Coins of the United States

Coins of the United States are the physical currency issued by the United States Mint under the authority of the United States Congress. The coinage system was formally established by the Coinage Act of 1792, which created the United States dollar and authorized the first Philadelphia Mint. American coinage has evolved from early issues featuring symbolic figures like Liberty to modern circulating coins bearing portraits of presidents and other historical figures.

History

The foundational Coinage Act of 1792, signed by President George Washington, established the United States Mint and defined the United States dollar based on the Spanish dollar. Early coinage, such as the Flowing Hair dollar and Chain cent, faced public skepticism and counterfeiting issues. The 19th century saw numerous design changes, the introduction of the Seated Liberty coinage, and significant legislation like the Coinage Act of 1873, which demonetized silver and became known as the "Crime of 1873". The California Gold Rush spurred the minting of gold coins from Charlotte, Dahlonega, and San Francisco. The New Orleans Mint also played a crucial role in pre-Civil War coinage. The 20th century brought the iconic Lincoln cent in 1909, the end of circulating gold coinage in 1933 under Franklin D. Roosevelt, and the switch from silver to clad compositions in the 1960s.

Denominations and specifications

The primary circulating denominations are the cent (1¢), nickel (5¢), dime (10¢), quarter (25¢), half dollar (50¢), and dollar coin ($1). Specifications are set by the United States Mint, with compositions evolving from pure silver and gold to modern copper-nickel clad and zinc cores. The Sacagawea dollar, Presidential dollar coins, and American Innovation dollars are recent dollar coin series. Obsolete denominations include the half cent, large cent, two-cent piece, three-cent piece, half dime, twenty-cent piece, and various gold denominations like the Quarter eagle.

Production and mint marks

Coins are struck at four active mints: Philadelphia Mint (no mint mark or 'P'), Denver Mint ('D'), San Francisco Mint ('S'), and West Point Mint ('W'). The mint mark denotes the coin's origin and is a key factor for collectors. Historic mints like the Carson City Mint ('CC') and New Orleans Mint ('O') produced coins critical to frontier and Confederate era commerce. Production processes involve blanking, annealing, striking, and inspection. The United States Mint also produces proof coins and special mint sets for collectors at the San Francisco Mint and West Point Mint.

Commemorative and bullion coins

Congress authorizes commemorative coins to honor people, places, events, and institutions, such as the 1921 Alabama Centennial half dollar or the 1996 Smithsonian Institution 150th Anniversary coinage. Modern programs include the America the Beautiful quarters and the American Women quarters. The United States Mint also issues official bullion coins for investors, including the American Eagle and American Buffalo series in gold, silver, platinum, and palladium. These are produced primarily at the West Point Mint and Fort Knox.

Collecting and numismatics

The study and collection of U.S. coins is a major facet of numismatics. Key areas include collecting by mint mark, die varieties, and proof condition. Rare coins like the 1804 Silver Dollar, 1913 Liberty Head nickel, and 1933 Double Eagle are legendary for their value and history. Major grading services include the Professional Coin Grading Service (PCGS) and Numismatic Guaranty Company (NGC). Influential numismatists have included Q. David Bowers and the authors of the Red Book. The American Numismatic Association in Colorado Springs promotes the hobby, while major auctions by firms like Stack's Bowers Galleries and Heritage Auctions set market records.

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