History of American Coinage: Did You Know?

Have you ever been curious about the various events that lead to the creation of American coins? In today’s episode of U.S. Money Reserve's “Did You Know?” we follow the 200-year timeline of American Coinage from the first coins ever minted to the famous, modern Gold American Eagle.

History of American Coinage: Did You Know? – Video Transcription

Narrator:               00:05

With the coinage act of 1792 the United States created the dollar as the country's standard monetary unit, establishing the first mint building in Philadelphia. The act also regulated the coinage of the United States specifying coinage made from copper, silver, and gold. In March of 1793 the U S mint delivered its first circulating coins, 11,178 copper cents. In 1795 the mint became the first federal agency to employ women in the early 1800's America experienced its first two gold rushes. In 1835 Congress passed legislation to establish three new branch mints located in Charlotte, North Carolina, Dahlonega, Georgia, and New Orleans, Louisiana. In 1849 the California gold rush brought a flood of people, west for the opportunity to strike it rich. In 1854 a branch mint opened in San Francisco to convert the miner's gold into coins. In 1862 Congress approved a branch mint in Denver and bought the building of Clark Gruber and Company a private mint.

Narrator:               01:13

In 1906 it began producing its first gold and silver coins. In 1933 Franklin D Roosevelt signed executive order 6102 recalling all but a small amount of gold coins, gold bullion and gold certificates from anyone who owned them. Executive order 6102 also led to the extreme rarity of the 1933 double Eagle gold coin as the order caused all gold coin production to cease and all 1933 minted coins to be destroyed. About 20 of these coins were stolen leading to a standing United States secret service warrant for arrest and confiscation of the coin. A surviving coin sold for over $7.5 million in 2002 making it one of the most valuable coins in the world. Not long after president Nixon closed the gold window and officially turned the U S dollar into a complete fiat currency. A movement was organized to resend the gold reserve back of 1934 thereby legalizing gold for private ownership after gold became legal in the United States, literally millions of coins sent out of the country in the 1930s came flooding back in.

Narrator:               02:29

In 1985 president Ronald Reagan reinstated the production of U S gold coinage. He also supported returning the United States to some sort of gold standard and successfully urged Congress to establish the U S gold commission to study how one could be implemented. The gold bullion act of 1985 authorized the Gold American Eagle quickly becoming one of the world's leading gold bullion coins. Produced from gold minded the United States Gold American Eagles are imprinted with their gold content and legal tender face value. The act was passed by the United States Congress and was signed by at Ronald Reagan on December 17th, 1985. One requirement is that all gold used in minting. The coins would be from newly mined domestic sources. Truly making the Gold American Eagle and American made coin call the number below, or click on the link in the description to learn more about the value of gold and other precious metals