The confederate half dollor (sorry its long)
At the onset of the war, there were three government mints operating in the South, located at New Orleans, Louisiana, at Charlotte, North Carolina, and at Dahlonega, Georgia. The New Orleans facility was by far the busiest, minting large quantities of gold and silver coins.
On January 26, 1861, the State of Louisiana seceded from the Union and shortly thereafter seized control of the New Orleans Mint. On March 7, Louisiana transferred control of the New Orleans Mint to the Confederacy. The Mint Superintendent, William A. Elmore, retained his position only after taking an oath of allegiance to the CSA. The mints at Charlotte and Dahlonega, seriously lacking a bullion supply, likewise came under the control of the Confederacy, but were quickly relegated to assay office status and never factored into the plans of the CSA.
Jefferson Davis and other leaders of the South envisioned minting coins bearing new CSA designs, to assert their newfound sovereignty and earn the respect and possible assistance of European powers. The New Orleans Mint, renamed the Confederate State Mint, was to be the major hub of coinage activity, as an ample supply of bullion was available to the Mint, at least initially.
While CSA Treasury Secretary Christopher Memminger was arranging for the creation of a Confederate half dollar design, minting of Union half dollars continued as before using the same federal dies.
In total, 2,532,633 half dollars bearing the 1861-O date were struck, 330,000 by the authority of the US government, 1,240,000 in February by the State of Louisiana, and 962,633 under the watchful eye of the Confederacy. Since the same dies were used throughout this period, it is impossible to tell which 1861-O's were struck by whom. 17,741 gold double eagles were also issued at the New Orleans Mint during this time, and these too, are indistinguishable, as to authorizing government entity.
In early April 1861, Memminger approved of a Confederate half dollar design. The obverse was to be made from the same Liberty Seated federal die, but the proposed reverse featured a new Confederate coat of arms, surrounded by cotton and sugar cane, important symbols of the southern economy.
Before full scale minting of the CSA half dollar could commence, the price of precious metals rose dramatically as the reality of war set in, causing coinage throughout all of America, both north and south, to disappear rapidly. Tangible assets, such as precious metal coins, were considered a safe harbor in stormy waters.
Moreover, bullion supplies at New Orleans were exhausted, with no hope of replenishment any time soon. Given these circumstances, Memminger concluded that releasing Confederate coinage would be futile, and ordered a suspension of minting operations.
Little was it known then, that before shutting down on April 30, four genuine CSA half dollars were struck by Chief Coiner Benjamin F. Taylor, one of which was presented to President Jefferson Davis. Taylor kept one of the half dollars for himself, while the other two went to local dignitaries. Taylor also retained possession of the dies.
In the absence of circulating coinage, the Confederacy and several states printed paper money. In addition to printing notes of greater dollar denominations, fractional notes, also known as “paper coins” having faces values less than one dollar, entered the channels of commerce.
In April 1862, Union forces under the command of Captain David Farragut, captured the city of New Orleans. With the primary minting facility in the hands of the North, the goal of establishing a secure coinage system indicative of a self-sufficient Confederacy began to fade badly.
On May 10, Confederate President Jefferson Davis was taken into custody by Union troops at Irwinville, Georgia, marking the formal end of the Confederacy and the American Civil War. Four long years of widespread destruction and intense bloodshed, claiming the lives of over 600,000 Americans, had mercifully come to an end.
Writing publicly in early 1879, former CSA Chief Coiner B.F. Taylor revealed the existence of the four original 1861 Confederate half dollars. Responding to Taylor’s disclosure, Jefferson Davis admitted that at the moment of his capture in 1865, he was still carrying the Confederate half dollar given to him four years earlier, but indicated it was stolen at the time of his arrest.
Later in 1879, Taylor sold his Confederate half dollar and dies to E. Mason Jr. of Philadelphia, who in May resold both the coin and the dies for $310 to J. Walter Scott, a New York coin and stamp dealer. In 1882 Scott sold the half dollar for $870, but chose to hang onto the dies for the purpose of manufacturing restrikes. After refurbishing the old dies, Scott produced 500 white metal tokens, successfully testing the Confederate reverse, pairing it up with a homemade Scott Company obverse die.
Pleased by the results of the white metal tokens, Scott then proceeded to obtain from circulation 500 half dollars dated 1861 in various conditions and used these for restrikes. At first, he struck the Confederate die directly onto the reverses of a few of these half dollars, but some of the federal reverse was still visible. To overcome this problem, Scott then completely “shaved off” the reverse design from what remained of his 500 half dollars before continuing to make restrikes.
Today, the Confederate half dollar specimen originally belonging to B.F. Taylor is housed in the collection of the American Numismatic Society in New York City. Two of the other half dollars are also privately held. The fourth authentic 1861 strike was actually found circulating in New York late in the 19th century (perhaps the specimen stolen from Jefferson Davis?), and was sold on October 14, 2003 for an astounding $550,000.
Prior to the 2003 sale, it had been many years since any of the four genuine Confederate half dollars were sold. Based on this high level of interest in Confederate-related coinage, we can safely conclude that J. Walter Scott’s white metal restrikes could easily bring maybe $800 to $3000, depending upon condition. Scott’s half dollar restrikes are worth $3000 to $6000, again depending upon condition, although the small handful of his restrikes onto “unshaved” 1861 half dollars are very rare and command much higher prices. All of Scott’s restrikes are easy to distinguish from the four genuine CSA half dollars because the obverses were distorted and flattened during the restrike action.
Four lonely Confederate half dollars are the highest profile survivors of a long-ago vision to establish a coinage system representing southern values. From President Jefferson Davis on down, the South's leaders believed distinctive coins, indicative of a self-reliant nation, would help them achieve independence. Many numismatists nowadays wish there were more CSA coins available to collect from the Civil War, the most crucial episode in America's past. Imagine how the road of history might have detoured from the path we know today had the Confederacy's desire to mint millions of its own coins been fulfilled. Who knows, the short-lived republic might not have been so short-lived after all.
((( without images))))) images and be seen at
http://www.us-coin-values-advisor.com/civil-war-coins.html