Half Dollars of 1794-1807

Although little used at present, the half dollar as a denomination seems perfectly normal to us today. This was not always the case. When the U.S. monetary system was created in the early 1790s, Spanish silver was the standard of value in this country. In particular, the Spanish 8 reales passed everywhere for a dollar and for this reason was chosen as the basis for our silver coinage. The 4-reales piece, although not widely used, then became a half dollar in our new system of money.

Due to high bond requirements under the 1792 law, Chief Coiner Henry Voight and Assayer Albion Cox were unable to find the necessary sureties. In early 1794, however, the bonds were reduced to more reasonable levels and were soon met by the two officers. The first silver coinage, less than 2,000 silver dollars, was struck in October 1794; because much of this first coinage was not well made, Director David Rittenhouse ordered a halt until a more powerful press could be built to handle the largest coins.

In the meantime, there was a large quantity of bullion on hand, and the Mint needed to strike silver coins for depositors. The decision was made to strike half dollars instead, and Engraver Robert Scot soon prepared the necessary dies. On Dec. 1, Chief Coiner Voight delivered 5,300 half dollars, the first