What Does the US Mint Do?
Mar 8th 2023
Dedicated to preserving history and serving the American people, the U.S. Mint manufactures and distributes circulating precious metals, collectible coins, and medals throughout the United States of America.
What Is the US Mint?
The U.S. Mint is responsible for the nation’s coin production and distribution and is the sole manufacturer of legal coinage used for commerce and trade.
The Mint produces not only gold coins but also coin-related products. This includes gold and silver bullion coins, commemorative coins, and coins like coveted half dollars. The Mint also produces Congressional Gold Medals.
The History of the US Mint
During the colonial era, trade and commerce transactions were made by trading livestock and produce or using foreign and colonial currencies.
During the Revolutionary War, delegates adopted the Articles of Confederation, which gave the power of controlling coin production to Congress. However, the Articles of Confederation proved difficult to enforce and too loose, leading to the Constitution.
In 1788, after the Constitution was ratified, states began discussing the need for a national mint.
On April 2, 1792, U.S. congress passed the Coinage Act, establishing the first nations mint in the United States of America.
The first U.S. Mint was then built in Philadelphia. At this time, George Washington appointed David Rittenhouse, a leading scientist, as the first facility director. After immediately beginning coin production, the Mint delivered its first circulating coins in March 1793.
What Does the US Mint Do? How The US Mint Makes Coins
The U.S. Mint is the nation’s original and current manufacturer of legal tender coinage. Appointed by the federal government to produce circulating coins throughout the U.S., the mint is responsible for creating various coin-related products and is required to uphold self-sustaining programs and operate at no cost to the American people.
Are the US Mint and the Federal Reserve Different?
The U.S. Mint and the Federal Reserve are different and serve unique national functions.
The U.S. Federal Reserve controls the money supply in the United States but does not directly print currency bills or create coins. It determines how many physical bills are printed by the Department of the Treasury each year. It manages coin inventory and distribution to depository institutions such as commercial banks, community banks, credit unions, and thrifts.
The U.S. Treasury Department’s Bureau of Engraving and Printing designs and manufactures all paper money in the U.S., while the U.S. Mint produces all circulating coins.
Where Is the US Mint Located?
There are six United States Mint facilities, each filling specific services. The Mint’s headquarters is located in Washington, D.C.
The Philadelphia Mint
The Philadelphia Mint is the nation’s first mint. It mints circulating coins and numismatic products, including annual uncirculatedcoin sets and commemorative coins.
This Mint employs an exceptional team of medallic artists responsible for creating designs and sculptural models for the nation’s coins and medals.
The San Francisco Mint
The San Francisco Mint does not currently produce circulating coins. It mints clad and silver-proof coin sets and commemorative coins as authorized by the United States Government.
This location is not open to the public.
Historical notes on this facility include the approval of the CA branch Mint in 1852 and opening in 1854. After numerous trials and tribulations of this branch, the San Francisco Mint reopened in 1988 after four relocations.
The Denver Mint
The Denver Mint is responsible for manufacturing coin dies, storing silver bullion and silver coins, and minting coins. These include circulating coins, numismatic products, including annual uncirculatedcoin sets, and commemorative coins as authorized by the United States government.
The New York Mint
The New York Mint is located near the U.S. Military Academy in West Point, New York, and was opened in 1938. This location stores silver, gold, and platinum bullion and mints American Eagle proof and uncirculated coins in gold, silver, and platinum, gold bullion, and commemorative coins as authorized by Congress.
Notable historical events of this branch include the production of pennies beginning in 1973, the output of bicentennial quarters in 1976, the beginning production of gold medals in 1980, West Point becoming an official mint in 1988, the creation of the first platinum bullion coins in 1997 and the design of the first palladium bullion coins in 2017.
The Washington, D.C. United States Mint Headquarters
The United States Mint headquarters is located in Washington, D.C. This location performs administrative functions such as policy information, business unit management, managing coin programs, research and development, marketing, and operating the US Mint website and customer service.
This Mint location is also home to the U.S. coin store. This coin store is open to the public and has easy accessibility.
The Fort KnoxBullion Depository
The U.S. mintbullion depository in Fort Knox, Kentucky, is not considered a production facility. This location is responsible for storing precious metal bullion reserves. This location is not accessible to the public.
There are some fun facts about the Fort Knox location worth noting:
- The present amount of gold holdings is worth 147.3 million ounces. This equates to about half of the U.S. treasury’s stored gold.
- December 31, 1941, recorded the highest historic gold holdings at 649.6 million ounces.
- The only gold removed to date has been in minimal quantities used to test the purity of gold during regularly scheduled audits. These samples are the only gold transferred out of the depository for many years. Valuing $42.22 per ounce, this gold is an asset of the United States.
- A standard gold bar weighs roughly 400 ounces or 27.5 pounds.
- A select few in the entire U.S. know the structure and content of this specific U.S. Mint facility. No single person knows every procedure to open the vault; a different person performs each process to maintain ultimate security.
- In 1937, the first gold arrived at Fort Knox via U.S. mail.
- In 1974, the vaults were open to journalists.
- In 2017, the vaults were open for a second historic visit.
The US Mint and Why It Matters for Coin Collecting
The U.S. Mint is the nation’s manufacturer and producer of coinage, precious metals, collectible coins, and national medals. Holding or obtaining a coin produced by the U.S. Mint is connected to the founding principles of the United States and the foundation of the nation’s economy.
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Sources:
Congressional Gold Medal Recipients | US House of Representatives: History, Art & Archives
Who Decides to Print Money in the U.S.? | Investopedia
Tours & Facilities, U.S. Mint | United States Mint
San Francisco Mint, U.S. Mint | United States Mint
Denver Mint, U.S. Mint | United States Mint
West Point Mint, U.S. Mint | United States Mint
U.S. Mint Headquarters, Washington, DC, U.S. Mint | United States Mint