By Jim Wells – The California Numismatist

America’s coinage has undergone many changes in over two centuries, with frequent modifications to denominations, varieties, metals, and designs. Perhaps the most activity occurred in 1873. After three years of deliberation, the U. S. Congress passed a comprehensive Coinage Act that was signed by President Grant on February 12, 1873. The Act was an effort to reform and consolidate the coinage system. It embraced the gold standard and demonetized silver, fueling the competition between the powerful mining interests. But its results, intended and unintended, caused the Coinage Act to be called the “Crime of 1873.”

Illustration Note: John Gast’s 1872 painting American Progress was an allegorical representation of Manifest Destiny. An angelic Columbia, a personification of the United States, carries the light of “civilization” westward with American settlers, stringing telegraph wire as she travels. American Indians and wild animals fl ee—or lead the way—into the darkness of the “uncivilized” West.

As a partial result of the legislation, the year 1873 saw the minting of 20 different coin designs in 13 denominations. Struggles grew between the backers of gold, silver, and nickel coinage. Gold was the winner, so was nickel. Silver lost. New designs were created at the three U.S. Mints when arrows were placed beside the date on three silver denominations to indicate a weight change. Four coin designs were dropped, and a new coin type added. Nine coin designs continued without major change. A dozen coin designs also sport both an “Open 3” and “Close 3” in the date, yielding more varieties. A busy year! Of course collectors may not consider the results as a “crime,” but as a bonanza and a collection challenge. A one-year set of 1873 coins is still a worthy goal for many.

In 1873, Ulysses Grant was beginning his second term as President. The country’s continuing push for “Manifest Destiny” led pioneers across the West to populate the entire continent. The California gold rush was into the third decade of providing material for gold coinage. A new Mint building we now call the “Granite Lady” was about to open in San Francisco, which would make it the world’s largest mint at the time. The three-year-old Carson City Mint was producing gold and silver from Nevada’s Comstock Lode. And that year’s Coinage Act created chaos and confusion, even contributing to a national depression.

The Coinage Act of 1873: Good Intentions, Mixed Results

By the late 1860s, the U.S. coinage system was an illogical mix of denominations, designs, and types. The Mint was producing three-cent pieces in both silver and nickel, five-cent coins in the same two metals, and dollars in two metals: silver and gold. Some versions had clearly become superfluous. As the Government reviewed their coinage system, they concluded that the basic monetary law of 1837, as amended several times, was no longer adequate to serve the nation’s needs. The U.S. coinage laws needed streamlining and strengthening, and a proposal was drafted. The result was a lengthy bill, with mixed consequences.

When the Act of 1873 was passed, few considered it a “crime.” The term didn’t arise until several years later. Then the silver miners and their powerful friends in Washington, disgruntled by a decline in silver coin production, blamed the Act for all their troubles, mainly because it had abolished silver dollars. (more…)

by Dr. Thomas F. Fitzgerald from the California Numismatist

Twice within a span of almost twenty-five years, all of the gold from the vaults of the 2nd San Francisco Mint, sometimes called the “Granite Lady,” was sent to the United States Mint in Denver, Colorado. Yet the story of these two operations could not have been more different. The first transfer was accomplished with so much secrecy that even the newspapers knew nothing of what was going on. But the second transfer was so well publicized that it included parades and search-lights calling attention to the shipments. This is the story of these two great shipments of gold.

The Very Secret Gold Transfer of 1908

In May 1897 newspaper editor and publisher Frank A. Leach accepted a political appointment by President McKinley to become the superintendent of the San Francisco Mint. He had wanted to divest himself of the newspaper business and this seemed like an ideal new career. Leach assumed his duties on August 1, 1897.

The Great San Francisco Earthquake and Fires

It was a typical dawn in the Bay Area. Without warning a shaking of the earth occurred. It was 5:12 a.m. Wednesday, April 18, 1906! The “Great San Francisco Earthquake,” as it became known, was followed within seconds by a violent shaking that ruptured numerous gas lines resulting in dozens of fires. At the same time it was discovered the city’s water mains had been damaged. San Francisco, surrounded on three sides by water, could not battle the flames with water.

Just two years after the famous 1906 earthquake left the San Francisco mint’s surroundings in shambles, concerns about the mint’s storage capacity and security prompted the move of 331 million dollars worth of bullion to the mint in Denver.

Frank Leach made his way from his home in Oakland to the mint and, together with 50 mint employees and a squad of 10 soldiers, prepared to fight the inferno and save the mint. However, at the beginning of the struggle, the outcome was very much in doubt. The battle lasted for hours but shortly before 5:00 p.m. the fires were out and the building was saved. The men were able to leave the mint, return to their homes and reunite with their families.

More importantly for our story, the mint’s basement vaults that contained millions of dollars of gold and silver coins were saved. (more…)

This is the third article in the series.

• To view Part One – Click here
• To view Part Two – Click here
• To view Part Three – Click here

Granite Lady Closes and Reopens

Its replacement, the third United States Mint at San Francisco, began striking coins in 1937. This period was comparatively brief however. Following World War II, the mints at Philadelphia and Denver were greatly improved. The plan was to have all of the nation’s coinage produced at these two facilities. As a result, in March 1955, after the production of the 1955 Lincoln cents, all coinage production at the third San Francisco Mint ceased and the facility became an assay offi ce and a supplier of plainchants for the Denver Mint.

The “Granite Lady,” after its closure in 1937 and through the years of the Second World War and the 1950s, served as a storage facility and offi ce space for a number of governmental agencies. It was apparent that the future of this historic building would become a concern of the government. Many facilities, following their wartime uses, were being declared as “surplus.” In its July 1959 publication, CSNA’s “Calcoin News” reported that a February 18, 1958 meeting was held to discuss the future of the mint building. At this meeting some people believed the site should be developed for commercial interests while other argued for a museum. Still, no action was taken.

By 1968 it was decided that the Federal Government no longer needed this building and the decision regarding its future commenced. At the end of February, the General Services Administration (GSA) sent notices to other federal agencies announcing the agency would remove its 150 employees now occupying the building within the next 90 days. The “Granite Lady,” fi rst opened in 1874, now was vacant and deserted. Offi cials advised that unless some local, state or federal agency made a bid for the building, the property would be sold at public auction.

Will The “Granite Lady” Become A State College?

The San Francisco Chronicle reported in its June 27, 1969 edition that the 2nd San Francisco mint building was to be given to the San Francisco State College system for a downtown campus. To facilitate this plan, the property was transferred to the U.S. Department of Health, Education and Welfare. The transfer was made offi cial on June 19, 1969. However, the State College wanted the site not the building and announced plans to demolish the old Mint building. (more…)