United States Mint

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The United States Mint produces coinage for circulation for the United States to conduct its trade and commerce. The main Mint is located in Philadelphia, Pennsylvania with branches in Denver, Colorado, San Francisco, California and West Point, New York.[1]

Contents

History

The Mint was created under The Coinage Act of 1792. This Act placed the Mint under the Department of State's jurisdiction. The first Mint was located in Philadelphia which was, at the time, the U.S. capital. In 1799 the Mint was made an independent agency, then under the Coinage Act of 1873, the Mint was moved under the jurisdiction of the Department of the Treasury. In 1981, it was placed under the power of the Treasurer of the United States.

Current Facilities

Philadelphia

The first facility opened in 1792 and began producing coins in 1793. Coins minted prior to 1980 bore no mint mark, with the exception of the Susan B. Anthony dollar and the Jefferson nickel. Coins minted after 1980 are stamped with a "P".

Denver

Opened in 1863, 5 years after gold was discovered in the area, but did not begin minting coins until 1906. Coins minted in Denver are stamped with a "D".

San Francisco

Opened in 1854 in response to the California gold rush. Coins minted in San Francisco are stamped with an "S".

West Point

The newest branch of the U.S. Mint gained its official status in 1988. Coins minted at West Point are stamped with a "W". The West Point facility is also used for storage of part of the U.S gold bullion reserves.

Fort Knox

Fort Knox is not a coin production facility, but is still a facility of the Mint. Its purpose is for storage of the U.S. gold bullion reserves.

Mint Duties

  • Produce domestic, bullion and foreign coints
  • Manufacture and sell national commemorative medals
  • Design, produce, and market special coinage
  • Manufacture and sell proof and uncirculated coin sets
  • Safeguard and control bullion
  • Disburse gold and silver for authorized purposes
  • Distribute coins from the mints to Federal Reserve Banks

* Production of paper money is the responsibility of the Bureau of Engraving and Printing which is also underneath the Department of the Treasury.

References

  1. U.S. Mint
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