The Problem of Large Cents
After fifty years of production, the United States Mint faced up to the mounting problems of the one cent denomination. They were increasingly unpopular with the public due to their size and weight. The coins were often considered filthy. Because the coins were not legal tender, they were often rejected by banks who would only accept silver and gold coinage. Sometimes the cents were accepted but only at a discounted rate. Finally, the rising cost of copper had made the large cent unprofitable for the mint to produce. It cost about $1.06 to produce 100 cents.
A number of different allows were considered as a way of correcting the problem. This included so called German silver, consisting of copper, nickel, zinc, tin, and antimony; billon, consisting of 10% silver and 90% copper; and various alloys of nickel, copper and zinc. The Mint Director eventually decided on an alloy of 88% copper and 12% nickel. This composition would be used for the newly introduced Flying Eagle Cents.
A relatively large number of 1856 dated pattern coins for the new composition, size, and format were produced to show to Congress and other influential individuals. The design and format proved acceptable and the coins were produced for circulation in the following year. The series was produced for just two years in 1857 and 1858. The Mint also restruck a relatively large number of 1856 Flying Eagle Cents for collectors. This issue, technically a pattern, became collected like a regular issue of the series.
Popular and Unique Gold Coin Design
In the early twentieth century, President Roosevelt grew weary of the designs for circulating American coins. Most had not experienced an update in more than a generation and were similar across denominations. Through his efforts a series of changes were made which updated designs from the smallest to largest denominations.
In 1908, the design for the $2.50 Quarter Eagle was changed. Before then, the same design had been in used since the 1830’s. The new version of the coin was created by Bela Lyon Pratt and remains unique in American coinage for the use of an incused design. Rather than having design elements raised above the surface of the coin, they are instead impressed into the coin.
The Indian Quarter Eagle was minted from 1908 to 1915, and then from 1925 to 1929. The obverse features an Indian chief with a ceremonial headdress. Thirteen stars, Liberty, and the date surround the image. The reverse features a perched eagle with a bundle of arrows and olive branch. As mentioned the design is sunken into the surface of the coin.
Although not initially popular with the public, the coin has become popular with collectors as an approachable classic gold series.
A Series Concluded Before Its Time
The Franklin Half Dollar coin series replaced the prior Walking Liberty series starting in 1948. Many thought it was fitting to recognize this important American on a circulating coin. Collectors who preferred the beauty of the prior series, perhaps overlooked the new series at first.
The coin featured a portrait of Benjamin Franklin and the Liberty Bell of Philadelphia on the reverse. A tiny Bald Eagle also appears to the right of the eagle to satisfy the legal requirement to include it on the half dollar denomination. The coin was designed by John R. Sinnock, who was the Chief Sculptor Engraver of the United States Mint.
When the series began, it was expected to run for at least 25 years due to the laws in effect at the time. This would have allowed the Franklin Half to continue until at leats 1972. Tragic events took place that changed the plans.
After the assassination of President John F. Kennedy, there was an immediate idea to memorialize him on a newly designed coin. Legislation was passed at the end of 1963 to authorize the new coin and overturn the requirement for a 25 year series duration. The Kennedy Half Dollar was released in 1964 and immediately popular with the American public.
The Kennedy series has continued to the current day, giving the series a duration of nearly 50 years!
Old Designs on New Coins
Some of the most popular coin designs were creating during a time that many people refer to as the Renaissance in American coinage. In recent year, the United States Mint has been reusing these popular old designs in lieu of creating new designs for our generation.
The first such instance occured when Congress passed laws creating new bullion coin programs. These gold and silver coins would contain a stated weight in bullion and have their content and purity guaranteed by the government. The program was in response to the popular gold and silver bullion coin programs launched by other world mints.
The American Gold Eagle coin resurrected the design used on Augustus Saint Gauden’s $20 Gold Double Eagle. A new reverse was prepared for the coin, however. The American Silver Eagle used the design from Adolph A. Weinman’s Walking Liberty Half Dollar. This coin was minted from 1916 to 1947.
Another popular design that was later reused twice was the Buffalo Nickel design. This was used on a commemorative coin issued in 2001 and a new 24 karat gold bullion series launched in 2006.
Will there be any classic designs created by our era that future generations reuse in their coinage? Or will we always refer back to the Renaissance in American coinage for designs of beauty?