NNP

Issue No. 4 of the Journal of Numismatic Research (JNR) has just been released by Seneca Mill Press LLC. Copies for the 45-page volume may be purchased directly from the distributor, Wizard Coin Supply, Chantilly, VA www.wizardcoinsupply.com, or from leading coin dealers.

This issue of the Journal of Numismatic Research, Autumn 2013, features original research about two of the unusual denominations of American coinage: the $3 gold and the 3-cent silver coins. These enigmatic coins were authorized by Congress and dutifully struck by the mint for thirty-five years, yet they had almost no role in daily commerce.

The first article, Origin of the 3-Cent Silver Coin, reveals details of how this first “postal currency” came about, and why it was initially produced in a non-standard silver alloy. A subsidiary 3-cent coin was proposed in 1850 by Senator Daniel S. Dickinson (D-NY). His idea was that the seigniorage on new one cent and three-cent pieces would pay the expenses of purchasing and recoining underweight Spanish fractions then in circulation. Dickinson’s bill received assistance from the Mint in the form of technical assistance and creation of two pattern pieces: a small cent and a three cent. Eventually Dickenson’s proposal died in committee, but the 3-cent coin remained as part of postal rate legislation.

A second research article examines the Purpose of the $3 Gold Denomination and dispels the myth that the coin had any relationship to postage rates. As Mint Director Kimball noted, “This is a denomination which serves no useful purpose, its present coinage being in fact limited to its production for cabinet purposes [proofs for coin collectors and supplementary coinage designed to prevent speculation.]”

A bonus article, Gold Dollars Used for Jewelry, discusses the use of the gold one dollar and three dollar coins in jewelry. Lastly, an editorial opinion disputes the claim that engraver James B. Longacre was incompetent as a coin designer and die engraver.

Special thanks to the Central States Numismatic Society. A grant from CSNS contributed to production of this issue of the Journal of Numismatic Research.