Then, approximately 2,000 half dismes were minted in the cellar of John Harper, a New Jersey sawmaker who had premises at the corner of Sixth and Cherry Streets in Philadelphia. According to a letter acquired by researcher Walter Breen, George Washington has deposited one hundred dollars in bullion toward the manufacture of silver coins sometime during the summer of 1792. In keeping with the intense tempo, the framework for the mint was erected by dusk that same day.Įven before ground had broken, a large quantity of silver coins had, apparently, been struck. Rittenhouse laid the cornerstone for the new mint building on July 31st, 1792 amidst much excitement. On July 1st, noted American scientist David Rittenhouse was appointed director of the United States Mint. The two structures on the site at the time were immediately removed to make way for the new building. The government purchased a lot for construction between Market and Arch streets in Philadelphia. Once the Act was signed into law, Congress worked at a feverish pace to establish the new facility. While the first draft of the Act stipulated that all coins would employ a portrait of the president on the obverse, the final version called for an image emblematic of liberty. Essentially, it provided the basic framework on which all subsequent production was based, even though many of the specifics were modified. Many policies, in fact, remain untouched. Although some of the provisos were adjusted as time went by, the majority of the rules specified in this Act remained in effect for many decades. This revolutionary piece of legislation set forth crucial regulations for a United States mint and what it was to produce. In addition, Hamilton suggested that the ten-dollar coin be named the eagle, because as he put it, "nothing else occurred."Ī major step was taken two years later with the Mint Act of April 2, 1792. Many believe this was the inspiration for the half cent. Interestingly, he felt that if coins of small value were minted, merchants would sell items in small portions for the poor. In addition to gold and silver, he strongly advocated copper pieces, as well. Hamilton submitted a report on July 20th of that year, where he made numerous suggestions regarding the composition and denominations. In 1790, Alexander Hamilton was assigned the task of establishing a mint and creating a set of guidelines for America's coins. The only action taken was the approval of the dollar as the official currency unit in 1785. However, no official plans for the United States mint came to fruition, despite the urging of Morris and other politicians. In response to this, several 1783 Nova Constellatio patterns were struck. A month later, Morris also submitted a proposal for an official government mint. In a report to Congress dated January 15th, 1782, Superintendent of Finance Robert Morris proposed that a national coinage be established. The coinage of 1792 actually had its beginnings a full decade earlier. The silver center cent, fusible alloy cent, Birch cent, half disme, disme, and quarter dollar are all the predecessors of our modern-day coins. Although today's currency may not bear resemblance to the crude and simple 1792 patterns, they are nevertheless direct descendants. It was the Mint Act of 1792 that spawned the coins we currently use. The patterns of 1792 represent the founding fathers' efforts at devising a monetary system that was useful, efficient, and also beautiful. This, too, represented a landmark event in the history of this nation that has forever affected American commerce. It was also during this era when Congress authorized the first United States Mint and coinage. Simply put, this was a time when many of the important aspects which define our country were developed. Alexander Hamilton's forward-thinking economic policies were put into place in 1791. The two-party political system began to form in the early 1790s. For example, the Bill of Rights was appended to the constitution in 1790. Indeed, many important conventions of our government system had not been created until this time. Although the basic framework of the nation had been laid, the country remained in a formative stage. In the early 1790s, the United States was still in its infancy. First Place Winner PCGS Essay Contest 2000.
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