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Monroe Dollars, Monroe Doctrine, and MoreThe Monroe Dollars, the first coins of the Presidential Dollar Series of 2008, connect to the career of James Monroe, the fifth US president.The Monroe Doctrine, for which he is best known, bears more than his name – it reflects his background and achievements during his service to the nation well before his presidency. Other noteworthy events in US history associated with James Monroe include the Louisiana Purchase, and the Missouri Compromise. Early CareerMonroe, a Virginian through and through, and a veteran of the Continental Army, began his political career in the House of Burgesses in 1782. Serving with distinction during his first year in the state legislature earned him a spot in his state’s delegation to the Continental Congress in 1783, where he maintained a decidedly anti-Federalist position. This earned him the respect of fellow Virginian Thomas Jefferson, who, before leaving for Paris as Minister to France, commended him to James Madison, also from Virginia.James Monroe’s standing among the most prominent political leadership of his state got him three terms as Governor of Virginia. The Monroe Dollars, along with the dollar coins struck for Washington, Jefferson, and Madison attest to the strong influence of Virginians on the affairs of the former British colonies in America. Four of the first five presidents were from Virginia. Louisiana PurchaseMonroe’s first foray into international diplomacy was at the behest of President Jefferson who sent him to Paris in 1803 as a special envoy. He assisted Robert Livingston, the US Minister to France in negotiating the terms of the Louisiana Purchase, a huge tract of land extending west of the Mississippi River to the Pacific Coast that doubled the size of the United States.What began as an effort to secure commercial access to the port of New Orleans for trading purposes ended in what is generally known as the most remarkable real estate transaction ever. Though Monroe and Livingston were adroit negotiators, Napoleon’s weakening position with regard to his enemies in Europe made the trade attractive from his perspective as well. During the administration of James Madison Monroe served as Secretary of State, and during the War of 1812, Secretary of War. With the strong support of Madison, James Monroe was elected President of the United States in 1816 and inaugurated on March 4, 1817. The portrait that appears on the Monroe Dollars depicts James Monroe as he appeared in 1816, the year of his election to the presidency. Like the other Presidential dollar coins the Monroe Dollars indicate the dates of the presidential administration., in this case, 1817-1825. In his inaugural address Monroe promoted his long held nationalism, emphasizing the need for improvements in domestic transportation to support internal commerce. Drawing on his wartime experience, Monroe paid particular attention to what he felt was a matter of paramount importance – the maintaining of a strong military and the construction of significant coastal fortifications to discourage foreign invasion. PresidencyPresident Monroe began his administration judiciously, paying heed to a growing regional factionalism. He appointed John C. Calhoun, a southerner, as Secretary of War, and John Quincy Adams of Massachusetts as Secretary of State. Thus commenced a sort of political honeymoon known as the Era of Good Feelings.Not surprisingly, it didn’t last. The Panic of 1819, an economic depression brought on by collapsing commodity prices and the influx of inexpensive manufactured goods from overseas, exacerbated regional economic and political tension. Trade tariffs were one issue that polarized North and South, and the admission of new states as “slave states” or “free states” was another. Missouri CompromiseThe Missouri Territory had petitioned for admittance to the Union as a slave state in 1818. This created consternation in the northern states, where opposition to slavery was strong. Monroe and others were acutely aware of the need for balance in these matters.Monroe supported and ultimately approved a proposal by Henry Clay to allow one slave state, Missouri, and one free state, Maine, admittance to the Union. All territory north and west of Missouri would become free states. A line had been drawn that, for the time being, defused the situation. But many, including Thomas Jefferson, were concerned that such a formal division would eventually set each region against the other to the point of threatening the union of the states. Monroe DoctrineWhat became known as the Monroe Doctrine (and what most modern Americans will think of when first viewing the Monroe Dollars) grew out of a perception on the part of the president that Spain might attempt to reclaim its colonies in Latin America. Initially, Monroe held back on support for Latin American insurgencies in the belief that Spain would soon cede Florida to the US. By 1821 this had been in all respects accomplished.Late in the year 1823 the president, believing that the independence of Spain’s former colonies was for the most part well established, and wishing to deter Spain from entertaining the thought of reclaiming her former possessions, announced on December 2 in his annual message to the American people that any foreign intervention in the affairs of “American states” (read Latin America) would be regarded as an unfriendly act. Rejecting a British offer to make a similar pronouncement with US support, James Monroe felt it vital that the United States assert its position independently. In consequence, the Monroe Doctrine is viewed as a turning point in the United States’ acknowledgement of its growth and achievement since the Revolutionary War, and its desire to continue unimpeded by overseas influence. Monroe on US CoinageThe Monroe Dollars are not the first US coins honoring the fifth president. A silver half dollar commemorative coin was struck in 1923 in celebration of the centennial of the Monroe Doctrine.Go to Top of Monroe Dollars page… More Presidential Dollars… Go to Home page…
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