Featured The 1792 half Disme – The First U.S. Coin

Roman Collector · Mar 17, 2019

johnmilton said: ↑

View attachment 906156 View attachment 906157

After giving a presentation about this piece some time ago, I thought I most post it here since the facts are still fresh on my mind.

I believe that this was the first U.S. coin that was issued for circulation. It is not a pattern as some have claimed over the years. I’ll defend that position momentarily, but first I’ll put a hole in a couple of myths.

First, these coins were not made from melting George Washington’s silverware, but the real story is almost as good. Thomas Jefferson provided the silver, and he distributed most of them.

Second, Martha Washington was not the model for the lady on the obverse. That story got started in the 1850s, more than 50 years after these coins were made.

On July 10, 1792 Thomas Jefferson withdrew $100 in silver from his personal account at the Bank of the United States in Philadelphia, Pennsylvania. The bank was located in Carpenters’ Hall at that time because it’s permanent home, which is located near by, had not been built.

Jefferson took his silver to residence of Mint Director, David Rittenhouse. Rittenhouse gave him a receipt which read, “75D. at mint to be coined. This was service that was open to all U.S. citizens once the first mint opened and certain key personal had posted their bonds so they could handle precious metals. Citizens could deliver the gold and silver to the mint to be converted into coins for little or no charge. Although we don’t know exact form that Jefferson’s silver was in, it would be a good guess that many of them were Spanish Milled Dollars, both the pillar and portrait types.

Since the government had not yet even purchased the property upon which the first mint was located, Jefferson took his silver to John Harper's saw maker's shop which was two blocks from Rittenhouse's home. Previously Harper had been involved in the production of the New Jersey copper coins at the Rahway Mint. Harper may have had some silver prepared for striking, or he have gone into overtime and transformed Jefferson’s silver into the half dismes in two days. We will probably never know the answer to that question.

At any rate Jefferson noted in his account book that he received $75 worth of half dismes on July 13. He immediately set out, via coach, for his Virginia home, Monticello, with his daughter Mary “Polly” Jefferson. The total trip was 222 miles, and it took him eight days to complete it. The first night, he stopped at Chester, Pennsylvania, 18 miles from Philadelphia. There he noted that paid 30 cents in tips to servants. This was the first distribution of the half dismes. Jefferson continued to hand out the coins during the rest of his trip.

Jefferson arrived at Monticello on July 21. He remained there until September 27 when he began his journey back to Philadelphia. During the time he spent at his home, he took in $54.00 and paid out $63.15. The fact that his pay outs ended in “5” indicates that he spent some half dismes during that period. Otherwise his payments would have been in Spanish bits, which were 12 ½ cents.

During his return trip to Philadelphia, Jefferson stopped at Mont Vernon to meet with George Washington. It is not known if Jefferson gave any half dismes to Washington, but if he did, there is no mention of them in his account book. Upon his return to Philadelphia, the evidence would seem to indicate that he had distributed all 1,500 of his half dismes.

An addition 200 to 300 half dismes may have been made at the Philadelphia Mint during the fall of 1792. Mint Director James Snowden noted such a coinage in 1860, but Henry Voigt's first account book, which could have confirmed this coinage has been lost. If those coins were minted that would make the total mintage 1,700 to 1,800 pieces. If George Washington did have any involvement with the 1792 half dismes, it would have been at this time. He could not have had any involvement when Jefferson received the first 1,500 pieces in July 1792 because he had left the city for his Mount Vernon home before that date.

Why do I believe that the 1792 half disme was the first U.S. coin? I have three reasons.

The mintage of 1,500 to 1,800 was too high to call this coin a pattern. Patterns are usually made in small quantities to test a new design.

All but about 20 of the surviving 200 to 300 piece are circulated. Most of them are WELL circulated in low grades. The others were used in circulation and have been lost to time.

In his annual address to Congress on November 6, 1792, (A forerunner to the State of the Union Address) Washington said the following:

"In execution of the authority given by the legislature, measures have been taken for engaging some artists from abroad to aid in the establishment of our Mint. Others have been employed at home. Provisions have been made for the requisite buildings, and those are putting into proper condition for the purposes of the establishment. There has been a small beginning in the coinage of half dismes, the want of small coins in circulation calling the first attention to them."

That statement seals it for me. If the President of the United States called these coins “a small beginning in the coinage of half dismes,” that enough for me. It is the first coin.
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I loved reading about the history behind this coin! Great post!

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Greg M. · Mar 18, 2019

johnmilton said: ↑

View attachment 906156 View attachment 906157

After giving a presentation about this piece some time ago, I thought I most post it here since the facts are still fresh on my mind.

I believe that this was the first U.S. coin that was issued for circulation. It is not a pattern as some have claimed over the years. I’ll defend that position momentarily, but first I’ll put a hole in a couple of myths.

First, these coins were not made from melting George Washington’s silverware, but the real story is almost as good. Thomas Jefferson provided the silver, and he distributed most of them.

Second, Martha Washington was not the model for the lady on the obverse. That story got started in the 1850s, more than 50 years after these coins were made.

On July 10, 1792 Thomas Jefferson withdrew $100 in silver from his personal account at the Bank of the United States in Philadelphia, Pennsylvania. The bank was located in Carpenters’ Hall at that time because it’s permanent home, which is located near by, had not been built.

Jefferson took his silver to residence of Mint Director, David Rittenhouse. Rittenhouse gave him a receipt which read, “75D. at mint to be coined. This was service that was open to all U.S. citizens once the first mint opened and certain key personal had posted their bonds so they could handle precious metals. Citizens could deliver the gold and silver to the mint to be converted into coins for little or no charge. Although we don’t know exact form that Jefferson’s silver was in, it would be a good guess that many of them were Spanish Milled Dollars, both the pillar and portrait types.

Since the government had not yet even purchased the property upon which the first mint was located, Jefferson took his silver to John Harper's saw maker's shop which was two blocks from Rittenhouse's home. Previously Harper had been involved in the production of the New Jersey copper coins at the Rahway Mint. Harper may have had some silver prepared for striking, or he have gone into overtime and transformed Jefferson’s silver into the half dismes in two days. We will probably never know the answer to that question.

At any rate Jefferson noted in his account book that he received $75 worth of half dismes on July 13. He immediately set out, via coach, for his Virginia home, Monticello, with his daughter Mary “Polly” Jefferson. The total trip was 222 miles, and it took him eight days to complete it. The first night, he stopped at Chester, Pennsylvania, 18 miles from Philadelphia. There he noted that paid 30 cents in tips to servants. This was the first distribution of the half dismes. Jefferson continued to hand out the coins during the rest of his trip.

Jefferson arrived at Monticello on July 21. He remained there until September 27 when he began his journey back to Philadelphia. During the time he spent at his home, he took in $54.00 and paid out $63.15. The fact that his pay outs ended in “5” indicates that he spent some half dismes during that period. Otherwise his payments would have been in Spanish bits, which were 12 ½ cents.

During his return trip to Philadelphia, Jefferson stopped at Mont Vernon to meet with George Washington. It is not known if Jefferson gave any half dismes to Washington, but if he did, there is no mention of them in his account book. Upon his return to Philadelphia, the evidence would seem to indicate that he had distributed all 1,500 of his half dismes.

An addition 200 to 300 half dismes may have been made at the Philadelphia Mint during the fall of 1792. Mint Director James Snowden noted such a coinage in 1860, but Henry Voigt's first account book, which could have confirmed this coinage has been lost. If those coins were minted that would make the total mintage 1,700 to 1,800 pieces. If George Washington did have any involvement with the 1792 half dismes, it would have been at this time. He could not have had any involvement when Jefferson received the first 1,500 pieces in July 1792 because he had left the city for his Mount Vernon home before that date.

Why do I believe that the 1792 half disme was the first U.S. coin? I have three reasons.

The mintage of 1,500 to 1,800 was too high to call this coin a pattern. Patterns are usually made in small quantities to test a new design.

All but about 20 of the surviving 200 to 300 piece are circulated. Most of them are WELL circulated in low grades. The others were used in circulation and have been lost to time.

In his annual address to Congress on November 6, 1792, (A forerunner to the State of the Union Address) Washington said the following:

"In execution of the authority given by the legislature, measures have been taken for engaging some artists from abroad to aid in the establishment of our Mint. Others have been employed at home. Provisions have been made for the requisite buildings, and those are putting into proper condition for the purposes of the establishment. There has been a small beginning in the coinage of half dismes, the want of small coins in circulation calling the first attention to them."

That statement seals it for me. If the President of the United States called these coins “a small beginning in the coinage of half dismes,” that enough for me. It is the first coin.
Click to expand...

Greg M. · Mar 18, 2019

John:
Very interesting - thanks for posting. I tend to agree with you.

GM

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Featured The 1792 half Disme – The First U.S. Coin

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