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How the first U.S. mint placed the face value on its coins.
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<p>[QUOTE="johnmilton, post: 4293425, member: 101855"]A great many Type III gold dollars were used for jewelry. Over the last decade of their run, that was the primary use for them, along with numismatic hoarding because of the low mintages.</p><p><br /></p><p>The Type I, Type II and early date date Type III coins were different. The mintages, which reached four million per year were quite high, especially for a U.S. gold coin. That does more than suggest that these coins had a place in the economy other than sitting in banks and getting moved from one merchant's account to another.</p><p><br /></p><p>The mint also made a concerned effort to melt them, which has limited the number of pieces we see today. Many of them were converted into Type III gold dollars and other gold coins.</p><p><br /></p><p>The state chartered banks prior to the Civil War were a mess. There was very little regulation, and they were able to issue about as much paper money as they pleased. I have read that most of them lasted four years or less. While they existed, their paper money was often discounted. When they closed, it was worthless. Some banks never opened and issued paper money until the public caught wise and would not accept it.</p><p><br /></p><p>It took "a scorecard" like Niles Bank Note Reporter to know want it was worth. Even that had its flaws because Niles was tied to the banking industry. I'll stick by my assersion that the gold dollar did have a brief period of popularity.[/QUOTE]</p><p><br /></p>
[QUOTE="johnmilton, post: 4293425, member: 101855"]A great many Type III gold dollars were used for jewelry. Over the last decade of their run, that was the primary use for them, along with numismatic hoarding because of the low mintages. The Type I, Type II and early date date Type III coins were different. The mintages, which reached four million per year were quite high, especially for a U.S. gold coin. That does more than suggest that these coins had a place in the economy other than sitting in banks and getting moved from one merchant's account to another. The mint also made a concerned effort to melt them, which has limited the number of pieces we see today. Many of them were converted into Type III gold dollars and other gold coins. The state chartered banks prior to the Civil War were a mess. There was very little regulation, and they were able to issue about as much paper money as they pleased. I have read that most of them lasted four years or less. While they existed, their paper money was often discounted. When they closed, it was worthless. Some banks never opened and issued paper money until the public caught wise and would not accept it. It took "a scorecard" like Niles Bank Note Reporter to know want it was worth. Even that had its flaws because Niles was tied to the banking industry. I'll stick by my assersion that the gold dollar did have a brief period of popularity.[/QUOTE]
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How the first U.S. mint placed the face value on its coins.
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