The US Mint produced its 1st coin in the year 1792. It was carried out under the agreement of The Mint Act, 1792. Before it, foreign silver coins from all across the world eased trade in the new country.
Spanish pieces of 8 reales silver coins were made the standard of an international trade. This composition contained a coin having 89.243% of pure silver. The government planned to establish the US silver metal dollar so as to circulate with the Spanish-American and Mexican 8 reales silver coins.
What is stated in the Mint Act 1792?
The Mint Act, 1792 authorized the manufacture of silver coins to weigh 416 grains that is about 26.9563 grams. Out of the 416 grains, 371.25 grains are of fine silver and the remaining is copper.
Once Congress approved for performing the minting of gold and silver dollar, the U.S. was now given a task to create a design. The flowing hair head design selected the 1794 silver dollar that was same as design of Henry Voigt on a 1793 large cent.
What were the problems faced by workers to execute Mint Act?
Workers found it hard to obtain the 0.89243 pure silver compositions as needed under the Mint Act. Rittenhouse came with a proposal to increase the content of silver by 3 grains i.e. from 371.25 g to 374.74 g with a weight of around 416 grains.
Due to this increase in the silver amount, the overall weight also increases by a .9000 pure silver composition. The above unauthorized alteration in the composition gave rise to increase in 1 percentage of extra silver content in every coin.
Which is the most valuable silver coin in the world?
The Neil-Carter 1794 sample of flowing hair silver dollar has been regarded as the most valuable one in the entire market. This coin was sold in 2013 by Stack’s Bowers, a reputed auction firm in New York. Out of all those known uncirculated samples of 1794 US silver dollars. It is the one that shows extreme detail on it and a mirror-like immaculate finish in its field.
Research performed by numismatic researchers indicated that this coin was made to hit a specially made planchet. Careful consideration ensured that the coin die was properly aligned before the time of striking. Strong appearance of its details without any weak striking is the distinctive characteristic of this coin that made it easy to trace throughout history.
This was all about the introduction of flowing hair silver dollar in the US.