Denomination
What is the denomination or face value of the coin? In the American series denominations were produced from the half cent to the $50 gold piece, including such unusual values as the two-cent piece, three-cent piece, $2.50 gold piece, and $3 gold piece. In the year 1873 one could choose from three different styles within the dollar denomination alone: the standard silver dollar of the Liberty Seated design, the silver trade dollar minted for export purposes, and the tiny gold dollar. During the same year there were two types of five-cent pieces, the Shield nickel and the half dime. It is a wonder that more unusual denominations weren't created, for over the years Congress has considered many proposals, including a few decades ago a 15-cent coin to facilitate admission to motion picture theatres, and a revival of the two-cent piece to make it possible to use just a single coin to buy newspapers on the street.
Denominations wax and wane in popularity in their use in the channels of commerce. Today we have the following: the cent, which is in everybody's purse or pocket and which facilitates the payment of odd amounts of sales taxes (although scarcely a year goes by without someone capturing headlines by claiming that the "penny" is obsolete); the nickel five-cent piece of the Jefferson design, which is also used in small transactions; the dime, tiny but useful; and the quarter dollar, which seems to be the main coin to use in vending machines and for most payments amounting to less than $1. Half dollars are currently minted, but they are seldom seen in pocket change. The government has on hand hundreds of millions of Susan B. Anthony dollars coined 1979-1981, and these could be considered a current denomination, but they are hardly ever used. In practice, we have four actively traded coins: the cent, nickel, dime, and quarter.
Years ago the situation was much more confusing. Consider that in 1875 a shopkeeper would have been familiar with Indian cents, two-cent pieces, three-cent pieces of two types (nickel alloy and silver), Shield nickels, half dimes, dimes, 20-cent pieces, quarter dollars, half dollars, silver dollars, trade dollars, and gold coins of the $1, $2.50, $3, $5, $10 and $20 denominations - a bewildering array! In practice there were certain denominations which were not popular. Twenty-cent pieces were used for just a short time and discontinued. In 1875 very few silver three-cent pieces were to be found in pocket change, trade dollars were elusive to the average citizen, silver dollars were apt to be circulated primarily in the American West, and gold coins were found primarily in banking circles, not in everyday commerce.
Forming a collection of one of every United States coin denomination minted can be an interesting challenge.
