Bank of New York Hoard facts for kids
Quick facts for kids Bank of New York Hoard |
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|---|---|
| Material | Fugio Cents |
| Size | Several thousand coins (Est.) |
| Created | 1787 |
| Discovered | 1856 (First discovery at B.N.Y.) 1926 (Second discovery at B.N.Y.) |
| Present location | Bank of New York (New York City) |
The Bank of New York Hoard is a special collection of thousands of old coins called Fugio Cents. These coins were found at the Bank of New York in New York City. They are important because they were the first coins made by the United States government.
Contents
What is the Bank of New York Hoard?
The Bank of New York Hoard is the name given to a large group of Fugio Cents. These coins were discovered hidden away at the Bank of New York. A "hoard" means a secret collection of valuable things. These coins are special because they are very old and were the first coins issued by the United States.
The Story of the Coins
The story of these coins began in 1788. The Bank of New York bought a large barrel, or "keg," full of Fugio Cents. They stored this keg in the bank's basement. For many years, the coins were forgotten.
First Discovery in 1856
The coins were first found again in 1856. This happened at the bank's new location in New York City. When they were found, the coins were moved into cotton bags. They were then put away again, and once more, they were forgotten.
The 1926 Rediscovery
The coins were discovered for a final time in 1926. After this discovery, the bank started giving some of the coins away. They gave them as souvenirs and gifts to important clients. This continued until 1948.
Why Are These Coins Special?
In 1948, the American Numismatic Society looked at the remaining coins. A numismatic society is a group that studies coins and money. They examined 1,641 coins that were left. Some of these coins were given to the society. Others were sold to coin collectors.
All of the coins found were in "mint state" condition. This means they looked almost brand new, as if they had just been made. Most of them had a brown color, called "toning." This toning happens naturally over time. Finding so many coins in such great condition was very exciting for collectors. It gave them a chance to own a perfect example of these rare coins.
The Coins Today
The bank decided to keep 819 of the remaining coins. These coins are in different conditions. Some are still in mint state. Others have some damage, like corrosion, from water when they were stored.
Even though the bank merged with another company in 2007, the coins are still there. In 2013, it was reported that the coins remained on the property. The bank has chosen not to give away the rest of the coins. They keep them because they are historically important and valuable.
