THE EARLY GOLD COINAGE, 1795–1807

WITH THE ARRIVAL of the American Revolution in the summer of 1776 there was not all that much coined money in what is now the United States. There was some silver, mostly Spanish from mints such as Mexico City and Potosí, but virtually no gold. What little gold did arrive in the Colonies came from the ships trading with the Spanish possessions in the Americas.

The gold that did come to our shores usually left nearly as quickly. Merchants advertised in the newspapers to buy gold coins, usually with silver, and the coins thus gathered up were sent to Britain and the Continent to pay for luxury goods wanted by the wealthier colonists.

During the Revolutionary War the French Government sent gold and silver to the Continental Congress so that the army under General Washington would get some of its needed supplies. The monies so obtained were usually exported to foreign sources for these war materiels, however.

As early as 1778 the Confederation Government discussed creating a system of coinage but there was no real money with which to fund a mint. There was plenty of Continental paper money but its value fell almost on a daily basis and this inflated currency was of no value in such matters. During the 1780s, after peace was declared, fresh efforts were made in the Confederation to establish a mint but the lack of ready