Benjamin Franklin: Numismatic Genius

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Benjamin Franklin (1706-90) is well-known and esteemed by many. Undoubtedly, some of his greatest admirers are collectors enthralled by the extensive variety of medals, coins, paper money, stamps, and other items associated with his colorful life and achievements. The following are some things numismatists know about Franklin that may be unfamiliar to others. 

Franklin & Early Currency

The United States authorized its first coins, copper cents, dated 1787. They were made under contract with the United States Board of Treasury and James Jarvis, who struck them at his private mint in New Haven, Connecticut. They are often called Franklin cents because their design resembles that of the 1776 Continental Currency coins and paper money, which are attributed to Benjamin Franklin and feature his images and the motto, “Fugio (time flies, so) Mind Your Business.” 

In 1788 the Bank of New York stored several thousand of those Fugio cents in a keg in its basement. The trove was discovered in 1926, and some of the coins were given to the bank’s clients as souvenirs, while others were later sold to collectors.

In addition to launching our country’s first coins and some of the earliest paper currency, Franklin is also well known as a leading writer, inventor, statesman, printer, and publisher. He was one of the nation’s Founding Fathers and a drafter and signer of the Declaration of Independence. 

At age 17, he moved to Philadelphia, where he worked in a print shop and learned the trade. In 1728 he ran a printing house in Philadelphia and published The Pennsylvania Gazette newspaper. In 1732 he published Poor Richard’s Almanack. From 1730 to 1764, Franklin was responsible for printing nearly all of Pennsylvania’s paper currency, which he boldly inscribed “Printed by B. Franklin, and D. Hall.”

In addition to designing and printing the state’s currency, he sought innovative ways to prevent counterfeiting. To achieve this, he used special papers and a device known as “nature printing.” The latter used the impression of a leaf or fern molded and cast into a printing block. This gave the note a unique design that could not be duplicated. Although he is often credited with inventing the device in 1737, it was actually an adaptation of a system devised by Franklin’s friend, Joseph Breintnall, who used a similar arrangement somewhat earlier.

A Legacy in Coins & Culture

One of the earliest numismatic items mentioning Franklin was made in England, where his early life as a printer has been memorialized through a well-known tradesman’s token that depicts a printing press of that era and the legend PAYABLE AT THE FRANKLIN PRESS LONDON. While this halfpenny token seems closely connected to Franklin, it is part of an extensive group of 18th-century tokens privately minted between 1787 and 1797 known as Conder tokens, some of which were made strictly for sale to collectors.

Among his numerous accomplishments, Franklin was also made postmaster of Philadelphia from 1737 to 1753. He has been shown on numerous postage stamps throughout the years. From 1750 to 1770, he spent much of his time in London, where he continued to work on his many experiments, studies, and inventions. Some involved his fascination with electricity and its possible uses that extended well beyond being attracted to a flying kite. 

Perhaps Franklin’s most significant contribution to America’s welfare was his influence in assisting the Bank of North America, which was established by Alexander Hamilton in 1781 but suffered from political disputes and struggles during the shortage of copper coinage in 1789. Franklin suggested a solution to his son-in-law, Richard Bache, who was on the board of directors. He recommended they issue small-size paper currency in denominations of one penny (1/90 of a dollar) and three pence (3/90 of a dollar) to accommodate various transactions. A mere 4,000 were printed on special marbled paper furnished by Franklin. 

Franklin’s numismatic connections in designing coins and printing early United States paper currency have been uniquely and deservedly honored by all. He is the only non-president to have his portrait shown on a circulation coin (half dollar) and paper money ($100).