In response, in 1804 the US stopped striking silver dollars issuance of the half dime was discontinued from 1805 until 1829. By 1804, silver US coins were heavily exported, as they could be exchanged at par in the West Indies with heavier Spanish coins, which were then imported as bullion and deposited at the Mint for melting and restriking. The half dime was originally struck from 1794 until 1805, though none were dated 1798, 1799, or 1804. Subsequently, silver coinage began that year. In 1794, Congress lowered the chief coiner's bond to $5,000, and the assayer's to $1,000 President Washington's appointees to those positions were thus able to qualify and take office. Coinage of precious metal was delayed Congress required the assayer and chief coiner to each post a security bond of $10,000, a huge sum in 1793. In 1793, the newly established Philadelphia Mint began striking cents and half cents. In his annual message to Congress in late 1792, Washington noted the ongoing construction of a mint building and stated: "There has also been a small beginning in the coinage of half dimes, the want of small coins in circulation calling the first attention to them." By legend, President Washington supplied silverware from his home, Mount Vernon, to provide bullion for the coins. The dies were engraved by Adam Eckfeldt, who a half-century later recalled that the silver for the half dimes was supplied by President George Washington, and that the 1,500 coins struck from the bullion were given to Washington's Secretary of State, Thomas Jefferson, for distribution to important people, both in the US and overseas. The first pieces under federal authority were half dimes, struck in 1792 in the cellar of John Harper, a saw maker as the first federal mint was still under construction in Philadelphia, this took place locally at Sixth and Cherry Streets. The silver half disme (as the half dime, pronounced the same, was first called) was one of the denominations prescribed by the Mint Act of 1792 its weight and fineness were set by law. In 2018, over 1.26 billion nickels were produced at the Philadelphia and Denver mints. During fiscal year 2020, it cost more than 7 cents to produce a nickel the Mint is exploring the possibility of reducing cost by using less expensive metals. In 2006, the Mint reverted to using Jefferson nickel designer Felix Schlag's original reverse (or "tails" side), although a new obverse, by Jamie Franki, was substituted.ĭue to inflation, the purchasing power of the nickel continues to drop, and currently the coin represents less than 1% of the federal hourly minimum wage. In 20, special Jefferson nickel designs in honor of the bicentennial of the Lewis and Clark Expedition were issued. The nickel is minted in its modern form as the Jefferson nickel, which was first introduced in 1938. The Buffalo nickel was introduced in 1913 as part of a drive to increase the beauty of American coinage. The initial design of the Shield nickel was struck from 1866 until 1883, then was replaced by the Liberty Head nickel. After the successful introduction of two-cent and three-cent pieces without precious metal, Congress also authorized a five-cent piece consisting of base metal the Mint began striking this version in 1866. Clark, head of the Currency Bureau (today the Bureau of Engraving and Printing), placed his own portrait on the denomination. In 1865, Congress abolished the five-cent fractional currency note after Spencer M. The American Civil War caused economic hardship, driving gold and silver from circulation in response, in place of low-value coins, the government at first issued paper currency. The silver half dime, equal to five cents, was issued from 1792 to 1873 before today's cupronickel version. Its diameter is 0.835 inches (21.21 mm) and its thickness is 0.077 inches (1.95 mm). Composed of cupronickel (75% copper and 25% nickel), the piece has been issued since 1866. Coins before 2006 do not have "FS" on reverse to right of Monticello.Ī nickel is a five- cent coin struck by the United States Mint.
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