1955 3¢ Andrew Mellon Issue
Issue Date: December 20, 1955
City: Washington, D.C.
Printed by: Bureau of Engraving and Printing
Printing Method: Rotary Press
Perforations: 10 ½ x 11
Color: Rose carmine
U.S. #1072 was issued to commemorate the 100th anniversary of the birth of Andrew W. Mellon, financier and art collector, who also served as U.S. Secretary of the Treasury from 1921-32.
Andrew Mellon – Art Collector, Financier
Mellon (1855-1937) made his fortune in oil, steel, shipbuilding, and construction. He became one of the wealthiest people in the U.S.; by the mid-1920s, only Henry Ford and John Rockefeller paid more in income tax than Mellon. He became the Secretary of Treasury in 1921 under Warren Harding. Mellon faced the task of reducing a huge debt left over from World War I. He influenced an overhaul of the tax system, and by 1930 had cut the federal debt from $26 billion to $16 billion. He was Treasury Secretary for over 10 years and served under three Presidents.
Mellon also had a great appreciation for art. He donated $15 million to the building of the National Art Gallery in Washington, D.C. He also added part of his personal collection, including some masterpieces.