Coalmont was established as a coal mining company town around 1904, operated by the Sewanee Coal, Coke and Land Company. Residences, businesses and commercial buildings in Coalmont were built and owned by the company, but individual miners could also build their own homes.

A battery of coke ovens dating from the first decade of the 20th century is listed on the National Register of Historic Places. The Coalmont Bank Building also is listed. The Coalmont Bank Building (also known as Sewanee Fuel & Iron Company Building) is the City Hall for Coalmont, Tennessee. Located on Tennessee State Route 56, this building was added to the National Register of Historical Places in 1991 as the Coalmont Bank Building and was built in the very early 1900's. It also houses the local library for the town.