Two hundred yards west, on the north side of Washington Street, stood the first private mint in the United States to manufacture gold coins in dollar values. During the Georgia gold rush, trade suffered from a shortage of sound money, with few coins in circulation and most business conducted by barter. Templeton Reid, a Milledgeville silversmith and expert machinist, sought to solve that problem by buying raw gold, refining it, and stamping coins of proven value that would be acceptable in any transaction. In 1830 he came to Gainesville, Georgia, opened an assay office, and with machines and dies of his own design and make began striking gold coins in denominations of $2.50, $5.00, and $10.00. Although many questioned it, this was legal under the U.S. Constitution. The business was not profitable and closed in 1831, and the Reid gold coins minted in Gainesville are now extremely rare and eagerly sought by collectors.