1851 Indian Head $1 Dollar. This is a Rare coin!
Before the American Revolutionary War, coins from many European nations circulated freely in the American colonies, as did coinage issued by the various colonies. Chief among these were the Spanish silver dollar coins (also called pieces of eight or eight reales) minted in Mexico and other colonies with silver mined from North, Central and South American mines. These coins, along with others of similar size and value, were in use throughout the colonies, and later the United States, and were legal tender until 1857.
In 1776, several thousand pewter Continental Currency coins were minted. Although unconfirmed, many numismatists believe these to have been pattern coins of a proposed silver dollar coin authorized by the Continental Congress to prop up the rapidly failing Continental Currency—the first attempt by the fledgling U.S. at paper currency.[10] Several examples were also struck in brass and silver, but a circulating coin was not produced, in large part because of the financial difficulties of running the Revolutionary War. The Continental Currency dollar coin bears the date 1776, and while its true denomination is not known, it is generally the size of later dollars, and the name has stuck. The failure of the Continental Currency exacerbated a distrust of paper money among both politicians and the population at large. The letters of Thomas Jefferson indicate that he wished the United States to eschew paper money and instead mint coins of similar perceived value and worth to those foreign coins circulating at the time.[11]
The Coinage Act of 1792 authorized the production of dollar coins from silver. The United States Mint produced silver dollar coins from 1794 to 1803, then ceased regular production of silver dollars until 1836. The first silver dollars, precisely 1,758 of them, were coined on October 15, 1794, and were immediately delivered to Mint Director David Rittenhouse for distribution to dignitaries as souvenirs.[12] Thereafter, until 1804, they were struck in varying quantities. There are two obverse designs: Flowing Hair (1794–1795) and Draped Bust (1795–1804). There are also two reverse designs used for the Draped Bust variety: small eagle (1795–1798) and heraldic eagle (1798–1804). Original silver dollars from this period are highly prized by coin collectors and are exceptionally valuable, and range from fairly common to incredibly rare. Because of the early practice of hand engraving each die, there are dozens of varieties known for all dates between 1795 and 1803.
It is also one of only two denominations (the other being the cent) minted every year from its inception during the first decade of mint operation. Though a new Spanish dollar or 8-real minted after 1772 theoretically contained 417.7 grains of silver of fineness 130/144 (or 377.1 grains fine silver), reliable assays of the period confirmed a fine silver content of 370.95 grains (24.037 g) for the average Spanish dollar in circulation. [13] The new US silver dollar of 371.25 grains (24.057 g) therefore compared favorably and was received at par with the Spanish dollar for foreign payments, and in 1803 President Thomas Jefferson halted new silver dollars made out of the US Mint's limited resources since it failed to stay in domestic circulation. The less-exportable half dollar therefore became the largest US-made silver coin in domestic use for the next several decades. It was only after Mexican independence in 1821 when their peso's fine silver content of 377.1 grains was firmly upheld, which the US later had to compete with using a heavier Trade dollar coin of 378.0 grains (24.49 g) fine silver.
The 1851 Indian Head silver dollar is one of the most iconic and popular coins in American history. It is the first coin to feature the Indian Head design, which became a staple of US coinage for over 50 years.
The 1851 Indian Head Silver Dollar is also a significant coin for its role in the development of the American West.
The design of the coin was created by James B. Longacre, who was the chief engraver of the United States Mint at the time. Longacre was inspired by Native American women he had seen in the American West, and he wanted to create a design that would be both symbolic and beautiful.
The coin was also widely used in the American West, where it was used to purchase goods and services all over the region. The coin helped to fuel the economic growth of the American West and played an important role in the development of the region.
The 1851 Indian Head silver dollar originated from a design competition held by the United States Mint in 1849. At the time, the California Gold Rush was in full swing, and the Mint wanted a new dollar coin design that would represent the expanding western frontier.
Engravers submitted draft designs, including several depicting Liberty wearing a Native American headdress. The winning obverse design by James B. Longacre featured a representation of Lady Liberty wearing an Indian headdress, leading to the coin’s “Indian Head” moniker.
The Indian Head silver dollar entered production at the Philadelphia, New Orleans, and San Francisco Mints in 1851. The three Mints struck approximately 1.7 million Indian Head dollars that year. The coins saw extensive use in commerce, especially in the American West where silver dollars were preferred over smaller denominations and privately minted coins.
The Indian Head dollars facilitated trade and business transactions in the western frontier regions. They also gained popularity in East Asia due to thriving trade between the U.S. and countries like China and Japan in the mid-19th century.