Inception Nickel (United States coin)

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spencer m. clark, supervisor of currency bureau, placed own likeness on five-cent u.s. fractional currency note, leading directly legislation prohibiting depiction of living person on u.s. currency.


in 1864, congress authorized third series of fractional currency notes. five-cent note bear depiction of clark , congress appalled when issue came out not portrait of william clark, explorer, spencer m. clark, head of currency bureau. according numismatic historian walter breen, congress s immediate infuriated response pass law retiring five-cent denomination, , forbid portrayal of living person on federal coins or currency. clark kept job because of personal intervention of treasury secretary salmon p. chase.


mint director james pollock had been opposed striking coins containing nickel, in view of initial success of copper-nickel three-cent piece, became advocate of striking five-cent pieces in same metals. in 1865 report, pollock wrote, nickel alloy, coin denomination of 5 cents, , popular substitute 5 cent note, made ... [the five-cent coin should struck in base metal] until resumption of specie payments ... in time of peace ... coins of inferior alloy should not permitted take place permanently of silver in coinage of pieces above denomination of 3 cents.


industrialist joseph wharton had near-monopoly on mining of nickel in united states, , sought promote use in coinage. highly influential in congress. friends there, though had failed obtain metal s use two-cent piece, had been more successful base-metal three-cent coin. pollock prepared bill authorizing five-cent coin of same alloy three-cent piece, total weight not exceed 60 grains (3.9 g). @ committee stage in house of representatives, weight amended 77.19 grains (5.00 g), ostensibly make weight equal 5 grams in metric system more wharton sell more nickel. made new coin heavy, in terms of weight per $.01 of face value, compared three-cent copper-nickel coin. bill passed without debate on may 16, 1866. new copper-nickel coin legal tender 1 dollar , paid out treasury in exchange coin of united states, excluding half cent, cent , two-cent. redeemable in lots of $100 banknotes. fractional currency in denominations of less ten cents withdrawn.








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