This article will explain what U.S. Mint is and also go over its history and importance. One thing that you first of all need to know is that if you plan to invest in gold, you want to make sure that your dealer is listed as a U.S. Mint retailer.
Company: U.S. Mint
Owner: David J. Ryder is the 39th United States Mint Director
Industry: Precious metals
Important to mention:
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What is U.S. Mint all about?
Most people know the U.S mint’ responsibility for manufacturing and circulating coinage for the nation. Few people know the details and significance thereof. For the entire history of America, the Mint has been the reliable resource of the legal tender. It is as old as the nation and connects with the founding principles of the economy.
Since April 2nd of 1792 during President George Washington’s tenure, the Mint has served under the supervision of the Department of the State. It is until after the 1873 Coinage Act that it became a bureau of the Treasury Department.
The headquarters is located in Washington D.C while the Mint production factory and facilities are located in Philadelphia, Denver, San Francisco, as well as West Pint. It is also in charge of the U.S bullion depository in Fort Knox, Kentucky where the national warehouse for gold bullion is located.
Situated in Philadelphia, the Mint has the capacity to produce 1.8 million coins each hour equally 32 million coins day. The mission of the organization is to serve Americans by production and supply of precious metal and collectable coins. They are also responsible for national medals and provision of security over assets entrusted to the public. Today, David Ryder is the 39th Director of the Mint. The commitment to an equal employment opportunity is the vision of the Mint. The staff is focused on a long term vision to reflect the rich diversity of the nation by providing the full and fair opportunities via the Equal Employment Opportunity program.
Apart from coinage, the Mint also manufactures other coin-related products. It is tasked to the production of proof, uncirculated, and commemorative treasures. This includes congressional gold medals, silver, and gold bullion coins. Mint is a big producer and seller of gold, silver, platinum, numismatic and other precious metals used for commemorations via the American eagle bullion program. The programs are self-sustaining and operate without the taxpayer’s cost.
Shipping of all of the coins across the entire nation is not an easy task. Mint supplies and circulates coins to the Federal Reserve Banks and branches in the nation. It is from the banks that the public can get the coins directly. There is no way to directly receive the coins from the Mint as an individual.
Progress and Advancement in History
- First Mint
After erecting the Mint in 1792 near the present site, the government was set to manage the economics of the country. In this early times extending to the 19th century, the public was suspicious of the federal government for various inconsistencies in foreign currency. The rising criticism led to the introduction of a single federal mint or uniformity in coinage production and circulation. Adamant federalist Alexander Hamilton is one of the champions of this process, which led to the enactment of the First Bank of the United States and Mint.
The coalition of resisters led to the completion of the first mint while construction continued along the banks of the Potomac. At the time, the government did not have enough funds to replace it even after completion because it was efficiently in operation. Congress passed the Act of 1828 to keep it permanently in Philadelphia. This first mint used silver retrieved from George Washington’s goods.
- Second Mint
While the first mint was in desperate need of silver, the second had inadequate space. This was late in the 1820s. The space was no longer enough as the capacity to keep running became challenging with the high demand for coinage. William Strickland designed a new mint in a classic style, which helped the federal government. This was at the time of President Andrew Jackson’s period in office. It was located on the corner of Juniper and Chesnut, which is close to a half mile west of its current.
- The Third Mint
The third cycle of the Mint is popularly dubbed the Roman Temple. It was built at the start of the 20th century. Today it is the home of the Community College of Philadelphia. The structure is a block long with a Roman temple’s façade. Its conspicuous marble is unmistakable. It has iconic massive columns, which lead to a lobby with vaulted ceilings. It is bejewelled with seven Tiffany glass mosaics, which depict ancient Roman methods of coinage and are present today.
- Fourth Mint
This is the present day Mint. It is obviously the largest of them all. The spaces were needed to increase access to highways with extra sophisticated security. Although the latest Mint does not have the intimacy of the first one, the majesty of the second, or the magnificence of the third, it is convenient and useful. It has a white, boxy structure without windows almost. It has the highest level of security and technology to secure it. The staff and public are required to get through a thorough scanning of their stuff before they enter the building. They place their purses, bags, backpacks, and other accessories just like you would do in a highly intensified airport security system with conveyor belt with x-ray examination. There is a sign here as a warning on videotaping or taking photos. Self-guided tours are allowed to observe operations taking place. Each work-floor has its role in the manufacturing process with different departments. They include; bonding, blanking, annealing, riddling, upsetting, striking, counting, bagging, and inspection.
If you plan to invest in gold then make sure that your dealer is listed as an official U.S. Mint retailer.
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I hope you found this short article on what the U.S. Mint is to be interesting and you should now have a better understanding of what it is and its history. If you have any questions about this then please ask them below in the comment section and I will be more than happy to answer them!
I wish you the best!
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