The coins were then given out as souvenirs and keepsakes to clients until 1948 when the American Numismatic Society examined the remaining 1,641 coins. In 1856, the coins were put into cotton bags and stored away again. In 1788, the Bank of New York stored several thousand Fugio cents in a keg in its basement. The reverse side of both the 1776 Continental dollar coins and paper notes, and the 1787 coins, bore the third motto "We Are One" (in English) surrounded by thirteen chain links, representing the original thirteen colonial states.įollowing the reform of the central government with the 1788 ratification of the 1787 Constitution, gold and silver coins transitioned to the motto " E pluribus unum" from the Great Seal of the United States. Some historians, such as author Joshua D Glawson, believe that the word "business" was intended literally here, as Franklin was an influential and successful businessman. This design was based on the 1776 "Continental dollar" coin, which was produced in pattern pieces but was never circulated. On April 21, 1787, the Congress of the Confederation of the United States authorized a design for an official copper penny, later referred to as the Fugio cent because of its image of the Sun and its light shining down on a sundial with the caption, "Fugio" ( Latin: I flee/fly, referring to time flying by).īy some accounts, this coin was designed by Benjamin Franklin as a reminder to its holders, he put at its bottom the message, "Mind your business". History Continental currency 1/3-dollar note (obverse), with the inscriptions "Fugio" and "Mind your business". Its design is very similar to a 1776 Continental Currency dollar coin that was produced in pattern pieces as potential Continental currency but was never circulated. Consisting of 0.36 oz (10 g) of copper and minted dated 1787, by some accounts it was designed by Benjamin Franklin. The Fugio cent, also known as the Franklin cent, is the first official circulation coin of the United States. "New Haven Restrike", probably produced at the Scovill Mint in Waterbury, Connecticut
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