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The half eagle, or $5 coin, was the first gold coin actually struck for the United States. The $5 gold piece was authorized by the Act of April 2, 1792, and the weights and fineness for gold coins were revised with statutes during the 1830s. The occasion for new laws was the discovery of gold in North Carolina and Georgia. Prior to 1830, the scarcity of precious metals was one reason why there was less than one U.S. coin per capita in the United States. Foreign coins, paper bank notes, and privately issued tokens served as money for transactions.
The development of the newly discovered gold fields was encouraged with a law in 1834 that effectively put the United States on a gold standard. Branch mints in Charlotte, North Carolina, and Dahlonega, Georgia were established in 1838 to handle the new gold near the source. Dies were manufactured in Philadelphia and transported to the functioning branch mints in Charlotte (1838--1861) and Dahlonega (1838--1861). Both branch mints handled only gold coins.
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Credit Line: Hauck, Frederick A.
Object ID: NU*255927.0112
Division: Division of Information Technology and Communications
Subject(s): Coins, Currency and Medals
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