BOOK REVIEW: 1792: BIRTH OF A NATION‘S COINAGE

PREV ARTICLE NEXT ARTICLE FULL ISSUE PREV FULL ISSUE

V20 2017 INDEX E-SYLUM ARCHIVE

The E-Sylum: Volume 20, Number 15, April 9, 2017, Article 7

Bill Eckberg submitted this review of the new book on the coinage of 1792. Thanks! -Editor

REVIEW: 1792: BIRTH OF A NATION‘S COINAGE BY PETE SMITH, JOEL J. OROSZ AND LEONARD AUGSBURGER

The coinage of the United States prior to the production of the Chain cents in February and March of 1793 has long been shrouded in supposition, myth and mystery. Not any more. Smith et al. have written a masterful, scholarly tome that sets right many misconceptions and, equally important, makes clear what can and cannot be proved. The reader will learn a lot about the who, what, where, when and why of these historically important pieces. I am also happy to report that the authors are not above using humor when appropriate. There are many instances, and I will give only one. When discussing evidence that Jacob Perkins was considered for the position of Chief Coiner, they comment “[i]f you read it in the newspaper it must be true.” The bits of humor here and there enlivened the book for this reader.

Each of the pattern and business strike coins of the era are given full attention. If they are struck in different metals or with different edges, all subvarieties are addressed. All of the 1792 patterns are illustrated with generally good photographs, carefully described and, were possible, attributed as to their designers. But the half disme is the star. There are almost 50 pages with images and descriptions of every example the authors could trace. They are the commonest and the only coins from that year that, as shown by the authors, were intended to be spent. Thus, they were the first US circulating coinage, and they weren’t made from Martha Washington’s silver.

The book also addresses the people involved or believed to be involved. Sections discuss who was considered for each of the Mint officer positions. Even many of the Mint’s laborers in 1792 and 1793 are identified, though not all. Jacob Bay is given slightly short shrift as just a maker of punches. He was also a coiner of many of the Wreath cents and probably the Chains as well. Joseph Wright is given a fairly brief discussion, which is consistent with the fact that probably all he ever did for the Mint was engrave the dies for the Henry Lee medal. Too many previous works give Wright credit for much that he obviously did not create, from various 1793 cent types, to the Libertas Americana medal to the 1794 dollar, which was engraved many months after his death. In early 1794, his estate received $233.33 (=50 Guineas) for the Lee medal. That is the only record of him receiving any pay from the government.

The book is not just about the coinage at the Mint in 1792. Three chapters are devoted to the Washington Cent coinage, much of which dates from 1791. Another four chapters are devoted to the 1792 pattern coinage and the half dismes, which the authors show clearly were (at least mostly) struck to be circulating coinage. Half dismes receive a LOT of attention, and you will learn a great deal about them. I certainly did. When and how they were made, who owned them, how many are preserved, their current grades and a historical price guide. A price guide is in Appendix III, and I was prepared to be horrified by seeing a current price guide of the Red Book type. Instead, the appendix shows auction price ranges over the full grade range from 1859-2016. I’d call it a price history rather than a guide. Well done.

While it is written in an accessible style for such an historic tome, there is no lack of good scholarship. The authors quote numerous contemporary (and not so contemporary) letters and legislation at length. The reader will refer to 15 pages of endnotes and an extensive index. Again, well done.

There are chapters about 1792 coins in popular culture – yes, there are novels that feature the coins. Two chapters address replicas and fantasies, mostly focusing on replicas by Dickeson and The Gallery Mint Museum as well as Chinese fakes.

I confess that I was also concerned by the title, having watched D.W. Griffith’s masterpiece of racist and revisionist cinematography, Birth of a Nation. I suspect that the authors thought of (intended?) the similarity, because the front cover shows a painting of Jefferson giving the first half disme to an African-American porter. Coincidence? Nah.

My only complaints are exceedingly minor: some of the diagrams required a glass to be read, but the quality of the images was such that I could read them that way.

I was eagerly anticipating the appearance of this book and am delighted to say that it did not disappoint. With 320 meaty pages plus 32 more of appendices, endnotes and an index, there is a great deal to digest. Fortunately, the writing style is such that you’ll enjoy the feast. If you have any interest at all in the earliest experimental efforts at setting up a Mint in Philadelphia, and especially if you like to see real data dispel supposition, myth and mystery, you need to buy and read this book.