Saturday Trivia: Who's House? *Answerd*

[WoodenJefferson]

Take a look at this rennovated building. Who were the previous owners of this once famous building which sold for $25,000.00 in the 1860's?

 

Hint: located on the corner of McGaa and and "G" Streets

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Today's Prize:

 

A pair of nibbled on chocolate Easter rabbits.

[LuvToCollect]

The first US Denver Mint, sometime during the 1860s. The original Clark, Gruber and Co. building was expanded and characterized by a new tower. In its days as a private mint, this building produced many coins, but as a US branch mint, not even a single coin was minted here. The structure was razed in 1909

[WoodenJefferson]

~Ding, ding, ding~ WTG LuvToCollect

 

Answer: Clark, Gruber, & Co. 1860

 

Just as Denver was ready to come into its own, larger amounts of gold were found in the mountains just west of the city. To the south, prosperous gold mines were opened in the shadow of Colorado's most famous landmark, Pike's Peak.

 

At the height of the boom in 1859, at least 100,000 prospectors were toiling in the northern Colorado gold districts alone. Mining towns sprang up seemingly overnight, such as Central City, Idaho Springs, and Black Hawk.

 

As was typical of rapid migrations of people into sparsely inhabited areas, the Colorado miners and merchants had very few coins or paper money to transact business. Gold dust was the primary medium of exchange. Of course, gold dust trading was, at best, a very imprecise procedure, ripe with fraudulent temptations.

After wading through some legal research, the trio determined that a private mint was indeed legal. On July 5, 1860, the coin presses, dies, and other equipment needed to strike coins were declared operational. Later that month, the first Clark, Gruber, & Co. gold coins were struck and released to a coin-starved public.

By October, 1860, the private mint had produced a total of $120,000 in gold coin denominations of $2.50, $5.00, $10.00, and $20.00. Sizeable gold coin quantities were also minted in 1861, to circulate alongside paper demand notes likewise produced by Clark, Gruber & Co.

 

 

The first US Denver Mint, sometime during the 1860s. The original Clark, Gruber and Co. building was expanded and characterized by a new tower. In its days as a private mint, this building produced many coins, but as a US branch mint, not even a single coin was minted here. The structure was razed in 1909.

 

The opening salvos of the American Civil War were fired in April, 1861. In response to that great conflict, gold and silver coins, always considered a safe harbor in perilous times, were hoarded by an uncertain and fearful public. Moreover, government sponsored paper money was viewed dubiously. As the war raged, the Clark and Gruber Mint ceased coining operations, but continued to issue bank notes, redeemable at full value in gold coins minted by the firm in 1860-61. So while regions of the country closer to the Civil War battlefields were suffering a currency crises, at least in the Denver area, the monetary system was relatively stable.

 

 

On December 19, 1861, Bennet introduced a bill to create a US Mint in Denver. It was eventually passed by both houses of Congress, and on April 26, 1862, President Lincoln's signature was added to make it official: the Denver Mint was born!

 

A commission was appointed to research the value of the Clark and Gruber Mint, but their efforts progressed slowly. It was not until 1863 that the Clark, Gruber & Co. sold its minting operation to the federal government for a sum of $25,000. Immediately, the facility underwent extensive enlargement and remodeling. Finally, on September 24, 1863, the new "United States Mint and Assay Office at Denver" was ready for business. At the moment the new branch opened, no one could have believed that it would take another 43 years before the first coin of the Denver Mint was actually struck.

[Zoins]

Great topic and information WoodenJefferson! Nice answer LuvToCollect!