“Coin” was the operative term since people had lost faith in paper currency and wanted their money to have tangible value. The new coins were to be made of gold, silver, and copper that represented their face value. The Spanish silver 8-real coin was so common at the time that it was used as the basis for the dollar with one US dollar to contain 24.1 grams of pure silver.
The coins authorized by the Coinage Act of 1792 were:
Silver Coins: One dollar, half dollar, quarter dollar, dime, and half dime
Gold Eagle Coins: Eagle ($10), Half Eagle ($5), and Quarter Eagle ($2.50)
Copper Coins: Cent and half cent
The First US Mint
In 1789, the US capital was Philadelphia, so it made sense that the mint to make those coins would be located there, so on July 18, 1792, Mint Director David Rittenhouse purchased two lots at 7th and Arch Streets to build a three-story mint building.
The first circulating coins (11,178 copper cents) were released by the Philadelphia Mint in March 1793. Silver and gold coins followed over the succeeding months.
Growing Pains
As demand for US coins grew along with the nation, construction of a new Mint facility at Chestnut and Juniper Streets began in 1829. A third, larger location was opened on Spring Garden Street in June 1901 and included original Tiffany glass mosaic murals depicting the history of coinage.
The Philadelphia Mint moved to its current location on Independence Mall in 1969, and the Tiffany mosaics were relocated there in 1971 where they remain on display today.
Come to Philly, Take a Tour
The Philadelphia Mint offers free tours and a gift shop that’s open to the public. Days and hours of operation vary seasonally. You can get complete information on the US Mint website.
Philadelphia Mint Trivia
- The Philadelphia Mint has large Tiffany glass mosaics as part of its décor.
- The first mint had a watchdog instead of armed guards when it opened.
- The Philadelphia Mint had a bald eagle mascot named Peter in the 1830s. He flew around inside during the day and was let out at night.
