were simply not produced. Exceptions have been proof-only coins which started appearing in the 19th century. 1970 & 1987 saw half-dollars included in the mint sets though none had been produced for circulation and 1981 saw a dollar coin included despite not being struck for circulation that year. And while there has not been a production gap (by all mints) for any coin since the 1933 nickel and quarter-dollar, it has since been Mint policy to make unneeded coins annually for collectors which are sold at a hefty premium. Starting in 2012, the Mint has offered rolls of circulation quality ATB quarter-dollars bearing the San Francisco mintmark for collectors.
There is continued talk about changing the composition of the dime, quarter, and half to cheaper compositions despite the fact they remain extremely profitable to produce. I'm hoping this will pass. The current cupronickel plated copper has served the United States well since 1965.
This article should probably have a proper conclusion but well...here we are.
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