Expert: Neil S Berman - 10/15/2009

Question
Right now one dollar consists of ten dimes or 100 pennies, among
other coins. Can you tell me whether in 1789, the year the United States was founded, that this was true also? If not, what was the year 100 pennies and ten dimes equalled one dollar. Thank you very much. Al Brown  

Answer
Offically 1793, but these coins were not really plentful enough for commerce. Actually today a dollar consists of ten Dimes or 100 Cents, etc. A Penny was and is an English denomination coin. There were no American coins in 1789. The first Half Cent was made in 1793, Cent in 1793, Half Dime in 1794, Dime in 1796, Quarter Dollar in 1796, Half Dollar in 1794, Dollar in 1794, and in gold, Quarter Eagle ($2.50) 1796, Half Eagle ($5.00)in 1795, and Eagle ($10.00) in 1795. Before that New Englanders used Massachusettes Twopence, Threepence, Sixpense, and Shillings, in Maryland Penny, Fourpence, Sixpence and Shilling, in New Jersey Halfpenny and Farthing, and a varity of whatever foreign coins were available, mostly Spanish Reales, until 1858, when foriegn coins were made illegal for trade. Also from 1783 there were a large variety of privately made copper and brass "coppers" in circulation, the size of Large Cents but with no offical value.