Illustrated history of the United States mint / with a complete description of American coinage, from the earliest period to the present time

by Unknown

THE PHILADELPHIA MINT.

THE FIRST MINT IN THE UNITED STATES, ERECTED IN 1792.

The popular estimation in which the Mint is held in the United States, is, for obvious reasons, more distinctively marked than that entertained for other public institutions. Its position, in a financial point of view, is so important, its use so apparent, and its integrity of management so generally conceded, that it enjoys a pre-eminence and dignity beyond that accorded to general governmental departments. Party mutations usually effect changes in its directorship, with but slight interference, however, with the other officials, as those of attainments, skill, and long experience in the professional branches, required to intelligently perform the various duties assigned, are few in all countries. Those occupying positions are chosen for their proficiency in the various departments, their characters being always above question. The confidence reposed in the officials of the United States Mint has never been violated, as, for nearly a century of its operations, no shadow of suspicion has marred the fair name of any identified with its history.

The need of a mint in the Colonies was keenly felt to be a serious grievance against England for years before the Revolution, and as soon as practicable after the establishment of Independence, the United States Mint was authorized by an Act of Congress—April 2, 1792.

A lot of ground was purchased on Seventh Street near Arch, and appropriations were made for erecting the requisite buildings. An old still-house, which stood on the lot, had first to be removed. In an account book of that time we find an entry on the 31st of July, 1792, of the sale of some old materials of the still-house for seven shillings and sixpence, which “Mr. Rittenhouse directed should be laid out for punch in laying the foundation stone.”[7]

The first building erected in the United States for public use, under the authority of the Federal Government, was a structure for the United States Mint. This was a plain brick edifice, on the east side of Seventh street, near Arch, the corner-stone of which was laid by David Rittenhouse, Director of the Mint, on July 31, 1792. In the following October operations of coining commenced. It was occupied for about forty years. On the 19th of May, 1829, an Act was passed by Congress locating the United States Mint on its present site.

The first coinage of the United States, was silver half-dimes in October, 1792, of which Washington makes mention in his address to Congress, on November 6, 1792, as follows; “There has been a small beginning in the coinage of half-dimes; the want of small coins in circulation, calling the first attention to them.” The first metal purchased for coinage was six pounds of old copper at one shilling and three pence per pound, which was coined and delivered to the Treasurer, in 1793. The first deposit of silver bullion was made on July 18, 1794, by the Bank of Maryland. It consisted of “coins of France,” amounting to $80,715.73½. The first returns of silver coins to the Treasurer, was made on October 15, 1794. The first deposit of gold bullion for coinage, was made by Moses Brown, merchant, of Boston, on February 12, 1795; it was of gold ingots, worth $2,276.72, which was paid for in silver coins.

The first return of gold coinage, was on July 31, 1795, and consisted of 744 half eagles. The first delivery of eagles was in September 22, same year, and consisted of four hundred pieces.

Previous to the coinage of silver dollars, at the Philadelphia Mint, in 1794, the following amusing incidents occurred in Congress, while the emblems and devices proposed for the reverse field of that coin were being discussed.

A member of the House from the South bitterly opposed the choice of the eagle, on the ground of its being the “king of birds,” and hence neither proper nor suitable to represent a nation whose institutions and interests were wholly inimical to monarchical forms of government. Judge Thatcher playfully, in reply, suggested that perhaps a goose might suit the gentleman, as it was a rather humble and republican bird, and would also be serviceable in other respects, as the goslings would answer to place upon the dimes. This answer created considerable merriment, and the irate Southerner, conceiving the humorous rejoinder as an insult, sent a challenge to the Judge, who promptly declined it. The bearer, rather astonished, asked, “Will you be branded as a coward?” “Certainly, if he pleases,” replied Thatcher; “I always was one and he knew it, or he would never have risked a challenge.” The affair occasioned much mirth, and, in due time, former existing cordial relations were restored between the parties; the irritable Southerner concluding there was nothing to be gained in fighting with one who fired nothing but jokes.