Ye Olde Mint: Being a brief description of the first U.S. Mint, established by Congress in the year 1792, at Seventh Street and Sugar Alley (now Filbert Street) PhiladelphiaStewart, Frank H.
History
Ye Olde Mint: Being a brief description of the first U.S. Mint, established by Congress in the year 1792, at Seventh Street and Sugar Alley (now Filbert Street) Philadelphia
Stewart, Frank H.
37-39 North Seventh Street (Philadelphia, Pa.); Historic buildings -- Pennsylvania -- Philadelphia; Mints -- United States -- History; Old United States Mint (Philadelphia, Pa.); Philadelphia (Pa.) -- Buildings, structures, etc.
The Continental Congress, January 7, 1782, instructed Robert Morris,
the financier of the Revolution, to prepare and report a table of
rates at which the different species of foreign coins most likely to
circulate within the United States should be received at the treasury.
On January 15th, the week following, he made a lengthy report regarding
the different names and values of coins then in use and the necessity
of a legal tender. He stated that the necessary machinery for a mint
could easily be made and that the advantage of possessing legal money in
preference to any other would induce people to carry foreign money to the
mint until a sufficiency were struck for the circulating medium, and the
remainder of foreign gold and silver coins should be left entirely to the
operations of commerce as bullion.
On April 14, 1790, Thomas Jefferson reported to the House of
Representatives, advising the declination of the proposition of John
H. Mitchell regarding his offer to furnish coins from Europe at a
fixed price per pound for copper coins. His objections were that
the opportunity of recoinage of coins would be lost, and that in
transportation across the ocean it would be subject to the dangers of the
sea, acts of piracy, and, in times of war, would offer the sinews of war
to the enterprise of the enemy, and further, that the resource of coining
household plate would be lost. The risk of counterfeiting was also noted.
Alexander Hamilton, Secretary of the Treasury, on January 28, 1791, as
a result of instructions on the part of the House of Representatives on
April 15, 1790, sent a lengthy communication to it on “The Establishment
of a Mint.” This communication was evidently the basis for the act of
Congress, dated April 2, 1792, establishing the mint and regulating the
coins of the United States.
The mint was to be situated at the seat of government, then Philadelphia,
and the President, in addition to the authority given him under the Act
of March 3, 1791, was authorized to cause to be provided and put in
proper condition such buildings as appeared to him to be necessary for
carrying on the business of the mint.
The Act of March 3, 1791, approved by President Washington, authorized
the establishment of a mint under such regulations as should be directed
by law. This Act authorized him to cause to be engaged artists and the
procurement of the necessary apparatus.
On December 30, 1793, Jefferson wrote the President regarding artists. He
mentioned that a certain Drotz had been hired, but, after considerable
delay, refused to come to America, and that our minister at London had
succeeded in getting Mr. Albion Coxe, who was probably the person of that
name who had the right to make copper coins for the State of New Jersey
in 1786, to accept the position as assayer. Inasmuch as it was impossible
to secure abroad a chief coiner of greater ability than at home, Mr.
Henry Voight, who was temporarily in the position, was favorably
mentioned.
Public-domain text, read in full here on John Shaqi.
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