No More Kings – Lady Liberty as Seen on Gold and Silver Coinage
When the fledgling United States issued the Coinage Act in 1792, there were no US coins, with colonists trading the coins of other nations instead. In this act, it was specifically provided that the word “Liberty” and some depiction of it be shown one side of each coin. As a result, rare coin projections for gold and silver US coins always prominently feature several designs depicting an ever-changing woman more commonly known as “Lady Liberty.”
When the act was drafted and passed by the first US Congress, also creating the US Mint and establishing standards for both gold and silver bullion, it was deemed important that the coins of this newly-conceived nation should refrain from portraying living people. This is in direct opposition to the practice of Britain and other European nations to mint coins with the portrait of a sitting monarch. This nation, created to exist without an official nobility, would not use its coinage to elevate any person capable of holding office to the rank of a king.
The idea for Lady Liberty was taken from the ancient Roman goddess, Libertas, who became an important figure on rare gold coins and the famous silver denarius coin. With temples dedicated to her that date back to the Second Punic war of the 3rd century BCE, Libertas is an example of a long revered deity promoted to godhood for political reasons. In this case, she became the feminine face of victory.
The idea was almost undoubtedly chosen, in part, out of solidarity with the French Revolution, which was in it's fourth year of conflict by 1792. In France, the figure of this woman came to represent reason, sometimes even replacing statues of the Madonna in churches with her own. Usually depicted in the classic style in Europe, Lady Liberty was depicted as a heavier-set woman of her time, seen with the pileus – a felt hat (sometimes called a turban) worn by freed slaves in the ancient Roman Empire.
Rare coin projections that feature the Turban Head gold Eagle coins, especially the “small eagle” reverse design of 1795-7, value these extremely rare coin investments at many thousands of dollars each. Due to most of these coins being sent abroad for melting, manufacture ceased until gold was discovered in Georgia in the late 1820s, leading to the minting of gold coins some 10 years later. By the mid-19th century, Liberty had a more classical appearance, keeping with the times.
Lady Liberty is also seen on many silver coins, perhaps most famously on the Walking Liberty silver half dollar, minted from 1917 to 1947. This design has proven so prized by collectors that it is in current production as a revival design featured as the obverse of the American Eagle silver bullion coin since 1986.
Not only seen on US currency, one may buy rare coins with the many depictions of Lady Liberty on coins found throughout history and the Western World. Though known by different names in different places, her presence on coinage and in art was dramatically increased during the 19th century, when many European countries adopted her as their own. Germania, Polonia, Helvetia and Brittania are all examples of this neo-classical revival.
Rare coin projections for the US coins featuring Lady Liberty vary widely over more than two centuries of production. Both gold and silver coins remain particularly attractive for those seeking to buy rare coins for their numismatic value.
Stephen Thompson
April 18, 2009
