1792 half disme
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United States
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silver
Silver
Silver is a metallic chemical element with the chemical symbol Ag and atomic number 47. A soft, white, lustrous transition metal, it has the highest electrical conductivity of any element and the highest thermal conductivity of any metal...
coin with a face value of five cents
Cent (currency)
In many national currencies, the cent is a monetary unit that equals 1⁄100 of the basic monetary unit. Etymologically, the word cent derives from the Latin word "centum" meaning hundred. Cent also refers to a coin which is worth one cent....
. Although it is subject to debate as to whether this was intended to be circulating coinage or instead an experimental issue, President
President of the United States
The President of the United States of America is the head of state and head of government of the United States. The president leads the executive branch of the federal government and is the commander-in-chief of the United States Armed Forces....
George Washington
George Washington
George Washington was the dominant military and political leader of the new United States of America from 1775 to 1799. He led the American victory over Great Britain in the American Revolutionary War as commander-in-chief of the Continental Army from 1775 to 1783, and presided over the writing of...
referred to it as "a small beginning" and many of the coins eventually were released into circulation. It is widely (although not universally) considered the first United States coinage struck under authority of the Mint Act of April 1792.
Origins
When speaking to the House of RepresentativesUnited States House of Representatives
The United States House of Representatives is one of the two Houses of the United States Congress, the bicameral legislature which also includes the Senate.The composition and powers of the House are established in Article One of the Constitution...
in November 1792, President Washington mentioned the "want of small coins in circulation" and stated that he had begun work on establishing a U.S. Mint and that some half dismes had been produced already. At this point, most of the personnel had been hired, but the Mint's buildings and machinery were not yet ready. As a result, the half dismes, which had been struck in or around July 1792, were produced using the private facilities of local craftsman John Harper, although under the auspices of official Mint personnel. In his personal log book, Secretary of State
United States Secretary of State
The United States Secretary of State is the head of the United States Department of State, concerned with foreign affairs. The Secretary is a member of the Cabinet and the highest-ranking cabinet secretary both in line of succession and order of precedence...
Thomas Jefferson
Thomas Jefferson
Thomas Jefferson was the principal author of the United States Declaration of Independence and the Statute of Virginia for Religious Freedom , the third President of the United States and founder of the University of Virginia...
recorded the receipt of 1,500 specimens on July 13.
Because of President Washington's connection with these early coins, numismatic folklore holds that the portrait on the obverse is that of First Lady
First Lady of the United States
First Lady of the United States is the title of the hostess of the White House. Because this position is traditionally filled by the wife of the president of the United States, the title is most often applied to the wife of a sitting president. The current first lady is Michelle Obama.-Current:The...
Martha Washington
Martha Washington
Martha Dandridge Custis Washington was the wife of George Washington, the first president of the United States. Although the title was not coined until after her death, Martha Washington is considered to be the first First Lady of the United States...
and that some of the coins were struck using melted-down silverware from the Washington household. However, there is no solid evidence for either of these assertions.
Production, rarity, and value
Although the exact number is not known, it is believed that between 2,000 and 3,500 specimens were produced. Approximately 10% of these survive today; one expert estimated between 250 and 400 half dismes exist, and most appear to have been used in circulation for some time. An almost uncirculated (AU55) 1792 half disme was auctioned for $138,000 on July 24, 2004. A specimen strike from the Starr collection, graded MS67 by PCGS (and probably the finest known), sold for $1,322,500 on April 26, 2006.Although nearly all 1792 half dismes were produced in a silver alloy, a unique pattern piece in copper
Copper
Copper is a chemical element with the symbol Cu and atomic number 29. It is a ductile metal with very high thermal and electrical conductivity. Pure copper is soft and malleable; an exposed surface has a reddish-orange tarnish...
is also known.