Marshalls Gold,1
The History Of U.S. Gold Coins
Twelve years after the U.S. declared independence from Great Britain ending the Revolutionary War, the first U.S. gold coins were minted in 1795. The U.S. Mint in Philadelphia was established just a few years prior in 1792. President George Washington appointed David Rittenhouse as the 1st Director of the U.S. Mint, and under Rittenhouse was the 1st engraver of the U.S. Mint, Robert Scot, who served as chief engraver from 1793 until 1823.
The first gold coins ever struck at the U.S. Mint and engraved by Robert Scot were Eagles and Half Eagles, in $10 and $5 denominations. These coins were also known as ‘Draped Bust’, for the design on the obverse side of the coin. The $2.5 Quarter Eagles ‘Draped Bust’ followed in 1796. Draped Bust gold coins minted between 1795 and 1807 were produced in limited numbers. The first U.S. gold coins ever minted are quite rare, and unfortunately many of these gold coins were exported to other countries throughout Europe and melted down when the coin purity exceeded the face value.
Following the Draped Bust gold coins was the production of the Caped Bust gold coins which were introduced in 1807. The first Caped Bust was introduced in the $5 denomination. These coins saw very limited mintage much like its predecessor, however, thousands more were produced and saw much more circulation than the Draped Bust. In 1908, the $2.5 denomination was minted, and both denominations were produced every year until mintage of the Caped Bust coins was discontinued forever in 1838.
1848 marked one of the most historical years in U.S. history with the start of the California Gold Rush. It was initiated by James W. Marshall at Sutter’s Mills, California, when gold was discovered by a colleague of Marshall’s discovered gold at the mill accidently. The news quickly spread across the country and overseas, bringing 300,000 people to California from both the Eastern states as well as from other countries to pan for gold.
With the U.S. gold supply greatly increasing from California, the U.S. Mint established a branch in San Francisco. From 1838 until 1908, the $5 Liberty Head gold coin was produced and had the longest mintage run of any U.S. gold coin to date. The $10 Liberty Head and $2.5 Liberty Head gold coins were both minted for nearly the same amount of time, with mintage discontinued in 1907. Several other gold coins were minted between 1840 and 1900, including the Three-dollar gold coin, the $4 Stella gold coin (both in very limited mintage), the Gold Dollar.
The $20 Saint Gaudens gold coin was originally minted in 1907, and was the first time a sculptor, Augustus Saint-Gaudens, was hired outside of the U.S. Mint to design a gold coin. Along with the Saint Gaudens, the Indian Head gold coins were minted during the same period in $2.5 (1908-1929), $5 (1908-1929), & $10 (1907-1933) denominations. Mintage of the Saint Gaudens lasted until 1933 when Executive Order 6102 was executed and the gold confiscation act began forbidding the hoarding of gold by U.S. citizens.
Pre-1933 gold coins are considered very rare, and it is estimated that only 1% of these rare coins survived the gold confiscation act of 1933 in which most coins were melted down. Today, the surviving pre-1933 gold coins are considered the most prudent part of a portfolio, whether considering buying gold as an investment or adding it to a collection. Gold was illegal to own in the United States until 1974. Since then, the U.S. mint has been producing gold bullion coins, such as the American Eagle which was first minted in 1986 and the Gold Buffalo coin, minted in 2006 which was the first 24 karat gold bullion coin produced by the U.S. Mint.
Part 1: Whitesnake’s Doug Aldrich Demos Marshall’s New MG Amps at NAMM 2009
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