Author Topic: Collecting the Civil War: The Confederate States of America delivers little coin  (Read 1075 times)

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This 1861 Haseltine restrike Confederate cent struck in copper,
graded Proof 63 Red and Brown by Professional Coin Grading Service,
sold for $31,050 at auction in 2008.







This 1861 Scott restrike 1861-O Seated Liberty half dollar,
graded Mint State 63 by PCGS,
sold at a 2008 auction for $17,250.
Images courtesy of HeritageAuctions.com


Collecting the Civil War: The Confederate States of America delivers little coinage

This 1861 Haseltine restrike Confederate cent struck in copper, graded Proof 63 Red and Brown by Professional Coin Grading Service, sold for $31,050 at auction in 2008.

This 1861 Scott restrike 1861-O Seated Liberty half dollar, graded Mint State 63 by PCGS, sold at a 2008 auction for $17,250. Images courtesy of HeritageAuctions.com

By Pierre Fricke
Special to Coin World

EDITOR'S NOTE: This is the third installment of a multipart series by Pierre Fricke, an expert on Civil War numismatics. The series will provide an overview of the different collecting areas that the era offers.

At the dawn of the birth of the Confederate States of America in 1861, three United States Branch Mints were located in what would become states of the Confederacy: Charlotte, N.C.; Dahlonega, Ga.; and New Orleans. These Mints had some gold and silver on hand for minting coins, much of which was taken by the new Confederate government as the basis for the Confederate Treasury.

Georgia was the first of these states to secede, in January 1861. The Dahlonega Mint was seized by the state of Georgia in January 1861 and turned over to the Confederate government in April 1861. Some of the gold found was used to coin gold dollars and gold half eagle $5 pieces. About 1,250 of the 1861-D gold dollars were struck. Coin Values lists an Extremely Fine 40 example at $13,500. Nearly 1,600 of the 1861-D Coronet half eagles were stuck and Coin Values lists an EF-40 example at $13,000.

The New Orleans Mint was first seized by the state of Louisiana in January 1861 after that state seceded from the Union. Seated Liberty half dollars and Coronet $20 double eagles continued to be struck in New Orleans under the authority of the state of Louisiana. These continued to be struck also under Confederate authority in March and April 1861.

The total mintage of the 1861-O Seated Liberty half dollar was more than 2.5 million of which about 330,000 were issued by the United States, 1.2 million were issued by the state of Louisiana and more than 960,000 were released under Confederate authority. It is not possible to determine under which authority a given 1861-O half dollar was struck. However, a "cracked obverse" die is thought by some to be minted under the Confederate government, and was used to make the Confederate half dollar pattern.

The 1861-O Seated Liberty half dollar is perhaps the most easily obtainable and affordable "Confederate" coin today, with Coin Values listing an EF-40 example at $125.

More than 17,000 1861-O Coronet double eagles were stuck. Perhaps 5,000 were issued under U.S. authority, nearly 10,000 were issued by Louisiana and fewer than 3,000 were issued under Confederate authority. Examples of the 1861-O Coronet double eagles are much rarer – and more expensive – than the 1861-O Seated Liberty half dollar, and Coin Values lists an EF-40 example at $17,500.

In April 1861, state of North Carolina forces seized the Charlotte Mint, and fewer than 1,000 of the 6,879 1861-C Coronet $5 half eagles were struck under North Carolina's authority. North Carolina seceded on May 20, 1861, after the firing on Fort Sumter and the beginning of the Civil War. The 1861-C Coronet half eagles are more common than their Dahlonega Mint brethren are and are the most affordable "Confederate" gold coins. Coin Values lists an EF-40 example at $4,250.

With the new Confederate government in place at Montgomery, Ala., in March 1861, government officials explored options to coin money for the Confederacy. New Orleans Mint Superintendent William A. Elmore was tasked with creating designs for Confederate coinage, including a design for the Confederate half dollar illustrated.

August H.M. Petersen, a New Orleans engraver and die maker, designed the new obverse die, which was paired with the Seated Liberty obverse (now serving as the reverse) to strike pattern examples. Just four coins were struck. They were distributed, one each, to the Confederate government; Dr. John Leonard Riddell of the University of Louisiana, a former melter and refiner of the New Orleans Mint; Dr. Benjamin F. Taylor, who was the chief coiner of the Confederacy; and Dr. E. Ames of New Orleans, about whom little is known. One of these, probably the government example, was allegedly given to President Jefferson Davis. This coin was reportedly with the Davis entourage when captured in May 1865. That coin may have been the example sold at Stack’s auction of the John Jay Ford Jr. Collection for $632,500 in October 2003.

The existence of this pattern became known to the numismatic community in 1879 when Taylor's example and the Confederate die surfaced. Dealer J.W. Scott acquired these, along with 500 1861-O half dollars. The reverse of each of these coins was filed off and restruck with the Confederate die. Taylor also produced 500 additional store cards with the Confederate die and an obverse of his own design. Both of these restrikes command significant money, having examples often sell in excess of several thousand dollars.

The so-called Confederate cent, struck by Robert Lovett Jr. in Philadelphia, follows a different path. Lovett created dies for a Confederate cent pattern, although it is uncertain whether he made the pieces under contract with the Confederate government or under other circumstances. He struck between 13 and 16 pieces with the head of Minerva (which Lovett also used on store cards of the period) on the obverse, and on the reverse 1 CENT and a wreath.

It is possible that Lovett delivered up to four of the confederate coins to the requestor, although if there was a requestor or customer, no proof has been found. Some scholars suggest Bailey and Co., and others mention the National Bank Note Co., as a possibility. Lovett kept 12 examples.

Federal agents closed down National Bank Note Co. operations for the Confederacy on April 25, 1861. Other possible Northern-based collaborators would have quickly ceased considering supporting the Confederacy's monetary needs – at least publicly. Lovett hid the pieces fearing Federal retribution as an enemy collaborator.

The pieces were unknown until 1873 when Lovett accidentally spent one in a bar and it quickly came to the attention of one of leading numismatists of the time – Dr. Edward Maris. Capt. John W. Haseltine later purchased the original dies from Lovett, along with approximately eight of the original pieces from Maris.

In 1874, Haseltine created restrikes in copper, silver and gold, fewer than 100 in total (the dies broke after about 75 pieces were struck). Today, these restrikes are worth in excess of $10,000, with gold examples bringing more.

A long story ensues highlighting the numismatic community's quest to understand these cent patterns, documented in numerous articles. Original examples of the Confederate cent pattern bring many tens of thousands of dollars today.

By May 1861, President Davis and Secretary of the Treasury Christopher Memminger concluded that coinage was not practical because of the war that had begun the month before. Confederate resources, both monetary bullion and skills to mint coinage, would be outmatched by a superior foe in the Union. The Confederacy turned its attention to paper money for internal commerce and used its bullion, cotton export capability and lending capacity, and bonds, for foreign commerce. As the war progressed, these resources, too, would be stretched, and the Confederacy depended more and more upon its paper money and bonds to fund its war effort and commerce. Despite these challenges, the Confederate government again considered creating its own coinage during the war, but never did.

The history of Confederate coinage ranks up there with the great mysteries and stories of American numismatic history. Research is ongoing into other possible war-period patterns, post-war strikes and even Civil War centennial era 1961 reproductions and fantasy items. Perhaps time will reveal more of this great numismatic mystery.