By Blanchard and Company, Inc …..
The US three-cent silver coin was one of many many repercussions of the California Gold Rush. The nation skilled a surging provide of gold as new discoveries opened within the east. This improvement created an financial situation by which the worth of gold relative to silver dropped. Thus, silver may very well be traded for ever rising quantities of gold. Consequently, a scarcity of silver developed within the nation. This was the brand new setting by which the three-cent silver cash emerged.
To resolve this drawback of shortage, New York Senator Daniel S. Dickinson, drafted laws calling for a brand new coin. The piece would include .750 nice silver that means that the composition could be three components silver and one-part copper, making it the primary American coin to include steel valued considerably lower than its face worth. There have been fractious debates over the laws. Nevertheless, the thought discovered momentum as soon as Congress started contemplating dropping the postage fee from 5 cents to three cents. By 1851 the invoice handed.
When it was time to design the piece, many thought of easy photos greatest. The explanation: the coin was so small in measurement that it may solely function fundamental shapes; in any other case nobody would be capable of admire such small element. For these causes, it was determined that the obverse aspect of the coin would function a star in reference to the nationwide crest with the defend of the Union within the heart, and the reverse aspect was a decorative “C” with the Roman numeral “III” within the heart. The perimeter featured a hoop of 13 stars.
Officers minted three sorts through the years. The majority of the minting occurred in Philadelphia.
At first, many recoiled from the uncommonly small measurement. Kind I (1851-1853) was initially minted with 75% silver and 25% copper to discourage melting down of the cash for his or her silver content material… and so they rapidly grew to become soiled and discolored. This led to the nickname “fish scales” on the time.
Kind II (1854-1858) got here as officers elevated the portion of silver within the piece to .900. Different modifications have been aesthetic. The star featured a triple line across the perimeter, and an olive department and bunch of arrows.
Kind III (1859-1873) included solely minor modifications to 1 aspect of the coin most certainly to enhance the hanging course of.
By 1870, President Ulysses S. Grant signed the Coinage Act of 1873. The direct end result was the abolishment of two-cent and three-cent items and different cash. This de-authorization meant that the United States Treasury would wish to withhold the items that they had already minted. As a substitute of circulating the foreign money, they might soften the cash and use the steel for different items of foreign money.
At the moment, the 1851-O three cent silver stays one of many extra sought-after variations of the coin as a result of it was one of many few minted exterior of Philadelphia. It’s the solely coin of this sort struck on the New Orleans Mint. 720,000 items have been issued. For many collectors the unusual “O” mint mark is what makes the coin so collectable. Moreover, the coin represents an uncommon interval in US historical past by which the nation was nonetheless discovering its manner and, within the case of the Kind III coin, navigating the approaching Civil Battle.