What gold demonination and type was the most widely circulated?

[clw54]

At a guess, I'd say the five dollar liberty (1866-1908). Anybody know how much people used the gold coins?

[jtryka]

They used to circulate more in the 19th century, and I would agree that in that period, the half eagle probably circulated more in everyday commerce. In the 20th century, I believe the quarter eagle was used most as they were pretty commonly given out as gifts.

[Oldtrader3]

IMHO, that is why it is so difficult to find nice Unc. Half Eagles. They were, in their time, the largest denomination that many people could afford (a Half Eagle was roughly a week's wage). During much of the life span of Lib. Gold, paper money was not stable, highly sought after or even wanted by a majority of the population (i.e. "Shinplasters"). Gold was always "Real Hard Money", even during the financial panics between 1860 and 1900.

[BillJones]

The half eagle was the workhorse among the U.S. gold coins for entire period from 1795 to 1929. The mintages were usually higher for them than any other gold piece, and most of the survivors show signs of wear.

 

The eagle saw a lot of use in the 19th century. In fact "No Motto" $10 gold coins are quite scarce to rare in strict Mint State. There many 19th century dates in which there are no or virtually no Mint State examples known.

 

Back in 1976 the Eliasberg collection was on display at the Philadelphia Mint. I was really surprised to see how few Mint State coins he had in the 19th century portion of his gold eagle collection.

[DWLange]

After 1861, when the introduction of non-redeemable paper money caused the hoarding of gold and silver coins in most of the nation, only the western states and territories used gold coins in everyday commerce. When paper money finally achieved value parity with gold coins in 1878, such coins were once again available at face value, but most Americans were content to continue using paper, knowing that the notes could be redeemed if desired. The hard money west used $5 (mostly), $10 and $20 coins in routine commerce until 1916, when the suspension of the gold standard by European nations caused the U. S. Mint to suspend gold coinage. While gold coins were still available on special request, they were no longer paid out routinely. Westerners finally learned to use paper money at that time, and gold was seldom seen afterward.

[DaveG]

A few years ago, my wife interviewed an elderly woman who had taken a honeymoon trip to California from her home in Michigan in 1914.

 

I had asked my wife to ask her about the use of gold coins and she recalled that Californians were still suspicious of currency at that time and used quarter and half eagles in everyday commerce.

 

She also recalled that her parents in Michigan had carried some gold in their purses, as well.

 

 

[jom]

Westerners finally learned to use paper money at that time, and gold was seldom seen afterward.

 

...and the use of phoney "Monopoly" money continues to this day.

 

jom