James Madison Papers

To James Madison from Robert Patterson, 1 January 1816

Mint of the United States January 1st. 1816.


I have the honor, at this time, of laying before you, a report of the operations of the Mint during the last year.

From the statement of the Treasurer herewith transmitted it will appear, that during that period, there have been struck at the Mint, In Gold Coins--635 pieces amounting to $3,175.

In Silver Coins, 69,232 pieces amounting to 17,308 making in the whole--69,867 pieces amounting to $20,483. The high price of Gold & Silver bullion, for some time past in the current paper money of the country, has prevented, and as long as this shall continue to be the case will prevent deposits of these metals being made for coinage, to any considerable amount. But a fresh supply of Copper having lately been received at the Mint, we have again resumed the coinage of Cents; and it is believed that we shall, in the course of the year, should no failure in the expected supply of Copper take place, be fully able to coin Fifty Tons weight; amounting to nearly 47,000 Dollars; and that, with a regular supply of Copper, which can be readily procured, on terms highly advantageous to Government, we can continue to coin 50 Tons per annum as long as it may be judged expedient.

The circulation of these Copper coins, and of those heretofore issued from the Mint, (amounting to 251,646 Dollars) and which must be still nearly all in the country; would, it is presumed, soon supply, in a great measure, the place of the small Silver coins; which have now almost totally disappeared. I have the honor to be with great respect &c.

R Patterson

DNA: RG 56—Correspondence of Mint at Philadelphia.

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