Gold and the U.S. Mint

Gold in the US has grown so popular that it is synonymous to US gold mint. The US Mint has been minting gold coins since 1795 when it minted its first gold coins at the Philadelphia Mint.

The $10 Eagle was the main denomination of the mintages; later the $5 Half Eagle and $2.50 Quarter Eagle denominations came were also minted. Until 1840, the Philadelphia Mint was America’s only mint; later mints were set up at Dahlonega, Charlotte, Georgia, New Orleans and North Carolina as gold was discovered in many parts of south US and it was too difficult to transport the mined gold to Philadelphia Mint.

The transportation was fraught with danger as the journey went through desert land; it was also time consuming and costly for such a long journey. Hence, branch mints were opened to accommodate the mintage after the gold was mined. The Dahlonega, Charlotte and New Orleans branches were opened and later closed during the 1861 Civil War. Only New Orleans Mint reopened after the Civil War in 1879 to continue minting until 1909.

When the American gold rush came on in 1849, the San Francisco branch opened. There was so much excitement and gold panning activities when gold was found at Sutter's Mill, California. The years 1848 and 1849 were known as the ‘Gold Rush’ period for America.

When more gold mines opened across California, there was an over supply of gold.

Hence, the U.S. Mint created the Double Eagle and the gold dollar pieces to absorb the excess gold. The $20 Double Eagle measures 34 mm in diameter with 0.9675 oz of gold. This became the world’s largest gold coin. The gold dollar is a small 13 mm in diameter gold coin; it was the US Mint’s smallest minted gold coin.

Another mint branch opened in San Francisco in the year 1854. At first, its primary task was to strike gold coinage; today it does not although it is still operating.

Two more mint branches were set up by the US Mint; that is at Denver, Colorado and Carson City, Nevada to mint gold and other coinage.

Later in 1933, President Franklin Roosevelt ordered all gold coins mintage to cease at all mints; the US stopped minting gold coins that would be circulated.

But the US Mint kick started the American Gold Eagle bullion program in 1986 which made the coin the world’s most popular of all gold bullion coins.