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May 19, 2017, by admin, category Weight Loss

The history of gold coins in the United States

The first U.S. gold coins were made in 1795 and those first gold coins are all quite rare. Many were exported to other countries or melted down when their metal value exceeded their face value. Prior to the 1830s, gold was scarce in the United States, so most of the first gold coins were made for private individuals or banks who took their raw gold to the U.S. Mint where it was converted into coin form.

Many Americans believe the first big gold discoveries in the United States were made during the California Gold Rush that began in 1848. However, the first significant discoveries actually occurred in North Carolina and Georgia, which yielded a beautiful, greenish-yellow gold. Enough gold was found in the 1830s in the southeastern United States to support private mints and America’s first two branch mints at Dahlonega, Georgia, and Charlotte, North Carolina. As a result, mintages of gold coins increased dramatically after 1834, and the general public finally had a chance to see and use gold coins on a regular basis.

In 1848, James Marshall discovered gold in the area around Sacramento, California, touching off the famous California Gold Rush that brought riches to the United States — and thousands of emigrants to California. With huge quantities of gold ready to be made into coins, the U.S. Mint added two new denominations — the gold dollar and the large, heavy $ 20 gold piece (Double Eagle).

Production of gold coins continued until 1933, when President Franklin Roosevelt was forced to respond to the Great Depression by impounding all the gold inside the country, effectively outlawing the ownership of all non-numismatic gold coins. Many of the older-date coins were recalled and melted down, turning some oncecommon coins into great rarities. Roosevelt was not pleased with what he had to do as president; after all, he was a coin collector himself.

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