U.S. GOLD COINS

Implementing the New System

In 1792, the Mint began preparations for a full-fledged coinage. Unfortunately, progress was slow, thanks to the inability of individuals to meet the stringent bond requirements for employees who handled precious metal.

Thus, the first official U.S. gold coins did not appear until 1795, when only $5 half eagles and $10 eagles were struck. In 1796, $2.50 quarter eagles were added to the mix. The gold dollar first appeared in pattern (prototype) form in 1836, but none were made for circulation until 1849.

The California Gold Rush, and the resulting deluge of gold bullion, led to the creation of the large $20 double eagle, first as a gold pattern in 1849, then in large quantities made for circulation beginning in 1850. The unusual $3 gold piece appeared in 1854, in response to the 3c price of a first-class postage stamp. In 1877, a $50 denomination was proposed and a few pattern coins were struck in copper and gold, but none were made for circulation.

The $50 denomination reappeared in 1915 in the form of octagonal and round commemorative coins made for sale at the Panama-Pacific Exposition in San Francisco. In 1879, Congress toyed with a $4 "international" coin, with a limited number of patterns struck (and restruck) in gold in 1879 and 1880.

Courtesy Garrett and Guth: Encyclopedia of U.S. Gold Coins

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