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Its purpose was to house gold then stored in New York City and Philadelphia, in keeping with a strategy to move gold reserves away from coastal cities to areas less vulnerable to foreign military attack. The first set of gold shipments to the depository occurred during the first half of 1937. A second set was completed in 1941.
The West Point Mint is a U.S. Mint production and depository facility erected in 1937 near the U.S. Military Academy in West Point, New York, United States.As of 2019 the mint holds 22% of the United States' gold reserves, or approximately 54,000,000 troy ounces (1,700,000 kg) [2] (over $100 billion USD as of 2021).
The West Point facility is still used for storage of part of the United States' gold bullion reserves, and West Point is now the United States' production facility for gold, silver, platinum, and palladium American Eagle coins. [22] In 2019, West Point produced limited quantities of circulating quarters bearing the "W" mint mark for the first time.
At gold’s current spot price of about $2,920 per ounce, however, the market value of those holdings is nearly $765 billion. There’s debate about whether that bookkeeping change would have any ...
The quest for gold has long spurred humankind's bold exploration of new frontiers. From the Age of Discovery, to the American westward migration that followed, the promise of untold treasures over ...
At least 15 countries and organizations hold gold reserves valued at more than $20 billion. The U.S. currently possesses the greatest hoard of gold in the world, at nearly 9,000 metric tons.
Executive Order 6102 is an executive order signed on April 5, 1933, by US President Franklin D. Roosevelt "forbidding the hoarding of gold coin, gold bullion, and gold certificates within the continental United States."
Brannan hurriedly set up a store to sell gold prospecting supplies, [15] and he walked through the streets of San Francisco, holding aloft a vial of gold, shouting "Gold! Gold! Gold from the American River!" [16] On August 19, 1848, the New York Herald was the first major newspaper on the East Coast to report the discovery of gold.