U.S. GOLD COINS

Introducing the Players

America's monetary system grew out of a desire for an array of coins that was orderly, competitive with exist¬ing, international coinage systems, and flexible enough to cover most internal transactions. Several individuals were instrumental in the development of the system and its eventual implementation. America had a choice between using contractors to supply its coins or to make their own. These are the men who decided that a national coinage was a prestigious right of a sovereign nation, and that a national coinage would raise and ce¬ment America's identity among the nations of the world.

The chief architect of the new monetary system was Alexander Hamilton (secretary of the Treasury from 1789 to 1795), who presented a report in 1791 outlining a coinage that included a copper half cent and cent, a silver dime and dollar, and a gold dollar and $ 10 piece. Hamilton's report was the basis for the Mint Act of 1792, which provided for a national mint and expanded denominations. His sharp intellect and keen insight into financial matters led to a system of coins and money that has endured, with only minor changes and additions, for more than two centuries.

Thomas Jefferson was an active participant in the establishment of a U.S. Mint and was one of the first proponents of the adoption of a "dollar" coin in a decimal system. Jefferson argued that the new dollar would be easy to use and would match closely the Spanish 8-reales pieces then in circulation in America. Early on, Jefferson attempted unsuccessfully to hire an engraver for the proposed Mint.

George Washington took a personal interest in the Mint. It was Washington who con¬vinced the first director of the Mint, David Rittenhouse, to take the job. Washington's addresses to the Congress included frequent mention of the Mint and its progress. Shunning monarchial trappings, Washington argued against placing his portrait on any U.S. coins, favoring instead an image "emblematic of liberty."

For those readers interested in further investigation, the authors recommend the following individuals, all of whom made important contributions to the early U.S. Mint:

• David Rittenhouse-first director of the United States Mint. Rittenhouse was a prominent scientist and a personal friend of George Washington's.
George Washington
• The Eckfeldt family-Adam Eckfeldt and his father provided contract services to the first Mint, even before its buildings were constructed. In 1796, Adam became an employee of the Mint, rising eventually to the position of chief coiner. In 1838, the U.S. Mint Cabinet was begun with coins that Eckfeldt had been setting aside for years. Other members of the Eckfeldt family served the Mint in a variety of different positions.
• Henry Voigt (or Voight)—chief coiner from 1792 until his death in 1814.
• Elias Boudinot-Mint director from 1795 to 1805. Earlier he was elected the first president of the Continental Congress.

Courtesy Garrett and Guth: Encyclopedia of U.S. Gold Coins

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