Robert Morris might be one of the most important historical figures you’ve never heard of.

As one of the Founding Fathers of the United States, he was unanimously elected the first Superintendent of Finance in 1781. Shortly after his election Congress passed a resolution that approved the establishment of a mint. It was a critical step in becoming an independent country.

His work eventually led to one of the most fascinating Immune Columbia pieces, called the Nova Constellatio, which was one of the first coins struck under the authority of the U.S.

The coins were part of Morris’ plan to develop a simple system that would allow for the easy conversion of Portuguese, Spanish, British, or State currencies to U.S. money. Morris’s idea however, was more than practical, it was also innovative. He devised a type of coinage that used decimal accounting – a system based on units of 10 – which was eventually adopted by all other nations. In time, Morris gained powerful support from Alexander Hamilton and Thomas Jefferson.

Morris called for the creation of a gold piece equal to ten U.S. dollars, a silver dollar, a tenth of a dollar in silver, and a hundredth of a dollar in copper. This initiative led to the striking of the Nova Constellatio coins in 1783. The name – a new constellation- evokes images of a group of diverse people united in one nation.

This was just one of Morris’s many contributions to the success of the U.S. He is also credited with establishing the first congressionally chartered national bank – the Bank of North America – to operate in the U.S. He is widely credited with financing the Revolutionary War given his success in redirecting government funds to purchase supplies needed to fight the British. In fact, many of these supplies ultimately went to the Continental Army under General George Washington. The resources helped him win the pivotal victory at the Battle of Yorktown.

Today, five patterns of the coin exist. In silver denominations, the range of values is 1,000 units, 500 units, 100 units, and 5 units. The 500-Unit family consists of two pattern types. One side, with the all-seeing eye and rays of light, consists of 13 stars representing each state at the time. The reverse shows a laurel wreath with “Libertas Justitia” meaning “Liberty, Justice.”

Unfortunately, Morris’ plans never came to be and the currency didn’t advance beyond the Congressional committee. More than a decade passed before the first official United States Mint even opened. The few of these very rare coins that exist can be traced back to Morris himself and Charles Benjamin Dudley, a chemist, and metallurgist who was assaying various metals at the time. 

The coins are a rare look at what could have been in the early days of the U.S. and a fledgling currency. Even if the coins never became part of the financial system, the innovation behind them – decimal accounting – certainly did.

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In the early 1600s, the owners of the Massachusetts Bay Company founded the Massachusetts Bay Colony. The settlement, located around Massachusetts bay, was in fact the second attempt at a settlement by the company.

Ultimately, the attempt was successful, with about 20,000 inhabitants who migrated to the area around the 1630s. The colony found success in trading with England, Mexico, and the West Indies. Initially, barter was an effective form of exchange. This later gave rise to the use of English pounds, Spanish “pieces of eight”, and wampum. However, by the early 1650s, a currency shortage became a problem.

The colonists decided to authorize silversmith John Hull to create new coins. More than just a silversmith, Hull was a merchant, politician, and military officer. He is also remembered today as an early benefactor of Harvard University. The authorization gave him the right to re-mint foreign silver currency in shilling, sixpence, and three-pence denominations.

Hull chose simple designs for the pieces, spending only five months minting the coins. He stamped the obverse with “NE” for New England. On the reverse, he stamped them with one of three Roman numerals, “III”, “VI” or “XII.” The central image of a willow tree eventually changed to an oak tree on pieces minted starting around 1660. The final version, minted between 1667 and 1682, features a pine tree and became the most popular of the set. The reason for its popularity was likely due to the fact that the image signified the export of pine timber used to construct the mainmasts in British warships.

The coins, however, would eventually become a point of contention between the colonists and England. Hull and others were, according to the English, in violation of the Navigation Acts which was intended to regulate the way trade was conducted within the colonial empire.

Today, the imperfections of the pieces are a perfect representation of the difficult and rugged conditions in which the colonists lived, with many sleeping in dugouts or wigwams. The roughness of the willow tree version is sometimes evident in what appears to be double or triple striking likely caused by cylindrical dies which had a tendency to rotate. In time, prismoidal dies took their place. These dies, which had four, six, or eight sides, could be clamped ensuring that the die would not rotate. The pine tree shillings remain the most commonly known of the coins due mainly to the fact that they were produced in the largest quantity and that they were the latest version minted.

Eventually, Hull went on to become Boston’s treasurer in 1658 holding the office for almost a decade. He later became treasurer of the Massachusetts Bay Colony from 1676 to 1680. In 1681, Hull became instrumental in acquiring the Province of Maine for the Massachusetts Bay Colony. Unfortunately, shortly after in 1683, Hull died. Today, Hull Street in Boston is named after him and his coins remain a sought-after piece of American history.

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• 1802/01 Draped Bust Quarter Eagle
• 1906 Indian Head cent struck over a Mexican gold 5 peso coin
• 1937-D 3-Legged Buffalo Nickel
• The 1943 Lincoln Cent struck over a struck 1943 Mercury dime.
• The 2000-P Sacagawea dollar mule

When the U.S. Mint makes mistakes, coin collectors reap the benefits. Mint misstrikes and error coins are one of the most exciting areas in rare coin collecting. And these coins are often valued significantly higher than a coin in its intended condition. The scarcity and unique stories behind these coins create an allure and mystique within U.S. coin-minting history.

What’s more, errors rarely happen anymore, making earlier mistake coins even more valuable. A new coin production process began in 2002 which nearly eliminated error coins from going into circulation. Coins now are filtered through automated counters which flag imperfect coins. Thus, very few error coins have gone into circulation since 2002.

Let’s take a look at five intriguing error coins from history that rare coin collectors still search for today.

1.  1802/01 Draped Bust Quarter Eagle

The 1802/01 Draped Bust Quarter Eagle is an extremely scarce, unique overdated error coin. Overdate coins are early examples of mint errors. These occurred when a date or part of a date was punched into a finished working die that already featured an older date. It is estimated that there are roughly 200 U.S. mint overdates and experts believe these occurred amid die shortages or a desire to avoid the labor required to create a new die.

Modern technology removed the potential for overdates as the conditions which create overdates ended in 1909. The Indian Head Cent was the last issue where the date was punched into the working die by hand. In all years that followed, the date is included in the master die.

2. 1906 Indian Head Cent struck over a Mexican Gold 5 Peso

In 1906 an error occurred with the Indian Head penny that was struck over a Mexican gold 5-peso coin. Indeed, 1906 was the first year that this error could have been made as this is the year the U.S. Mint began striking coins for Mexico. It was also the only year that the U.S. Mint struck 5 peso coins, during which time they produced four million pieces.

3. 1937-D 3-Legged Buffalo Nickel

This may well be one of the most famous error coins in U.S. Mint history. In the rare coin world, a 1937 Nickel with a three-legged Buffalo has become a legendary numismatic prize.

Minted from 1913 through 1938, the imposing and memorable coin designed by James Earle Fraser features a handsome Native American on the obverse and a bison on the reverse. It is believed the “Black Diamond” buffalo in New York’s Central Park Zoo served as the inspiration for the coin’s reverse.

In 1937, the Denver Mint produced 17,826,000 of these legendary nickels composed of 75% copper and 25% nickel. That year, a Denver Mint employee named Mr. Young, took his job quite seriously. He over-polished the reverse die with an emery board in an effort to remove clash marks. The result of the excessively polished die variety? The front leg of the Buffalo missing! Hence the Denver Mint created three-legged Buffalo nickels in 1937. Collectors in the late 1930’s quickly discovered the Mint employee’s error and the 1937-D nickel became a classic even in its own time.

4. The 1943 Lincoln Cent struck over a struck 1943 Mercury Dime.

The 1943 Lincoln Cent struck over a struck 1943 Mercury Dime is a remarkable and rare double denomination error coin and is one collectors avidly seek. This was created when a dime was mistakenly fed into a printing press coining cents. This error coin combines the three-pronged popularity of the Lincoln Cent, the Mercury Dime and its 1943 date, caused by the desirability of the famous 1943 copper cents.

5. The 2000-P Sacagawea Dollar Mule

Sacagawea was a legendary Native American Shoshone woman who helped Meriwether Lewis and William Clark on their exploratory expedition from North Dakota across the Rocky Mountains to the Pacific Ocean and back in 1805-1806. Her work as an interpreter proved invaluable and also her presence in the group demonstrate the peaceful nature of the mission.

In the year 2000, the United States Mint honored Sacagawea and her contributions to the early explorations of our great nation with the Sacagawea Golden U.S. Dollar coin. The coin was minted under the auspices of the United States $1 Coin Act of 1997.

By and large the majority of Sacagawea coins are not rare and circulated coins do not carry numismatic value. They are also not made of gold, despite the golden color. The coins were composed of primary copper (77%), with small portions of zinc, manganese, and nickel.

However, a 2000-P Sacagawea dollar / Washington quarter mule error sold for $192,000 back in 2018. A mule is a coin struck with obverse and reverse dies that were not supposed to be paired with each other. In this case, the obverse reveals a Washington quarter, while the reverse reveals a Sacagawea dollar. About two dozen of these major errors were struck at the Philadelphia Mint.

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In the early years of our young nation, America faced a new challenge—a shortage of small change. After years of relying on foreign gold and silver coins, America needed its own system of coinage, especially in small denominations.

One of the first tasks of the first Treasury Secretary Alexander Hamilton was to create a system for America’s coins. From Hamilton’s work, the Half Disme, or half a dime was the first American coin ever struck under the authority of the April 1792 Mint Act.

Yet just as fast as the first 1,500 1792 Half Dismes were minted, they disappeared from circulation. Even today, questions and intrigue surround this tiny coin with huge historical significance.

According to legend and lore, the many questions around the 1792 Half Disme included: Was the coin actually produced in the cellar of a mint contractor? Were the 1,500 Half Dismes created as pattern coins made for design approval, or were they business strikes meant to circulate among the public? Where did the bullion for the first strike come from—was it from President George Washington who as legend said donated his personal silverware?

For decades, scholars and numismatic collectors and coin dealers argued and chose sides on the questions swirling around the intriguing half disme. What was notable around the Half Disme’s launch was its lack of notoriety. There was no official government announcement, there is no evidence of a “first strike” ceremony and there was no newspaper coverage of this truly historic event for America.

It wasn’t until 1997 that verifiable proof emerged to answer some of those questions. The reason it took so long to find these answers is that they were buried in obscurity.

While serving as our nation’s first Secretary of State in 1792, Thomas Jefferson was also responsible for organizing the U.S. Mint. In fact, the Mint David Rittenhouse reported to Jefferson. So, it was in the personal papers of Thomas Jefferson that some of the answers swirling for over 200 years around the Half Disme were finally answered.

Jefferson tracked his personal income and expenditures in private memorandum books, and his 1792 memorandum book was not published until 1997 in The Papers of Thomas Jefferson. Here are the key findings that Jefferson noted in his memoranda book:

• July 10, 1792 entry: withdrew “100. D.” from the Bank of the United States, (likely Spanish silver dollars).
• July 11 1792 entry: “Delivd. 75. D. at the mint to be coined.”
• July 13, 1792 entry: “Recd. from the mint 1500. half dismes of the new coinage.”

According to the 1792 Mint Act, any U.S. citizen could bring bullion to the Mint and have it struck— weight-for-weight—into new silver or gold coinage of the United States. Jefferson’s memorandum book reveals that he did just that in July 1792—and that the half dismes were not minted from Washington’s personal silverware.

Jefferson’s careful documentation also provides answers to the pattern or business strike question that engulfed numismatics for decades.

After Jefferson received the 1,500 half dismes on July 13, 1792, he traveled with his daughter Maria from Philadelphia to his Virginia Monticello estate. On the way, that evening Jefferson and his daughter spent the night in Chester, Pennsylvania. He noted in his memorandum book for that date a tip to servants in the amount of 30 cents, signifying the use of six half dismes—for the first time in circulation.

The obverse of this illustrious coin reveals Liberty facing left, with the date shown below the bust. The words “INDUSTRY LIB PAR OF SCIENCE” fill the legend. The reverse features an Eagle facing left, with “HALF DISME” below and the words “UNITED STATES OF AMERICA.”

While the mintage for the 1792 Half Disme was 1,500, there are only 275 are estimated survivors. In 2018, a 1792 Half Disme, graded MS68 sold for $1,985,000. The First U.S. Mint Director David Rittenhouse owned that coin.

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