Week Ten

 

Coin of the Week: Morgan’s Union

The idea of a circulating $100 coin is absurd today, due to the invention of the $100 bill (the same reason why a $1 coin is pointless). But that didn’t bother George Morgan. He created a beautiful design for the $100, or “Union”, coin. The idea never got off the ground, unfortunately, and Morgan had to abandon the project. The idea never really left, and in 1997, the $100 platinum eagle really got things going. But what about Morgan’s design?

Well, it made a comeback as of late. Private mints have begun striking bullion restrikes, with no legal tender. The design was somewhat similar to the trade dollar designs that were being created, and shows a seated Lady Liberty. Morgan only made sketches of this magnificent coin, and today, the Smithsonian Institution has supervised restrikes that are readily available (if not cheaply) today. These restrikes are made of either gold, silver, or platinum.

Gold Union

 

Silver Union

 

Platinum Union

 

Making a Mint: New Orleans Mint

The U.S. Mint was having some trouble. They couldn’t produce coins quick enough. The technology know how was not there yet, and the branch mints of Dahlonega, Georgia, and Charlotte, North Carolina were brand new, and could only produce gold coins. So in New Orleans, Louisiana, a new branch mint was opened. The New Orleans Mint produced coins with an “O” mintmark from 1838 to 1861, and then it was captured by Confederate forces, and used as the Confederate mint.

Example of an “O” mintmark coin

 

Confederate Cent struck at New Orleans

 

In 1879, the New Orleans Mint resumed production for the United States (after failing to produce enough Confederate coins), and was very successful.

But it was now one of four functioning mints (Philadelphia, San Francisco, Carson City were the others), and with the condition of the building being poor after an earthquake, followed by the introduction of the Denver and Manila, Philippines mints, it was clear that the New Orleans Mint was no longer functional. The last “O” coins were produced in 1909. Today, the building is an art museum, with a mint exhibit showing it’s little piece of history.

New Orleans Mint

 

Coins and the Law: 1933 Double Eagle

The year 1933 was a tough one. The Great Depression was in full swing.

1933 was also election year. President Herbert Hoover lost the election to a former candidate for Vice President and former Assistant Secretary of the Navy, Franklin Delano Roosevelt.

FDR, as he was called, promised to bring the economy back into shape. One of his first acts as President was to order all 1933 $20 gold coins to be melted, and all gold coins (except for those of rare proportions) to be turned in to the government to do likewise.

But a few 1933’s made it out of the mint. They were off the radar for several years. One example was sold to King Farouk of Egypt. Several others were turned in over the years. In 2002, the only legally ownable example was sold at the record price of $7,590,020, which stood as the world record until 2013.

But one thing is for sure. This coin has created awe in collectors for almost a century, and will likely continue to do so.

1933 Double Eagle