Before 1792, there was no national monetary system in the United States. All circulated coins were a variety of foreign currency and state-issued coins. After years of attempts, Congress took the first step at creating an official currency by establishing a national mint. Philadelphia, the nation’s capital from 1790 to 1800, was selected as the location for the United States Mint. Now a branch of many in the U.S. Mint, the Philadelphia Mint is still running after over 200 years.
Along with producing millions of coins, the mint doubles as a historical tourist attraction, offering public tours where visitors can see the minting process up close and be guided through its fascinating history. The long, complicated history of the Philadelphia Mint is integral to how our coin currency became what it is today.
The Many Locations of the Philadelphia Mint
The First Building
The “Ye Olde Mint,” as it was once known, opened in September 1792. This initial location was also the first federal building ever erected by the United States government. The site was formerly an abandoned whiskey distillery that the director of the mint, David Rittenhouse, demolished in July 1792. A few months later, the smelt house had a companion next door: a three-story building with basement vaults, deposit, and weighing rooms, a press room, mint official offices, and an assay office. A third building was later added between the two as a mill house where horses in the basement powered the first-floor mill.
Unfortunately, the smelt and mill houses were destroyed by a devastating fire in January 1816 and never repaired. The smelting house was rebuilt in a different location, and the millhouse was replaced by a new building that upgraded the horses to steam engines.
Due to the long, laborious process of manufacturing coins using horses and manpower, the Philadelphia Mint could not easily meet the increasing demand for currency in its early years. A new and improved location was needed, and the first mint’s land was sold in 1833. The second picture above, taken in 1908, shows the abandoned building. Between then and 1911, the building was demolished, and a small plaque commemorating its historical significance remains in its place.
The Second Building
In 1833, a second, more prominent location designed by William Strickland was built to increase production. While the new location was more spacious, it still struggled to keep up with production due to the now outdated technology. An officer named Franklin Peale was instructed to visit the European mints and learn their techniques to improve American processes. He returned with a design for the first steam-powered coinage press in 1836, significantly increasing the minting process’s speed, quality, and quantity.
The new improvements to the mint came at the perfect time. During the mid-1800s, the gold rushes in North Carolina, Georgia, and California created a newfound supply and even higher demand for gold, which led to coin shortages. To mitigate the shortage, the Philadelphia Mint created new denominations of coins:
The new additions to the circulation didn’t entirely solve the problem of everyone wanting their hands on gold. The U.S. Mint decided to open more branches nationwide to assist with transportation length and costs, increase production, and expand the U.S. as a global power in the precious metals industry. However, none of these facilities match the prestige and volume of the once “Ye Olde Mint.”
As the end of the 19th century approached, this time for the Philadelphia Mint was so successful that the mint even started producing coins for other countries: Cuba, Panama, the Philippines, and more.
The Third Building
After nearly 70 years of unprecedented growth, the Philadelphia Mint was upgraded with a third location on Spring Garden Street in 1901. Even larger than the last location, the building took up almost an entire city block. The gargantuan structure was designed by William Martin Aiken, the Architect of the Treasury at the time, and constructed by James Knox Taylor, the Supervising Architect of the Treasury. Louis C. Tiffany designed seven stunning glass mosaics depicting Roman coin-making to adorn the walls of this Roman-inspired building.
In its first year, the newest mint produced 501 million coins, quickly becoming one of the world’s most efficient and revered coin minting facilities. Its resounding success was integral to the booming economy for over 30 years.
In 1933, the gold standard was abandoned, and the mint stopped producing circulated gold coins. With World War II starting in 1939, the Philadelphia Mint contributed to the effort by creating coins using reduced amounts of nickel and copper so that the military could have plenty of each metal to manufacture arms and ammunition. These unique coins continued to circulate until the war’s end in 1964.
At the end of 1964, the mint stopped circulating silver coins as the silver standard was abandoned. Due to this, the silver certificates created using paper money could no longer be used for their silver value and became collector’s items.
For 68 years, the third Philadelphia Mint served the U.S. Mint well, but its impressive volume was overtaken by outdated equipment and processes. It was time to move to a new location once again.
Today, the building is part of the Community College of Philadelphia and has a gallery dedicated to its history.
The Fourth Building
The fourth and current building of the Philadelphia Mint opened in 1969. It is located at 151 N. Independence Mall, only two blocks from the site of the first mint. Vincent G. Kling designed this new building, and the iconic Tiffany glass mosaics in the third building were installed at this location in 1971. Until October 2017, this location was the largest mint in the world.
Starting in 1980, all coins minted in Philadelphia bear a “P” mint mark on the obverse. Previously, only Jefferson nickels and Susan B. Anthony coins bore the distinction. Some collectors focusing on Philadelphia-made coins search endlessly for these pre-mint mark coins, which can be valuable.
The Philadelphia Mint Today
Known for its continued dedication to superior quality and efficient processes, the modern mint can produce 1.8 million coins in an hour and 32 million coins daily. This location is the only place in the country where the dies and strikers are engraved.
The Philadelphia Mint also produces a variety of medals and awards for the government and has a team of medallic artists who design many of the coins and medals.
Tours of the current mint are available to the public. They showcase 360-degree views of the processes and a unique look at the mint behind the scenes. Many numismatists enjoy visiting the mint for its fascinating history and the opportunity to see the coins created up close.
With its long, tumultuous history of over 230 years, it’s no wonder that the Philadelphia Mint is regarded as the “mother mint” for all coins created in the United States. Coins bearing the Philadelphia mint mark are automatically more valuable and sought-after than the others because numismatics know just how prestigious the minting process is at the current location. Enthusiasts can even buy a set of coins minted from the Philadelphia Mint as a collector’s piece.
