The year 1792 stands out in American history, marked by significant events that shaped the nation's trajectory.
The Coinage Act of 1792 was introduced in the United States Congress and signed into law by President George Washington. It was primarily authored by the members of Congress at that time. The act established the United States Mint, regulated the coinage of the United States, and created the U.S. dollar as the country's standard unit of money. This Act was a significant piece of legislation that laid the foundation for the modern U.S. currency system.
Another significant event was the establishment of the Postal Service Act, which created the United States Post Office Department, a forerunner of today's United States Postal Service. This Act was instrumental in revolutionizing American communication, connecting diverse parts of the young nation through an extensive network of postal routes and services. It played a key role in fostering national unity and the efficient exchange of information.
1792 also marked the beginnings of the New York Stock Exchange, one of the world's foremost financial institutions. Originating from the Buttonwood Agreement, signed under a buttonwood tree on Wall Street, this development laid the foundation for organized securities trading in New York. The establishment of the Stock Exchange was crucial in the evolution of the American financial system and had a profound impact on global finance.
These pivotal events of 1792 collectively illustrate a year of progress and unification, reflecting the dynamic spirit of early America.
When the first Europeans began to settle in America during the 1500s, there was little use for coins. Where would you spend them in a complete wilderness? Coins meant nothing to the native people, yet the Europeans found that they needed to trade with them in order to survive, particularly during winter. The colonists soon adopted the native practice of exchanging wampum (small clamshells fashioned into beads) for food, animal skins and other necessities. Another highly prized commodity, especially in Europe, was a plant native to America called tobacco. Both items were so commonly exchanged that the English colonies of the Atlantic coast actually passed laws regulating their values by weight or by count.
The simple economy of the early colonists eventually gave way to a society that resembled the cities and towns they'd left behind in Europe. With craftsmen and merchants establishing shops in villages up and down the Atlantic coast, the need for a more sophisticated medium of exchange demanded that coins be made available. Most of the American colonies were ruled by England, and their governments were run in accordance with charters granted by England's king. While a few of these charters permitted the colonial governments to manufacture coins, most did not. The first English colony to challenge this prohibition was Massachusetts Bay. In 1652 the colony of Massachusetts Bay established a mint in Boston.
The Massachusetts Bay Colony's mint at Boston was run by John Hull, who was assisted by Robert Saunderson. Its output consisted mostly of silver shillings, coins valued at twelve pence. The Massachusetts Mint also produced smaller silver coins valued at six pence, three pence and two pence. Except for the two pence pieces, which were dated 1662, all of the coins minted at Boston carried the date 1652. Although a popular myth holds that the coins were dated 1652 to deceive the monarch into believing that the colony had ceased minting coins after he ascended to the throne, in reality the date almost certainly refers to the year that the Massachusetts Bay General Court authorized their production.
The mint’s first silver shillings bore simply the letters NE (for New England) on the obverse and the values XII (12 in Roman numerals), VI (6) or III (3) on the reverse. Easily counterfeited or clipped, these coins were quickly replaced by ones featuring a tree on their obverse. Three styles of trees were used over the thirty years of production: a willow (1652-60), an oak (1660-67) and, most familiar of all, a pine (1667-82).
In Maryland, Cecil Calvert contracted with England's Royal Mint to produce silver coins valued respectively at one shilling, six pence and four pence. These carried no date, but they were made around 1659, during the Commonwealth period when England had no king and was ruled by Parliament. The number minted is unknown, and they evidently circulated in the Maryland Colony for just a few years. All are rare and highly sought by collectors today.
Connecticut had an advantage over the other colonies because it possessed copper mines. Outside the town of Granby, Dr. Samuel Higley created his own mint from scratch. He smelted the raw ore himself and made his own dies for the minting of copper three pence coins dated either 1737 or 1739. The principal devices were a stag seen in profile on the obverse and either three hammers or a single axe on the reverse. Higley's coins proved quite successful locally, though by English standards they were underweight. When found today, these very rare coins are almost always well worn, and this proves that they circulated for many years.
In New Jersey, the colonists used coins imported from Ireland during the 1680s. These copper pieces were made a legal tender by the General Assembly in May of 1682. They came in two sizes, the larger ones valued at one-half penny and the smaller coins at a farthing, or one-quarter penny. One side of these coins shows a seated figure of a king playing a harp (symbolic of Ireland), and the other side shows Saint Patrick. These coppers are some of the more available coins from the American colonial period.
Among the rarest and most obscure colonial pieces are the brass and pewter tokens issued by Francis Lovelace, governor of New York from 1668 to 1673. The New Yorke token is undated but is believed to date from this period. Its obverse shows Cupid chasing after Psyche, who wears butterfly wings. The reverse features the Lovelace Family arms, which is dominated by an eagle. Probably intended to pass as farthings, these extremely rare tokens are believed by some to have been made in Bristol, England.
In 1688, Richard Holt received a royal patent to manufacture tokens for use in the American colonies. Made of tin, these tokens were valued at 1/24 real. (The real was a Spanish unit of value, and the coins of Spain's American colonies were then widely used throughout the New World.) The obverse shows England's King Charles II astride his horse, while the reverse displays the armorial shields of England, Scotland, Ireland and Wales linked by a chain. Very little is known of these rare pieces, such as where and for how long they actually circulated.
Another individual who received royal permission to make coins for Ireland and for the American colonies was William Wood. Both issues of his copper coins, which are dated 1722, 1723 and 1724, show a portrait of King George I on their common obverse. The American coins feature an English rose on their reverse, while the Irish pieces display a seated figure of the goddess Hibernia (Latin for Ireland) seated beside a harp. Though officially valued at two pence, one penny and one-half penny, respectively, Wood's coins were very underweight and were largely rejected by the Irish. As a result, the Irish issues were also shipped to America, since the American colonists had too few coins to complain about their quality. Even so, they proved to be just as unpopular here as they had been in Ireland.
Another series of Irish coins that found their way to the American colonies were the Voce Populi coppers, so called because of their obverse legend, which in Latin means “By the voice of the people.” Dated 1760, several varieties of farthings and halfpennies are known. These were created by a Mr. Roche of Dublin. Their obverse features a laureate bust of King George II, while the reverse design is a seated figure of Hibernia with a harp. Exactly where and when these circulated in America is uncertain, but they are highly collectable.
Tokens honoring Sir William Pitt, who defended the American colonists against the unpopular Stamp Act of 1765, were made in both farthing and halfpenny sizes bearing the date 1766. A bust of Sir William appears on the obverse, while the reverse features a merchant ship under full sale, which is identified as AMERICA. The Pitt Tokens are quite collectable and serve as important historic relics.
Of all England's American colonies, Virginia came closest to realizing a useful coinage from the Mother Country, but it simply came too late. In 1773, thousands of copper halfpennies were minted in London for shipment to Virginia. These attractive coins carry the portrait of King George III on their obverse and the royal arms of Great Britain on their reverse. Thanks in large part to the discovery of a hoard of uncirculated specimens, Virginia halfpennies are readily available in Mint State grades. The Virginia halfpennies are among the most common colonial era coins, and they are a perennial favorite with American collectors.
With the exception some of the types described above, there are few uniquely American coins from the colonial era. It may be seen from these mostly unsuccessful attempts at coinage that the needs of the American colonists were not being met. This attitude of disregard on the part of England toward its countrymen overseas would eventually lead to rebellion and American independence.
Coin Descriptions Provided by Numismatic Guaranty Corporation (NGC)
