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Coins in Costume: Hidden Identities & a $93,000 Silver Eagle | Weekly Weigh-In, October 30, 2026 Some coins have been keeping secrets beneath their costumes. In this Halloween edition of the Weekly Weigh-In, Caroline Turco unwraps a Continental dollar’s earlier identity, investigates a gold sovereign masquerading as a Canadian quarter, and examines the extraordinary rarity behind a nearly $93,000 Silver Eagle. Plus: a chill in gold and silver prices, quarters suiting up for youth sports, the return of a fractional Gold Buffalo, and a new chapter for the Coin of the Year awards. Worth Its Weight—made for collectors, open to the curious. In this episode A ghost beneath the surface: X-ray research identifies a 1748 Mexico City eight reales beneath a silver Continental dollar. What does this reveal about its manufacture—and what questions remain unanswered?A chill in the metals market: An October 29 snapshot of gold and silver prices, followed by the $92,812.50 sale of a 2026-P Team USA privy-mark Silver Eagle.The quarter at the masquerade: A 1969 Canadian quarter struck over a 1966 British gold sovereign brings $28,125. Was its transformation an accident or deliberate mint-floor mischief?Quarters suit up and a Buffalo rises again: The U.S. Mint unveils its 2027 youth-sports quarters and wheelchair-basketball half dollar, while a one-tenth-ounce reverse-proof Gold Buffalo is scheduled for December 10.A new dragon watching over the hoard: NGC will manage the Coin of the Year awards beginning in 2027. We revisit memorable winners featuring lunar exploration, Ukrainian cultural heritage, and a Chinese dragon.Sources & further reading Continental dollar research CoinWeek: X-rays reveal a hidden Spanish dollar beneath the Continental dollarRobert L. Rodriguez, The Continental Dollar: A Journey of Discovery — Whitman PublishingPrecious metals & the Team USA Silver Eagle Reuters: October 29 gold and precious-metals reportGreatCollections: October 18 auction highlights and realized pricesThe Canadian gold quarter CoinWeek: A British sovereign struck with Canadian quarter diesUpcoming U.S. Mint coins U.S. Mint: Youth Sports Coin CollectionCoinNews: Twentieth-anniversary one-tenth-ounce Gold Buffalo previewCoin of the Year NGC: Coin of the Year management announcementU.S. Mint: Apollo 11 five-ounce silver proof wins the 2021 awardCoinWeek: Ukraine wins the 2023 awardANA: 2026 World’s Fair of Money recap and COTY winnersMarket prices reflect October 29 intraday reporting, in U.S. dollars per troy ounce. Auction totals include buyer’s premiums. Mint release schedules and product details are subject to change. Coming November 5: Numismatic Innovators Join us Thursday, November 5, for the premiere of Numismatic Innovators with Dr. Donald Kagin, an exclusive interview series hosted here on Worth Its Weight. First guest David Hall, co-founder of PCGS, shares stories from a career that helped transform the hobby. Steve Ivy follows in December. The series airs on the first Thursday of every month, replacing that week’s Friday Weekly Weigh-In. Enjoyed the episode? Follow Worth Its Weight and haunt us with a review wherever you listen. Happy Halloween! Worth Its Weight is an ANA production from the Money Museum, where history adds up—with interest! To learn more, explore show notes, and discover more stories carried by money, visit money.org. Follow the money. Literally.

The Blood Countess or Blood Money? A souvenir banknote. Two rival rulers. Hundreds of "victims." What can money reveal about the so-called Blood Countess, Elizabeth Báthory? In the final spooky-season episode of Worth Its Weight, Caroline Turco explores the terrifying legend of the Blood Countess—and then examines the evidence behind it. Beginning with a modern souvenir note featuring Báthory and Čachtice Castle, we follow coins and historical accounts into a world of divided kingdoms, religious conflict, powerful families, and war. Coins of Matthias II and Gabriel Báthory introduce the competing authorities surrounding her. Alongside these objects, we examine her wealth and estates, interpretations of her household’s healing practices, and Cambridge academic Dr. Annouchka Bayley’s reassessment of her work educating young women. How much of the familiar story rests on evidence? What might others have gained from her downfall? And how does a disputed reputation become a marketable legend? *Content advisory: This episode discusses allegations of torture, murder, and violence against women and girls. The interpretations discussed in this episode remain contested. The coins illuminate Báthory’s world; they do not independently establish her guilt or innocence. --- Featured numismatic objects Čachtický Hrad €0 souvenir note, Slovakia, 2019 — EEBX 2019-1. Featuring Elizabeth Báthory and Čachtice Castle. The seller’s description discussed in the episode presents her murderous reputation as fact. This is a souvenir, not legal tender. View the note and seller’s description.Stephen Báthory medal commemorating the recovery of Livonia and Polotsk, circa 1582. Its reverse adapts imagery from Roman Judaea Capta coinage. Examples were distributed at Jan Zamoyski’s wedding to Gryzelda Báthory in 1583. View both sides and the auction description.Matthias II silver five-thaler piece, Hungary, 1610, Kremnica mint. A crowned, armored portrait and dynastic arms proclaim the king’s authority in the year of Elizabeth’s arrest. View the coin.Gabriel Báthory silver military thaler, Transylvania, 1611, Sibiu mint. Its titles and “For country, altars, and hearths” inscription express the prince’s authority during a period of political and military conflict. View the coin.--- Sources and further reading National Museum in Kraków: Stephen Báthory’s victory medal — medal imagery, dating, and distribution.University of Cambridge: Annouchka Bayley’s reinterpretation of Báthory — an account of the research and interpretation behind her historical novel, The Blood Countess.Aleksandra Bartosiewicz, “Elisabeth Báthory—A True Story” (2018) — contrasting accounts of Báthory’s life and arguments for a political conspiracy.Adam Szabelski, “The Figure of Elisabeth Bathory in Historiography” (2014) — discussion of historical interpretations and proposed political motives.Rachael Leigh Bledsaw, No Blood in the Water (2014) — a contrasting assessment of conspiracy arguments and the period’s legal practices.Nádasdy Ferenc Museum: Elizabeth Báthory — biographical overview in Hungarian.Čachtice Castle: Official history — the castle’s ownership and history.--- Subscribe Today! If you enjoyed this episode, follow Worth Its Weight wherever you get your podcasts and leave us a review—it helps more listeners discover the stories money carries. And if there’s a coin, note, or piece of monetary history you think deserves an episode, send us your two cents. You never know what might make its way onto Worth Its Weight. --- Learn More About the American Numismatic Association Money Museum Money Museum Virtual Exhibits Explore the ANA Membership Worth Its Weight is an ANA production from the Money Museum, where history adds up—with interest! To learn more, explore show notes, and discover more stories carried by money, visit money.org. Follow the money. Literally. Worth Its Weight is an ANA production from the Money Museum, where history adds up—with interest! To learn more, explore show notes, and discover more stories carried by money, visit money.org. Follow the money. Literally.

Cigar Box Gold, Medieval Kings & D. B. Cooper’s $20 Bill | Weekly Weigh-In A gold coin hidden in a cigar box brings $97,600, newly reported dollar errors send collectors checking their purchases, and a damaged $20 bill carries a six-figure connection to D. B. Cooper. This week, Caroline Turco catches up on what’s making news in numismatics, from strong proof-set sales and growing interest in circulated banknotes to a rare Norwegian coin identified during museum cataloguing. We also explore how Harold II presented himself on money in the fateful year 1066—and make a personal detour to the Paris Opera. In this episode Proof-set follow-up: Strong sales for the $107 Semiquincentennial Proof Set add another perspective to the affordability discussion.Collector market: Arthur Friedberg’s analysis examines stronger prices for circulated large-size U.S. banknotes.Cigar box treasure: An exceptionally preserved 1867-S Liberty Head half eagle emerges from a family collection.Missing-layer dollars: Three reported Trump dollar errors—and why an asking price is different from a completed sale.In circulation: The Gettysburg Address quarter begins its journey through the banking system.From ceiling to coin: A former opera singer’s personal pick connects the Palais Garnier, Marc Chagall, and French commemorative coins.Olaf’s unexpected appearance: A closer reading of an inscription reveals a rare coin of Norway’s king and future saint.Harold II and 1066: Crown, sceptre, and the word PAX—peace—preserve a king’s authority before his defeat.D. B. Cooper’s ransom: The surviving portion of a single $20 note sells for $134,200.Sources and further reading Proof sets and the collector market CoinNews: 2026 Innovation Reverse Proof Set Breaks Record — includes the latest Semiquincentennial Proof Set sales update.Greensheet: October 2026 Market Analysis—Collector Grade Notes StrongCigar box treasure Heritage’s auction description: 1867-S Liberty Head Half Eagle, PCGS MS63Heritage: October auction results, including the half eagle and Cooper ransom noteNGC Coin Explorer: Liberty Head Half Eagles, 1839–1908Modern coins CoinWeek: Three Trump Dollar Missing-Clad-Layer Errors ReportedCoinNews: Gettysburg Address Quarter Enters CirculationANA Reading Room: A Change in Canvas—From Ceiling to Coin — a personal selection from October 2025.Medieval kings Museum of Cultural History, University of Oslo: Rare Olaf Coin Identified in the Mørstad HoardBritish Museum: How Harold Was Depicted Before the Bayeux Tapestry—and What It Tells UsThe E-Sylum: Harold II and the British Museum PresentationD. B. Cooper Heritage: The $20 Ransom Note Offered in This AuctionFBI: The D. B. Cooper HijackingComing next Elizabeth Báthory—the so-called Blood Countess. Could money help exonerate her? Our spooky-season exploration follows wealth, power, and coins into the world behind her horrifying reputation. Worth Its Weight is an ANA production from the Money Museum, where history adds up—with interest! To learn more, explore show notes, and discover more stories carried by money, visit money.org. Follow the money. Literally.

A headless rider guarding a lonely cross stone. Witches flying across the Brocken on Walpurgis Night. A mysterious piper abducting a village's children. In the years surrounding Germany’s defeat in World War I, communities across the country issued their own emergency money, or notgeld, to fill shortages of official currency. What began as a practical solution soon became something more colorful—and considerably stranger. In this spooky-season episode of Worth Its Weight, Caroline explores three German notgeld notes that draw on local legends, folklore, and fear. Along the way, she examines how emergency money became a canvas for community identity, tourism, collector demand, and stories much older than the notes themselves. --- What Was Notgeld? Notgeld—literally “emergency money”—was issued by municipalities, businesses, and other local organizations when official coins and currency became scarce. During and after World War I, shortages of metal coinage encouraged increasingly widespread local issues. By 1920 and 1921, many colorful Serienscheine were produced in sets aimed partly at collectors, featuring local history, scenery, legends, and folklore. The ANA Edward C. Rochette Money Museum explores German emergency currency, its origins, materials, and transformation into a collector market. ANA Money Museum — German Notgeld ANA Money Museum — World War I German Emergency Money --- Featured Objects: Berga, 25 Pfennig, 1921 — The Headless Rider Issued by the town of Berga an der Elster on October 1, 1921, this 25-pfennig note depicts a headless horseman standing watch near a boundary stone. Its inscription tells the story: “The rider without a head keeps watch at the stone cross every dark night. He fell while storming the castle. His name is no longer spoken.” The note belonged to a larger illustrated series drawing on local legends and supernatural stories. Its imagery shows how notgeld could preserve folklore as readily as civic monuments or historical events. Object credit: Berga an der Elster, 25 Pfennig Notgeld, October 1, 1921. View the Berga Headless Horseman note Explore the complete Berga notgeld series and inscriptions Brocken, 25 Pfennig, 1921 — Witches on the Mountain The 25-pfennig issue draws directly from the imagery of Walpurgis Night, pairing witches and supernatural transportation with lines from Goethe’s Faust. The highest peak in Germany’s Harz Mountains, the Brocken was long-associated with witches, supernatural gatherings, and Walpurgis Night (April 30 into May 1). By the nineteenth century, those associations had been immortalized in Goethe’s Faust and increasingly marketed to visitors. Tourism, folklore, literature, and local commerce all converged on the mountain. A series of Brockengutscheine issued in 1921 by Brocken innkeeper Rudolph Schade featured witches, broomsticks, goats, Faust, Mephistopheles, and quotations from Goethe. Object/type credit: Brockenwirt Rudolph Schade, Brocken Gutschein series, 10, 25, 50 and 75 Pfennig, July 1, 1921. Explore the Brocken Walpurgis Night notgeld series Hamelin, 50 Pfennig, 1918 — The Pied Piper Long before the colorful collector series of the early 1920s, Hamelin issued emergency notes during the actual small-change shortages of World War I. Its 1918 50-pfennig notes drew on the city’s most famous legend: the Pied Piper. According to the familiar story, Hamelin hired a mysterious piper to rid the town of rats. After the townspeople refused to pay him as promised, he returned and led away the town’s children. The legend has much older roots than the rat-catching version now familiar to most listeners, and its historical basis remains uncertain. What matters numismatically is that Hamelin turned its most recognizable story into an emblem of local identity—one that could circulate from hand to hand. Object credit: City of Hamelin, 50 Pfennig Notgeld, July 1, 1918. View the Hamelin 50 Pfennig issue --- Subscribe Today! If you enjoyed this episode, follow Worth Its Weight wherever you get your podcasts and leave us a review—it helps more listeners discover the stories money carries. And if there’s a coin, note, or piece of monetary history you think deserves an episode, send us your two cents. You never know what might make its way onto Worth Its Weight. --- Learn More About the American Numismatic Association Money Museum Money Museum Virtual Exhibits Explore the ANA Membership Worth Its Weight is an ANA production from the Money Museum, where history adds up—with interest! To learn more, explore show notes, and discover more stories carried by money, visit money.org. Follow the money. Literally.

In 1590, King James VI of Scotland became convinced that witches had tried to kill him by summoning storms at sea. What followed were the infamous North Berwick witch trials, brutal interrogations, executions, and eventually James’s own treatise on witchcraft and demons, Daemonologie. In this spooky-season episode of Worth Its Weight, Curator Caroline Turco explores the complicated Christian worldview of James VI and I through witch trials, royal theology, and the coins that carried his ideas into everyday life.  --- Show Notes & Links James VI and I James became King of Scotland as an infant in 1567 and inherited the English throne in 1603, ruling there as James I. His reign joined the crowns of Scotland and England under a single monarch and produced coinage that increasingly reflected his ideas about kingship, religion, and union. Explore James I and his coinage through the ANA Edward C. Rochette Money Museum’s Kings and Queens of England exhibit. ANA Money Museum — James I and the Gold Unite The North Berwick Witch Trials After storms disrupted Anne of Denmark’s voyage to Scotland and later endangered James and Anne on their journey home, accusations emerged that witches had deliberately raised the weather against the royal couple. The resulting North Berwick prosecutions implicated more than 100 people and became one of the defining witch-hunting episodes of James’s reign. The University of Edinburgh’s Survey of Scottish Witchcraft explores the legal procedures, evidence, and wider history of Scottish witch trials. Survey of Scottish Witchcraft — Trial Procedures and Evidence For broader context on both women and the Scottish witch hunts, explore the Survey of Scottish Witchcraft, a University of Edinburgh research database documenting thousands of accused witches and their cases. Survey of Scottish Witchcraft James VI, Daemonologie (1597) Written as a dialogue, Daemonologie presented James’s arguments for the reality of witchcraft, demons, spirits, and other supposed supernatural threats within his Christian worldview. It also discussed means by which suspected witches might be identified and prosecuted. The National Library of Scotland holds a first edition of Daemonologie and discusses James’s belief that witches had conjured the storms associated with Anne of Denmark’s voyage. National Library of Scotland — Daemonologie and the Royal Storms The King James Bible James did not personally translate the Bible that bears his name. He authorized the new translation after the Hampton Court Conference of 1604, and teams of scholars produced the Authorized Version published in 1611. Its association with James offers an important counterpoint to Daemonologie: both emerged from the religious and intellectual world of the same monarch. The Folger Shakespeare Library traces the Hampton Court Conference, James’s approval of the project, and the scholars who produced the 1611 translation. Folger Shakespeare Library — Making the King James Bible --- The Coins James VI Gold Thistle Noble, 1588 The Thistle Noble carries the remarkable legend FLORENT SCEPT PIIS REGNA HIS IOVA DAT NVMERATQ, expressing the idea that God grants kingdoms to the pious. It offers an early glimpse of the religious language James used to define royal authority before the North Berwick trials.  James VI Gold Hat Piece, 1591–1593 Introduced during the North Berwick period, the unusual Hat Piece depicts a crowned Scottish lion beneath the Hebrew name of God and carries the legend TE SOLVM VEREOR—“You alone do I fear.” While there is no evidence that the design was created specifically in response to the witch trials, its message takes on particular resonance in a period when James believed himself threatened by witches and the Devil. James I Gold Unite, 1604–1619 After inheriting the English throne, James introduced the gold unite as part of his campaign to promote closer union between England and Scotland. Its biblical legend, FACIAM EOS IN GENTEM UNAM—“I will make them one nation”—comes from Ezekiel 37, where two divided peoples are restored beneath one king. James I Gold Angel, 1604-1619 English monarchs traditionally participated in ceremonies intended to cure scrofula, or the “King’s Evil,” through royal touch. Gold angel coins could accompany the ceremony and later be pierced and worn by recipients. James was initially uncomfortable with the custom and reportedly regarded elements of it as superstitious, but ultimately continued the practice. English Gold Angel, 1465–17th century The Royal Mint Museum explores both the gold angel and its transformation from circulating coin into an object associated with healing and protection. Royal Mint Museum — The History of Britain’s Gold Coinage --- Featured Resources ANA Edward C. Rochette Money Museum — Kings and Queens of England: James I and the Gold Unite Explore the ANA exhibit National Library of Scotland — James VI, Daemonologie, Witchcraft, and the Royal Storms Explore the National Library of Scotland resource Survey of Scottish Witchcraft — University of Edinburgh A research database documenting Scottish witchcraft accusations, trials, and judicial procedures. Explore the Survey of Scottish Witchcraft Royal Mint Museum — The Gold Angel and Royal Touch Explore the history of British gold coinage Folger Shakespeare Library — The King James Bible Explore the Manifold Greatness exhibition material --- Subscribe Today! If you enjoyed this episode, follow Worth Its Weight wherever you get your podcasts and leave us a review—it helps more listeners discover the stories money carries. And if there’s a coin, note, or piece of monetary history you think deserves an episode, send us your two cents. You never know what might make its way onto Worth Its Weight. --- Learn More About the American Numismatic Association Money Museum Money Museum Virtual Exhibits Explore the ANA Membership Worth Its Weight is an ANA production from the Money Museum, where history adds up—with interest! To learn more, explore show notes, and discover more stories carried by money, visit money.org. Follow the money. Literally.

Coming up: a familiar collector tradition gets an unfamiliar price tag, new research revisits a famous coin’s ownership history, and a supposed rarity proves disappointing. Plus, funding for coin clubs, an auction for young collectors, and a new series coming to this podcast. And before we’re done, Canada puts a ghost on its money. Apparently, inflation wasn’t frightening enough. --- Links and Resources 2026 Semiquincentennial Proof Set — U.S. MintHow the U.S. Mint determines product prices1792 half disme — Heritage Auctions, Lot 3414Aluminum-cent replica report — Coin WorldHobby Protection Act — Federal Trade CommissionCAC Grading charitable funding announcementFunding requests: Email [email protected] by October 31, explaining your organization’s purpose and proposed use of the donation. John Albanese asks applicants to write in their own words, without AI assistance.ANA events — YN auction catalog and participation informationRoyal Canadian Mint — new releasesThe history behind the Gibraltar Point Lighthouse mysteryWorth Its Weight is an ANA production from the Money Museum, where history adds up—with interest! To learn more, explore show notes, and discover more stories carried by money, visit money.org. Follow the money. Literally.

Spooky season at Worth Its Weight begins with a killer coin. Shanna Schmidt joins Caroline Turco for a conversation about the EID MAR and the ancient coin industry, connecting a notorious piece of Roman history with the people who collect, study, and trade ancient money today. Join us for a look at the enduring fascination of ancient coins—and the stories they carry into the modern world. --- Guest Shanna Schmidt: Shanna Schmidt is an ancient coin dealer specializing in Greek coinage and the founder of Shanna Schmidt Numismatics. The daughter of renowned numismatist Harlan J. Berk, she grew up in the coin business before launching her own firm in 2016. She has served on the American Numismatic Association’s Board of Governors and helps collectors build collections and navigate major auctions worldwide. --- In this episode: Reading the EID MAR’s imagery—and the contradictions behind its message of liberty.Ancient coins as political advertisements, historical evidence, and objects of fascination.Shanna’s journey from music and advertising to ancient coins, and finding her confidence in a predominantly male industry.What auction representation involves, including bidding strategy, client advocacy, and lessons learned under pressure.Shanna’s perspective on cultural property, collecting, and the importance of preserving a coin’s ownership history.Her personal experience of the gold EID MAR investigation and its impact on the trade.The S&S Library, historic auction catalogs, and efforts to preserve and digitize numismatic research.Subscribe Today! If you enjoyed this episode, follow Worth Its Weight wherever you get your podcasts and leave us a review—it helps more listeners discover the stories money carries. And if there’s a coin, note, or piece of monetary history you think deserves an episode, send us your two cents. You never know what might make its way onto Worth Its Weight. --- Learn More About the American Numismatic Association Money Museum Money Museum Virtual Exhibits Explore the ANA Membership Worth Its Weight is an ANA production from the Money Museum, where history adds up—with interest! To learn more, explore show notes, and discover more stories carried by money, visit money.org. Follow the money. Literally.

A growing hobby doesn’t always mean rising prices—and that can be good news for collectors. This week, Caroline explores the distinction between enthusiasm and value, from falling bullion prices and steady classic coins to the creative appeal of hobo nickels. Along the way: a real treasure hunt, the truth behind a $235,000 penny headline, a Team USA Silver Eagle that challenges the meaning of a “complete” collection, and Supergirl’s surprisingly ancient numismatic predecessors. Apparently, putting heroes on money never goes out of style. Show Notes Follow the clues, find the treasure: Stack’s Bowers is offering $40,000 in numismatic prizes across four cities: Miami, October 6–10; Philadelphia, October 13–17; San Francisco, October 20–24; and Boston, October 27–31. Rules, clues, and participation details.An energized hobby versus rising prices: Coin World’s price-sheet analysis examines the contrast between bullion-linked modern issues and steadier classic collector coins. Metals prices mentioned in the episode reflect an October 1 snapshot.Five-cent canvases: According to Kagin’s post-sale press release, the September 28 opening session of the Candace D. Kagin hobo nickel collection realized more than $100,000 across 137 lots. Explore the auction catalog.Behind the $235,000 penny headline: A family’s long-held 1943 bronze cent receives authentication—not a newly discovered windfall from pocket change. The reported figure is a valuation; the sale price was not disclosed. Read the story.The Team USA Silver Eagle: A special issue with a mintage of just 403 raises questions about collecting boundaries. Bidding on the featured example closes October 18. Auction background and listing link.Supergirl meets ancient coinage: Explore the U.S. Mint’s Comic Art program. Compare its modern heroes with Heracles on Alexander’s coinage, Aeneas on a Caesar denarius, and Commodus dressed as Hercules.Coming Tuesday: Shanna Schmidt joins Caroline to discuss the EID MAR and ancient coin dealing, launching our numismatic spooky season. Send us your spooky stories: Have a favorite tale of murder, mystery, or monetary misdeeds? Share your suggestions at money.org/worth-its-weight. Worth Its Weight is an ANA production from the Money Museum, where history adds up—with interest! To learn more, explore show notes, and discover more stories carried by money, visit money.org. Follow the money. Literally.

America's Founders warned against political parties. Then they helped create them. They questioned each other’s motives, accused their opponents of endangering the republic, and became convinced that only their side could save the country. Sound familiar? In this episode of Worth Its Weight, discover how the battle over the First Bank of the United States helped turn disagreements among the Founders into America’s first political parties. Alexander Hamilton saw a bank that could strengthen the nation. Thomas Jefferson saw a dangerous concentration of money and power. James Madison challenged its constitutionality. George Washington had to decide. The argument reached far beyond banking: How much power should the federal government wield? Who should benefit from its policies? And when did a political opponent become a threat to the country itself? Through subscription certificates, speculative fortunes, and eagle-adorned banknotes, we trace the financial dispute that helped harden those divisions—and arrive at Washington’s warning against party spirit, written with help from Hamilton himself. This is the third installment in our exploration of America’s financial founding, following Benjamin Franklin’s paper money and the creation of the decimal dollar. --- Numismatic References: Bank of the United States subscription certificates, 1791 – Known as scrip, these certificates recorded an initial $25 payment toward a $400 share. Their resale fueled an early American speculative frenzy.First Bank stock – The Bank’s authorized capital comprised 25,000 shares at $400 each. The federal government subscribed for one-fifth; private investors supplied the remainder.Federal debt securities – Investors paid three-quarters of their stock subscriptions with eligible government debt and one-quarter in gold or silver, connecting public credit to the Bank’s capital.First Bank banknotes – Privately issued promises of payment in specie, or gold and silver, on demand. Their acceptance for federal taxes gave them a significant public advantage.Eagle and national-arms imagery – Symbols on the Bank’s notes linked the institution visually to the United States, reinforcing the episode’s central question: where did private money end and public authority begin?Second Bank of the United States, chartered in 1816 – A brief epilogue introduces the institution that followed the First Bank and would later confront Andrew Jackson.--- People & Events: Alexander Hamilton’s financial program and his sometimes combustible relationship with George Washington.James Madison’s congressional opposition and Thomas Jefferson’s constitutional objections.Washington’s approval of the Bank charter on February 25, 1791.The July 1791 subscription sale, William Duer’s speculation, and the Panic of 1792.The emergence of Federalist and Republican political organizations.Washington’s 1796 Farewell Address—and Hamilton’s role in writing its warning against party spirit.The expiration of the First Bank’s charter in 1811.--- Sources & Further Reading: Federal Reserve History: The First Bank of the United States – An overview of the Bank’s creation, ownership, operations, note circulation, and unsuccessful charter renewal.Federal Reserve Bank of Philadelphia: The First Bank of the United States—A Chapter in the History of Central Banking – An illustrated history covering subscriptions, speculation, the Panic of 1792, and the Bank’s place in the developing financial system.National Park Service: Congress Establishes the First Bank of the United States – The congressional debate and the competing arguments presented to Washington.Thomas Jefferson’s Opinion on the Constitutionality of a National Bank, February 15, 1791 – Jefferson’s argument for constitutional limits on congressional power.Alexander Hamilton’s Opinion on the Constitutionality of the Bank, February 23, 1791 – Hamilton’s defense of implied powers and the Bank’s constitutionality.George Washington’s Farewell Address, 1796 – The address’s warnings about party conflict, foreign influence, and threats to national unity.PBS American Experience: Alexander Hamilton and His Patron, George Washington – Their wartime rupture and enduring political collaboration.---  Subscribe Today! If you enjoyed this episode, follow Worth Its Weight wherever you get your podcasts and leave us a review—it helps more listeners discover the stories money carries. And if there’s a coin, note, or piece of monetary history you think deserves an episode, send us your two cents. You never know what might make its way onto Worth Its Weight. --- Learn More About the American Numismatic Association Money Museum Money Museum Virtual Exhibits Explore the ANA Membership Worth Its Weight is an ANA production from the Money Museum, where history adds up—with interest! To learn more, explore show notes, and discover more stories carried by money, visit money.org. Follow the money. Literally.

What draws people into coin collecting—and what makes them stay? Host and Curator Caroline Turco and The Numismatist editor-in-chief Caleb Noel explore the many routes into numismatics, from younger adults taking an interest in Europe’s banknote designs to the community and excitement of live online auctions. Along the way, they check the metals markets, visit a Roman silver hoard, and discover how hobo nickels, Saint-Gaudens, and working dogs connect collecting with interests people already love. Show notes and mentioned resources Selling & Buying on Whatnot: A Beginner’s Guide — Kevin Wang’s introduction to livestream selling, including opportunities and considerations for buyers and sellers.Money Museum eBay Store — Browse the museum’s store and monthly auctions of specimens already represented in its collection.Candace D. Kagin Hobo Nickel Collection — Explore the collection and coverage of the auction series beginning September 28.Greysheet’s Conversation with Ian Russell — Discussion of the coin market, growing audiences, and online platforms.ANA Reading Room — More numismatic news, collecting advice, and stories from the American Numismatic Association.Coming up on Worth Its Weight October 1: Numismatic Innovators with Dr. Don Kagin debuts with PCGS co-founder David Hall.October 6: Caroline welcomes ancient-coin specialist Shanna Schmidt.Worth Its Weight is an ANA production from the Money Museum, where history adds up—with interest! To learn more, explore show notes, and discover more stories carried by money, visit money.org. Follow the money. Literally.

What if one dollar were worth 1,440 units? Before the United States could place its ideals on its coins, its founders had to answer a deceptively difficult question: What should American money actually be? In this episode of Worth Its Weight, follow the dollar from the monetary chaos of colonial America to Robert Morris’s mathematically elegant—but magnificently impractical—1,440-unit system. Discover how Morris risked his wealth and personal credit to sustain the Revolution, why Thomas Jefferson rejected his tiny monetary unit but preserved his decimal logic, and how Alexander Hamilton helped transform those accumulated ideas into the Coinage Act of 1792. The result was more than a new collection of coins. It was a shared language of value for a country still learning to think of itself as one nation. History fades. Coins remember. --- Numismatic References: Spanish Milled Dollar – One of the most familiar and widely circulated coins in colonial America. Jefferson favored it as the national monetary unit because Americans already understood and trusted its value.1783 Nova Constellatio Patterns – Experimental coins produced for Robert Morris’s proposed national coinage system. Their name comes from the Latin legend meaning “a new constellation.”100-Unit Bit – A silver pattern representing 100 of Morris’s proposed units. Despite sometimes being called a cent, it did not equal one-hundredth of a dollar.500-Unit Quint – A silver pattern worth five times the 100-unit piece.1,000-Unit Mark – The largest silver denomination in Morris’s proposed series. Even this substantial coin equaled only about 69.44 cents.Jefferson Nickel – Introduced in 1938, pairing Thomas Jefferson’s portrait with Monticello, the home he designed. On the current coin, “Liberty” is reproduced from Jefferson’s handwriting.--- Key People: Thomas Jefferson – Author of the 1784 Notes on the Establishment of a Money Unit, and of a Coinage for the United States. Jefferson advocated adopting the familiar Spanish dollar and dividing it according to decimal principles.Robert Morris – Merchant, signer of the Declaration of Independence, Articles of Confederation, and Constitution, and Superintendent of Finance from 1781 to 1784. Known as “the Financier,” Morris repeatedly used his resources, connections, and personal credit to support the Revolutionary cause.Gouverneur Morris – Robert Morris’s assistant—though no relation—who helped develop the proposed 1,440-unit monetary system.Alexander Hamilton – The first secretary of the Treasury. His 1791 report addressed the metallic standards, denominations, and institutional requirements of a functioning national mint.--- Key Documents: Robert Morris’s 1782 Report on Coinage – Proposed a national mint and a base monetary unit equal to one-quarter grain of fine silver.Thomas Jefferson’s 1784 Notes on Coinage – Rejected Morris’s minute base unit while embracing decimal calculation and the Spanish dollar.The Constitution, Article I, Section 8 – Empowered Congress to levy taxes, borrow money, regulate commerce, coin money, and regulate its value.Hamilton’s 1791 Report on the Establishment of a Mint – Recommended the practical metallic and administrative structure for federal coinage.The Coinage Act of 1792 – Established the United States Mint and authorized gold eagles, silver dollars and fractional denominations, and copper cents and half cents.--- Selected Sources: Thomas Jefferson, Notes on the Establishment of a Money Unit, and of a Coinage for the United States, Library of Congress.Robert Morris, Report to Congress on Coinage, 1782, The Founders’ Constitution.Robert Morris, Letter to Thomas Jefferson, May 1, 1784, including discussion of the proposed system and accompanying coin specimens.Thomas Jefferson, Propositions Respecting the Coinage, 1790, recommending a dollar containing 362 grains of pure silver.United States Mint, Coinage Act of April 2, 1792.American Numismatic Association, Nova Constellatio.Monticello, Currency and Coinage.--- Subscribe Today! If you enjoyed this episode, follow Worth Its Weight wherever you get your podcasts and leave us a review—it helps more listeners discover the stories money carries. And if there’s a coin, note, or piece of monetary history you think deserves an episode, send us your two cents. You never know what might make its way onto Worth Its Weight. --- Learn More About the American Numismatic Association Money Museum Money Museum Virtual Exhibits Explore the ANA Membership Worth Its Weight is an ANA production from the Money Museum, where history adds up—with interest! To learn more, explore show notes, and discover more stories carried by money, visit money.org. Follow the money. Literally.

Host Caroline takes a quick look at what’s making news in numismatics this week: The Federal Reserve raised interest rates—and gold apparently didn’t receive the memo. Archaeologists may have uncovered the largest coin workshop in the ancient world. A shipwreck that has been surrendering treasure for more than four decades just produced sixty pounds of copper. Two countries that share the same king are taking very different approaches to representing him on money. And a one-cent coin sold for nearly $200,000. Worth Its Weight is an ANA production from the Money Museum, where history adds up—with interest! To learn more, explore show notes, and discover more stories carried by money, visit money.org. Follow the money. Literally.

Before Benjamin Franklin was on American money, he made it. Literally. We remember Benjamin Franklin as a Founding Father, scientist, inventor, diplomat, and statesman. But decades before he helped declare American independence, Franklin was a printer—and one of his most fascinating jobs was printing money. In this episode of Worth Its Weight, discover how a young printer became an advocate for colonial paper currency, won contracts to produce it, and developed ingenious ways to stay one step ahead of counterfeiters. From deliberately complicated designs and colored fibers to shimmering paper, nature-printed leaves, and a mysterious ink recipe that took modern science nearly 300 years to uncover, Franklin understood something fundamental about money: Paper is only valuable if people trust it. And protecting that trust became part of his extraordinary legacy. --- Numismatic References Pennsylvania Colonial Currency Printed by Benjamin Franklin – Franklin received his first contract to print Pennsylvania paper money in 1730, beginning a decades-long involvement in colonial currency production.1739 Pennsylvania Paper Money – Franklin incorporated complicated typography and intentionally varied spellings of “Pennsylvania” into these notes, creating additional obstacles for counterfeiters attempting to reproduce them.Franklin Nature-Print Notes – Franklin used impressions taken from actual leaves to create extraordinarily detailed printing blocks for the backs of colonial notes. The unique networks of veins were difficult for counterfeiters to reproduce by hand.Colonial Currency with “To Counterfeit is Death” Warnings – Colonial notes frequently carried stark warnings about the legal consequences of counterfeiting. In some jurisdictions and circumstances, currency counterfeiting could be punishable by death.United States $100 Federal Reserve Note – Benjamin Franklin has appeared on the $100 Federal Reserve note since its introduction in 1914. Today’s note incorporates numerous anti-counterfeiting technologies—including specialized paper, embedded fibers, a security thread, color-shifting ink, microprinting, and the three-dimensional security ribbon.Curious what these objects look like? Visit the Money Museum website to see historic paper money and other objects from the ANA collection. --- Franklin’s Anti-Counterfeiting Toolkit COMPLEX PRINTING Elaborate borders, different typefaces, ornamental lettering, symbols, changing spellings, signatures, and other details gave counterfeiters more than a single image to reproduce. Franklin understood that complexity itself could become a form of security. SPECIALIZED PAPER Franklin experimented with the material beneath the printing. Colored threads incorporated directly into the paper pulp created features a counterfeiter couldn’t simply copy with ink. Researchers have also identified tiny particles of mica in Franklin-associated currency paper, giving it distinctive characteristics. NATURE PRINTING Perhaps Franklin’s most ingenious anti-counterfeiting technique came directly from nature. By transferring the intricate vein structure of actual leaves into printing blocks, Franklin created designs that were recognizable but extraordinarily difficult to reproduce accurately by hand. UNUSUAL INK Nearly 300 years later, modern researchers discovered another unusual feature hiding in Franklin’s currency. While many contemporary printers and known counterfeiters used conventional bone-black pigments, analysis found graphite in Franklin’s black printing ink. Exactly why he chose it remains uncertain—but counterfeiters examined by researchers weren’t using it. LAYERS OF SECURITY No single feature made Franklin’s currency impossible to counterfeit. That was the point. A successful counterfeiter had to reproduce the paper, ink, typography, borders, nature prints, signatures, and other details convincingly enough to fool the person accepting the note. --- Sources Franklin, Benjamin. A Modest Enquiry into the Nature and Necessity of a Paper Currency. Philadelphia, 1729.Franklin, Benjamin. The Autobiography of Benjamin Franklin.Newman, Eric P. The Early Paper Money of America. Krause Publications.Newman, Eric P. “The Nature Printing on Colonial and Continental Currency.” The Numismatist.Khachaturyan, A. et al. “Multimodal Analysis of Benjamin Franklin’s Printed Currency Reveals Previously Unknown Methods for Deterring Counterfeits.” Proceedings of the National Academy of Sciences, 2023.Library Company of Philadelphia. Benjamin Franklin papers, printing records, and collections relating to Franklin’s career as a printer.Library of Congress. Benjamin Franklin Papers and resources relating to Franklin’s printing and political career.National Museum of American History, Smithsonian Institution. National Numismatic Collection and resources on colonial American paper currency.University of Notre Dame, Department of Special Collections. Colonial Currency: A Project of the Robert H. Gore, Jr. Numismatic Collection.U.S. Currency Education Program, Federal Reserve Board. Historical and security information for the $100 Federal Reserve note.--- Subscribe Today! If you enjoyed this episode, follow Worth Its Weight wherever you get your podcasts and leave us a review—it helps more listeners discover the stories money carries. And if there’s a coin, note, or piece of monetary history you think deserves an episode, send us your two cents. You never know what might make its way onto Worth Its Weight. --- Learn More About the American Numismatic Association Money Museum Money Museum Virtual Exhibits Explore the ANA Membership   Worth Its Weight is an ANA production from the Money Museum, where history adds up—with interest! To learn more, explore show notes, and discover more stories carried by money, visit money.org. Follow the money. Literally.

Hosts Caroline & Caleb take a quick look at what’s making news in numismatics this week: Two American silver coins cross the million-dollar mark, gold and silver are climbing again, eBay adds another layer of protection for coin collectors, and–believe it or not–we have another buried hoard to reveal. Plus, a brand-new educational commemorative from India. Worth Its Weight is an ANA production from the Money Museum, where history adds up—with interest! To learn more, explore show notes, and discover more stories carried by money, visit money.org. Follow the money. Literally.

Which coin worked the hardest for its place in history? In this Labor Day episode of Worth Its Weight, we’re clocking in with five of history’s hardest-working coins—from the silver owls that helped build Athens to the Spanish dollars that crossed oceans and the humble American cent that kept everyday commerce moving. These coins paid armies, built monuments, connected continents, funded governments, and passed through countless hands. Some worked for centuries. Others traveled thousands of miles. And one helped finance a civilization whose influence we still feel today. So… which deserves the title of history’s hardest-working coin? Turns out, they’ve all earned a day off. --- Numismatic References Athenian Owl Tetradrachm – One of the ancient world’s most recognizable coins, depicting Athena on the obverse and her sacred owl on the reverse. Struck from the rich silver deposits of Laurion, these coins helped finance Athens’ navy, government, monumental building projects, and Golden Age.Roman Denarius – Introduced around 211 BC during the Second Punic War, the silver denarius became the backbone of the Roman monetary system for centuries, paying soldiers, collecting taxes, and traveling wherever Rome’s armies marched.Augustus Denarius with Cippus Reverse – Referenced in the episode as an example of the denarius at work under the Roman Empire. Its reverse inscription commemorates Augustus’ restoration of public roads—particularly fitting for a coin that could travel thousands of miles through the Roman economy.Chinese Cash Coins – Round cast coins with distinctive square central holes that remained a fixture of Chinese commerce for more than two millennia. Produced under numerous dynasties, cash coins could be strung together in large quantities for everyday transactions.Spanish Colonial 8 Reales, or “Piece of Eight” – Struck from New World silver and accepted around the globe, the Spanish dollar became one of history’s great international trade coins. Examples circulating in China were often stamped with chop marks indicating that merchants had tested and accepted them.1793 United States Cent – The first cent produced by the United States Mint and an important source of desperately needed small change for the young republic.1909 Lincoln Cent – Introduced to commemorate the 100th anniversary of Abraham Lincoln’s birth, the Lincoln cent helped usher presidential portraiture onto circulating U.S. coinage and became one of America’s most familiar coins.Curious what these objects look like? Visit the Money Museum website to see coins from around the world and across history, along with thousands of other objects from the ANA collection. --- Meet the Hardest-Working Coins THE BUILDER: Athenian Owl Tetradrachm When Athens discovered a rich new vein of silver at Laurion in 483 BC, its citizens faced a choice: divide the windfall among themselves or invest it in the city. They chose investment. The resulting silver coinage helped finance a fleet of triremes, pay sailors and public officials, raise the Parthenon, and bankroll the extraordinary cultural flowering we now call the Golden Age of Athens. THE MARCHER: Roman Denarius For nearly five centuries, the denarius kept Rome moving. It paid legionaries and the enormous network of craftsmen, merchants, engineers, and suppliers behind them. As Roman armies marched across Europe, North Africa, and the Near East, their money marched with them—carrying Roman economic and political influence across the ancient world. THE LONGEST CAREER: Chinese Cash Coin Chinese cash coins appeared in the centuries before Christ and remained in everyday use into the early 20th century. Dynasties rose and fell, emperors came and went, and the inscriptions changed—but the familiar round coin with its square hole endured. For more than two millennia, cash coins bought meals, paid wages, settled taxes, and kept one of the world’s largest economies moving. THE GLOBE-TROTTER: Spanish Dollar Minted from the enormous silver deposits of the Spanish Americas, pieces of eight traveled aboard treasure fleets and merchant ships across both the Atlantic and Pacific. They circulated throughout Europe, the Americas, and Asia and were trusted far beyond the borders of the empire that produced them. The Spanish dollar even remained legal tender in the United States until 1857. THE EVERYDAY HERO: American Cent The cent didn’t finance an empire or sail around the world. It did something less glamorous and arguably just as important: it made ordinary transactions possible. Introduced in 1793 to help solve America’s chronic shortage of small change, the cent has spent more than two centuries doing the smallest jobs in the American economy—and billions remain in circulation today. --- Sources Crawford, Michael H. Coinage and Money Under the Roman Republic: Italy and the Mediterranean Economy.University of California Press, 1985.Crawford, Michael H. Roman Republican Coinage. Cambridge University Press, 1974.Franke, Herbert. The Cambridge History of China, Volume 6: Alien Regimes and Border States, 907–1368.Cambridge University Press, 1994.Kallet, Lisa, and John H. Kroll. The Athenian Empire: Using Coins as Sources. Cambridge University Press, 2020.Kroll, John H. The Athenian Agora, Volume XXVI: The Greek Coins. American School of Classical Studies at Athens, 1993.Peng, Xinwei. A Monetary History of China. Translated by Edward H. Kaplan. Western Washington University, 1994.Vilar, Pierre. A History of Gold and Money, 1450–1920. Verso, 1991.United States Mint. “History of U.S. Circulating Coins” and historical resources on the cent and Lincoln cent.National Museum of American History, Smithsonian Institution. The Value of Money and collection resources on the Spanish eight-real coin and international trade.Shanghai Museum. Chinese Numismatics Gallery.--- Subscribe Today! If you enjoyed this episode, follow Worth Its Weight wherever you get your podcasts and leave us a review—it helps more listeners discover the stories money carries. And if there’s a monetary story you’re dying to hear, visit the official Worth Its Weight website at money.org and submit your two cents. --- Learn More About the American Numismatic Association Money Museum Money Museum Virtual Exhibits Explore the ANA Membership   Worth Its Weight is an ANA production from the Money Museum, where history adds up—with interest! To learn more, explore show notes, and discover more stories carried by money, visit money.org. Follow the money. Literally.