Coining Liberty: The Origins of the US Dollar

1794dollar

A 1794 US silver dollar that sold for over ten million dollars in 2013 is going a European tour this spring, where it will be displayed alongside an original copy of the Declaration of Independence. More information about the exhibition can be found here and the itinerary is as follows.

Prague: February 9-11
Warsaw: February 16-18 
Tallinn: February 22-23
Helsinki: February 25-26
Stockholm: Feb 29-March 1
Oslo: March 3-6
Dublin: March 12-13
London: March 18-20

 

The tour was organized by the Samlerhuset Group, which also published a fine volume on “the rise of the dollar” that I contributed an essay and the introduction for.

rise of the dollar
Today of course the United States dollar is recognized and valued around the world, but this contemporary power has obscured its humble origins. The first silver dollars struck at the newfound mint in Philadelphia in late 1794 were modeled on Spanish silver coins that were the dominant form of currency in circulation at the time. The equipment was so inadequate and the government reserves of silver were so small, that only seventeen hundred or so coins were produced, many of them weakly struck. Still, the coin was significant in the sense that it affirmed American independence. Thomas Jefferson famously intoned that “Coinage is peculiarly an Attribute of Sovereignty. To transfer its exercise to another country, is to submit it to another sovereign.” The iconography of the coin, and indeed its very existence, was a material reflection of the revolutionary spirit upon which the United States was founded. Check out the catalogue for the full story of the origin of this seminal coin.

Joseph Cowell’s Numismatic Welcome to New York City, 1821

[cross-post from Pocket Change]

Joseph Cowell (1792-1863) was a British comedian and theatrical entrepreneur who performed on both sides of the Atlantic. His memoir, Thirty Years Passed Among the Players (1844), offers a fascinating window into the nineteenth-century entertainment industry, and includes some interesting anecdotes relating to numismatics as well. Born Joseph Hawkins Witchett, he started out as a sailor before a series of mishaps and adventures led him to a life on the stage. Adopting the stage name Cowell, Joe first appeared on stage in London, where he gained renown as a comedian and became a favorite at the famed Theatre Royal, Drury Lane.

This eventually brought Cowell to the attention of Stephen Price and Edmund Simpson, the lessees and managers of New York City’s Park Theatre. When it initially opened January 1798, it was simply known as “The Theatre” as it lacked any real competition. This particular building is actually well-known to numismatists as it features on the much-debated “Theatre at New York” token.

ANS, 1887.24.1
ANS, 1887.24.1

In John Kleeburg’s definitive essay on the token, he shows that it is the work of Benjamin Jacob, a Birmingham diemaker who copied the design from an illustration of the theatre under construction that was published in the 1797 edition of Longworth’s American Almanack . The theatre struggled during its early years, but eventually found its feet in the 1810s and 1820s under the able management of Simpson and Price.

1898.4.51.rev.2785
1817 admission check for Park Theatre ANS, 1898.4.51

 

 

The formula that proved most successful was simply to import the best talent they could find from Britain each season, a strategy that brought the likes of James W. Wallack (1818-19), Edmund Kean (1820-21), and other stars across the Atlantic. The original Park Theatre burned to the ground in May 1820, but a new theatre financed by John Jacob Astor was constructed on the same site.

Second Park Theatre [first building to right], 1831 New York Public Library
Park Row and the Second Park Theatre [first building to right], 1831
New York Public Library
This ‘Second’ Park Theatre opened on September 1, 1821, and the star of the season was the English actor Junius Brutus Booth. The other principal import that fall was Joseph Cowell, whose initial impressions of the city and the theatre were not encouraging. On first viewing the Park, he dryly described it as “the most prison-like-looking place I had ever seen appropriated to such a purpose.” But it was his initial experience with the monetary system that really soured his welcome to the United States.

ANS, 1896.4.1
1816 silver shilling, ANS, 1896.4.1

Cowell came off the ship eager for a meal, but found that New York City in those days was not exactly accommodating for travelers. With “thirteen or fourteen English shillings” in his pockets, he roamed the streets look for a place to eat:

After wandering about I knew not whither, “oppressed with two weak evils,” fatigue and hunger, I entered what in London would be called a chandler’s shop, put some money on the counter, and inquired if they would sell me for that coin some bread and butter and a tempting red herring or two I saw in a barrel at the door.

“Why, what coin is it!” said a fellow in a red-flannel shirt and a straw hat.

“English shillings,” I replied.

“No,” said the fellow, “I know nothing about English shillings, nor English anything, nor I don’t want to.”

I thought, under all the circumstances, and from the appearance of the brute, it might be imprudent to extol or explain their value, and therefore I “cast one longing, lingering look behind” at the red herrings in the barrel, and turned the corner of the street, where I encountered two young men picking their teeth, for which I have never forgiven them.

Cowell blamed the difficulty of this encounter on the late war with England, which he believed was “still rankling the minds of the lower orders of Americans.” He then went in search of a place to exchange his shillings, eventually heading up Broadway and coming upon “a dingy-looking cellar” with a sign reading: “Exchange Office. Foreign gold and silver bought here.” Cowell depicted the scene as follows:

I descended three or four wooden steps, and handed my handful of silver to one of “God’s chosen people,” and, after its undergoing a most severe ringing and rubbing, the (I have no doubt) honest Israelite handed me three dirty, ragged one-dollar bills, which, he said, “s’help me God is petter as gould.” As all I wanted then was that they should be better than silver, my politics at that time didn’t cavil at the currency, and I hastily retraced my steps to the red-shirted herring dealer, and, placing one of the dirty scraps of paper on the counter, I exclaimed, with an air of confidence, “There, sir, will that answer your purpose?” He was nearly of the Jew’s opinion, for he declared that it was “as good as gold,” and I gave him a large order, and made my first meal in the United States seated on a barrel, in a grocery at the foot of Wall-street.

There is a lot to unpack here, from the casual anti-Semitism to the larger workings of the American monetary system. The essential problem was that the United States at the time lacked the domestic sources of gold and silver necessary to produce enough coins to satisfy its growing populace. The 1820 census showed that the population was nearing ten million, but the U.S. Mint only produced two million silver coins that year in all denominations (10¢, 25¢, and 50¢) and the only gold coins minted were a quarter of a million half eagles ($5). This was obviously not anywhere near enough coinage, so the balance of circulating money consisted of Spanish silver coins and, particularly in urban contexts, paper money. The “dirty dollars” that Cowell exchanged his shillings for would have looked something like this two-dollar bank note from the Franklin Bank of New York City:

ANS, 0000.999.10106
ANS, 0000.999.10106

At the time, banks issued what was essentially their own currency, which was printed with variable quality and rather quickly became ragged as it circulated. Paper money was also easily counterfeited, and the issuing banks were themselves often suspect, making for a confusing swirl that could leave the unsophisticated bereft. Cowell’s aside that “his politics at the time didn’t cavil” at paper money suggests that he later became an advocate of “hard money” (i.e. specie), perhaps due to some bad experiences with the paper kind.

As historians like Shane White and Timothy Gilfoyle, among others, have shown, new arrivals to the city were often marks for various sorts of unscrupulous characters looking to turn a quick buck. Many of New York City’s so-called “exchange offices” existed in the grey area at the margins of the financial industry, making their money in quasi-legal lottery and stock schemes. As their name suggests, they also functioned as domestic and international currency bureaus, giving out local paper money for foreign coin or bank notes from elsewhere in the United States, at widely variable rates. Whether or not he got a fair exchange from the stereotypical Jewish money changer he encountered, Cowell ended his first day in New York City flat broke through more traditional means.

After his meal, Cowell dropped in for an unimpressed look at the evening’s entertainment at the Park Theatre. Later, he found his way to the bar and treated some new American friends to a few rounds of grog and cigars. He eventually became so incapacitated that he was robbed of all of his “moveables,” which included his “hat, cravat, watch, snuffbox, handkerchief, and the balance of the dirty dollars.” Cowell was subsequently carried down to the harbor, tossed into a row boat, and delivered to the ship he had arrived on as “a gentleman very unwell.”

Evenign Post
Evening Post, October 30, 1821

Despite Cowell’s inauspicious start, he had a very long and successful career in the United States. He made his debut at the Park Theatre on October 30, 1821, and was particularly well received for his performance as Crack in the musical The Turnpike Gate. Cowell went on to become one of the most popular stock players at the Park when the theatre was at the apogee of its profitability and influence in the 1820s. He ably managed a variety of companies and theatres around the country, and spent some time in the circus as well. Cowell married three times and many of his descendants, most notably Sam Cowell and Kate Bateman, became luminaries in Anglo-American theatre. He reprised the role of Crack for his final performance in New York City in 1863 before retiring to London. Cowell’s memoir is a wonderful read that offers a compelling look at the world of popular entertainment while also observantly noting and commenting on the particulars of everyday life in the United States.

NPR and #TheNew10

Welcome NPR listeners! I do most all my money-related blogging now over at Pocket Change, the blog of the American Numismatic Society. If you are looking to read a bit about nineteenth-century U.S. history and/or explore the fascinating story of the American circus, please stay and have a look around this site…

Helen_Keller13

The NPR segment can be heard below. One thing that was regrettably cut which I spoke about is that the reason that the ten-dollar bill is presently being redesigned is because the government is in the process of making a long-overdue change that will place tactile features on US paper money for the visually impaired. In this context, I suggested Helen Keller might be the best choice for #TheNew10 as she embodied both of the rationales behind the present redesign, i.e., including a woman and adding features for the visually impaired. For more on what should be a very interesting story to follow through the end of the year when the decision on whom to add is made, see this post.

Material Evidence, Visual Knowledge

The Visual Studies Research Institute at the University of Southern California is hosting a conference this week called Material Evidence, Visual Knowledge. As the title suggests, the presentations examine how new technologies enable new ways of looking at material culture. My presentation looks at what the digitization of the American Numismatic Society’s paper money collection and considers what this tells about the design and circulation of counterfeit money in the antebellum United States.

Final_MaterialEvFlyer_Letter_0315

CBS Sunday Morning

I made my national television debut earlier today in a segment with the effervescent Nancy Giles on the history of the penny. You can view the video here. As regular readers will already know, I am doing the majority of my digital work over at Pocket Change, the website/blog of the American Numismatic Society. One of the things that Nancy and I spent some time discussing, and something that I will be exploring in more detail in a future post on Pocket Change was the relationship between evolving notions of womanhood and representations of ‘Liberty’ in the antebellum United States. The images below show how Liberty’s hair was tamed from the ‘Flowing Hair’ cent of 1793 to the ‘Braided Hair’ cent of the 1840s and 1850s.

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For more information about how and why representations of Liberty followed this course, head here. And thanks to Alan Golds, Nancy Giles, and the wonderful crew for producing the segment!

Cutting Down Old Hickory

National Gallery of Art
National Gallery of Art

This weekend I was quoted in a column by Gail Collins of the New York Times about the campaign to replace Andrew Jackson on the twenty-dollar bill. WomenOn20s certainly seems to be gaining steam, but here’s hoping that this also sparks a broader conversation about US paper money, which is going on a hundred years without a significant redesign, whomever the personages pictured. For whatever reason, many Americans seem to regard the look of their currency as sacrosanct and any change is bound to be controversial, but it seems past time for something to happen.

As I pointed out in the column, Australia equitably has a woman and a man on each of their paper money denominations. Australians have also embraced a broader view of the type of person worthy of such an honor by choosing figures beyond the world of politics–artists, poets, inventors, etc. Making room for more and different kinds of people on American money would seem to be a worthwhile goal and might spark an interesting national discussion about who and what we value about our country. In this vein, the Times is hosting a fascinating Room for Debate discussion on potential candidates for the twenty. Collins cites me as supporting Amelia Earhart, but this was something that I mentioned in the course of a larger discussion about the politics of finding a replacement for Jackson. Quite simply, it needs to be a figure that can both garner popular support and be palatable to those on both sides of the political divide. I think, to take one example, that Margaret Sanger’s sexual politics would excite enough consternation to doom her candidacy.kspers From a purely practical perspective, I think Amelia Earhart is an excellent candidate. She is someone who is a feminist icon, but also seems to be  politically non-controversial. Her name is a familiar one to most Americans and her pioneering efforts in aviation certainly provide a strong narrative to mobilize around. Again, she is not my preferred candidate all things considered, but she seems like a more practical and possible one than some of the other names being bandied about.

For historians, I think this discussion is an interesting reflection of the vagaries of historiography and the volatility of the popular historical imagination. As numerous commentators have pointed out, when the decision was made to put Jackson on the twenty-dollar bill in 1928, his reputation was that of a war hero and as a hard-charging advocate for the common man. Arthur Schlesinger’s Age of Jackson (1940) perhaps marked the peak of Jacksonian adulation, but his reputation has more or less been on the decline ever since. In a recent, acclaimed, and perhaps now definitive history of his era, Daniel Walker Howe essentially presents Andrew Jackson as a villain. blog-latest-bbaj-artMoreover his reputation as a violent racist and infamy as the architect of Indian removal has even seeped into the popular imagination. The hit musical Bloody, Bloody Andrew Jackson, for example, rather sympathetically portrays him as a democrat gone awry, and if you haven’t seen it, please watch the clip below. Sean Wilentz and a few other historians have mounted a measured defense that emphasizes Jackson’s essential contribution to American democracy, without ignoring his obvious failings. Still, it seems to me that Jackson now has one of the most compromised reputations in antebellum American history. This was why I described Jackson as the “low hanging-fruit” of figures on US currency, and why I think this effort to replace him will ultimately succeed. Moreover, I have not as of yet seen anyone leaping to Jackson’s defense. And while I am not inclined to do so here, it is worth exploring why Jackson gets singled out for derision given that many of his ‘moneyed’ peers were also slave-owning (Washington), Indian-hating (Jefferson), and corrupt (Grant).

Colonialism’s Currency: A Short Numismatic History of the Hawaiian Kingdom

Hawaiian Mission Children's Society Library
Hawaiian Mission Children’s Society Library

In October 1874, a New Zealand traveler bound for San Francisco stopped over in Honolulu, taking lodging at the idyllic Royal Hawaiian Hotel. The gentleman’s pleasing stay was, however, soon disrupted when he tendered a sovereign to settle the bill for a sumptuous breakfast. To his “utter amazement,” he received the following in change: “one English sixpence, two American dimes, two ditto half dimes, one quarter-dollar, a silver coin of Napoleon III, a Peruvian dollar, and a Mexican coin of some value indistinguishable.” Dashing the money back in anger, he demanded “some one currency or other” that “represented something definite,” but it was coolly returned by the proprietor with assurances that it was “all current coin of the realm.” With nothing to do except pocket the “museum,” as he took to calling his new collection of coins, the bewildered gentleman went for a stroll while considering the extraordinary monetary system that prevailed in the Hawaiian Islands. While United States coins had become the predominant currency by the 1870s, a motley mix of English, Austrian, French, Italian, Russian, Belgian, Mexican, Peruvian, and Spanish coins also had legal tender status at fixed rates set by the minister of finance. Moreover, a table published in an 1875 Hawaiian almanac shows an even greater range of coinage in circulation. This combination of currency turned everyday transactions into complicated affairs that could often overwhelm unfortunate visitors like our touring New Zealander.

Silver dollar of the Hawaiian Kingdom, 1883
Silver dollar of the Hawaiian Kingdom, 1883                       (ANS 1933.122.4)

The diversity of coinage present was a reflection of the prominent role that the Hawaiian Islands played during the nineteenth century as the crossroads of an emerging Pacific world shaped by the integrative forces of colonialism and capitalism. What follows is a short numismatic history of the islands during this transformative century, one that begins with the introduction of Western money during the late eighteenth century and ends with annexation of Hawai‘i by the United States in 1898. !is period was defined by the rise and fall of the Hawaiian Kingdom and the shifting cultural, commercial, and international relationships in which it was enmeshed. A numismatic perspective offers an illuminating, if admittedly idiosyncratic, way of looking at how Hawaiian history unfolded over the course of the nineteenth century. Coins and currency played a varying role in the islands, at once undermining the traditional basis of Native Hawaiian society while also buttressing the fortunes of the Kingdom in its struggle to remain independent. !e apogee of this story was the national coinage issued by King Kalākaua in 1883, which was meant to bring order to the chaotic currency situation and to reaffirm Hawaiian sovereignty. The removal of the Kalākaua coins from circulation a few years after the annexation of the islands in 1898 was thus a richly symbolic move by the United States as it consolidated control over the new colony…read more.

John Bill Ricketts, One Mystery Unraveled

RickettsAd-LOC
The Diary, or, Loudon’s Register, September 12, 1793. Library of Congress

Although John Bill Ricketts was not the first equestrian performer to entertain American audiences, his combination of skill and enterprise has earned him deserved credit for establishing the circus as an enduring and popular form of entertainment in the United States. While the late-eighteenth century circus did include clowns and acrobats, it was centered on equestrian feats and riders like Ricketts were the stars of the show. Among the acts he was publicized as doing in New York City during his first tour were dancing a hornpipe on a “horse at full speed”; military exercises “in the character of an American officer,” complete with sword and firearms; “standing erect” on two horses without breaking “two eggs fastened to the bottom of his feet”; and various other skills on horseback, such as leaping through hoops, standing on his head, and performing somersaults while mounting and dismounting. The “Two Flying Mercuries” act advertised at left featured an apprentice who perched on Ricketts’s shoulders as the horse galloped around the ring, with both balancing on one foot for the finale.

After his April 1793 American debut, Ricketts spent the balance of the decade touring up and down the Eastern seaboard, until a disastrous fire at his Philadelphia amphitheatre in December 1799 effectively ended his career in the United States. Ricketts was widely admired in his day as both a performer and a gentleman, which helped ensure that the circus was seen as a respectable form of entertainment. The early chronicler American circus T. Alston Brown observed that:

John B. Ricketts, the proprietor, was a very gentlemanly and neat fellow in society and dressed in rather the English sporting style and was received with favor in the best circles. As a performer he never offended the eye by ungraceful postures or by the nude style of dressing that now prevails at the circus. His costumes were like that of the actors on the stage–pantalets, trunks full disposed, and neat cut jacket–which were sufficient to make ample display of his figure for all purposes of agility and grace.

Indeed, his success was such that he sat for Gilbert Stuart, the foremost portraitist of the period. Although unfinished (supposedly due to his restlessness), the painting captures something of the pluck for which Ricketts was known.

National Gallery of Art
National Gallery of Art

The doings of Ricketts in the United States have been fairly well-documented, most notably in a dissertation by James Moy, and there are a variety of primary sources, from contemporary newspapers and ephemera to a wonderful memoir by the actor and dancer John Durang that chronicle his American years.

What has always been less clear about John Bill Ricketts is his life before and after his time in the United States. The availability of digitized historical newspapers and a recent find by Australian circus scholar Mark St. Leon has shed some new light on the former. It had generally been supposed that Ricketts was somehow associated with the line of Sir Cornwallis Ricketts of the Elms, Gloucester, owing to a bit of numismatic evidence. This is a token that was made at the U.S. Mint in Philadelphia for the circus in 1796, which bears the coat of arms very similar to that used by Sir Cornwallis (the addition of the anchors allude to his naval career).

American Numismatic Society
American Numismatic Society
from Burke's Peerage (1869)
Burke’s Peerage (1869)

What St. Leon has unearthed is a record for the christening of one “John Bill Ricketts” in the Parish registers of the town of Bilston in Staffordshire. The entry was made on October 28, 1769, and no parental names were listed, implying that the child was a foundling or otherwise illegitimate. The year certainly aligns with what we know of Ricketts’s career as that date would mean that he was around seventeen when he began performing at the Jones’ Equestrian Amphitheatre in London (1786) and twenty-four years old when he made his American debut (1793). Moreover, it was also very common for circus performers of that time to have been orphans. Of course this does not necessarily disprove some connection to the Ricketts who were part of the local landed gentry, but had he been a legitimate part of the family, a career as a circus performer would have been a very unusual career choice. I would suggest that his use of the coat of arms on the token was a case of him ‘putting on airs’ in the United States given what seem to be his humble origins. The Ricketts name was rather common, though, and there were prominent families with the surname living both England and the West Indies that seem to have used variations of this coat of arms.

Ricketts has also commonly been described as a Scotsman, and that is one thing that this record would seem to debunk. This mistaken assumption derived from the fact that he spent many of his formative years performing at the Royal Circus in Edinburgh. Presently, the first indication of him in the historical record seem to be digital newspapers that show a “Master Ricketts” or “Rickets” performing as a clown with Jones’ Equestrian Amphitheatre in April 1786. Where and when he received his training remains something of a mystery as seventeen would have been a rather old for a performer to make their debut. Ricketts told John Durang that he was a pupil of the famed equestrian and manager Charles Hughes, but his well-documented association with other circuses suggests that this might have been a bit of braggadocio, though still quite possible. Whatever the case, this finding does clear up something of his previously obscure origins.

The big remaining mystery is of course what happened to Ricketts towards the end of his life. After the fire and some desultory efforts to resurrect his circus in Philadelphia, Ricketts sailed for Barbados (where one George Poyntz Ricketts was coincidentally the colonial governor). The schooner Sally departed in May 1800 with ten horses and a small company of performers, but the ship was seized at sea by the French privateer Brilliante. A prize crew then sailed the ship to Pointe-à-Pitre in Guadeloupe. According to Durang, who did not accompany the party, but saw Francis Ricketts (John Bill’s brother) after he returned, an intervention by a sympathetic merchant allowed the troupe to recover its property and to begin performing. Francis is said to have both married and spent time in prison on Guadeloupe, but the circumstances of these events are murky.

Of John Bill Ricketts, Durang writes only that after performing for a length of time in Guadeloupe, he “sold all his horses to great advantage and had made an immense amount of money; he chartered an old vessel to take him to England; the vessel foundered and he was lost with all his money at sea.” The language of this passage makes it unclear from where Ricketts sailed. The seizure of the Sally created some controversy in Franco-American relations and generated a lawsuit, details of which ultimately ended up in the Congressional Record. These indicate that Ricketts had taken out a policy with the Insurance Co. of the State of Pennsylvania for four thousand dollars before sailing. Factoring in an abatement of two percent, the company eventually paid John Bill Ricketts $3,920, but it is unclear if he had to return to Philadelphia to collect. Although Francis Ricketts later performed in the United States, there is no definitive indication that John Bill Ricketts ever set foot there again. There was a “Mr. Ricketts” who performed with Langley’s circus in Charleston beginning in September 1800, ending with a benefit on January 8, 1801. Historian Stuart Thayer supposes this is Francis Ricketts, and I am inclined to agree, but this makes the timing of the Caribbean adventure and the subsequent activities of the brothers hard to reconcile. There are independent reports (Durang, Decastro) of John Bill Ricketts’s watery end, but I have yet to see anything about exactly where and when this might have occurred. If you have any information, please do let me know.

Historical Society of Pennsylvania
Historical Society of Pennsylvania

In his memoirs, Jacob Decastro, who had seen Ricketts perform firsthand in London during the late 1870s, remembered him as “the first rider of real eminence that had then appeared.” He went on to observe that the fame of Ricketts “excelled all his predecessors, and it is said he has never been surpassed.” Given his exalted status on both sides of the Atlantic and the pivotal role that this “Equestrian Hero” played in the development of the American circus, the fact that the mystery of how he met his end persists is somewhat surprising.

Sources: The manuscript of John Durang’s memoir is held by the Historical Society of York County, and it was published in 1966 as The Memoir of John Durang, American Actor, 1785-1816; T. Alston Brown wrote a serialized history of the American circus for the New York Clipper that was published as “A Complete History of the Amphitheatre and Circus from Its Earliest Date to 1861.” That text has been usefully edited and republished by William Slout as Amphitheatres and Circuses (Borgo Press, 1994); Kotar and Gesser, The Rise of the American Circus (2011); Stuart Thayer, Annals of the American Circus (2000); The Memoirs of J. Decastro, Comedian (1824).