David Rittenhouse, a leading American scientist, was appointed the first Director of the Mint by President George Washington. Two lots were purchased by Rittenhouse on July 18, 1792, at Seventh Street and 631 Filbert Street in Philadelphia for $4,266.67. The very next day demolition of an abandoned whiskey distillery on the property began. Foundation work began on July 31, and by September 7, the first building was ready for installation of the smelting furnace. The smelt house has gained the honors of being the very first public building erected by the United States government.
A three-story brick structure facing Seventh Street was constructed a few months later. Being the tallest and most visible structure of the mint the words "Ye Olde Mint" were painted on. Measuring nearly 37 feet (11 m) wide on the street, it only extended back 33 feet (10 m). The gold and silver for the mint was contained in basement vaults. The first floor housed deposit and weighing rooms, along with the press room, where striking coins took place. Mint official offices were on the second floor, and the assay office was located on the third floor.
Between the smelt house and "Ye Olde Mint" a mill house was built. Horses in the basement turned a rolling mill located on the first floor.
January 1816 saw the destruction of the smelt and mill houses from a fire. The smelt house was never repaired and all smelting was done elsewhere. The mill house, which was completely destroyed, was soon replaced with a large brick building. It included a new steam engine in the basement to power the machinery above.