Historic Markers Across Georgia



First Private Mint Templeton Reid Mint 1830-1831



Marker ID: HCHS 2
Location: at the Town Square (Spring and Main St) in Gainesville, GA
County: Hall
Coordinates: N 34° 17.963    W 083° 49.624
  34.29938333    -83.82706666
Style: Free Standing **
Waymark: WM3YAX
First Private Mint Templeton Reid Mint 1830-1831  Marker  



Text:

Two hundred yards west, on the north side of Washington Street is the site of the first private mint in the United States to manufacture gold coins in dollar values. During the Georgia gold rush, trade suffered due to a shortage of sound money. There were few coins in circulation and most business was by barter. Templeton Reid (ca. 1787-1851), Milledgeville silversmith and expert machinist, saw an answer to the problem. He decided to buy raw gold, refine it and stamp coins of proven value, acceptable in any transaction. In 1830 he came to Gainesville, Georgia and opened an assay office. With machines and dies of his design and make he bran to strike coins of $2.50, $5.00, and $10.00 denominations. Although questioned by many, this was legal under the U.S. Constitution. The business was not profitable and closed in 1831. The Reid gold coins minted in Gainesville are extremely rare and are eagerly sought by collectors.

HCHS-2 Hall County Historical Society 1979



 

 

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