The Weird Denominations: How America’s Fractional Currency Experiments Mirror the Story of WWI Victory Medals

Introduction: The History of Money Is Filled with Failed Experiments

The history of money is littered with failed experiments and odd denominations. I’ve spent decades studying the coins and tokens that slipped through the cracks — the denominations that confused consumers, frustrated merchants, and ultimately vanished from circulation. From the 2-cent piece to the 3-cent silver, the half dime to the ill-fated 20-cent piece, the American monetary system has been a laboratory of trial and error. And here’s what fascinates me most: the story of odd denominations doesn’t just live in coin drawers and Mint reports. It echoes through the broader world of exonumia — tokens, medals, and so-called dollars — including the remarkable series of World War I Victory and Participation Medals that collectors passionately discuss today.

In this article, I’ll trace the history of America’s most unusual denominations, explore why they failed, and draw surprising parallels to the medallic collectibles that so many of us find irresistible. Whether you’re a seasoned numismatist or a newcomer drawn to the artistry of WWI medals, understanding the “weird denomination” phenomenon will deepen your appreciation for every piece in your collection.

The 2-Cent Piece: America’s First Bronze Coin

Origins in Civil War Coinage Shortages

When I examine the 1864 2-cent piece — the first United States coin to bear the motto “In God We Trust” — I’m holding a denomination born entirely out of desperation. The Civil War had driven gold and silver out of circulation. Citizens hoarded every precious-metal coin they could find. The federal government needed something, anything, to fill the gap in small change. The answer was a bronze 2-cent piece, authorized by the Coinage Act of April 22, 1864.

The 2-cent piece was never meant to be permanent. It was a stopgap — a fractional denomination designed to solve an immediate crisis. James B. Longacre’s design was elegant: a heraldic shield on the obverse, the denomination on the reverse. The public accepted it readily at first. Mintage figures in the early years were enormous — nearly 20 million in 1864 alone. But here’s the pattern I’ve observed repeatedly in my research: when the emergency ended, so did the need for the odd denomination.

Why the 2-Cent Piece Failed

The 2-cent piece declined steadily after the Civil War. By the 1870s, annual mintages had plummeted to a few hundred thousand. The coin was demonetized by the Mint Act of 1873, though most had already vanished from circulation years earlier. The reasons for its failure are instructive:

• Consumer confusion: The 2-cent piece didn’t align neatly with the decimal system most Americans used in daily transactions. Prices were quoted in multiples of 1, 5, 10, and 25 cents. Two-cent increments were awkward.
• Redundancy: The 1-cent piece (large cent, then later the small cent) and the 3-cent nickel (introduced in 1865) covered the small-change spectrum adequately. The 2-cent piece was squeezed from both sides.
• No compelling use case: Unlike the nickel, which became associated with streetcar fares and small purchases, the 2-cent piece never developed a “niche” in commerce.

This pattern — emergency introduction, brief acceptance, gradual irrelevance, quiet disappearance — is one I see repeated across the entire history of American odd denominations. And it’s a pattern that has fascinating parallels in the medallic world.

The 3-Cent Silver: A Coin That Shouldn’t Have Worked

Billon Beginnings and Silver Reinvention

The original 3-cent piece, authorized in 1851, was struck in a debased silver alloy (only 75% silver, or billon) — the lowest silver content of any U.S. coin. It was tiny, easily lost, and deeply unpopular. I’ve handled specimens that are barely the size of a dime. The public hated it. Yet Congress kept authorizing it because the postage rate had dropped to 3 cents, and the coin was theoretically useful for buying a stamp.

By 1853, the silver content was increased to 90%, and the coin was redesigned and slightly enlarged. In 1865, the Mint introduced the 3-cent nickel — a copper-nickel alloy coin that was larger, more durable, and more practical. This is the version most collectors know today. The 3-cent nickel lasted until 1889, making it one of the more durable odd denominations, but it ultimately suffered the same fate as the 2-cent piece: it was simply unnecessary in a monetary system built around 1, 5, and 10.

The Lesson of the 3-Cent Denomination

What strikes me about the 3-cent story is how arbitrary the denomination was. It existed because of a specific postal rate. When postal rates changed, the reason for the coin evaporated. This is a crucial insight for collectors of exonumia: many tokens, medals, and so-called dollars were created for equally specific, equally temporary purposes. The WWI Victory Medals we’ll discuss below were authorized for a single conflict. They were never intended to be a permanent part of the American medallic tradition. Yet here we are, over a century later, collecting them with passion.

The Half Dime: The Little Coin That Paved the Way

A Colonial and Early Republic Workhorse

The half dime (5-cent silver piece) holds a special place in American numismatic history. It was one of the first coins authorized by the Mint Act of 1792, and it was struck from 1794 to 1873. The early half dimes — the Flowing Hair, Draped Bust, Capped Bust, and Seated Liberty types — are among the most artistically significant coins in the American series.

But the half dime was doomed by its own success. In 1866, the Mint introduced the 5-cent nickel — the Shield nickel, followed by the Liberty Head nickel in 1883. The nickel was larger, more durable, easier to handle, and cheaper to produce. The half dime, a tiny silver coin that was easily lost and worn, couldn’t compete. It was discontinued in 1873.

The Half Dime’s Legacy for Collectors

I’ve found that the half dime story resonates deeply with collectors of historical medals. The half dime was a victim of technological and economic progress — replaced by something more practical. Similarly, many WWI-era medals were produced in specific metals and formats that were products of their time. The bronze Victory Medals, the silver so-called dollars, the elaborate plaques we see in collector forums — they all reflect the materials, technologies, and aesthetic preferences of 1917–1919. Understanding this context is essential for proper authentication and valuation.

Why Odd Denominations Fail: A Framework for Collectors

After decades of studying fractional and odd denominations, I’ve developed a framework for understanding why certain coins and tokens succeed while others fail. This framework applies equally to coins and to the broader world of exonumia:

1. Alignment with the decimal system: Denominations that fit neatly into the 1-5-10-25-50-100 system thrive. Those that don’t (2-cent, 3-cent, 20-cent) struggle.
2. Clear use case: Coins associated with specific transactions (streetcar fares, postage, vending machines) last longer. Those without a clear purpose fade quickly.
3. Physical practicality: Coins that are too small (half dime, 3-cent silver), too large, or too similar in size to other denominations tend to be rejected by the public.
4. Economic efficiency: If a cheaper alloy can do the job, the precious-metal version will eventually be replaced.
5. Legislative will: Even popular denominations can be killed by Congress, and unpopular ones can be kept alive by political inertia.

This framework helps explain why the 2-cent piece, 3-cent silver, and half dime all disappeared — and why the WWI Victory Medal, despite being issued in enormous quantities, remains a collectible rather than a circulating medium. It was never meant to circulate. It was meant to commemorate. And that distinction is everything.

WWI Victory and Participation Medals: The Odd Denominations of Exonumia

The Medal as a “Denomination” of Service

Now let’s turn to the medals themselves. When I look at the WWI Victory Medal — the so-called dollar catalogued as HK-900, HK-900a, HK-902, HK-903, and HK-903A — I see a fascinating parallel to the odd denominations we’ve been discussing. These medals were, in a sense, “denominations” of military service. Just as the 2-cent piece represented a specific fraction of a dollar, the WWI Victory Medal with its various clasps represented specific fractions of wartime experience:

• Medal without clasps: Awarded to troops who served in the United States only
• Medal with single clasp: Awarded to those who served overseas but not in battle
• Medal with multiple clasps: Awarded to men who participated in more than one major operation

This tiered system is remarkably similar to the way fractional denominations work in a monetary system. Each clasp adds “value” to the medal — not monetary value, but historical and collectible value. As collectors, we understand this intuitively. A multi-clasp Victory Medal with full loop and ribbon is the numismatic equivalent of a low-mintage key date.

The Die Varieties: Where It Gets Serious

The forum discussion reveals an extraordinary level of die variety within the WWI so-called dollar series. The HK-892 specimens alone show at least four distinct die varieties for the 1917 date, with differences in:

• Reverse die cracks (late die state with cracks through flagpole tips)
• Flagpole extensions (extending through the word “TRUST” vs. not)
• Obverse ground contours beneath the kneeling soldier

Then there are the 1918-dated specimens — essentially unlisted in standard references — with their own die differences:

• Rifle pointing at the “R” of ARMY vs. the “A” of ARMY
• Eight stars between the flagpole and eagle’s wing vs. seven

For collectors, these die varieties represent the same kind of challenge and opportunity that VAM varieties represent in the Morgan dollar series. I’d strongly encourage anyone collecting WWI so-called dollars to document die states carefully. The references are incomplete, and new discoveries are still being made.

The Gold HK-902a: The Ultimate Odd Denomination

Perhaps the most extraordinary piece discussed in the forum is the gold WWI Victory Medal — HK-902a, struck in 22-karat gold. This piece, previously owned by the legendary Steve Tanenbaum and now certified by NGC (certification 2688838-001), is the medallic equivalent of a pattern coin that should never have existed. It’s an odd denomination in the truest sense: a medal that transcends its intended purpose and becomes something entirely rare and precious.

In my experience, gold strikes of base-metal medals are among the most valuable and historically significant items in the exonumia field. They were typically produced as presentation pieces for high-ranking officials, dignitaries, or as special awards. The gold HK-902a would have been an extraordinary presentation piece — perhaps struck for a senior military leader, a foreign head of state, or a member of Congress.

The Looped vs. Unlooped Debate

One of the most interesting threads in the forum discussion concerns the looped vs. unlooped versions of the WWI Victory Medal. As one collector noted, “I have seen plenty of ‘unhooked’ issues and they all seem to show evidence of the loop having been removed.” This is a critical authentication point.

Another collector responded that genuine unlooped versions exist, citing differences in color — the unlooped specimens appearing in a “much redder copper color” compared to the “beige-er bronze color” of the looped versions. This is consistent with my experience examining early 20th-century bronze and copper alloys. Different production batches, different foundries, and different finishing processes can produce noticeably different patinas.

Actionable takeaway for buyers: If you’re purchasing a WWI Victory Medal, examine the loop area carefully under magnification. A medal that has been unlooped after production will show tool marks, filing evidence, or a different metal color at the attachment point. Genuine unlooped versions should have a clean, finished edge at the top where no loop was ever attached.

The Large Plaques and Presentation Pieces

The forum also features some remarkable large-format pieces, including a massive 15-inch by 22-inch embossed plaque depicting all aspects of American participation in WWI. This piece — showing unit insignias for Engineers, Army, Navy, Tank Corps, and medics, with the Navy Cross and Medal of Honor hanging from either side — is a tour-de-force of medallic art. The eagle above the central arch is noted as being very similar to that seen on the 1904 Louisiana Purchase award medals, suggesting a common designer or design tradition.

There’s also an 8-inch square heavy cast bronze plaque copyrighted in 1918 by R.W. Bock — a piece that at least one other example has been confirmed to exist. These large-format pieces represent the extreme end of the exonumia spectrum: medals that are really sculptural works of art, produced in very small quantities for presentation purposes.

As a monetary historian, I find these pieces fascinating because they occupy the same conceptual space as the odd denominations we’ve been discussing. They are experiments — attempts to create objects of value and meaning that don’t fit neatly into existing categories. Just as the 2-cent piece was an experiment in fractional currency, these large plaques were experiments in commemorative art.

The Human Dimension: Grace Banker and the Hello Girls

No discussion of WWI medals is complete without acknowledging the human stories behind them. The forum thread includes a powerful account of Grace Banker, Chief Operator of the U.S. Army Signal Corps Women’s Telephone Operators (the “Hello Girls”), who was awarded the Distinguished Service Medal in 1919 but was denied the Victory Medal because the military did not consider women to be veterans.

Banker received a Victory Medal service ribbon with two bronze stars — for the St. Mihiel Offensive and the Meuse-Argonne Offensive — but the medal itself was withheld. It was not until 2024, 105 years after her return from France, that her granddaughter Carolyn Timbie successfully applied for the medal through the office of U.S. Representative Chris Pappas. The presentation ceremony took place on October 3, 2024, at the Hampton American Legion Post 35 in New Hampshire.

This story adds immeasurable depth to every WWI Victory Medal in our collections. Each one represents a human being — a soldier, a nurse, a telephone operator, a medic — who served their country under extraordinary circumstances. The medal is not just a piece of bronze with a rainbow ribbon. It is a testament to sacrifice, service, and sometimes, to injustice.

Trench Art and Personal Artifacts

The forum also features examples of WWI trench art, including a 75mm shell casing from 1918 that belonged to one collector’s grandfather. Trench art represents another fascinating intersection of currency, medals, and personal history. Soldiers in the trenches transformed the debris of war — shell casings, bullet fragments, scrap metal — into objects of beauty and meaning.

Collectors interested in trench art should be aware that:

• Authentic WWI trench art typically shows hand-hammered or hand-engraved decoration, often with regimental insignia, dates, or personal initials
• Shell casings can be dated by examining the headstamp, which often includes the manufacturer, caliber, and year of production
• Reproductions exist, so provenance and patina are critical factors in authentication

The collector who posted the 75mm shell casing noted that no medals were found from his grandfather’s service — but he also shared a helpful tip: medals can be applied for through the National Archives, even decades after discharge. If your family has a WWI veteran who may not have received their Victory Medal, it’s worth investigating.

Collecting WWI Medals: Practical Advice

Based on the forum discussion and my own experience, here are my recommendations for collectors interested in WWI Victory Medals and related exonumia:

1. Prioritize completeness: A medal with its original loop, ribbon, and clasps is significantly more valuable than an incomplete example. As one collector noted, “I think that this item is better when it is intact. The ribbon and the bars add a lot to the interest.”
2. Document die varieties: The HK-892 and related so-called dollars have significant die varieties that are not fully documented in standard references. Photograph your specimens carefully and share your findings with the collecting community.
3. Seek professional grading: NGC and other third-party grading services are beginning to certify WWI medals with loops and ribbons. This is a significant development for the market, as it provides authentication and condition assessment for pieces that were previously difficult to evaluate.
4. Research provenance: The gold HK-902a traced its pedigree to Steve Tanenbaum, one of the most respected names in so-called dollar collecting. Provenance adds value — sometimes enormous value — to exonumia.
5. Don’t overlook the unlisted varieties: The 1918-dated specimens that aren’t mentioned in standard references are exactly the kind of discoveries that can advance the hobby. If you find something that doesn’t match the catalog, document it thoroughly.

Conclusion: The Enduring Appeal of the Odd and Extraordinary

The story of America’s odd denominations — the 2-cent piece, the 3-cent silver, the half dime — is ultimately a story about experimentation, impermanence, and the relentless evolution of monetary systems. These coins were created to solve specific problems, and when the problems changed, the coins disappeared. But they didn’t vanish entirely. They survived in collections, in drawers, in the hands of numismatists who recognized their historical significance.

The same is true of the WWI Victory Medals, so-called dollars, plaques, and trench art that collectors share and discuss with such enthusiasm. These pieces were created for a specific historical moment — the Great War and its aftermath — and they were never meant to last forever. Yet here we are, over a century later, studying their die varieties, debating their authentication, and honoring the men and women they commemorated.

As a monetary historian, I find this deeply moving. The odd denominations of our past — whether they’re bronze coins or bronze medals — remind us that money is more than a medium of exchange. It’s a record of human ingenuity, human error, and human aspiration. Every 2-cent piece, every 3-cent silver, every WWI Victory Medal with its rainbow ribbon is a small monument to the people who made it, used it, and remembered it.

So the next time you hold an odd denomination in your hand — whether it’s a fractional coin or a commemorated medal — take a moment to appreciate the weird, wonderful history that brought it into your collection. These pieces survived because someone, somewhere, thought they were worth keeping. They were right.

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