First Private Mint Templeton Reid Mint
- Source: Ed Jackson
- Marker: First Private Mint Templeton Reid Mint
- Location: Town Square, Gainesville, Ga.
FIRST PRIVATE MINT
TEMPLETON REID MINT
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