 On March 25, 1807, John Reich, who had been doing contract work for the Mint since 1801, was recommended for the post of assistant engraver in a letter from Mint Director Robert Patterson to President Thomas Jefferson. Reich was employed, as discussed above, ushering in the Capped Bust coinage era.
Beyond the Capped Bust half dollar and half eagle coinage of 1807, mintages included these: half cents of the Draped Bust design were made, a motif used since 1800. Not until 1809 would it be replaced by Reich’s Classic Head motif—a female portrait with LIBERTY on a headband. Copper cents of 1807 were of the Draped Bust design and would change in 1808 to the Classic Head style. Half dollars minted in early 1807 were of the Draped Bust obverse, Heraldic Eagle reverse introduced in 1801. Quarter eagles made in 1807 were of the Conical or Turban Head type introduced in 1796. Half eagles minted early in that year were of the same motif. For the first time the annual production of coins crossed the $1 million mark.
Conditions in commerce were stable, and gold and silver coins, seldom seen in circulation, continued to trade at par with notes of the Bank of the United States. On the high seas British and French naval crews had been intercepting American ships and impressing any sailors that had been born in either of those two countries. Cargoes were affected as well. To prevent this, President Jefferson signed the Embargo Act which prevented American vessels from sailing to ports other than those along the coast of the United States. Soon a chill was felt in the marketplace, a catalyst that would eventually create disturbances in the monetary system. This was the prelude to what would be the War of 1812 a few years later. |
