Saturday 18th May 2013

Three Cent Menu

Silver Three Cent 1851 - 1873

The smallest U.S. coin ever issued in terms of weight and thickness was designed to answer two situation.

The first situation was, the 1849 gold rush resulted in mining enormous quantities of gold. This in turn caused the value of gold to fall in relationship to silver leading to widespread hoarding of silver coins. By 1851, few silver coins remained in circulation. Nickel coins were not legal at the time, so the only remaining coins for making change for a dollar were copper large cents and half cents.

The second situation was, federal officials wanted to reduce the basic prepaid postal rate from five cents to three cents. Senator Daniel Stevens Dickinson of New York concluded, that a three-cent coin would be a convenient way to purchase postal stamps.

The problem was, most Americans were uncomfortable with fiat money (money worth less than its face value), therefore rejection of a base-metal three-cent piece seemed certain. On the other hand, a precious-metal coin made from 90% silver and 10% copper would have also been subject to hoarding and melting.

The final solution was, a three-cent coin with enough precious metal to avoid being thought of as fiat money but not enough to draw the interest of hoarders. The alloy they selected was 75% silver and 25% copper. This proposal became law as the Act of March 3, 1851, taking effect June 30 of that year.

Some say the three cent coin was "fathered" by the gold rush and "mothered" by the nation's postal system.

Vital Stats. Designer: James Barton Longacre Weight: .8 grams Diameter: 14.3 millimeters Edge: Plain Content: 75% silver 25% copper Mint Mark Location: Just right of the opening of the C on the reverse. Year/ Mint Mark Circulation Strikes 1851 5,447,400 1851 O 720,000 1852 18,663,500 1853 11,400,000	Type 1 - (1851-1853) No Outline on Star James Barton Longacre designed the coin. Its very small size made the job extremely difficult. Even allowing for that, few people find the coin artistically compelling. The obverse depicts a nationalistic shield upon a six-pointed star, encircled by the inscription UNITED STATES OF AMERICA and the date. The reverse states the value in Roman numerals III within a stylized, beaded "C" and thirteen stars along the border.
Year/ Mint Mark Circulation Strikes 1854 671,000 1855 139,000 1856 1,458,000 1857 1,042,000 1858 1,604,000	Type 2 - (1854-1858) Three Lines around Star
From 1851 to 1853 these coins were struck at the Philadelphia and New Orleans Mints. They were 75 percent silver and 25 percent copper. This was the original design. Coins dated 1854 to 1858 in order to correspond, were given the standard weight at 90% silver and 10% copper.
	Type 3 - (1859-1873) Two Lines around Star
Two shortcomings combined to cause the demise of the coin. First, they were small and easily lost. Second, the base metal content caused them to easily discolored giving a dirty appearance. This earned them the nickname of "fish scales".