LeoGlossary: United States Mint
The United States Mint is a part of the Department of Treasury. It is responsible for the nation's coinage. This is what traditionally facilitated trade and commerce. The US Mint is in charge of the moment of bullion.
It was established in 1792 in Philadelphia. This was expanded as other locations were added.
There are currently four active coin-producing mints:
- Philadelphia
- Denver
- San Francisco
- West Point
The specie of nation's has lost a great deal of its impact. Over the years, paper currency became more popular as a medium of exchange since coins come with a host of issues. One such problem was the debasement of the currency due to clipping. As the electronic, followed by the digital, age took off, even this form of fiat currency started to decline in use.
History
Mints in the United States can be traced back to before it was a country. In 1652, the Massachusetts Bay Colony established a mint with John Hull as the Treasurer and mintmaster. He was partnered with Robert Sanderson.
The United States officially approved its first mint in 1782 with the Congress of the Confederation. In 1787 the Fugio cent was produced, based upon the continental dollar.
Half a decade later, the Coinage Act of 1792 brought about the United States Mint in its present form. It was placed in Philadelphia, the nation's capital at the time. Today, the mint is headquartered in Washington, DC.
In addition to the coin producing facilities, it has branches in:
- Carson City, Nevada
- Charlotte, North Carolina
- Dahlonega, Georgia
- New Orleans, Louisiana
- Manila, in the Philippines
Many of these were opened to take advantage of local commodity deposits. Like the headquarters, they are also non-coin producing.
Fort Knox
Fort Knox does not produce any coins but it is a U.S. Mint facility. Here is where bullion, mostly gold and silver is stored. These reserves are kept at the U.S. Bullion Depository. It is located in Fort Knox, Kentucky.
Functions
The U.S. Mint has a variety of functions. They include:
- Producing domestic, bullion and foreign coins
- Manufacturing and selling national commemorative medals
- Designing and producing the congressional gold medals
- Designing, producing, and marketing special coinage
- Safeguarding and controlling the movement of bullion
- Disbursing gold and silver for authorized purposes
- Distributing coins from the various mints to Federal Reserve Banks
Many of the products the U.S. Mint creates is sold to collectors and other members of the general public.
Related:
- United States Mint Website
General:
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