While “America 250” is still months away, many important events of the American Revolution have already celebrated their semiquincentennial. The story of American independence is closely tied with money and the colonists’ relationship with it. Patriots and Founding Fathers like Robert Morris, Benjamin Franklin, and Paul Revere were just as distinguished in their numismatic roles as they were politically. While the Declaration of Independence was signed on July 4, 1776, some of the most important affairs for the Revolution began years prior. The Boston Tea Party took place in December 1773, the First Continental Congress commenced in September 1774, and the Second Continental Congress first met in May 1775. As John Adams put it, “The Revolution was effected before the War commenced. The Revolution was in the Minds and Hearts of the People.” As the anniversary of the nation’s founding nears, enthusiasm for collectibles from the era will become quite fashionable. If you’ve been collecting coins for any amount of time, you know how easily collectors can whip into a frenzy and drive prices sky-high. If you’re an American Revolution fan like me, it may be time to start procuring examples before excitement and prices likely increase in 2026.
Virginia Halfpenny
While the North American colonies saw a multitude of different coins circulating from the early settlement days through the French & Indian War (1754-63), only one was minted in the days leading up to the American Revolution (1775-83): the Virginia halfpenny. They were struck in the Tower of London in 1773 for the colony of Virginia, but it wasn’t until the ship Virginia arrived in New York on February 14, 1774, that the coins began to make their way across the colonies. In the beginning of 1775, the coppers became mainstream and circulated just months before the Battle of Lexington and Concord. The public hoarded all coins extensively during the war, and because of this, they are still widely available for purchase in all grades.
Continentals
Continental Currency is commonly talked about and is the poster child for Revolution-era numismatics. It played an integral role in financing the war. Today, it’s widely available, affordable, and has a variety of designs and themes to choose from. Acting as transferable 0-percent-interest bonds, Continentals were the only way the new government could fund the war, as it had no authority to collect taxes. Millions of notes were printed from May 1775 through January 1779 with denominations from $⅓ to $80. Notes varied in themes from Ben Franklin’s sundial that would later appear on the Fugio cent to the mighty and free-roaming boar.
Colonial Paper Money
Overshadowed by the Continentals, the states of the confederation also issued their own currency during the Revolutionary War. Many state-issued bills laid out interest rates (unlike Continentals) and redemption dates far out in advance. While not issued as prolifically as the Continentals, state currencies produced a wider variety of designs, with inscriptions more tailored to each state’s efforts in the war. Maryland issued notes for the “production of gunpowder,” while Georgia issued notes for “support of the Continental troops and government expences [sic].” The most popular note, the Massachusetts “Sword in Hand” notes first issued in August 1775, were even engraved by Paul Revere!
Nova Constellatio
In 1783 Superintendent of Finance Robert Morris created patterns for Nova Constellatio coinage, but they were not adopted. While the proposal for a federal mint and national coinage would not pan out for a decade afterward, the need for hard coin did not disappear in the meantime. In 1784 Morris entered a joint venture with William Constable, a prominent New York businessman, and Gouverneur Morris (unrelated) to produce a copper coin modeled after the patterns. The successful collaboration made commerce easier, drove out lightweight counterfeits, and netted the trio a healthy profit. After being struck in England in 1785-87, the coins entered circulation in New York and the surrounding states.
State-Issued Coinage
Under the Articles of Confederation, the newly formed states held the authority to coin money as long as they were within the standards set by Congress. Soon after the war ended, Connecticut (1785) and New Jersey (1786) granted private companies the right to strike coins, while Massachusetts (1787) legislated a state-run mint to be erected. The Republic of Vermont also struck coins; however, it wouldn’t become a state until 1791. Millions of coins were struck, and they circulated well. Unfortunately, each undertaking was plagued with its own set of problems, and with the Copper Panic of 1789 and an increasing federal interest in coining, the ventures were short-lived.
Conclusion
Many coins, tokens, and medals from this period are beyond this article’s scope. While they exhibit patriotic themes, display battles and events of the revolution, or are otherwise adjacent to the early United States, most are extremely rare, uncollectable, or didn’t play much of a role in commerce. If the Fugio cent or 100th anniversary of the Peace dollar was any indication of how expensive pieces can get as soon as the spotlight hits them, it bodes poorly for collectors of revolution-era pieces. With the coming anniversary, be mindful of the prices, and don’t get too caught up in the fervor.