1776 Continental Currency ($1)

[mhonzell]

Take a close look at this coin and you will notice it is missing a key element for a coin: the denomination.

It is assumed this coin became our first US dollar, but that is only a guess.
You see in 1775, Congress authorized the production of paper money in various denominations including the $1 bill. But, from 1776 through 1779, there were no $1 bills made. Instead, this coin "shows up". Why do I state it that way?

Because Congress did not authorize the production of this coin.
It is estimated that about 6000 of these were made in pewter (of which only a few hundred have survived), about 15 made of brass and 4 of silver.

So, here's my take on the situation. They were trial coins. You see, the newly formed US was expecting a large influx of silver from France and wanted to create a coin that would standardize the colonies who were all using a version of the English pound as their silver coin. The new coin was designed and the trials were made, but the shipment of silver never came.

US Congress started issuing $1 paper bills again in 1779, but by this time, US paper money was starting to fail due to a large influx of counterfeit money (the English may have lost the war, but the battle wasn't over.)

Elements of the coin were later used by Franklin in the design of the Fugio cent (1787).
The coin below sold for $225K.

[Daniel]

Good post. How did we miss this one? Wow.

[mhonzell]

I try to sneak them in.

[Paul]

:thumbsup:

I purchased one of these copy coins years ago, this one was made by "BECKER".

[PetesPockets55]

Thanks Mark. Interesting, as always.
And thanks Paul for that image of a "Becker" copy. One of his NJ Farthings had me going until an expert wanted to look at it and use it in a book he was writing.