Production of numismatic products, including bullion coins, is primarily performed at facilities in San Francisco and West Point. All sculpting and engraving of coin and medal designs is performed at the Philadelphia Mint facility. Both facilities also produce dies for striking coins. Manufacturing facilities in Philadelphia and Denver produce coins of all denominations for circulation. Each unique facility performs functions critical to our overall operations. The Mint operates six facilities and employs approximately 1,600 employees across the United States. Revenue in excess of amounts required to operate the Mint is transferred to the United States Treasury (Treasury) General Fund. The Mint generates revenue through the sale of circulating coins to the Federal Reserve Banks (FRB), numismatic products to the public, and bullion coins to authorized purchasers. § 5136), which enables the Mint to operate without an annual appropriation. Since Fiscal Year (FY) 1996, the Mint has operated under a revolving Public Enterprise Fund (PEF) (31 U.S.C. In calendar year 2021, the Mint produced more than 14 billion circulating coins. The Mint is the world's largest coin manufacturer. Today, the Mint enables America's economic growth and stability by protecting assets entrusted to us, manufacturing coins to facilitate national commerce, and producing and selling coins and medals to the public as numismatic items. Learn more about the Mint's history here. In 1795, the Mint became the first Federal agency to employ women when Sarah Waldrake and Rachael Summers were hired as adjusters. In March 1793, the Mint delivered its first circulating coins – 11,178 copper cents. That same Coinage Act specified the following coin denominations: a copper cent and half cent a silver dollar, half dollar, quarter, dime, and half dime and a gold eagle ($10), half eagle ($5), and quarter eagle ($2.50). It was the first Federal building erected under the Constitution.Ĭoin production began immediately. Rittenhouse bought two lots at 7th and Arch Streets to build a three-story facility, the tallest building in Philadelphia at the time. President George Washington appointed a leading scientist, David Rittenhouse, as the first director. Congress chose Philadelphia, which was then the nation's capital, as the site of our first Mint. In 1788, the Constitution was ratified by a majority of states, and discussions soon began about the need for a national mint. was initially governed by the Articles of Confederation, which authorized states to mint their own coins. I am proud to lead this organization that, since 1792, has connected America through coins."ĭuring the Colonial Period, monetary transactions were handled using foreign or colonial currency, livestock, or produce. "Every coin manufactured by the Mint is the result of combined efforts of artists, engineers, production workers, and support staff who team up to transform an idea into a design, and then bring that design to life on a miniature canvas. "Throughout our 230-year history, the men and women who comprise our workforce have taken great pride in rendering the story of our Nation in enduring examples of numismatic art," said Mint Deputy Director Ventris C. That first Coinage Act established the silver dollar as the nation's unit of money and authorized the first national mint in the United States. To coin money." The current United States Mint was created by the Coinage Act of 1792, passed by the United States Congress and signed into law by President Washington on April 2, 1792. The Mint is one of the few Federal agencies whose duties are specifically referenced in the Constitution, with Article I, Section 8 establishing that "The Congress shall have the power. WASHINGTON, Ap/PRNewswire-PRWeb/ - Today, the United States Mint celebrates its 230th anniversary. The nation's sole manufacturer of legal tender coinage marks 230 years of connecting America through coins.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |