Is This the Very First U.S. Coin?


David McCarthy discovered a rare coin on an auction list in 2013. He intuitively felt that it was the first piece issued by the United States of America around 1783. Not the first batch of coins, but rather the first coin.

He spent the following four years finding proof that he had got the legendary first “500” quint.

The History Of U.S. Coins

The history of U.S. coins in circulation began long before 1792, when the first national mint was established. Before the introduction of the national currency, a mixture of foreign and native coins circulated during the Colonial Era and the years after the American Revolution. 

Various currencies circulated throughout the Colonial Period, such as British pounds, Spanish milled dollars, German thalers, and even some coins manufactured by the colonies. The stability of the silver content of Spanish milled dollars over the years made them a popular currency. To make change for a dollar, coins were often divided into halves and quarters.

How Did It Start?

McCarthy was first interested in the coin because it had no writing on the front, making it clear that it was one of only 2 rare quints. In 1860, a similar type of coin was found with “New Constellation” written in Latin. The one that McCarthy had was found after fifteen years. 

He searched the National Archives yet received conflicting results. Later, while checking the receipts in search of the steel dies used to produce the coins, he found proof indicating “two of the dies had been recycled and refined after the first coin was struck,” as reported by the Associated Press.

“He compared the beadings on the borders of the several coins as well as a depression in the middle of the eye on the “500” coin as well as its plain relative. All indications led to him discovering the nation’s first coin “a news organization reports.

How Much Is The Quint Of McCarthy Worth?

Jedd Garrett, the president of ANA (American Numismatic Association), said that a 1794 U.S. silver dollar sold for $10 million 4 years ago may serve as a relevant example. Garrett explains that the coin’s value is derived from the coin alone and the tale surrounding it.