Many people have questions about the United States Mint. What is it? Where are the U.S. Mints? This post will answer these questions and the other most commonly asked questions about the U.S. Mint. Let’s get right into it!
What Is the U.S. Mint?
The U.S. Mint is a government-run facility responsible for producing, distributing, and circulating the nation’s official legal tender coinage and other precious metals or collectible coins to the public. The U.S. Mint is also responsible for minting other “coin-related products, including proof, uncirculated, and commemorative coins; Congressional Gold Medals; and silver and gold bullion coins.”
Why Is It Called the U.S. Mint?
The word “mint” is a term attributed to the manufacturing of silver coins, circa 269 BC, at the ancient Roman temple of the goddess Juno Moneta. Juno Moneta became the representation of money and the location of where it was made. Similarly, the U.S. Mint is associated with producing coins.
Who Founded the U.S. Mint?
Nearly 16 years after the United States declared independence from Great Britain, Congress passed the Coinage Act on April 2, 1792. This act aimed to establish the first national U.S. mint, selecting Philadelphia as its first location.
Who Owns the U.S. Mint?
The United States Department of the Treasury, or the U.S. Government is responsible for overseeing the U.S. Mint.
Who Is the Current Director of the U.S. Mint?
Currently, former U.S. Navy veteran Ventris C. Gibson is the 40th serving director of the U.S. Mint. Previously, she served as the Mint’s Deputy Director from October 2021 to June 2022. Before that, she served as Director and Associate Deputy Assistant Secretary for Human Resources at the U.S. Department of Health and Human Services. She has also held leadership roles at the Federal Aviation Administration and the Department of Veterans Affairs.
The Mint Director leads employees in fulfilling tasks such as designing, manufacturing, distributing, and circulating coins, precious metals, and other collectible coins or medals.
But who appoints the current director of the U.S. Mint? The U.S. president is responsible for selecting and appointing a director with the Senate’s approval. Once appointed, the director will serve a term of five years unless removed by the president, who has to explain to the Senate the reasons for removal.
How Many Mints Are in the U.S.?
Four U.S. mints are currently in operation. They are in Philadelphia, Denver, San Francisco, and West Point. Both Philadelphia and Denver mint coins intended for circulation, as well as numismatic products and commemorative coins as authorized by Congress. The San Francisco mint does not produce circulating coins, but it does manufacture clad and silver-proof coin sets and commemorative coins (like Philadelphia and Denver). Like the San Francisco mint, West Point does not generally make and distribute any coins for public circulation. However, it does produce commemorative coins and uncirculated American Eagle proof sets in gold, silver, and platinum.
Fort Knox is another mint-run facility, but it does not produce official currencies or collectible coins and medals. Instead, it acts as a gold bullion and other precious metals depository for the United States.
Where Is the Biggest Mint in the U.S.?
The Philadelphia Mint, located in the state of Pennsylvania, is the biggest mint in the U.S. It is the largest due to its production capabilities, minting about 1.8 million coins per hour or 32 million per day and about 13.5 billion coins per year.
Can You Visit the U.S. Mint?
The U.S. Mint offers free virtual and in-person tours of its Denver and Philadelphia facilities. These tours cover its history, and the production process, such as coin designing and sculpting, to striking coins.
Can You Buy Coins Directly From the U.S. Mint?
If you are interested in purchasing coins directly from the U.S. Mint, you can do so via their official website or by telephone toll-free at 1-800-USA-MINT (872-6468). Note that when you buy directly from them, they offer the most current or recent uncirculated coins and proof sets. Your wait time may also vary depending on which method you use to order your coins. The United States Mint does not sell bullion issues directly to the public, but rather through official distributors called authorized purchasers.
If you are looking for older collectible coins, bullion, or proof sets for your U.S. coin collection, you will need to buy from a trusted coin dealer or distributor such as ModernCoinMart.
What Is the Oldest U.S. Minted Coin?
The copper Fugio Cent (“Fugio” means “I flee” in Latin), also known as the Franklin Cent, is the oldest U.S.-minted coin. Benjamin Franklin designed it, and it was first minted in 1787. The cent piece features a sundial with a beaming sun overhead and the printed phrase, “Mind your business,” at the bottom on the observe side. The reverse shows 13 chains linked together to represent the 13 U.S. states of that time, surrounding another phrase, “We are one.”
Does the U.S. Mint Sell Gold Bars?
No. To acquire gold bars, you must buy through a reputable seller, private mint, or another official mint outside the United States. Another thing to know is that the U.S. Mint does not sell gold bullion coins directly to the public. Instead, the Mint distributes official bullion through a network of approved distributors or “Authorized Purchasers.” The Mint’s official statement on this is as follows:
“The United States Mint does not sell its bullion coins directly to the public. Instead, we distribute the coins through a network of official distributors called “Authorized Purchasers” who, in turn, create a two-way market buying and selling to wholesalers, financial institutions, and other secondary retailers.”
Wrapping Up
We’ve just covered the most commonly asked questions about the U.S. Mint. If you’re eager to buy gold bars, official gold bullion, or other U.S. mint coins, shop at ModernCoinMart! Not only do we sell a variety of coins and bullion from mints all over the world, but we’ve been a trusted seller since 2004.
