United States Mint
The United States Mint is responsible for producing and circulating coinage for the United States to conduct its trade and commerce.
The US Mint was created by Congress with the Coinage Act on April 2, 1792, within the Department of State, located in Philadelphia. It was the first building of the federation raised under the Constitution. Its first director was the scientist David Rittenhouse. Henry Voight was the first Superintendent and Chief Coiner, and is credited with some of the very first coin designs. Another important position at the mint is that of Chief Engraver, which has been held by such men as Frank Gasparro, William Barber, Charles E. Barber, James B. Longacre, Christian Gobrecht and Anthony C. Paquet, among others. George T. Morgan was also an engraver at the mint responsible for designing an important silver dollar. The Mint was made an independent agency in 1799, and under the Coinage Act of 1873, became part of the Department of the Treasury. It was placed under the auspices of the Treasurer of the United States in 1981.
With the mint, the US adopted the decimal coinage system. Before this, the accepted standard was the Spanish silver dollar with its fractional pieces of eight, but English pound, shilling and pence coins were also in use. Benjamin Franklin, Thomas Jefferson and Alexander Hamilton had all strongly argued for the adoption of the decimal system.
Mint facilities are currently located in Philadelphia, Denver, San Francisco, and West Point. Other cities have hosted mint facilities in the past. The United States' gold bullion reserves are protected by the Mint at the West Point Bullion Depository and the Fort Knox Bullion Depository. The Mint manages extensive commercial marketing programs. The product line includes special coin sets for collectors, national medals, American Eagle Gold and Silver Bullion Coins, and commemorative coins marking national events such as the Bicentennial of the Constitution. The Mint's functions include:
- Producing domestic, bullion and foreign coins;
- Manufacturing and selling national commemorative medals;
- Designing, producing, and marketing special coinage;
- Manufacturing and selling proof and uncirculated coin sets and other numismatic items;
- Safeguarding and controlling the movement of bullion;
- Disbursing gold and silver for authorized purposes;
- Distributing coins from the Mints to Federal Reserve Banks.
Note that the US Mint is not responsible for the production of paper money: that is the responsibility of the Bureau of Engraving and Printing.
In 2000, the U.S. Mint was responsible for the production of 28 billion coins. See United States coinage.
External link
- U.S. Mint website (http://www.usmint.gov/)
Categories: U.S. Dept. of the Treasury | Numismatics