Pelosi Secures Passage of San Francisco Old Mint Commemorative Coin Act

Pelosi Secures Passage of San Francisco Old Mint Commemorative Coin Act

Thursday, November 10, 2005

Contact: Brendan Daly/Jennifer Crider, 202-226-7616

Washington, D.C.â€"House Democratic Leader Nancy Pelosi today announced the passage of the San Francisco Old Mint Commemorative Coin Act in the House of Representatives.  Pelosi’s bill, H.R. 1953, would authorize the issuance of commemorative coins in 2006 to mark the 100th anniversary of the 1906 earthquake and fire and honor the Old Mint’s role in San Francisco’s recovery.

â€Å"Almost 100 years ago, San Francisco suffered one of the worst natural disasters in American history, the 1906 earthquake and fire,” Pelosi said.  â€Å"The commemorative coin’s 2006 issuance, 100 years later, would honor the Mint, its role in San Francisco’s recovery, and its place in the history of our nation’s coinage. I am proud to have introduced this legislation, and to have obtained the broad bipartisan support necessary to make it into law. I want to thank Representatives Barney Frank (D-MA) and Michael Oxley (R-OH) for their assistance in promoting this important bill.”

Congress established the San Francisco Old Mint in 1852 to supplement the Philadelphia Mint when it was overwhelmed by gold from the California Gold Rush.  Known as the â€Å"Granite Lady,” the Mint is the oldest stone structure in San Francisco.  It was designed, by A.B. Mullet, to be able to float on its foundations during the quake, and thus survive the earthquake and fire.  It was the only functional financial institution after the disaster and was used as a relief fund treasury. 

The Old Mint operated until 1937.  At one time, it produced more than half of United States coinage and held a third of the nation’s gold supply by 1934.  The mint produced many rare coins, some worth more than $1 million.  Coins minted in San Francisco bear an â€Å"S” mint mark. 

In 1961, the Mint was designated a National Historic Landmark, but was closed in 1994 due to structural concerns.  The National Trust for Historic Preservation lists the Mint as one of the most endangered American structures.

The City of San Francisco and the San Francisco Museum and Historical Society partnered to restore the Old Mint, and revenues from the sale of this historic commemorative coin will fund a coin museum inside the structure where millions of visitors can view and explore the history of coinage in our country.

When complete, the site will include both the Gold Rush and American Money Museum, operated by the American Numismatic Association, as well as San Francisco’s first City history museum.

U.S. Senators Dianne Feinstein (D-CA) and Barbara Boxer (D-CA) introduced this bill in the Senate where it must be passed before it can be signed into law by President Bush.