USA Coinage: 1877 - 1880
under President: Rutherford Birchard Hayes
 
Rutherford Birchard Hayes (October 4, 1822 – January 17, 1893) was the 19th President of the United States (March 04, 1877 – March 04, 1881). He became president at the end of the Reconstruction Era of the United States through a complex Compromise of 1877. As president he ended Army support for Republican state governments in the South, promoted civil service reform, and attempted to reconcile the divisions left over from the Civil War and Reconstruction.
The United States presidential election of 1876 was the 23rd quadrennial presidential election, held on Tuesday, November 07, 1876. It was one of the most contentious and controversial presidential elections in American history. The results of the election remain among the most disputed ever, although it is not disputed that Samuel J. Tilden of New York outpolled Ohio's Rutherford B. Hayes in the popular vote. After a first count of votes, Samuel Jones Tilden won 184 electoral votes to Hayes's 165, with 20 votes unresolved. These 20 electoral votes were in dispute in four states. In the case of Florida, Louisiana, and South Carolina, each party reported its candidate had won the state, while in Oregon one elector was replaced after being declared illegal for being an "elected or appointed official". The question of who should have been awarded these electoral votes is the source of the continued controversy concerning the results of this election.
An informal deal was struck to resolve the dispute: the Compromise of 1877, which awarded all 20 electoral votes to Hayes. In return for the Democrats' acquiescence to Hayes's election, the Republicans agreed to withdraw federal troops from the South to end the Reconstruction Era of the United States. The Compromise effectively ceded power in the Southern states to the Democratic Redeemers, who went on to pursue their agenda of returning the South to a political economy resembling that of its pre-war condition, including the disenfranchisement of black voters.
This was the first presidential election since 1852 in which the Democratic candidate won a majority of the popular vote. This is also the only election in which a candidate for president received more than 50 percent of the popular vote, but was not elected president by the Electoral College, and one of five elections (in addition to 1824, 1888, 2000 and 2016) in which the person who won the most popular votes did not win the election. To date, it remains the election that recorded the smallest electoral vote victory (185 of Rutherford Birchard Hayes against 184 of Samuel Jones Tilden) and the election that yielded the highest voter turnout of the eligible voting age population in American history, at 81.8%. Hayes got 47.9% while Tilden got 50.9%.
In his first year in office, Hayes was faced with the United States' largest labor disturbance to date, the Great Railroad Strike of 1877. In order to make up for financial losses suffered since the panic of 1873, the major railroads cut their employees' wages several times in 1877.
Hayes confronted two issues regarding the currency, the first of which was the coinage of silver, and its relation to gold. In 1873, the Coinage Act of 1873 stopped the coinage of silver for all coins worth a dollar or more, effectively tying the dollar to the value of gold. As a result, the money supply contracted and the effects of the Panic of 1873 grew worse, making it more expensive for debtors to pay debts they had contracted when currency was less valuable. Farmers and laborers, especially, clamored for the return of coinage in both metals, believing the increased money supply would restore wages and property values.
The second issue concerned United States Notes (commonly called greenbacks), a form of fiat currency first issued during the Civil War. The government accepted these notes as valid for payment of taxes and tariffs, but unlike ordinary dollars, they were not redeemable in gold. The Specie Payment Resumption Act of 1875 required the treasury to redeem any outstanding greenbacks in gold, thus retiring them from circulation and restoring a single, gold-backed currency. Sherman agreed with Hayes's favorable opinion of the Act, and stockpiled gold in preparation for the exchange of greenbacks for gold. Once the public was confident that they could redeem greenbacks for specie (gold), however, few did so; when the Act took effect in 1879, only $130,000 out of the $346,000,000 outstanding dollars in greenbacks were actually redeemed. Together with the Bland–Allison Act, the successful specie resumption effected a workable compromise between inflationists and hard money men and, as the world economy began to improve, agitation for more greenbacks and silver coinage quieted down for the rest of Hayes's term in office.
Hayes declined to seek re-election in 1880, keeping his pledge that he would not run for a second term. He was gratified with the election of fellow Ohio Republican James A. Garfield to succeed him, and consulted with him on appointments for the next administration.
Hayes was greatly saddened by his wife's death in 1889. He wrote that "the soul had left [Spiegel Grove]" when she died. After Lucy's death, Hayes's daughter Fanny became his traveling companion, and he enjoyed visits from his grandchildren. In 1890, he chaired the Lake Mohonk Conference on the Negro Question, a gathering of reformers that met in upstate New York to discuss racial issues. Hayes died of complications of a heart attack at his home on January 17, 1893. His last words were "I know that I'm going where Lucy is." President-elect Grover Cleveland and Ohio Governor William McKinley led the funeral procession that followed Hayes's body until he was interred in Oakwood Cemetery.
 
 
Currency: Dollar = 100 cents
Monetary System: Penny = Cent, Trime = 3 Cents, Nickel = 5 Cents, Dime = 10 Cents, Quarter = 25 Cents, Half Dollar = 50, Cents, Dollar = 100 Cents, Quarter Eagle = $2.50 Gold, Stella = $4.00 Gold, Half Eagle = $5.00 Gold, Eagle = $10.00 Gold and Double Eagle = $20.00 Gold.
Mint Marks:
C – Charlotte, N.C., 1838-1861.
CC – Carson City, NV, 1870-1893.
D – Dahlonega, GA, 1838-1861.
D – Denver, CO, 1906-present.
O – New Orleans, LA, 1838-1909.
P – Philadelphia, PA, 1793-present (coins without mintmark also belongs to Philadelphia).
S – San Francisco, CA, 1854-present.
W – West Point, NY, 1984-present.

 
1877
 

KM#108 One Trade Dollar. Year: 1877S. Weight: 27.15 g [27.22 g]. Metal: 0.900 Silver. Diameter: 38.10 mm. Edge: Reeded. Alignment: Coin. Mint: San Francisco, USA. Obverse: Liberty seated on a pedestal facing left towards the sea, holding olive branch with stretched right hand. "LIBERTY" banner in Seared Liberty's left hand failing downwards. Motto "IN GOD WE TRUST" written on the base of the pedestal. 13 stars around seated Liberty. Reverse: "UNITED STATES OF AMERICA" written at the top section. "E PLURIBUS UNUM" written in banner above Eagle's head. Eagle with opened wings, looking right, holding three arrows in its left sided claw and olive branch in its right side claw in the center. "420 GRAMS, .900 FINE." written below the Eagle's feet. Value "TRADE DOLLAR" written at bottom. Mintage: 9,519,000. Mintage Years: 1873, 1873CC, 1873S, 1874, 1874CC, 1874S, 1875 Reverse Type I, 1875 Reverse Type II, 1875CC Reverse Type I, 1875CC Reverse Type II, 1875S Reverse Type I, 1875S Reverse Type II, 1875S/CC, 1876 Reverse Type I, 1876 Reverse Type II, 1876CC Reverse Type I, 1876CC Double die reverse, 1876S Reverse Type I, 1876S Reverse Type II, 1876S Obverse II - Reverse Type II, 1877, 1877CC, 1877S, 1878 proof (900 pieces), 1878CC, 1878S, 1879 proof (1,541 pieces), 1880 proof (1,987 pieces), 1881 proof (960 pieces), 1882 proof (1,097 pieces), 1883 proof (979 pieces), 1884 proof (10 pieces) and 1885 proof (5 pieces). Engraver: George Thomas Morgan (both sides). The mint mark "S" is seen above "DO" in "DOLLAR".

Note: 1884 Prf-66 was sold at Eliasberg Sale in April 1997 for $396,000 and 1885 Prf-65 for $907,500. These were the only US coins ever to be demonetized (to force usage of the Morgan dollar, which had a slightly lower silver content). However, the Coinage Act of 1965 re-monetized it via section 102, which makes all coins and currency of the United States legal tender without limit.

The Type 1 Obverse is the earlier design used on the front of the Trade Dollar from 1873 through 1876. The Type 2 Obverse is a newer design used starting in 1876 and all later years. It is fairly easy to distinguish the difference between the two varieties. The Type 1 design features only three fingers on Liberty's extended hand holding a branch - whereas the Type 2 design features four fingers on the hand. Another feature to look at is the scroll or banner bearing the word "LIBERTY". The bottom ends of the scroll points towards the left on the Type 1 design - whereas the ends of the scroll hangs downwards on the Type 2 design.

The Type 1 Reverse was the earlier design used on Trade Dollars minted from 1873 through 1874 and some of them from 1875 through 1876. This design features an extra berry on a branch under the eagle claw on the right side of the portrait. In addition: The bottom-most arrowhead tip ends just above the "0" in the words/numbers "420 GRAINS". The Type 2 Reverse is a newer design used on some Trade dollars in 1875-1876 and on all Trade dollars starting in 1877 and onwards. This design is missing the berry under the eagle claw and the bottom-most arrowhead tip ends just above the "2" in "420".
 
1878
 

KM#110 One Dollar. Year: 1878 (7 tail feathers - reverse of 1878 type). Weight: 26.52 g [26.73 g]. Metal: 0.900 Silver. Diameter: 38.10 mm. Edge: Reeded. Alignment: Coin. Mint: Philadelphia, USA. Obverse: "E • PLURIBUS • UNUM" written at the top section. Head of Liberty facing left in the center. 7 stars at the lower left side and 6 stars at the lower right side. Date at the bottom. Reverse: "UNITED STATES OF AMERICA" written at the top section. Motto: "IN GOD WE TRUST" written above the Eagle's head. Eagle with opened wings, looking left, holding arrows and olive branch, within wreath in the center. Value "* ONE DOLLAR *" written at bottom section. Mintage: 9,759,550 [including three types: 1878 7 over 8 tail feathers (middle tail is overlapped), 1878 7 tail feathers - reverse of 1878 and 1878 7 tail feathers - reverse of 1879]. Mintage Years: 1878 8 tail feathers, 1878 7 over 8 tail feathers (middle tail is overlapped), 1878 7 tail feathers - reverse of 1878, 1878 7 tail feathers - reverse of 1879, 1878CC, 1878S, 1879, 1879CC, 1879CC capped CC, 1879O, 1879S reverse of 1878, 1879S reverse of 1879, 1880, 1880CC reverse of 1878, 1880CC 80/79 reverse of 1878, 1880CC 8/7 reverse of 1878, 1880CC reverse of 1879, 1880CC 8/7 high 7 reverse of 1879, 1880CC 8/7 low 7 reverse of 1879, 1880O, 1880S, 1880S 8/7 crossbar, 1881, 1881CC, 1881O, 1881S, 1882, 1882CC, 1882O, 1882O/S, 1882S, 1883, 1883CC, 1883O, 1883S, 1884, 1884CC, 1884O, 1884S, 1885, 1885CC, 1885O, 1885S, 1886, 1886O, 1886S, 1887, 1887/6, 1887O, 1887/6O, 1887S, 1888, 1888O, 1888O Hot Lips, 1888S, 1889, 1889CC, 1889O, 1889S, 1890, 1890CC, 1890CC tail bar, 1890O, 1890S, 1891, 1891CC, 1891CC Spitting Eagle, 1891O, 1891S, 1892, 1892CC, 1892O, 1892S, 1893, 1893CC, 1893O, 1893S, 1894, 1894O, 1894S, 1895 proof only, 1895O, 1895S, 1896, 1896O, 1896S, 1897, 1897O, 1897S, 1898, 1898O, 1898S, 1899, 1899O, 1899S, 1900, 1900O, 1900O/CC, 1900S, 1901, 1901 doubled die reverse, 1901O, 1901S, 1902, 1902O, 1902S, 1903, 1903O, 1903S, 1903S Micro S, 1904, 1904O, 1904S, 1921, 1921D and 1921S. Engraver: George Thomas Morgan (both sides).

Note: This coin is commonly known by coin collectors as "Morgan Dollar". The mint mark "CC", "O" or "S" is seen above "DO" in "DOLLAR". No mint mark belongs to Philadelphia, USA. "65DMPL" values are for coins grading MS-65 deep-mirror proof like. The 1878 "8 tail feathers" and "7 tail feathers" varieties are distinguished by the number of feathers in the eagle's tail. On the "reverse of 1878" varieties, the top of the top feather in the arrows held by the eagle is straight across and the eagle's breast is concave. On the "reverse of 1879 varieties," the top feather in the arrows held by the eagle is slanted and the eagle's breast is convex. The 1890-CC "tail-bar" variety has a bar extending from the arrow feathers to the wreath on the reverse, the result of a die gouge. The Pittman Act of 1918 authorized the melting of 270 Million pieces of various dates. They were not individually recorded.

George Thomas Morgan (November 24, 1845 – January 04, 1925) was an English United States Mint engraver, who is famous for designing many popular coins, such as the Morgan dollar, and the Columbian half dollar. Born in Birmingham, England, Morgan studied in England, and worked for many years as a die engraver at Messrs. J.S. & A.B. Wyon. Morgan came to the United States from England in 1876 and was hired as an assistant engraver at the Mint in October of that year under William Barber. He figured very prominently in the production of pattern coins from 1877 onward. Morgan designed several varieties of 1877 half dollars, the 1879 "Schoolgirl" dollar, and the 1882 "Shield Earring" coins. Eventually, Morgan took the role of seventh Chief Engraver following the death of Charles Edward Barber in February 1917. Morgan is most famous for designing the Morgan dollar, one of many namesakes, as well as the never-released $100 Gold Union coin.
 
1879
 

KM#110 One Dollar. Year: 1879S (reverse of 1879 type). Weight: 26.37 g [26.73 g]. Metal: 0.900 Silver. Diameter: 38.10 mm. Edge: Reeded. Alignment: Coin. Mint: San Francisco, USA. Obverse: "E • PLURIBUS • UNUM" written at the top section. Head of Liberty facing left in the center. 7 stars at the lower left side and 6 stars at the lower right side. Date at the bottom. Reverse: "UNITED STATES OF AMERICA" written at the top section. Motto: "IN GOD WE TRUST" written above the Eagle's head. Eagle with opened wings, looking left, holding arrows and olive branch, within wreath in the center. Value "* ONE DOLLAR *" written at bottom section. Mintage: 9,110,000 [including both types: 1879S - reverse of 1878 and 1878S reverse of 1879]. Mintage Years: [see above, under 1878 issue]. Engraver: George Thomas Morgan (both sides). The mint mark "S" is seen above "DO" in "DOLLAR".
 
1880
 

KM#101 Five Dollars. Year: 1880. Weight: 8.33 g [8.36 g]. Metal: 0.900 Gold. Diameter: 21.60 mm. Edge: Reeded. Alignment: Coin. Mint: Philadelphia, USA. Obverse: Coronet head (Liberty head with tiara) facing left in the center. 13 stars around the Coronet head. Date at bottom side. Reverse: "UNITED STATES OF AMERICA" written at the top section. Motto: "IN GOD WE TRUST" written  in banner above the Eagle's head. Heraldic Eagle facing left, holding three arrows and olive branch in the center. Value "• FIVE D. •" written at bottom. Mintage: 3,166,436.
Mintage Years: 1866, 1866S, 1867, 1867S, 1868, 1868S, 1869, 1869S, 1870, 1870CC, 1870S, 1871, 1871CC, 1871S, 1872, 1872CC, 1872S, 1873 closed 3, 1873 open 3, 1873CC, 1873S, 1874 1874CC, 1874S, 1875, 1875CC, 1875S, 1876, 1876CC, 1876S, 1877, 1877CC, 1877S, 1878, 1878CC, 1878S, 1879, 1879CC, 1879S, 1880, 1880CC, 1880S, 1881, 1881/80, 1881CC, 1881S, 1882, 1882CC, 1882S, 1883, 1883CC, 1883S, 1884, 1884CC, 1884S, 1885, 1885S, 1886, 1886S, 1887 (87 pieces), 1887S, 1888, 1888S, 1889, 1890, 1890CC, 1891, 1891CC, 1892, 1892CC, 1892O, 1892S, 1893, 1893CC, 1893O, 1893S, 1894, 1894O, 1894S, 1895, 1895S, 1896, 1896S, 1897, 1897S, 1898, 1898S, 1899, 1899S, 1900, 1900S, 1901, 1901S, 1902, 1902S, 1903, 1903S, 1904, 1904S, 1905, 1905S, 1906, 1906D, 1906S, 1907, 1907D and 1908. Engraver: Christian Gobrecht (both sides). The mint mark "CC", "D", "O" and "S" is seen above "VE" in "FIVE D". This coin is commonly known by coin collectors as "Coronet Head - Half Eagle With Motto".

Christian Gobrecht (December 23, 1785 – July 23, 1844) was the third Chief Engraver of the United States Mint from 1840 until his death in 1844. He was responsible for designing the famous "Seated Liberty" designs, which were in turn the direct inspiration for the design of the Trade Dollar. He also designed the Gobrecht Dollar, which was struck in small quantities from 1836 to 1838 and later inspired the Flying Eagle cent.
 
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