Page:Popular Science Monthly Volume 53.djvu/616

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596
POPULAR SCIENCE MONTHLY.

as it did in fact all manufacturing industries of every kind in the colonies, but the mint continued in active operation for over thirty years, and Maryland soon followed Massachusetts' example. These were the only silver coins $5 gold piece. Carolina gold; 20 carats, 140
grains. C. Bechtler, August 1, 1834.
issued before the Revolution, but several other American colonies issued copper coins. After the Revolution silver was coined by the different States, and even by private individuals, and very soon after peace was established Congress began agitating the subject of a national coinage. Robert Morris, the financier, was directed to present a scheme of coins and currency. His first report (prepared by the assistant financier) was presented in 1782, and it proposed a decimal system, which has been adopted, but all the other features were discarded, chiefly on account of the diminutiveness of the proposed "unit," which was only one tenth of a penny. Jefferson said in the discussion, "A horse or bullock of $80 value would require a notation of six figures, to wit: 115.200 units." A few years later Jefferson himself presented a report proposing the Spanish milled dollar as a suitable $5 gold piece. Carolina gold; 21 carats,
134 grains. A. Bechtler.
unit, as this coin was very familiar to the people and of a convenient size; these proceedings were under the "Confederation," and one of the articles of the original compact permitted coinage "by the respective States." Vermont, Connecticut, Massachusetts, and other States issued coins under this arrangement for a few years, until the Constitution in 1787 vested the right of coinage solely in the General Government.

For some reason, not known, the code of laws for establishing the National Mint was not formulated until five years later.

The act of April 2, 1792, provided for the establishment of a mint, and for the coining of ten, five, and two-and-a-half dollar gold pieces; also one dollar, one-half, one-quarter, one-tenth of a dollar in silver; one cent and half-cent in copper.

Pattern coins were struck at the Philadelphia Mint in 1792;[1] some of these bore the head of Washington on one side, but he dis-


  1. A rare pattern piece of 1792 was in the form of an annular ring of copper having a silver plug in the center. A large copper penny of 1792, with head of Liberty and an eagle resting on the globe, brought at public sale, in New York in 1890, the sum of two hundred