In these days of high prices and strong inflation, non-collectors are often amazed that such a coin as a half cent ever existed, let alone be widely used. Yet, from 1793 through 1857, this denomination served the nation well, especially the poorer classes.
The idea for a half cent dates back to 1784 when Thomas Jefferson, as a congressman in the Confederation government, did a thorough review of our monetary affairs and wrote extensively on the subject. Jefferson left for France to replace Benjamin Franklin as ambassador in late 1784 but left behind materials later used by his colleagues to draft a new monetary system.
On July 6, 1785, the half cent was created by order of Congress in the following words: “Resolved, That the smallest coin be a copper, of which 200 shall pass for one dollar.” Little was done at that time, but in 1786 an entire system was developed which was fine on paper but not in practice; there was no money for a mint under that weak government.
With the advent of the new federal government in April 1789, matters slowly began to change. At first Treasury Secretary Alexander Hamilton concentrated on borrowing money from European banks in order for the new government to function, but in due course the thoughts of Congress turned towards the monetary system or rather the lack of one.
In the spring of 1790, Congress asked the Treasury Secretary for a comprehensive report on a mint and coinage.
