![1792 half disme obv](https://upload.wikimedia.org/wikipedia/commons/e/ee/1792_half_disme_obv.jpg)
The 1792 half disme (pronounced "deem") is an American
silver
Silver is a chemical element with the symbol Ag (from the Latin ', derived from the Proto-Indo-European ''h₂erǵ'': "shiny" or "white") and atomic number 47. A soft, white, lustrous transition metal, it exhibits the highest electrical ...
coin with a face value of five
cents which was minted in 1792. Although it is subject to debate as to whether this was intended to be circulating coinage or instead an experimental issue,
President
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*President (corporate title)
* President (education), a leader of a college or university
* President (government title)
President may also refer to:
Automobiles
* Nissan President, a 1966–2010 Japanese ...
George Washington
George Washington (February 22, 1732, 1799) was an American military officer, statesman, and Founding Father who served as the first president of the United States from 1789 to 1797. Appointed by the Continental Congress as commander 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
Coinage Act of 1792
The Coinage Act of 1792 (also known as the Mint Act; officially: ''An act establishing a mint, and regulating the Coins of the United States''), passed by the United States Congress on April 2, 1792, created the United States dollar as the countr ...
.
Origins
When speaking to the
House of Representatives
House of Representatives is the name of legislative bodies in many countries and sub-national entitles. In many countries, the House of Representatives is the lower house of a bicameral legislature, with the corresponding upper house often c ...
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 Thomas Jefferson
Thomas Jefferson (April 13, 1743 – July 4, 1826) was an American statesman, diplomat, lawyer, architect, philosopher, and Founding Father who served as the third president of the United States from 1801 to 1809. He was previously the natio ...
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 Martha Washington
Martha Dandridge Custis Washington (June 21, 1731 — May 22, 1802) 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 served as the inaugural ...
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.
[
] To the contrary, evidence uncovered from Thomas Jefferson's memorandum book shows that he provided "75 (Mexican) Silver Dollars" and received the first 1,500 half dismes. He then spent those coins on his trip home to Monticello.
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 about uncirculated (AU55 on the
Sheldon coin grading scale
The Sheldon Coin Grading Scale is a 70-point coin grading scale used in the numismatic assessment of a coin's quality. The American Numismatic Association based its ''Official ANA Grading Standards'' in large part on the Sheldon scale. The scale wa ...
) 1792 half disme was auctioned for $138,000 on July 24, 2004. A 1792 half disme
graded MS65 was valued in 2018 on the American reality television series ''
Pawn Stars
''Pawn Stars'' is an American reality television series shown on History and produced by Leftfield Pictures. The series is filmed in Las Vegas, Nevada, where it chronicles the daily activities at the World Famous Gold & Silver Pawn Shop, a 24 ...
'' at $500,000-600,000. A specimen strike from the Starr collection,
graded MS67 by
PCGS, sold for $1,322,500 on April 26, 2006.
The highest numerically graded piece, an
NGC MS68, sold for $1,500,000 by private treaty transaction in 2007.
Although nearly all 1792 half dismes were produced in a
silver alloy, a unique pattern piece in
copper
Copper is a chemical element with the symbol Cu (from la, cuprum) and atomic number 29. It is a soft, malleable, and ductile metal with very high thermal and electrical conductivity. A freshly exposed surface of pure copper has a pinkis ...
is also known.
See also
*
Half dime
The half dime, or half disme, was a silver coin, valued at five cents, formerly minted in the United States.
Some numismatists consider the denomination to be the first business strike coin minted by the United States Mint under the Coinage Ac ...
*
Nickel (United States coin)
A nickel is a five-cent coin struck by the United States Mint. Composed of cupronickel (75% copper and 25% nickel), the piece has been issued since 1866. Its diameter is 0.835 inches (21.21 mm) and its thickness is 0.077 inches ...
*
Dime (United States coin)
The dime, in United States usage, is a ten-cent coin, one tenth of a United States dollar, labeled formally as "one dime". The denomination was first authorized by the Coinage Act of 1792.
The dime is the smallest in diameter and is the thinnes ...
References
External links
1792 Half Disme Complete History
{{Money and central banking within the contemporary United States (pre–1913)
Five-cent coins of the United States