I liked reading this, and I thought I'd share this with all of you... – By Mark Palermo - The introduction of the silver dollar by the US Mint had a monumental effect on coin collecting then and now. 1836 was the inaugural year of issue for the ‘Gobrecht Dollars’. What follows is a short history of these first United States dollars. In the late 1820’s, then Mint Director Samuel Moore wanted to see a redesign of various US coins. He urged Treasury Secretary Levi Woodbury to hire a man named Christian Gobrecht into the Mint engraving department. Secretary Woodbury gave his blessing and Gobrecht started down the road to numismatic immortality. At this time (early 1830’s) in our history, the largest common coin made of silver was the half dollar. Many of these coins did not reach circulation and stay there, as the banks would hoard them to back up the paper money it had out at the time. The silver dollar could meet the local banks bullion needs and allow the half dollars to reach circulation once again. The coining costs were almost identical for the issue of one silver dollar as it was for the issue of two half dollars, so the economics worked. The current Mint Director, Robert Patterson, presented this information and gained approval from both the Treasury Secretary and the President. Gobrecht was told to proceed with the design of the first silver dollar. Unfortunately, the first design coined included the engraver’s name prominently displayed on the obverse in the open field below Liberty. This was largely seen as egotistical/conceited on the part of Gobrecht. Approximately 15-20 coins were made before the presses were stopped and Gobrecht’s name was relegated to a more discreet location at the bottom of the base of Liberty. Late in 1836, the first silver dollars were struck for circulation. Approximately 1,000 of them were minted in the month of December as double struck proof coins. The coins were 89.24% silver and weighed 416g with 371.25g of silver in each. In 1837 the silver content was changed to the standard 90% content, but this did not affect the weight of 371.25g of silver. In the 1850’s, coin collecting had reached a very popular status as the industrial wealth began to flex its financial muscles. It was not uncommon to see the US Mint coining items strictly at the request of or as a favor to a wealthy collector. Gobrecht dollars were extremely popular with these individuals and as a result, then Director of the Mint, James Snowden, decided to issue a restrike of the original Gobrecht pieces to assuage the demand from the collectors. Opinions vary, but it is commonly held that these restrikes were done in the years 1858-1860 and were of high quality. Snowden differentiated the restrikes by re-aligning the reverse die so the eagle would be flying level when the coin was turned over from an upright obverse position. Mintages are approximated as follows; 1,000 in 1836 under the ‘old’ silver standard; 600 in 1837 with the ‘new’ silver standard and somewhere between 350 and 750 restrikes. If the slabbers’ population reports are any indicator, it seems there are about 1,000 survivors out there. Unfortunately, many are circulated/cleaned/damaged, etc. and are highly sought in the upper grades. Counterfeits abound as well. Be careful when purchasing and preferably get a slabbed coin.
Boy, o Boy, would I like to have one of these Gobrecht Dollars! They are beautiful pieces, and would be a nice centerpiece to any collection
This is a great post!! I think these start at the 50K mark and go to the moon from there. I am too lazy to look up the exact costs. This coin is out of my league but would be a dream. Thanks TMoney as I didn't remember exactly how these restrikes occurred but remember reading it somewhere. Great post
I swear I not really trying to nit-pick. Must have taken him a long time to give his blessing as Gobrecht was not hired by the mint until 1836. The coinage of two half dollars cost almost twice as much as coining one silver dollar. That's why the economics worked. They had not been coined before for bank cash reserves because years before it had been profitable to export them in exchange for Spanish dollars in 1804 President Jefferson had ended the coinage of silver dollars by Presidential Order rather than continueing to coin all the silver just to export it. The economic had remained that way until recently. Then President Jackson issued a new order, rescinding the old order, in 1830. So no dollars could have been struck until then. Current research seems to show that this is not true. Of the small number of of "Name in field" patterns known today, not a single one shows the "Onward and Upward" reverese die orientation or a 416 grain planchet. Eveny known specimen is of the lower 1837 weight standard and with the restrike die orientation. These were most likely a fantasy creation of the 1850's when the Mint was trying to cater to a collector who wanted "One of the Gobrecht dollars with his name below Liberty". They took him literally an put the name in the field below Liberty and not on the base of the rock below Liberty. It should have been made clear that the lighter weight issue in 1837 were still dated 1836. There is no mention of the 1838 or 1839 issues. 1838 was a pattern with only 25 struck, but the 1839 issue was 300 proofs that were also delivered for circulation lke the proofs struck in 1836 and 1837. The discussion of the 1850's restriking should come after th discussion of the mintages. It would be a little clearer that way what was going on, or at least a line separation to indicate the new paragraph.
Great thread.The "landmark time in numismatics" goes well beyond the Gobrecht dollar. The 1830s saw these major events : The first US branch mints at Charlotte, Dahlonega, and New Orleans The first US coins struck in a closed collar The first use of a steam coin press at the US Mint In addition to the Gobrecht "Seated Liberty" design dynasty in silver, we also saw the Longacre "Coronet" dynasty in gold
Why such a big break-out period all of a sudden ? Did this have anything to do with Andrew Jackson's beatdown of The Bank of the United States ? ...the Panic of 1837 ?
Settle down people, I did not write this, don't be giving me suggestions about it! LOL I just wanted to share this article with you, because I thought it was a nice piece of numismatic history, that I thought you'd be interested in reading.
