Reed first developed placer mining on his property, then underground mining, and became wealthy from the gold. His facility became known as Reed's Gold Mine. Large amounts of gold were being discovered at the Reed Gold Mine and in other mines in the United States; these mine owners began to use their gold to create currency. In order for the government to retain control of the production of currency and keep a stabilized economic structure, President Andrew Jackson signed into legislation the authorization to create branches of the US Mint. The Charlotte Mint was built to handle the gold coming from the rich gold veins of North Carolina, including Reed's.