Set Includes Pouch Handmade by Native Americans
■ Can you explain the 2004 Coin and Pouch sets?
The 2004 Lewis and Clark silver dollars in these Coin and Pouch sets are accompanied by a hand-made beaded leather pouch made by Native Americans using identical materials to what would have been used to make such pouches in 1804. The Natives who made these pouches are descendants of tribes who lived along the route taken by Lewis and Clark 200 years earlier. Each pouch is unique due to having been handmade.
■ How do I know the Coin and Pouch set pouches were made by descendants of tribes who lived along the route and not by someone else?
In fact there was a mix-up involving descendants of tribes who lived along the route. The Shawnee Nation United Remnant Band of Ohio were not officially recognized by state or federal authorities as an official Native American tribe, nor were their artists recognized as official Native American artisans. For both reasons, the pouches this group made for the Coin and Pouch sets couldn’t be marketed under the Indian Arts and Crafts Act. Some were sold, but the U.S. Mint offered to buy them back.
■ Can you explain the 1971-D Friendly Eagle variety Eisenhower dollar?
The eagle on the reverse lacks a brow line, giving the allusion of the predator being overly friendly. Additional diagnostics for this popular variety include a rounder Earth, larger Gulf of Mexico, Caribbean islands forming a nearly solid appearing chain, and two debris lines between the “N” and “E” on the large moon crater.
■ I saw a 1971-D Friendly Eagle Eisenhower dollar online for a very high price in Mint State-65. Is this variety sufficiently rare to command a huge premium?
The dies from which the 1971-D Friendly Eagle Eisenhower dollar variety were struck deteriorated quickly, resulting in few coins struck to the standard expected if a coin is to be assigned a superior grade. Many examples appear to be corroded; however, under close examination this proves to be some sort of pot marking that has been suggested may have been caused by an unidentified fluid used during the minting process. While mintage figures for this variety are not known, it is known few examples qualify to be considered to be in high Mint State grades.
■ Some coin varieties have been given nicknames. Are there nicknames given for some bank note varieties?
It is doubtful there are as many bank notes that have been dubbed with nicknames as are coin varieties, but there are some interesting nicknames that are generally accepted. Among them are the Series 1917 $1 Legal Tender “Sawhorse Back,” Series 1907 $5 Legal Tender “Woodchopper,” $10 Series 1869 Legal Tender “Rainbow,” $10 Series 1923 Legal Tender “Poker Chip,” and the Series 1890 $1,000 Treasury “Grand Watermelon” note.
■ I get it that there is a $2 United States note called the Lazy Deuce because the numeral two lays on its side. Was there a purpose to this design, or was it someone’s whim?
The so-called lazy two lies on its side as a measure to deter counterfeiters. Civil War-era bank notes may not necessarily have been difficult to copy, but it was also relatively easy to add a zero to the end of a period $1 and $2 note to artificially increase the denomination value.
■ I’m going to ask for your two bits of information. How is the term “bit” used regarding coin denominations?
A bit was valued at 12.5 cents, this being a pie slice shape 1 bit or piece of eight (1/8) from a silver Spanish 8-reale coin. A dime was sometimes referred to as a short bit, with 15 cents in value referred to as being a long bit.
■ Were the Spanish 8-reale coins the first to be cut to make change?
Spanish 8-reale coins were far from being the first to suffer being chopped up to make change. Bronze coins from about 274-216 B.C. struck for Hieron II of Syracuse on Sicily are known halved for this purpose, as are many medieval deniers and pfennig. Since medieval coins were typically thin, it was easy to cut them when necessary.
■ I understand Lord Baltimore issued paper money prior to his coins. Was this paper money backed by specie, or was this fiat money as is our current money?
Kentucky used whiskey as money. Maryland used tobacco. In 1733, Lord Baltimore created a public loan office so his paper currency would circulate through loans granted to individuals. Taxpayers could receive 30 shillings in these bank notes if the Maryland citizens agreed to burn 150 pounds of tobacco, of which there was an overabundance. This kept the surplus tobacco to a minimum rather than it impacting the value of these notes adversely. Profits from taxes and interest on the loans was invested in Bank of England securities, in turn creating collateral for the Maryland paper currency.
■ Didn’t rum play a part as a substitute for money in Colonial times as well?
Between 1607 and the time of the American Revolution, rum was used as a convenient substitute for paper money. There were advantages to using rum as it could be consumed or used for paying wages. George Washington allegedly paid his slaves with an allowance of liquor in return for a day’s work. Soldiers were likewise paid with an allowance of rum or other locally produced liquor.
■ What part did whiskey play as a substitute for currency?
In 99 Drams of Whiskey: The Accidental Hedonist’s Quest for the Perfect Shot, Kate Hopkins wrote, “Whiskey was drunk on a daily basis, as a means to start the day or complete a deal, or even as prescribed medicine.” What was called America’s Spirit was bartered as currency, especially in rural areas where coins and legitimate bank notes were challenging to find circulating.