Pea Ridge Historical Society Minutes

Wednesday, August 17, 2011

— The Pea Ridge Historical Society met at 6 p.m. July 26 at the Museum. Ron Simons gave a program on the history of money in the U.S.

Colonial Days: The British intervention with the United States showed a need for some sort of payment. The British would not provide the Colonies with coins because they did not want them trading with other countries such as France, Spain and Germany. When the Colonies sent goods to England for sale, the British would pay for the goods with silver coins.

The need arose for smaller change within the Colonies so the silver coins were cut in half. This coin was called a pillar dollar. The expression of “two bits” came from the silver dollar being cut into 8 parts. The metal was the value, not the coin. It took two parts to make a quarter. Thus, the expression for a quarter is two bits.

When the United States won their independence from Britain, a need for currency arose. Around 1782, Congress passed legislation to develop a mint.

No immediate action took place and then in 1791 there was additional legislation authorizing Congress to buy the necessary equipment but no mint was built.

George Washington hired engravers and by 1793 there were pennies and half pennies made with pure copper. Gold was the primary metal for some coins and alloys (other metals) were mixed in as gold was too soft. Today coins are still made with alloys and Congress must approve of an alloy. Coins early on were scarce as there were no banks. Postage stamps were often used as money.

There were three mints when the Civil War (1861-1865) started. All closed because of the war. The first paper dollar was in 1862 and Abraham Lincoln’s Secretary of the Treasury Samuel Chase was the subject of the portrait on it. The first coin to have “In God We Trust” was in 1864 and it was the twocent coin. The country was growing and a need for monetary support arose.

President Abraham Lincoln implemented the incometax in 1862. Prior to that date the country was supported by tariffs.

Ron donated a collection of papers that included an application for pension (Confederate) from the State of Arkansas. This was an interesting and informative program.

President Mary Durand opened the business meeting and Marcia Cothran read the minutes from the previous meeting. Motion was made to approve, and passed. Gus Bradley gave the treasurer’s report.

Mrs. Durand announced that she and Katy Bailey had located material at Charlotte’s Quilt Shop that will be used for costumes for the Sesquicentennial of the Battle of Pea Ridge.

The Prophet family will be featured in a display beginning Aug.1. There will be a Hummel collection display at Arvest starting Aug. 1.

Our next meeting is at 6 p.m., Aug. 23, at the museum. Any with an interest in the history of Pea Ridge are invited to attend. The museum is open from 10 a.m. to 4 p.m. on Saturdays.

There is no charge to visit.

Community, Pages 5 on 08/17/2011