A Brief History of U.S. Gold Coins.

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GC US Gold Type Set3 300x209 A Brief History of U.S. Gold Coins.

US Gold Type Set obverse

The United States of America had minted Gold Coins for circulation from 1795 through 1933.  During those 138 years the US mints have struck several denominations: $1 (1849-1889), $2.50 or quarter eagle (1798-1929), $3.00 (1854-1889), $4.00 or “Stella” are pattern coins (1879-1880), $5.00 or half eagle (1795-1929), $10 or eagle (1795-1933), and the $20 or double eagle (1850-1933).

The United States Congress passed the Bullion Coin Act of 1985 and the US mint has been striking American Eagle Gold Bullion Coins since 1986.  These are 22 karat gold consisting of; 91.67% gold, 3.0% silver, and 5.33% copper, with an obverse based on Augustus Saint-Gaudens’ double eagle design.  The reverse has an eagle landing in a nest which has another eagle and eaglet.

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The American Gold Eagle comes in four different sizes.  The $50 one troy ounce weighs 1.0909 troy ounces, 1.287 inches in diameter, and 0.113 inches thick.  The $25 one-half ounce weighs 0.5455 troy ounces, 1.063 inches in diameter, and 0.085 inches thick.  The $10 one-quarter ounce is .2727 troy ounces, 0.866 inches in diameter, and 0.070 inches thick.  The $5 one-tenth ounce weighs 0.1091 troy ounces, 0.650 inches in diameter, and 0.049 inches thick.

GC US Gold Type Set. reverse1 300x213 A Brief History of U.S. Gold Coins.

US Gold Type Set. reverse

US Gold Coin history slowly unfurled as the new nation emerged from its revolution and into its own.  There were a wide variety of coins used throughout the thirteen colonies at the time.  Information on the silver coins can be found at: www.silvercoins.ag

Some of the gold coins that were circulating in the new United States were from England, France, Spain, and Portugal.  In order to establish the US as an independent nation Thomas Jefferson prepared a report that he submitted to the Continental Congress.  A comillimetersittee report from May 13, 1785 mentions a consenting agreement with one change, that Jefferson’s proposed a $10 US Gold Coin would be replaced with a $5 gold coin.  In July of 1785 the Continental Congress approved Jefferson’s altered plan, however the weight for the approved silver dollar was not included nor was a mint location established.

The US currency efforts fell to the wayside until Alexander Hamilton was appointed head of the new United States Treasury Department on April 2, 1792.  Hamilton proposed: ten dollar, five dollar, and two and a half dollar gold coins, along with silver; one dollar, half dollar, quarter dollar, dime (disme), and half dime along with copper; cent and half-cent (see

www.silvercoins.ag/early-silver-half-dimes/ for more information).

Hamilton also suggested calling the ten dollar gold coin an “eagle”, and subsequently the five dollar gold coin “half eagle”, and the two and a half dollar gold coin a “quarter eagle”.

In 1795 the first US Gold Coins were minted.  There were 5,583 eagle gold coins and 8,707 half eagle gold coins struck.  It was not until 1796 that 1,395 of the “quarter eagle” US Gold Coin were first struck. These early US Gold Coins’ gold content is 91.7%, with the 8.3% a blend of copper and silver, which makes these early United States gold coins 22 karat gold.

In 1834 a new gold composition was introduced; 90% silver and 10% copper.  In 1838 three new mints were opened in the South to strike the gold that had been found in the South Eastern parts of the Appalachian Mountains.  These gold finds in the 1820’s and 1830’s was the United States first gold rush.  In 1831 he US opened mints in Charlotte, NC and Dahlonega, GA during.  Both of which only struck gold coins, and they used “C” and “D” respectively as their mint marks.

At the onset of the American Civil War, in 1861, both of the mints in Charlotte and Dahlonega were overrun by the Confederates and used by the South for their own coins.  After the Union’s victory these two mints were closed permanently.  A US mint was also opened in New Orleans, LA which used an “O” for its mint mark.  The New Orleans mint was also over run in 1861.  After the Civil War and following the Reconstruction the New Orleans mint was reopened in 1879 and minted coins until it was closed in 1909.

The one and three dollar gold coins were designed and struck during these years in order to make the gold from the Gold Rushes' more usable by the general populous.  The $20 double eagle gold coin was also introduced.  The San Francisco mint was opened in 1854 to strike the gold from the Californian Gold Rush into coins.

GC US 1875 CC double eagle4 300x138 A Brief History of U.S. Gold Coins.

1875 CC $20 "Double Eagle"

The large silver strike in Nevada, known as the Comstock Load, made the US mint anxious to open a convenient mint nearby.  A US mint was built and opened during 1870 in Carson City, NV and used “CC” for its mint mark.  The Carson City mint also struck gold coins.  It was closed in 1893.  During the Pikes Peak Gold Rush Clark, Gruber and Company started refining and casting the miners’ gold finds.  In 1863 the United States Treasury bought them out and acquired their facility in Denver, CO.  The Denver facility was used to melt, assaying, and stamping the cast bars.  The Denver mint did not strike any coins until February 1, 1906 and used “D” as a mint mark.

In 1929 the United States New York Stock Exchange tanked big time.  This coupled with several other circumstances sent the US economy into a massive depression.  There had been a heavy run on the banks across the country.  All of these events forced President Franklin Delano Roosevelt to order all the banks to deposit all of their gold holdings to the Federal Reserve Banks early in 1933.  Later that year FDR had the Federal Reserve Bank to transfer all its gold over to the Treasury.  Early in 1934 the US Treasury bought all the gold held by the United States citizens.  The United States has not struck circulating Gold coins since then.

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