Philadelphia Mint
From Wikipedia, the free encyclopedia
The Philadelphia Mint was created from the need to establish a national identity and the needs of commerce. This led America's founding fathers to make an establishment of a continental national mint a main priority after the ratification of the Constitution.
The Mint Act of 1792 was entered into law on April 2. Within, it proclaimed the creation of the United States Mint. Philadelphia at that time was the nation's capitol; therefore the first mint facility was to be built there. The Mint Act also instituted a decimal system based on a dollar unit; specified weights, metallic composition and fineness; and required each United States coin feature "an impression emblematic of liberty".
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[edit] Starting from Scratch
David Rittenhouse, a leading American scientist, was appointed the first Director of the Mint by President Washington. Two lots were purchased by Rittenhouse on July 18, 1792, at Seventh Street and 631 Filbert Street in Philadelphia for $4,266.67. The very next day demolition of an abandoned whiskey distillery on the property began. Foundation work began on July 31, and by September 7, the first building was ready for installation of the smelting furnace. The smelt house has gained the honors of being the very first public building erected by the United States government.
A three-story brick structure facing Seventh Street was constructed a few months later. Being the tallest and most visible structure of the mint the words "Ye Olde Mint" were painted on. Measuring nearly 37 feet wide on the street, it only extended back 33 feet. The gold and silver for the mint was contained in basement vaults. The first floor housed deposit and weighing rooms, along with the press room, where striking coins took place. Mint official offices were on the second floor, and the assay office was located on the third floor.
Between the smelt house and "Ye Olde Mint" a mill house was built. Horses in the basement turned a rolling mill located on the first floor.
January 1816 saw the destruction of the smelt and mill houses from a fire. The smelt house was never repaired and all smelting was done elsewhere. The mill house, which was completely destroyed, was soon replaced with a large brick building. It included a new steam engine in the basement to power the machinery above.
Until 1833, these three buildings dutifully provided America with spendable hard currency to undertake the exploration and growth of a nation. Operations moved to the second Philadelphia mint in 1833 and the land housing the first mint was sold. In the late 19th or early 20th century, the property was sold to Frank Stewart, who approached the city asking them to preserve or relocate the historic buildings. With no governmental help "Ye Olde Mint" was demolished between 1907 and 1911. A small plaque now is the only thing memorializing the spot upon which the largest economy to date was conceived.
[edit] Supply and Demand
On July 4, 1829, a cornerstone was laid at the intersection of Chestnut and Juniper. The second Philadelphia Mint, the "Grecian Temple", was constructed of white marble with classic Greek style columns on front and back. Measuring 150 feet wide in front by 204 feet deep, it was a huge improvement over the first facility, in space as well as image. Opening for business in January 1833, its production was constrained by the outdated machinery salvaged from "Ye Olde Mint". Franklin Peale was sent to Europe to study advanced coin making technologies which were brought back and implemented, increasing productivity and quality.
The second Philadelphia mint pounded out coins through the civil war, three presidential assassinations, growth from sea to sea, the telegraph and telephone, and the incandescent light bulb. The nation exploded from 13 million people to 76 million by 1900, and demand soon outpaced production. In 1901, the third Philadelphia Mint was to begin coining operations. Sold in 1902, the second mint was quickly demolished. The cornerstone buried in 1833 was unearthed and contained a candy jar with a petrified cork stoppering it. Inside, three coins, a couple of newspapers, and a scroll with information on the first mint and the creation of the second.
The third Philadelphia Mint was built on Spring Garden Ave. and opened in 1901. A massive structure nearly a full city block, it was an instant landmark. Characterized by a Roman temple facade, visitors were to marvel at seven themed glass mosaics designed by Louis C. Tiffany in a gold backed vaulted ceiling. The mosaics depicted ancient Roman coin making methods. The first powered flight at Kitty Hawk occurred two years after production started. By 1969, when the third Philadelphia mint closed its doors, man had walked on the moon. This mint still stands intact with much of the interior as well, serving as the home of the Philadelphia Community College.
[edit] Modernizing
A mere two blocks from the site of "Ye Olde Mint", the fourth and current Philadelphia Mint opened its doors in 1969. What it lacks in character from its predecessors, it makes up for in security and production. Today's mint can coin one million coins in thirty minutes, compared to the first three years for "Ye Olde Mint". This mint also produces medals and awards for military, governmental and civil services. Engraving of all dies and strikers only occurs here. Uncirculated coins minted here have the "P" mintmark, while circulated coins from before 1980 carried no mint mark except the Jefferson nickels minted from 1942 - 1945. Since 1980, all coins minted there have the "P" mintmark.
Tours can be taken where all stages of minting are explained, along with displays of past equipment.
