| The New Orleans Branch Mint
In addition to producing
$298,660,707 worth of gold and silver coins during 71 years of
operations, the New Orleans Mint was witness to a fascinating series
of events and has served the nation in more capacities than any
other Mint in American history.
The New Orleans Mint anchors
scenic Esplanade Avenue to the Mississippi River at the edge of the
world-famous French Quarter. It was on this same 1.6-acre plot of
land that General Andrew Jackson inspected his troops prior to the
Battle of New Orleans in 1815. Before the Mint was built, the land
was made into a park named for Jackson. Ironically, it was during
the final year of President Jackson's term in office that the Act of
Congress was passed on March 3, 1835 authorizing the construction of
the New Orleans Mint.
It was also at this same time
that Jacksonian Democracy called for westward expansion beyond the
Mississippi River. President Jackson knew that providing hard
currency to the region would help stimulate that westward growth. At
the same time, he was able to convince Congress that New Orleans was
the single most important port in the entire nation. This helped set
the stage for the construction of the Mint.
William Strickland, a prominent
architect of the period who designed the new United States Capitol
Building and the Philadelphia Mint, designed the handsome Greek
revival structure. The construction was so well done that, 120 years
later, during the Cold War, the Mint was still considered New
Orleans' best fallout shelter. The three-story structure closely
resembles a fortress and was one of the most prestigious buildings
in the entire south following its completion.
In 1838, after a construction
that cost $300,000, the New Orleans Mint began production. During
that year, the Mint was able to produce $440,242 in gold coinage
using gold from Georgia, Tennessee, Alabama, the Carolinas and
foreign sources via the port. The Mint's machinery was powered by
hand until 1845, when steam was introduced. After the massive
discovery of gold in California in 1848, the New Orleans Mint's coin
production increased substantially and, in 1851, the Mint produced
its largest quantity of coinage totaling more than $10,000,000.
By the time Louisiana seceded
from the Union in 1861, the New Orleans Mint had produced a total of
$40,148,740 in gold coinage and $29,764,353 in silver coinage.
Unlike the Charlotte and Dahlonega Branch Mints which were also
taken over by the Confederacy, the New Orleans Mint still had
bullion available to continue minting coinage after the Civil War
began and managed to produce $1,356,136 of coinage during its brief
tenure under the Confederacy. Because New Orleans fell to the Union
Army in 1862, the Mint was only in Confederate hands for about a
year. During the rest of the war, the facility produced no coinage,
but served as headquarters in New Orleans for Union forces.
The New Orleans Mint holds the
distinction of being the only southern branch mint to have survived
the Civil War. Both the Charlotte and Dahlonega Mints ceased coinage
production in 1861 and were never reopened for the purpose of
minting coins. The New Orleans Mint reopened following the period of
Reconstruction in 1878 and produced coinage for three more decades.
By 1909, the Philadelphia, San Francisco, and Denver Mints rendered
the New Orleans Mint obsolete. After a total production of just
under $300 million in gold and silver coinage, the New Orleans Mint
struck its last coin. The facility served as a U.S. Assayer's Office
until 1932, when it became a Federal prison, a purpose which it
served until 1943. During the rest of World War II, the U.S. Coast
Guard took over the building.
When World War II ended, the Mint
was abandoned, but remained under the authority of the Coast Guard
as a storage facility. Over the next 20 years, the building fell
into a state of decay, deterioration and disrepair. In 1965, the
State of Louisiana took over the building at no cost, subject to the
condition that it be renovated and restored within 10 years. Today
the Mint serves as an historical landmark and museum and welcomes
thousands of visitors from around the world each year.
The New Orleans Branch Mint was
the only Southern Branch Mint to mint each of the six denominations
of U.S. gold coinage: $1, $2.50, $3, $5, $10, and $20. The first
gold coins to be struck were $2.50 Quarter Eagles in 1839. $5 Half
Eagles were first struck in 1840, followed by $10 Eagles in 1841,
Gold Dollars in 1849, $20 Double Eagles in 1850, and $3 Gold Pieces
in 1854. During its entire lifetime, the Mint struck 51 separate
issues of gold coins.
In analyzing the mintage data
below, you will notice that they reflect the much longer mintage run
of the New Orleans Mint due to its operations after the Civil War
and Reconstruction. Also apparent is the fact that the very earliest
mintages were small, mainly due to the hand-powered coinage
machinery in use until 1845.
Pre-Civil War New Orleans Mint
Gold is particularly sought after by investors and collectors today
due to its relatively low survival rates and low original mintages.
An interesting oddity are coins dated 1861. During the first half of
1861, the Mint produced $20 Double Eagles under the authority of the
U.S. government. During the remainder of 1861, the Mint continued to
produce such coins under the government of Louisiana and the
Confederacy. Unfortunately, all of these coins were struck using the
same dies, thus there is no way to tell which coins were struck for
which government! |