26th Congress,
2d Session.
Doc. No. 75.
Ho. of Reps.
Executive.

Operations of the Mint, 1840 – and Medals


MESSAGE
from
The President of the United States,

Transmitting
A report of the operations of the Mint of the United States and its branches during the year 1840: also , an inquiry whether authority shall be given to the Mint to strike off copies of medals given for meritorious services in the war of the Revolution, and in the late war, &c.


January 25, 1841.

So much as relates to the operations of the Mint and branches, referred to the Committee of Ways and Means; and so much as relates to medals, to the Committee on the Library.


To the House of Representatives of the United States:

I transmit, herewith, to the House of Representatives of the United States, a report from the Director of the Mint, exhibiting the operations of that institution during the year 1840; and I have to invite the special attention of Congress to that part of the director’s report in relation to the over-valuation given to the gold in foreign coins by the act of Congress of June 28, 1834, “regulating the value of certain foreign gold coins within the United States.”

Applications have been frequently made at the Mint for copies of medals voted at different times by Congress to the officers who distinguished themselves in the war of the Revolution and in the last war, the dies for which are deposited in the Mint: and it is submitted to Congress whether authority shall be given to the Mint to strike off copies of those medals, in bronze or other metal, to supply those persons making application for them, at a cost not to exceed the actual expense of striking them off.

M. VAN BUREN.

Washington, January 22, 1841.


Mint of the United States,
Philadelphia, January 20, 1841.

Sir: I have the honor to present, as the annual report required of me by law, the following statement of the operations of the Mint and its branches during the past year:

The coinage executed at the Mint in 1840 amounted to $2,260,667, comprising $1,207,437 in gold, $1,028,603 in silver, and $24,627 in copper coins, and composed of 7,053,084 pieces. (Statement A.)

The deposites of gold within the year amounted to $1,201,998, of which $176,766 was derived from the mines of the United States. (Statements B and C.)

The deposites of silver amounted to $1,033,070, and were derived principally from Mexico. (Statement D.)

By successive improvements in the machinery and processes of the Mint, introduced during the last few years, its means for executing a large amount of coinage have been greatly increased; and it is matter of regret, that, in consequence of the diminished supply of bullion, these means have been of late so inadequately employed. The Mint could readily have coined twelve millions in the past year, instead of little more than two and a quarter, without any considerable advance in its expenses.

At the close of the year, the public funds in our vaults, under the laws authorizing deposites with the Mint for the purchase of metals for coinage, and for securing prompt payments to depositors, amounted to $389,198 25 in gold and silver. The amount withdrawn during the year, on Treasury drafts, was $153,916 76; and the amount added, $26,417 97.

At the New Orleans branch mint, the coinage for 1840 amounted to $915,600, comprising $217,500 in gold, and $698,100 in silver coins, and composed of 3,446,900 pieces. (Statement E.)

The deposites for coinage during the year amounted to $164,929 in gold, and $666,676 in silver. (Statement F.)

It gives me great satisfaction to state that this branch of the Mint has escaped during the last season the disasters which have before so seriously interfered with its efficiency. Its operations have gone on throughout the year; and as it appears to have made prompt and full returns for all the bullion brought to it for coinage, it must be considered as having performed its functions successfully.

The branch mint at Charlotte received during the year deposites of gold to the value of $124,726, exclusive of a few small deposites at the end of the year, of which the value has not been reported. The amount of its coinage was $127,055, composed of 18,994 half-eagles and 12,834 quarter-eagles. (Statements E and F.)

The branch mint at Dahlonega received during the year deposites of gold to the value of $121,858, and its coinage amounted to $123,310, composed of 22,896 half-eagles and 3,532 quarter-eagles. (Statements E and F.)

The deposites at these mints do not differ materially from those of the two preceding years; nor does there appear, from other evidence, to have been any considerable change, during this period, in the production of gold from the mines of the United States.

There are two circumstances which serve to diminish the amount of gold coinage at our mints, and which seem to me to call for legislative interference. One of these is the private coinage known to be carried on in the neighborhood of the mines to a considerable extent. Assays repeatedly made at this Mint show that the coins thus fabricated are below the nominal value marked upon them; yet they circulate freely at this value, and therefore it must be more advantageous to the miner to carry his bullion to the private than the public mints. It seems strange that the privilege of coining copper should be carefully confined by law to the General Government; while that of coining gold and silver, though withheld from the States, is freely permitted to individuals, with the single restriction that they must not imitate the coinage established by law.

The second circumstance adverted to, is the over-valuation given to the gold in foreign coins by the act of June 28, 1834. This act supposes the gold coins of Great Britain, Portugal, and Brazil to be 22 carats (corresponding to 916⅔ thousandths) fine – an assumption which is not confirmed by our assays. The British gold does not exceed 915½ thousandths, and is not received at the Mint of France at more than 915. The gold coins of Portugal and Brazil vary from 913½ to 914½. All these coins, therefore, are virtually over-valued by the law; for what it states as a condition, is received and acted upon by the public as a fact. Indeed, even if the coins in question were of the assumed standard, they would still be rated too high, because our own standard was raised by the act of January 18, 1837, from 899.225 to 900. I have before invited attention to this subject in my annual reports, and have respectfully recommended, as I again do, that the act in question be repealed. This act is unnecessary, because the mints of the United States are abundantly sufficient for all the gold coinage required for circulation; it is inconvenient, because the foreign coins which it makes a legal tender do not correspond in value and denomination with our money of account; and it is erroneous and impolitic, because it stamps a higher value upon foreign gold than upon our own.

I have the honor to be, sir, with great respect, your faithful servant,

R.M. PATTERSON,
Director of the Mint.

To the President of the United States.


A.

Statement of the coinage at the Mint of the United States, Philadelphia, in the year 1840.

Denominations. Pieces. Whole number
of pieces.
Value. Whole value.
Gold.
Eagles 47,338 $473,380
Half-eagles 137,382 686,910
Quarter-eagles 18,859 47,147

203,579
$1,207,437
Silver.
Dollars 61,005 61,005
Half-dollars 1,435,008 717,504
Quarter-dollars 188,127 47,032
Dimes 1,358,580 135,858
Half-dimes 1,344,085 67,204

4,386,805
1,028,603
Copper.
Cents 2,462,700 24,627


7,053,084 2,260,667


B.

Statement of the deposites of gold for coinage at the Mint of the United States, Philadelphia, in the year 1840.

The deposites of gold for coinage amounted to $1,201,998
Of which was received from the United States, viz:
     Virginia $38,995
North Carolina 36,804
South Carolina 5,319
Georgia 91,113
Alabama 4,431
Tennessee 104

$176,766
Coins of the United States, old standard 11,256
Foreign bullion 209,629
Foreign coins 800,487
Jewelry 3,860
The deposites of gold for coinage amounted to  
1,201,998


C.

Statement of the annual amounts of deposites of gold, for coinage, at the Mint of the United States and its branches, from the mines of the United States.

Periods. Deposited at the United States Mint, Philadelphia. Deposited at the branch mints. Mint and branches.
Virginia. North
Carolina.
South
Carolina.
Georgia. Tennessee. Alabama. Various
sources.
Total at United States Mint. Branch at Charlotte, North Carolina. Branch at Dahlonega, Georgia. Branch at New Orleans, Louisiana. Total at branch mints. Total deposites of United States gold.
1824 $5,000 $5,000 $5,000
1825 17,000 17,000 17,000
1826 20,000 20,000 20,000
1827 21,000 21,000 21,000
1828 46,000 46,000 46,000
1829 $2,500 134,000 $3,500 140,000 140,000
1830 24,000 204,000 26,000 $212,000 466,000 466,000
1831 26,000 294,000 22,000 176,000 $1,000 $1,000 520,000 520,000
1832 34,000 458,000 45,000 140,000 1,000 678,000 678,000
1833 104,000 475,000 66,000 216,000 7,000 868,000 868,000
1834 62,000 380,000 38,000 415,000 3,000 898,000 898,000
1835 60,400 263,500 42,400 319,900 100 12,200 698,500 698,500
1836 62,000 148,100 55,200 201,400 300 467,000 467,000
1837 52,100 116,900 29,400 83,600 282,000 282,000
1838 55,000 66,000 13,000 36,000 1,500 200 171,700 $127,000 $135,700 $700 $263,400 435,100
1839 57,600 53,500 6,300 20,300 300 $500 138,500 126,836 113,035 6,869 246,740 385,240
1840 38,995 36,804 5,319 91,113 104 4,431 176,766 124,726 121,858 2,835 249,419 426,185













578,595 2,738,804 352,119 1,911,313 14,304 4,931 13,400 5,613,466 378,562 370,593 10,404 759,559 6,373,025


D.

Statement of the deposites of silver, for coinage, at the Mint of the United States, Philadelphia, in the year 1840.

The deposites of silver, for coinage, amounted to $1,033,070
Of which there was in –
Mexican dollars $615,569
Dollars of South America 36,793
European coins 112,142
Bullion and plate, 268,566
The deposites of silver, for coinage amounted to   
1,033,070


E.

Statement of the amount of coinage at the branch mints in the year 1840.

Mints. Gold. Silver. Total.
Half-eagles. Quarter-eagles. Number of pieces. Value. Half-dollars. Quarter-dollars. Dimes. Half-dimes. Number of pieces. Value. Whole number of pieces. Whole value.
Pieces. Pieces. Pieces. Pieces. Pieces. Pieces.
Charlotte, N.C. 18,994 12,834 31,828 $127,055 31,828 $127,055
Dahlonega, Ga. 22,896 3,532 26,428 123,310 26,428 123,310
New Orleans 30,400 26,200 56,600 217,500 855,100 425,200 1,175,000 935,000 3,390,300 $698,100 3,446,900 915,600
Dahlonega, Ga.  











72,290 42,566 114,856 467,865 855,100 425,200 1,175,000 935,000 3,390,300 698,100 3,505,156 1,165,965


F.

Statement of the amount of deposites for coinage, at the branch mints in the year 1840.

Mints. Gold. Silver. Total.
United States coins, old standard. United States bullion. Foreign coins. Foreign bullion. Total of gold. Foreign coins. Foreign bullion. Total silver. Gold and silver.
Charlotte, North Carolina $124,726 $124,726 $124,726
Dahlonega, Georgia 121,858 121,858 121,858
New Orleans, Louisiana $348 2,835 $143,297 $18,449 164,929 $619,856 $46,820 $666,676 831,605
Charlotte, North Carolina  








348 249,419 143,297 18,449 411,513 619,856 46,820 666,676 1,078,189


G.

Recapitulation of deposites and coinage, at the Mint of the United States and its branches, in the year 1840.

Mints. Deposites. Coinage.
Gold. Silver. Total. Gold. Silver. Copper. Total.
U.S. gold. Foreign gold. Total of gold. Value. Value. Pieces. Value. Pieces. Value. Pieces. Value. Pieces. Value.
Philadelphia, Pa. $176,766 $1,025,232 $1,201,998 $1,033,070 $2,235,068 203,579 $1,207,437 4,386,805 $1,028,603 2,462,700 $24,627 7,053,084 $2,260,667
Charlotte, N.C. 124,726 124,726 124,726 31,828 127,055 31,828 127,055
Dahlonega, Ga. 121,858 121,858 121,858 26,428 123,310 26,428 123,310
New Orleans 2,835 162,094 164,929 666,676 831,605 56,600 217,500 3,390,300 698,100 3,446,900 915,600
Philadelphia, Pa.  












426,185 1,187,326 1,613,511 1,699,746 3,313,257 318,435 1,675,302 7,777,105 1,726,703 2,462,700 24,627 10,558,240 3,426,632


H.

Statement of the coinage at the Mint of the United States, for each successive period of ten years, from the commencement of its operations until December 31, 1840.

Periods. Gold. Silver.
Eagles. Half-eagles. Quarter-eagles. Number of pieces. Value. Dollars. Half-dollars. Quarter-dollars. Dimes.
Pieces. Pieces. Pieces. Pieces. Pieces. Pieces. Pieces.
1793 to 1800 69,474 62,452 2,916 134,842 $1,014,290 00 1,257,458 327,062 6,146 96,706
1801 to 1810 63,118 514,272 19,281 596,671 3,250,742 50 182,059 6,401,973 554,899 423,765
1811 to 1820 633,302 633,302 3,166,510 00 11,294,842 721,853 1,429,267
1821 to 1830 368,126 24,985 393,111 1,903,092 50 32,057,426 572,731 4,856,512
1831 to 1840 92,786 2,897,795 947,828 3,938,409 17,786,405 00 62,305 46,132,259 5,347,673 10,460,045









1831 to 1840   225,378 4,475,947 995,010 5,696,335 27,121,040 00 1,501,822 96,213,562 7,203,302 17,266,295

Periods. Silver. Copper. Total.
Half-dimes. Number of pieces. Value. Cents. Half-cents. Number of pieces. Value. Number of pieces. Value.
Pieces. Pieces. Pieces.
1793 to 1800 165,173 1,852,545 $1,440,454 75 7,644,703 588,759 8,233,462 $79,390 82 10,220,849 $2,534,135 57
1801 to 1810 100,370 7,663,066 3,569,165 25 13,832,832 4,583,614 17,416,446 151,246 39 25,676,183 6,971,154 14
1811 to 1820 13,445,962 5,970,810 95 19,084,287 63,140 19,147,427 191,158 57 33,226,691 9,328,479 52
1821 to 1830 2,470,000 39,956,669 16,781,046 95 14,446,220 1,390,000 15,836,220 151,412 20 56,186,000 18,835,551 65
1831 to 1840 16,661,935 78,664,217 26,344,454 00 33,824,621 815,200 34,639,821 342,322 21 117,242,447 44,473,181 21









1831 to 1840   19,397,478 141,582,459 54,105,931 90 88,832,663 7,440,713 95,273,376 915,530 19 242,552,170 82,142,502 09


I.

Recapitulation of the amount of coinage at the Mint of the United States and its branches, from the commencement of operations to December 31, 1840.

Commenced operations. Mints. Whole coinage, in pieces. Whole coinage, in value.
1793 Philadelphia mint 242,552,170 $82,142,502 09
1838 Charlotte branch mint 94,248 373,987 50
1838 Dahlonega branch mint 79,624 355,105 00
1838 New Orleans branch mint 6,250,930 1,183,003 00
New Orleans branch mint   

248,976,972 84,054,597 59