Still amazed by the Chain Cent

[Count_Erfit]

Never had one before a few weeks ago. Then got one and the mintage floors me.

36,103!

 

That means that the whole country only needed $361.03 in pennies for making change. Or including the wreath type, less than $1,000.00 face in cents.

 

Must not have been too many gumball machines.

 

Amazing.

 

 

[goose3]

I love the Chain cent. I have a gorgeous G6 one with super choice surfaces which are RARELY seen on them!

 

I bought it in Dec.' 02 for 3,000.00!!!!!!!!!!!!!!!!!!!! I don't know if that would get a nice FA2 these days.

[Hoot]

Very pretty piece! Congratulations! goose - post a pic of yours!

 

Hoot

[BillJones]

Never had one before a few weeks ago. Then got one and the mintage floors me.

36,103!

 

That means that the whole country only needed $361.03 in pennies for making change. Or including the wreath type, less than $1,000.00 face in cents.

 

Must not have been too many gumball machines.

 

Amazing.

 

 

 

Actually the country NEEDED a lot more than 36,103 cents at the time that the Chain Cents were issued. The trouble was the first mint could not produce any more coins than that. In fact that was the trouble with the first U.S. mint. It could not produce enough coins to meet the nation's needs, and many of the coins it produced, such most all of the gold pieces, did not circulate because they contained too much gold.

 

Here's a stat that will blow you mind. At the time that the first U.S. mint closed in 1833, it was estimated that there were more people living in the U.S. than there were U.S. coins in circulation.

 

What did people use? Foreign coins, paper money and tokens. That's why the Spanish and Mexican silver dollar along with other foreign coins had legal tender status in the U.S. until 1857! And that's why so many of the Hard Times and other tokens are often found with lots of wear.