It was the year 1835. Large quantities of gold were being shipped overland to the East, only to be waylaid by bandits en route. So the U.S. Congress, in a moment of wisdom, declared that branch mints be established in three southern cities, including the grand dame herself: New Orleans.

From its beginning, the New Orleans Mint was vitally important. One reason is New Orleans’ location at the mouth of the Mississippi River, which made it pivotal for trading throughout the Midwest. Additionally, more foreign trade was transacted in New Orleans at the time than in any other city in America. Vast quantities of gold and silver minted in Mexico and South America flowed into the city. And then there’s the fact that there was simply a woeful shortage of coins at the time. The Philadelphia Mint had been our nation’s only mint before 1838, the U.S. was rapidly growing, and—as we all know—paying for stuff in gold dust gets cumbersome after a while.

Things cranked along without great incident at the New Orleans Mint until, in 1861, the Confederate States of America seized the facility from the state of Louisiana, which had seceded from the Union. This was one of the South’s first acts of defiance (if you want to make an impact, hit ’em in the purse strings). The mint struck four half dollars with a Confederate design on one side, but all coin production quickly stopped, as the facility suffered from dwindling resources and increasing disarray.

After a little over a year of Confederate rule, the Union captured New Orleans and instituted a severe and unpopular period of martial law. The two-way hostility is perhaps best exemplified by this incident: a riverboat gambler climbed onto the roof of the mint, tore down the U.S. flag that hung there, and ripped the flag into shreds. The Union military governor of the city then had him hung—from a flagstaff projecting horizontally from the mint building.

The mint building served as an assay office for a while, until coin production resumed in 1879 with the Morgan Silver Dollar and continued until 1909. Today, the mint building houses a museum.

The US three-cent silver coin was one of the many repercussions of the California gold rush. The country experienced a surging supply of gold as new discoveries opened in the east. This development created an economic scenario in which the price of gold relative to silver dropped. Thus, silver could be traded for ever increasing amounts of gold. As a result, a shortage of silver developed in the country. This was the new setting in which the three-cent silver coins emerged.

To solve this problem of scarcity, New York Senator Daniel S. Dickinson, drafted legislation calling for a new coin. The piece would consist of .750 fine silver meaning that the composition would be three parts silver and one-part copper, making it the first American coin to contain metal valued significantly less than its face value. There were fractious debates over the legislation. However, the idea found momentum once Congress began considering dropping the postage rate from 5 cents to 3 cents. By 1851 the bill passed.

When it was time to design the piece, many considered simple images best. The reason: the coin was so small in size that it could only feature basic shapes, otherwise no one would be able to appreciate such small detail. For these reasons, it was decided that the obverse side of the coin would feature a star in reference to the national crest with the shield of the Union in the center, and the reverse side was an ornamental “C” with the Roman numeral “III” in the center. The perimeter featured a ring of thirteen stars.

Officials minted three types over the years. The bulk of the minting occurred in Philadelphia. At first, many recoiled from the uncommonly small size. Type I (1851-1853) was originally minted with 75% silver and 25% copper to discourage melting down of the coins for their silver content…and they quickly became dirty and discolored. This led to the nickname “fish scales” at the time. Type II (1854-1858) came as officials increased the portion of silver in the piece to .900. Other changes were aesthetic. The star featured a triple line around the perimeter, and an olive branch and bunch of arrows. Type III (1859-1873) included only minor changes to one side of the coin most likely to improve the striking process. 

By 1870 President Ulysses S. Grant signed the Coinage Act of 1873. The direct result was the abolishment of two-cent, and three-cent pieces and other coins. This de-authorization meant that the US Treasury would need to withhold the piece they had already minted. Instead of circulating the currency they would melt the coins and use the metal for other pieces of currency.

Today, the 1851-O three cent silver remains one of the more sought-after versions of the coin because it was one of the few minted outside of Philadelphia. It is the only coin of this type struck at the New Orleans Mint. 720,000 pieces were issued. For most collectors the uncommon “O” mint mark is what makes the coin so collectable. Additionally, the coin represents an unusual period in US history in which the country was still finding its way and, in the case of the Type III coin, navigating the impending Civil War.

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This coin is heavy and large, and it has eight sides.

Its face value is $50.

One side doesn’t have a portrait, Lady Liberty, or anything else you might expect on a numismatic rarity. No, it has a pattern, created through a process called “engine turning.”

It’s an odd coin. You might even call it weird.

Take a look at the eagle. It’s a bit scrawnier than our modern numismatic eagle, and it’s holding a ribbon in its mouth.

This is an unusual coin indeed.

Often called a “slug,” the 1852 Assay Office $50 gold coin is a heavyweight in the world of American numismatics. Only 23,800 were minted, and they were minted when the Gold Rush was in full swing. When you hold this coin, you can almost imagine a gold miner, a buccaneer, or a cowboy slapping it down on a counter for a big purchase. This coin, in fact, would have been a week’s wages for a gold miner.

Few of these 8-sided coins survive today because many were minted down later, when the San Francisco Mint started operations.

This U.S. Assay coin was minted before there was a West Coast Mint at all. Thanks to the Assay Office, gold like this no longer had to be shipped to Philadelphia on dangerous, bandit-ridden journeys for minting.

These $50 gold slugs were so popular and evoked such a romantic period in American history that facsimiles were later made for state expos and centennials.

1852 Historical Events Timeline

March – Uncle Tom’s Cabin Is Published

Harriet Beecher Stowe’s anti-slavery novel sells 300,000 copies in only three months and so informs public opinion that Abraham Lincoln reportedly says, upon meeting Stowe, “So this is the little lady who made this big war.” In 1863, when Lincoln announces the end of slavery, Stowe dances in the streets.

May – Calamity Jane Dies

Raised in a Gold Rush town, Calamity Jane had a fondness for menswear and adventure. A hard drinker and carouser, she attracted attention for stunts like riding a bull down the main street of town.

July – Congress Authorizes the San Francisco Mint

Congress approves legislation authorizing a second U.S. Mint, and the Treasury Secretary chooses San Francisco for the location. This allows gold from the California Gold Rush to be minted locally, rather than transported on dangerous journeys to the Philadelphia Mint.

December – Emma Snodgrass Is Arrested for Wearing Pants

Emma Snodgrass, 17, is the daughter of a New York City police officer. She shows up in Boston wearing pants, is arrested and sent home to her father, and does it again. And again. And again. Snodgrass becomes national news.