The History of United States Coinage As Illustrated by the Garrett Collection

In 1849 Longacre produced the first dies for two new issues, the double eagle and the gold dollar. A new face of Liberty showing strength and beauty was devised. This same head (with a different headdress) was later used in 1854 on the $3 gold piece, in 1865 on the nickel three-cent coin, and with an Indian bonnet, on the cent of 1859. Throughout the 1840s and early 1850s there were many complaints about Longacre' s ability as a diesinker. Some of these complaints were justified, but others were made out of malice. In 1849 when Longacre produced the first dies for the double eagle the Mint director criticized them severely, saying the relief was too high and they would not stack properly, which, if the only specimen surviving today (the coin in the Smithsonian Institution) is an indication, was not true. Other problems arose as well. It was proposed that another engraver be brought to the Mint as a replacement. New York diesinker Charles Cushing Wright, whose formidable engraving talents brought him much fame, was suggested. A conspiracy against Longacre was mounted in 1850, but nothing came of it, and Longacre stayed on at the Mint until his death. The American Journal of Numismatics described Longacre as "Quite tall and spare, of refined and gentlemanly appearance, dignified in bearing, although very quiet and unobtrusive. "

The silver three-cent piece, the smallest-size United States coin, was authorized by Congress on March 3, 1851. Issues produced from that year through 1853 were composed of 75% silver and 25% copper, a unique departure from the federal standard. Later, beginning in 1854, the composition was changed to the standard 90% silver and 10% copper.

The weight of all United States silver coins, except the silver dollar, was reduced under legislation passed by Congress on February 21, 1853. This was made necessary by the vast speculation which had driven most silver coins from circulation. Earlier the coinage legislation of 1834 had changed the values of gold coins, resulting in the comparative value of silver being set too low. After that date many American silver coins were bought by speculators and sold as bullion at a profit. There were not many silver dollars in circulation at the time, so speculators dealt with the smaller coins from the half dime to the half dollar. Commerce suffered. To remedy this the1853 legislation lowered the weight of the half dollar from 206.25 to 192 grains of standard silver alloy (90% silver and 10% copper). Other denominations were reduced accordingly. Arrowheads were placed at each side of the date of the denominations which were affected-half dimes, dimes, quarters, and half dollars-to signify the difference.

In 1854 a new denomination, the $3 gold piece, made its appearance. Intended to facilitate the purchase of three-cent stamps in sheets of 100, the $3 denomination was never popular. Although coinage was continued until 1889, only a small number of pieces reached circulation.

Another branch mint opened in 1854. In San Francisco the facilities of Curtis, Perry & Ward, who earlier operated the United States Assay Office of Gold, were expanded and became the San Francisco Mint. Coinage the first year, between April and December 1854, was limited to gold, due to inadequate supplies of silver and the necessary materials for refining. Slightly over $4 million worth of gold coins were produced, each with a distinctive S mintmark. In the following year, 1855, silver coins were produced for the first time.

In 1870 work was begun on a new mint building for San Francisco. Completed several years later, the facility was occupied in the summer of 1874. In 1870 a specimen of the 1870-S $3 gold piece, one of just two struck, was put into the cornerstone. Years later when the cornerstone was opened the coin was not to be seen. The second San Francisco Mint, located at 5th and Mission Streets, was one of the few structures in the downtown area to escape destruction during the earthquake and fire of April 18, 1906.

In 1937 another move was made, this time to a three-story marble structure. Coinage ceased at San Francisco in 1955, for it was believed that Denver and Philadelphia, each with more modern facilities, could strike coins more efficiently. The coin shortage of 1965 resulted in the reopening of the facility in that year. From that time forward coins have been made there. Included, beginning in 1968, have been Proof coins made with the S mintmark, a departure from the Philadelphia Mint Proof coins produced in earlier years.