USA The first gold "Dollar" (Escudo), 1742-1788

  • A genuine and original gold coin considered ‘the first gold dollar’
  • Issued during the American War of Independence as a trading currency
  • Enclosed in a protective casing to maintain the coin’s provenance
  • Type: Single
  • Availability: Low
Price: € 849

Following the American War of Independence (1775–1783), the United States was keen to establish its own currency and introduced the dollar as the basis of the new system. However it would be many years before the fledgling nation had the capacity to produce enough coins to satisfy all its needs. In the interim Congress set out a multi-coinage system in which the foreign gold coins that had circulated in the Americas for decades were valued against the dollar and official exchange rates were strictly enforced.

Spanish half escudos minted at Seville and Madrid during the reigns of Philip V (1738–1746), Ferdinand VI (1746–1759) or Charles III (1759–1788) were particularly popular. Valued at one dollar, these foreign coins became, in effect, America’s first gold dollars. When gold was discovered in California (1849), the USA was finally able to mint its own gold coins and in 1857 foreign currency was banned when US coinage became the only legal tender.

Price: € 849
Specifications
Metal:
Gold
Weight:
1.69g
Diameter:
14.8-15.3 mm
Issuing Country:
Spain
Denomination:
Half Escudo (One Dollar)
Year of Issue:
1738-1788