Saturday 25th May 2013

One Dollar Menu

Overview of U.S. Dollar

Eager to promote commerce and trade, one of Congress' first acts was to establish a sovereign coinage system.

Minted in silver-rich Mexico the Spanish milled dollar or Piece of Eight aka 8-Reales ("8 bits") coins were the most popular silver coins used in the American Colonies. On the recommendation of Thomas Jefferson, this widely used Spanish coin was adopted as the official U.S. silver dollar.

The Coinage Act of April 2, 1792 authorized the Mint and prescribed the standards for the new federal decimal coinage. The dollar was the cornerstone of the monetary system devised by the Founding Fathers for the United States.

The United States was the first country to adopt a decima system of coinage. Instead of using "bits" (1/8 dollar) lesser coins were to be issued in "cents" (1/100 dollars).

More than two years passed, however, between the time Congress authorized dollar coinage and the actual production of the first such coin, the Flowing Hair silver dollar.

American dollars have always been popular with Americans and collectors around the world especially the silver. Partly because they are unique and beautiful, and partly because the rising price of silver has caused both the government and many individuals to melt them. This makes the remaining coins more desirable to collectors. In the case of the "Morgan" dollar, only 17 percent of its original issue number remain.

The most popular silver dollars among collectors are the Morgan dollar (especially years 1878-1921), and the Peace dollars minted between 1921 and 1935.