As Carter explained, the ceremonial placing of coins at the base of a ship’s mast is a practice that goes back to at least the ancient Romans. It was thought to bring good luck to a ship and her crew, and the Navy adopted the ceremony as part of its traditional shipbuilding practice.
The ancient custom of “stepping the mast,” by placing coins under the step or bottom of a ship’s mast during construction, dates from antiquity. One belief from Greek Mythology is that should the ship be wrecked during passage, the coins would ensure payment of the crew’s wages for their return home. Since at least the construction of USS Constitution, this tradition has been passed on as a symbol of good luck for U.S. Navy ships.