Although the American colonies were well acquainted with silver coins from various countries, especially Spain and its mints in Latin America, gold was rarely seen in the marketplace. The occasional gold coins that came to our shores prior to 1776 usually found their way to merchants, who needed them to pay for imports from Britain and elsewhere.
During the Revolutionary War, which extended until a treaty of peace was signed in 1783, hard money of any kind, especially gold, was rarely seen as the Continental currency continued its catastrophic implosion to the point of being little better than pieces of paper with interesting designs.
During the 1780s, various schemes were discussed towards creating a monetary system, especially those put forward by Thomas Jefferson, then a member of Congress in the Confederation Government. The latter suggested two gold pieces, for $5 and $20. On Aug. 8, 1786, we find the following as part of a law passed that day: “That there shall be two gold coins: One containing two hundred and forty six grains, and two hundred and sixty eight thousandths of a grain of fine gold, equal to ten dollars, to be stamped with the impression of the American eagle, and to be called an Eagle: One containing one hundred and twenty three grains, and one hundred and thirty four thousandths of a grain of fine gold, equal to five dollars,
