President Signs Pelosi’s San Francisco Old Mint Commemorative Coin Act

President Signs Pelosi’s San Francisco Old Mint Commemorative Coin Act

Thursday, June 15, 2006

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

Washington, D.C.â€"House Democratic Leader Nancy Pelosi today released the following statement today after President Bush signed into law the San Francisco Old Mint Commemorative Coin Act, a bill she sponsored to 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"In April, we saluted the pioneer spirit of the San Franciscans who survived the devastating 1906 earthquake and fire and rebuilt our city bigger and stronger than before. The Old Mint, the only financial institution able to operate immediately after the earthquake, played a key role in the City’s recovery.”

â€Å"The issuance of this commemorative coin honors the Mint’s place in history and supports its rehabilitation. I am proud to have introduced this legislation, and to have obtained the broad bipartisan support necessary to make it law. I want to thank my colleagues Congressmen Barney Frank and Michael Oxley for their assistance in promoting this critical bill in the House, and Senators Dianne Feinstein, Barbara Boxer, and John Ensign for shepherding this legislation through the Senate.”

Background:

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 1906 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.