United States Mint - Overview, Bullion & Coins
For more than 220 years, coins have been made by the United States Mint as both circulating coinage and numismatic art with several coins falling within both groups. Once gold dropped out of use in circulating coinage in 1933, the U.S. Mint introduced attractive bullion chains that have become widely popular.
Founded in 1792, the United States Mint has branches located in Philadelphia, Denver, West Point, and San Francisco. The largest of their facilities is their Philadelphia Mint, while the West Point location is the newest of the branches gaining status in 1988. The Denver branch began in 1863, and the San Francisco branch opened in 1854. It also operates a bullion depository at Fort Knox with a large treasury and reserves and used to have a branch in Carson City. The branch in Carson City was however closed.
The San Francisco, West Point, and other facilities are closed on federal holidays and may feature a gift shop with tours. These tours may be different from each Mint in the States.
Every year, the mint creates many attractive gold commemorative coins honoring significant people, places and events from throughout our country's history and has quickly become the best mint in the world.
The most famous U.S. gold coin is the exceptionally treasured Gold American Eagle. Other desirable gold coins in the U.S. Mint are the Gold American Buffalos, the First Partner Coin chains, and Pre-1933 U.S. Gold coins that were formerly in circulation in the early 19th century and the substantial chain of gold commemorative coins.
Gold bullion in the U.S. Mint is accessible for as little as 1/10 ounce and as big as 1 oz. Keep in mind the bigger the coin has a reduced premium for the gold content in every coin when choosing which coins to buy. Other coins made include the Lincoln Cents and Silver Dollars. These Lincoln Cents were made for a large duration of the Mint's lifetime. The Cents are also called a Lincoln Penny or Wheat Penny.
History of the United States Mint
When the authors of the U.S. Constitution created a new authority for their untried Republic, they recognized the vital need for a respected monetary system. Shortly following the ratification of the Constitution, Secretary of the Treasury Alexander Hamilton prepared strategies for a national Mint. On April 2, 1792, Congress passed The Coinage Act, which authorized the construction of a Mint building in the country's capital, Philadelphia and created the Mint. This was the first national building and was constructed in Philadelphia at 7th and Arch Streets. The Mint became part of the Department of the Treasury after the Coinage Act of 1873.
President George Washington made Philadelphian David Rittenhouse, a leading American scientist, as the very first Director of the Mint. Under Philadelphian Director David Rittenhouse due to George Washington's hiring, the Philadelphia Mint made its first circulating coins -- 11,178. Shortly after, the Mint began issuing silver and gold coins too. President Washington, who lived just several blocks from the brand new Mint, is considered to possess contributed some of his own silver for minting.
Other Popular Mints Around the World
In our top list of precious metal mints, we rank the Royal Canadian Mint, Austrian Mint, Royal British Mint, and Perth Mint. These bullion producers are located all around the globe. Other featured mints include the Central Mint of China, Paris Mint, Royal Mint of Spain, Singapore Mint, and the Mexican Mint.
Gold American Eagle Coin, Gold Buffalo Coin