Non-circulating legal tender

Last updated
A British Gold sovereign minted in 2020. While the sovereign has a face value of 1 pound sterling, its worth in metal and numismatic value is substantially higher, making its use as legal tender highly inadvisable. 2020 Sovereign Reverse.jpg
A British Gold sovereign minted in 2020. While the sovereign has a face value of 1 pound sterling, its worth in metal and numismatic value is substantially higher, making its use as legal tender highly inadvisable.

Non-circulating legal tender (NCLT) refers to coins that are theoretically legal tender and could circulate but do not because their issue price, and/or their melt value at the time of issue is significantly above the arbitrary legal tender value placed thereon. They are sold to collectors and investors with no intention that they be used as money. Notable examples would include commemoratives, proofs, bullion coins, presentation sets, patterns and the like. [1]

Some coins intended as NCLT have historically circulated, such as the 1893 World's Columbian Exposition Half Dollars, [2] which was a commemorative, and the 1856 Flying Eagle cent, [3] which was a pattern.

Private issues are not NCLT because they are not legal tender and are properly viewed as medals.

Related Research Articles

<span class="mw-page-title-main">Coins of the pound sterling</span> British current and historic coinage

The standard circulating coinage of the United Kingdom, British Crown Dependencies and British Overseas Territories is denominated in pennies and pounds sterling, and ranges in value from one penny sterling to two pounds. Since decimalisation, on 15 February 1971, the pound has been divided into 100 (new) pence. Before decimalisation, twelve pence made a shilling, and twenty shillings made a pound.

<span class="mw-page-title-main">Crown (British coin)</span> British coin introduced in 1707

The British crown was a denomination of sterling coinage worth 14 of one pound, or 5 shillings, or 60 (old) pence. The crown was first issued during the reign of Edward VI, as part of the coinage of the Kingdom of England.

<span class="mw-page-title-main">Legal tender</span> Medium of payment recognized by law

Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered ("tendered") in payment of a debt extinguishes the debt. There is no obligation on the creditor to accept the tendered payment, but the act of tendering the payment in legal tender discharges the debt.

<span class="mw-page-title-main">Commemorative coin</span> Coins issued to commemorate some particular event or issue

A commemorative coin is a coin issued to commemorate some particular event or issue with a distinct design with reference to the occasion on which they were issued. Many coins of this category serve as collector's items only, although some countries also issue commemorative coins for regular circulation.

<span class="mw-page-title-main">Two-cent piece (United States)</span> Coin of the United States (1864–1873)

The two-cent piece was produced by the Mint of the United States for circulation from 1864 to 1872 and for collectors in 1873. Designed by James B. Longacre, there were decreasing mintages each year, as other minor coins such as the nickel proved more popular. It was abolished by the Mint Act of 1873.

<span class="mw-page-title-main">United States Bicentennial coinage</span> Three US coins minted in 1975–1976

The United States Bicentennial coinage is a set of circulating commemorative coins, consisting of a quarter, half dollar and dollar struck by the United States Mint in 1975 and 1976. Regardless of when struck, each coin bears the double date 1776–1976 on the normal obverses for the Washington quarter, Kennedy half dollar and Eisenhower dollar. No coins dated 1975 of any of the three denominations were minted.

<span class="mw-page-title-main">Jersey pound</span> Currency of Jersey

The pound is the currency of Jersey. Jersey is in currency union with the United Kingdom, and the Jersey pound is not a separate currency but is an issue of banknotes and coins by the States of Jersey denominated in sterling, in a similar way to the banknotes issued in Scotland and Northern Ireland. It can be exchanged at par with other sterling coinage and notes.

<span class="mw-page-title-main">Twenty-cent piece (United States coin)</span> Coin of the United States (1875–1878)

The American twenty-cent piece is a coin struck from 1875 to 1878, but only for collectors in the final two years. Proposed by Nevada Senator John P. Jones, it proved a failure due to confusion with the quarter, to which it was close in both size and value.

<span class="mw-page-title-main">Seated Liberty dollar</span> United States silver dollar coin minted from 1840 to 1873

The Seated Liberty dollar was a dollar coin struck by the United States Mint from 1840 to 1873 and designed by its chief engraver, Christian Gobrecht. It was the last silver coin of that denomination to be struck before passage of the Coinage Act of 1873, which temporarily ended production of the silver dollar for American commerce. The coin's obverse is based on that of the Gobrecht dollar, which had been minted experimentally from 1836 to 1839. However, the soaring eagle used on the reverse of the Gobrecht dollar was not used; instead, the United States Mint (Mint) used a heraldic eagle, based on a design by late Mint Chief Engraver John Reich first utilized on coins in 1807.

<span class="mw-page-title-main">Indian Head cent</span> American one-cent coin (1859–1909)

The Indian Head cent, also known as an Indian Head penny, was a one-cent coin ($0.01) produced by the United States Bureau of the Mint from 1859 to 1909. It was designed by James Barton Longacre, the Chief Engraver at the Philadelphia Mint.

<span class="mw-page-title-main">Flying Eagle cent</span> One-cent piece struck by the Mint of the United States

The Flying Eagle cent is a one-cent piece struck by the Mint of the United States as a pattern coin in 1856 and for circulation in 1857 and 1858. The coin was designed by Mint Chief Engraver James B. Longacre, with the eagle in flight based on the work of Longacre's predecessor, Christian Gobrecht.

<span class="mw-page-title-main">Trade dollar (United States coin)</span> Silver coin for use in East Asia (1873–1885)

The United States trade dollar was a dollar coin minted by the United States Mint to compete with other large silver trade coins that were already popular in East Asia. The idea first came about in the 1860s, when the price of silver began to decline due to increased mining in the western United States. A bill providing in part for the issuance of the trade dollar was eventually put before Congress, where it was approved, and signed into law as the Coinage Act of 1873. The act made trade dollars legal tender up to five dollars. A number of designs were considered for the trade dollar, and an obverse and reverse created by William Barber were selected.

<span class="mw-page-title-main">Columbian half dollar</span> United States commemorative coin

The Columbian half dollar is a coin issued by the Bureau of the Mint in 1892 and 1893. The first traditional United States commemorative coin, it was issued both to raise funds for the 1893 World's Columbian Exposition and to mark the quadricentennial of the first voyage to the Americas of Christopher Columbus, whose portrait it bears. The Columbian half dollar was the first American coin to depict a historical person.

<span class="mw-page-title-main">Brazilian real</span> Brazilian currency since 1994

The Brazilian real is the official currency of Brazil. It is subdivided into 100 centavos. The Central Bank of Brazil is the central bank and the issuing authority. The real replaced the cruzeiro real in 1995.

<span class="mw-page-title-main">Three-cent nickel</span> US copper-nickel three-cent coin (1865–1889)

The copper-nickel three-cent piece, often called a three-cent nickel piece or three-cent nickel, was designed by US Mint Chief Engraver James B. Longacre and struck by the United States Bureau of the Mint from 1865 to 1889. It was initially popular, but its place in commerce was supplanted by the five-cent piece, or nickel.

<span class="mw-page-title-main">Three-cent silver</span> US three-cent coin (1851–1873)

The three-cent silver, also known as the three-cent piece in silver or trime, was struck by the Mint of the United States for circulation from 1851 to 1872, and as a proof coin in 1873. Designed by the Mint's chief engraver, James B. Longacre, it circulated well while other silver coinage was being hoarded and melted, but once that problem was addressed, became less used. It was abolished by Congress with the Coinage Act of 1873.

<span class="mw-page-title-main">Monroe Doctrine Centennial half dollar</span> US commemorative fifty-cent piece (1923)

The Monroe Doctrine Centennial half dollar was a fifty-cent piece struck by the United States Bureau of the Mint. Bearing portraits of former U.S. Presidents James Monroe and John Quincy Adams, the coin was issued in commemoration of the centennial of the Monroe Doctrine and was produced at the San Francisco Mint in 1923. Sculptor Chester Beach is credited with the design, although the reverse closely resembles an earlier work by Raphael Beck.

<span class="mw-page-title-main">Louisiana Purchase Exposition gold dollar</span> United States commemorative coin

The Louisiana Purchase Exposition gold dollar is a commemorative coin issue dated 1903. Struck in two varieties, the coins were designed by United States Bureau of the Mint Chief Engraver Charles E. Barber. The pieces were issued to commemorate the Louisiana Purchase Exposition held in 1904 in St. Louis; one variety depicted former president Thomas Jefferson, and the other, the recently assassinated president William McKinley. Although not the first American commemorative coins, they were the first in gold.

<span class="mw-page-title-main">Panama–Pacific commemorative coins</span> Series of five commemorative coins of the United States

The five Panama–Pacific commemorative coins were produced in connection with the 1915 Panama–Pacific International Exposition in San Francisco. Struck at that city's mint, the issue included round and octagonal $50 pieces. Excepting modern bullion coins, these two gold pieces are the highest denomination ever issued and the largest coins ever struck by the United States Mint. The octagonal $50 piece is the only U.S. coin to be issued that is not round.

<span class="mw-page-title-main">Illinois Centennial half dollar</span> American commemorative coin

The Illinois Centennial half dollar is a commemorative 50-cent piece struck by the United States Bureau of the Mint in 1918. The obverse, depicting Abraham Lincoln, was designed by Chief Engraver George T. Morgan; the reverse, based on the Seal of Illinois, was by his assistant and successor, John R. Sinnock. Morgan's obverse is based on the statue by Andrew O'Connor.

References

  1. Breen, Walter (1988). Walter Breen's Complete Encyclopedia of Coins. pp. 382, 704. Retrieved 7 December 2021.
  2. Walter Breen's Complete Encyclopedia of Coins. p. 582.
  3. Walter Breen's Complete Encyclopedia of Coins. pp. 214–215.