United States Bullion Depository

The United States Bullion Depository, often known as Fort Knox, is a fortified vault building located next to the United States Army post of Fort Knox, Kentucky. It is operated by the United States Department of the Treasury. The vault is used to store a large portion of the United States' gold reserves as well as other precious items belonging to or in custody of the federal government. It currently holds roughly of gold bullion, over half of the Treasury's stored gold. The United States Mint Police protects the depository.

The Treasury built the depository in 1936 on land transferred to it from the military. 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. These shipments, overseen by the United States Post Office Department, totaled roughly , almost two-thirds of the total gold reserves of the United States.

During World War II the signed original Constitution of the United States, Declaration of Independence, Articles of Confederation, Lincoln's Second Inaugural Address and drafts of Lincoln's Gettysburg Address were stored in its vault for protection, as was a Gutenberg Bible and an exemplified copy of ''Magna Carta''. After the war, the depository held the Crown of St. Stephen as well as stockpiles of opium and morphine. Today it is known to hold ten 1933 Double Eagle gold coins, a 1974-D aluminum penny, and twelve gold (22-karat) Sacagawea dollar coins that flew on the Space Shuttle ''Columbia'', specifically STS-93 in 1999.

The depository is a secure facility. Between its fenced perimeter and granite-lined concrete structure lie rings of razor wire. The grounds are monitored by high-resolution night vision video cameras and microphones. The subterranean vault is made of steel plates, I-beams and cylinders encased in concrete. Its torch-and-drill resistant door is thick and weighs . The vault door is set on a 100-hour time lock, and can only be opened by members of the depository staff who must dial separate combinations. Visitors are not allowed inside. It is so secure that the term "as safe as Fort Knox" has become a metaphor for safety and security.

History

The building was listed on the National Register of Historic Places in 1988 for its status as a "well-known landmark that is referred to frequently in factual and fictitious contexts" and its "exceptional significance" in the "nation's economic history". The site is located on what is now the intersection of Bullion Boulevard and Gold Vault Road.

Planning and completion

In June 1935, the U.S. Treasury announced its intention to quickly build a gold depository on the grounds of Fort Knox, Kentucky. Its purpose was to store gold then kept in the New York City Assay Office and the Philadelphia Mint. This intent was in keeping with a policy previously announced to move gold reserves away from coastal cities to areas less vulnerable to foreign military invasion. This policy had already led to the shipment of nearly of gold from the San Francisco Mint to the Denver Mint. The initial plans were to be completed by August and called for a building costing no more than $450,000 ().

Cited were several military advantages of the location. An army attacking from the Eastern Seaboard would have to fight through the Appalachian Mountains, which was considered a reasonable impediment to military forces at that time. It was also isolated from railways and highways which would further hinder an attacking power. Even air travel to the location across the mountains was considered dangerous for a pilot unfamiliar with the territory. Finally, the Army's only completely mechanized cavalry unit was stationed at the adjacent Fort and could readily be deployed to defend the depository.

The Treasury began construction of the United States Bullion Depository in 1936 on land transferred to it from the military. The Gold Vault was completed in December of that year for $560,000 ().

Early gold shipments

The first wave of gold shipments was made semi-weekly between January 11 and June 17, 1937, and overseen by the United States Post Office Department. The gold was transported from the New York Assay Office and the Philadelphia Mint onto trains using postal trucks and municipal police escorts. In the armored train cars, postal worker