Lot 315
1796 JR-5, R-5. PCGS graded Genuine AU Details. Repaired. Nice even grey toning. Rarity-5. Two berries under upright of the E in UNITED, first star touches a curl. According to the standard Early United States Dimes reference, JR-5 is the "rarest 1796 variety."
Thomas Jefferson had called for a one-tenth dollar coin as far back as 1783, as part of a proposed decimal system. He was joined in his advocacy by Benjamin Franklin, Alexander Hamilton and the man who would become the first mint director, eminent scientist David Rittenhouse. The decimal system was gradually gaining acceptance for use with calculations, but it had not yet been used for any nation's monetary structure. The founding fathers believed that not only was decimal coinage an efficient, workable method for commerce, but it also symbolized a break from the Old World.
Hamilton, the nation's first treasury secretary, bolstered this view in 1791 in his formal report to Congress, outlining a plan for a national mint and coinage. He recommended the issuance of coins in six denominations-including a silver piece "which shall be, in weight and value, one tenth part of a silver unit or dollar." He suggested that the dollar be called the "unit," with its tenth part being known as simply a "tenth."
1796 is the first year of issue. Six die marriages are reported (PCGS # 4461) .
Estimated Value $4,000 - 4,500.
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