Discovering the Smithsonian’s National Numismatic Collection

The Smithsonian Institution comprises the world’s largest complex of museums, educational, and research institutions. It was created in 1846 by the United States government and is named after the British scientist James Smithson (1765–1829), who donated a large fortune for its creation. One of its most iconic symbols is its first building, nicknamed “the castle,” which opened in 1855. Today, the building houses the Smithsonian Institution’s headquarters.

The National Museum of American History was inaugurated in Washington in 1964 to preserve the national heritage in areas as diverse as culture, science, society, and politics. The museum also holds the famous national numismatic collection. Although most of the collection’s pieces are permanently stored in a state-of-the-art security vault, public thematic exhibitions are regularly held.

The national numismatic collection comprises approximately 1.6 million numismatic artifacts, ranging from Mesopotamian cuneiform tablets to coins, bank notes, medals, bonds, and credit cards. It is therefore the world’s largest collection of money-related items, covering more than 3,000 years of history.

The origins of the collection can be traced to a donation made by James Smithson in 1838: 104,906 English gold coins (the well-known gold Sovereigns). The museum still preserves two of these 1838 gold Sovereigns, as the rest were melted down to mint American gold coins.

Over time, several collections enriched the original funds. Most of these were devoted mainly to ancient coins from various parts of the world. Thus, in 1868, the collection of Japanese gold and silver coins that had belonged to President Ulysses S. Grant was incorporated.

A milestone in the development of the national collection came in 1923 when the United States Mint in Philadelphia transferred its impressive numismatic collection to the Smithsonian, which included 18,324 extremely rare pieces. More than 100 unique patterns, along with very rare gold and silver coins in excellent condition, were listed in the collection. It had been built up practically since the mint was established in 1792, thanks to the work of John Adam Eckfeldt. He had worked for the U.S. Mint since its inception, serving as its second Chief Engraver from 1814 to 1839. During this time, Eckfeldt selected coins of each type that were being produced to be preserved as part of the Mint’s collection. The coins (which he called “master coins”) were carefully selected by him from among those that had been minted using new dies and carefully polished blanks. Among the donations were several examples of the enigmatic 1792 half disme, as well as a unique copper pattern of that coinage. There is still debate over whether these coins were minted for circulation or conceived as part of an experimental trial. In any case, several of these coins entered circulation.

Eckfeldt also devoted himself to selecting the most interesting pieces from among the foreign coins that the mint regularly received as bullion for melting down and re-striking into national currency. Another rare specimen preserved thanks to Eckfeldt is a unique two-shilling or doubloon coin. Minted in 1787 by jeweler Ephraim Brasher, it is regarded by many specialists as the first gold coin produced for circulation in the United States. The national collection would be enriched years later in 1968 with another of these coins, which was part of the Josiah K. Lilly collection. As a result, two of the seven known examples of this coin are part of the national numismatic collection housed at the Smithsonian Institution.

Coinciding with the 1849 Gold Rush and the consequent increase in the supply of this metal, the American government authorized the minting of a coin with a higher face value than those in circulation at the time, the Eagles or $10 coins. Thus, in 1849, two pattern $20 coins, later known as Double Eagles, were minted. The specimen preserved in the collection is unique, as the other disappeared long ago.

Other coins of this denomination represented in the collection are the 1907 Double Eagle patterns designed by Augustus Saint-Gaudens at the request of U.S. President Theodore Roosevelt. Some 24 coins were minted with an ultra-high relief, requiring up to 12 press strokes at the maximum pressure allowed by the minting machine to engrave all the details on the blanks. The obvious technical difficulties involved in minting the coins brought the operation to an end. One of the coins preserved in the national numismatic collection was donated in 1961 by President Roosevelt’s daughter, who had received it from her father in 1907 as a Christmas gift.

Another fine piece in the collection is the 1804 silver dollar, which the Smithsonian keeps samples of the three known types. The coins were initially minted in 1834 to be given as state gifts during the travels of American diplomat Edmund Roberts to Siam and Muscat.

The collection also includes one of the only three known examples of the 1822 half-eagle gold coin. Although a total of 17,796 coins were minted, most were melted down due to the reduction in the gold content of the dollar ordered in 1834.

Also noteworthy are the only two $50 gold coins minted in 1877. The coins were pattern designs by William Barber, but the actual coins were never struck. Had they been produced, these would have been the highest-denomination gold coins ever to circulate in the country.

Later coins and fine specimens produced at the Philadelphia Mint have continued to enrich the national numismatic collection. Perhaps the most famous example is the two Double Eagles minted in 1933 and subsequently sent to the Smithsonian. One of them became the world’s most expensive coin ever sold at a public auction when it reached $18.9 million in 2022.

No less important have been the successive private donations that have significantly enriched the national collection. For example, in the 1950s, Paul A. Straub donated his impressive collection of European gold and silver coins, comprising around 5,650 items. He even continued to purchase pieces afterward, which he sent directly to the Smithsonian Institution. Willis DuPont donated a collection of 12,000 Russian coins and medals (formerly belonging to the Grand Duke George Mikhailovich Romanov), which is considered the most valuable collection of its kind after the one preserved in the Hermitage Museum in St. Petersburg, Russia. In 1978, the Smithsonian incorporated the Chase Bank collection (formerly the Chase Manhattan Collection), consisting of more than 24,000 pieces, including American coins and bank notes, as well as a rare collection of personal cheques belonging to various American presidents.

The core of the U.S. bank note collection resulted from transfers and donations made by the official Bureau of Engraving and Printing (BEP), which included unique specimens, proofs, and printing sheets of all bank notes issued by that body and the various national banks that existed in the country. The exceedingly rare $100,000 note is prominently featured. It was issued between 1934 and 1935 for exclusive use in transactions made between Federal Reserve banks.

Another important source of the bank note collection is the Richmond Hoard. It consists of more than 600,000 bank notes issued by the Confederate States, which were captured by the Unionists towards the end of the Civil War. Other highlights in this section are the only known surviving gold certificates in denominations of $5 and $10,000, dating from 1928. Both specimens were produced by the BEP in Washington.

The next important milestone was the 1968 acquisition of the collection owned by the pharmaceutical industry magnate and owner of Eli Lilly and Co., Josiah K. Lilly Jr. (1893–1966). The collection consisted of 6,125 gold coins and was considered one of the best in the world at the time. Initially focused on North American gold coins and those minted in the Spanish colonies in America during the 17th and 18th centuries, it soon expanded to include gold coins from around the world. These include rare or unique specimens from Europe, Asia, and Africa. In exchange for the donation, the Lilly family received a tax exemption of more than $5.5 million. However, had they kept it, the collection would currently have an estimated market value of over $300 million!

The national numismatic collection has continued to grow with rare specimens and samples of every coin, bank note, and medal produced in the country. An example of the former is illustrated by the 1974 aluminum trial made from a 1¢ coin. The proposal was made by the U.S. Mint in reply to the increase in the price of bronze, which was used in the coins in circulation at the time. It was soon rejected, and most of the coins already produced were destroyed. Currently, only one coin of this type is known, in addition to the specimen that was timely delivered by the Mint to the Smithsonian Institute.

Another notable acquisition was the 1913 Liberty Head 5¢ coin donated in 1978 to the Smithsonian Institution by Henry Norweb and his wife. Only five examples of this coin are known to exist, and the one held by the museum also boasts the pedigree of having belonged to the famous collection of King Farouk of Egypt.

This concludes a brief overview of a numismatic collection that truly deserves to be called the most valuable in the world. A visit to the National Museum of American History offers a unique opportunity to examine incredible, one-of-a-kind pieces up close and learn more about the history they embody.