At the time of original publication, the article described the following: Once the Founding Fathers had signed the Declaration of Independence and its immediate aftermath had passed, the new United States faced a difficult responsibility: providing currency for its people. After years of preparation, the government centralized its banking system and, at the article’s original publication, still printed and administered currency.
Currency During the Articles of Confederation
Under the Articles of Confederation, every state minted separate currency. This caused difficulties because no commission set exchange values between states, while states could impose expensive tariffs to increase the value of their own money. The government formed the U.S. Treasury Department in 1789, with Alexander Hamilton and David Rittenhouse leading it. In 1792, Rittenhouse became the Philadelphia Mint’s first director; he and President George Washington both contributed personal funds to the department.
Producing the First CoinsAt the time of original publication, the article described the following:
The Treasury issued denominations from a half-cent, or 1/200 of a dollar, to an eagle worth ten dollars. For context, a dollar then could purchase roughly one week’s rent. The Mint’s early coins included the Chain Cent and half-dime, or half-disme, which legend says came from Martha Washington’s silverware. These old, rare coins were still sought by coin buyers at publication. It was common for some denominations not to be minted for several years.
The U.S. Mint in the Civil War Era
The U.S. Mint grew across the colonies during the 19th century. Philadelphia alone produced copper and silver coins, an advantage for the Union before and during the Civil War. Southern mints made only gold coins, and the Confederate dollar suffered hyperinflation because Philadelphia’s small-denomination coins did not circulate there. Before the war, North and South both began printing paper currency as substitutes for precious metals. The South already lacked enough capacity to buy gold, worsening the Confederacy’s difficulties.
Western Growth in the Gold Rush EraAt the time of original publication, the article described the following:
Discoveries of western silver and gold created a need for a mint that could circulate currency and regulate the Western metals market. Nevada’s Carson City Mint made coins only briefly before closing; rare Carson City pieces attracted intense interest from coin dealers. At the article’s original publication, the Denver Mint remained important to Western currency.
Adding Bullion DepositoriesAt the time of original publication, the article described the following:
As the U.S. Mint required more gold and silver for coin production, the Treasury needed secure storage for bullion, meaning bulk gold or silver. The Mint opened Kentucky’s Fort Knox Bullion Depository in 1936, and it began accepting gold one year later. Shortly afterward, the West Point Bullion Depository opened to store silver bullion, serving that role until 1973, when it began making pennies. At publication, it held official U.S. Mint branch status alongside Denver, Philadelphia, and San Francisco. The Fort Knox United States Bullion Depository was also reported to remain in operation.
When this article was originally published, the coin dealers at Atlanta Gold & Coin Buyers were described as interested in every aspect of U.S. currency and as inviting readers to learn more about their coins’ history. At publication, readers were invited to call 404-236-9744 to schedule an evaluation of a collection.
