October 28, 2009
“The United States first started minting coins in 1794. Before that time, the country used currency from other countries, including Spain. Urged by Thomas Jefferson and Alexander Hamilton, the US broke with British tradition and adopted a monetary system divisible by tens. One of the first coins created under this new system was the silver dollar. A variety of silver dollars have been issued since.”
When the United States was being formed into a country, the leaders had to look to other countries for inspiration. America was being founded on brand new ideals, but still based things on what was already out there. Other countries had been using silver coins, and for a while, the newly formed nation used the silver coins made in other places. In fact, a silver dollar from Spain was part of our currency, even after we had made out own silver coins.
The U.S. decided to create money that is divisible by 10. In this way, the U.S. made a break with the pound sterling that was used in England. Thomas Jefferson and Alexander Hamilton were among the early champions of the U.S. having its own monetary system.
The first silver dollars in the U.S. appeared on the scene in a major way in 1794. That is not to say that there weren’t silver dollars in the U.S. before that–they were authorized a few years before, but weren’t produces regularly right away because there were some issues getting the silver needed to make the coins.
As is often the case, they had to get some of the bugs out in the very beginning. Some of the first silver dollars made in American were produced on a press that was originally intended to make half dollars. So the images on the very first silver dollars were not always the best.
In 1795, a new press to produce silver dollars was made. Silver coin aficionados know that the image on the coin was also changed at the time that the new press came into operation. Prior to 1795, silver dollars, included some that were considered rejects because they were poorly made, had what is called the “Flowing Hair”" design. This was an image of a woman. She was replaced with the “Draped Bust with Small Eagle” in 1795.
Of course coin collectors are looking for these designs, but maybe collecting silver coins is not your thing. Getting into coin collecting is just one way to get “silver dollars.” Another way is to sell silver to a silver buyer. When you do this, you’ll get cash for silver. The money you get from selling your silver jewelry, silver flatware and silver coins could also be considered to be “silver” dollars.