United States Mint

“ Pursuant to section 5136 of title 31, United States Code, the United States Mint is provided funding through the United States Mint Public Enterprise Fund for costs associated with the production of circulating coins, numismatic coins, and protective services, including both operating expenses and capital investments. ”

“ Since the beginning of history, coins have played an important role in the story of civilization. They reflect the economic development of their country of origin, as well as the scientific advancement and artistic values of the people who produce and use teem. Today, millions of Americans collect coins for both pleasure and profit.
To help foster the public's interest in coin collecting, the United States Mint annually offers proof sets of the current year's coinage. ”

“ The subject of a National Mint for the United States was first introduced by Robert Morris, [2] the patriot and financier of the revolution; as head of the Finance Department, Mr. Morris was instructed by Congress to prepare a report on the foreign coins, then in circulation in the United States. On the 15th of January, 1782, he laid before Congress an exposition of the whole subject. ”

“ So great was the shock to public confidence, that men slept on their money, and would not loan it for ten per cent. a week, on any security whatever—even on mint certificates, which were as good as gold, and only required about ten days to be paid in coin by the United States Mint. I then rode up to Hammond's house, on Rincon Hill, and found him there. I explained to him exactly Smiley's affairs, and only asked him to pay one of his acceptances. ”

“ The gold coinage of the United States mint, since 1849, has amounted to $1,281,420,038. In proportion as the wealth of a country increases it requires a currency of higher value. Gold, owing to its greater supply, and more convenient portability, is steadily gaining in the channels of commercial exchange upon silver. ”

“ Coins of Standard Value.—In modern times a government first establishes a money of account or ideal unit, and then fixes by law the quantity of gold or silver which shall, in the form of a coin with unlimited legal-tender power, represent that ideal unit. Such coins, with their multiples and divisions, are termed “coins of standard value” or “standard coins.”
Subsidiary Coins.—In the United States silver coins of less denomination than the dollar, which have a nominal value exceeding their intrinsic or bullion value, and limited as legal tender to sums not exceeding five dollars. ”

“ The amount within the ten years ending with 1830 is stated at $18,000,000, and the whole coinage from the commencement of the institution at $37,000,000. On the second of March, 1829, provisions were made by Congress for extending the Mint establishment, the supply of bullion for coinage having increased beyond the capacity of the existing accommodations. ”

“ Single Gold Pieces, in proof, are sold at Twenty-five Cents each above their intrinsic value. Silver Sets are not separated. Proof sets are furnished of the current year only. The Mint has no Coins or Sets of back dates for sale.
5. The Coins of the United States are:—
The coinage of the Silver Dollar of 4121⁄2 grains, the Five and Three-Cent Silver Pieces and Bronze Two-Cent Pieces was discontinued in 1873, but the Silver Dollar was restored by the Act of February 28, 1878. ”

“ Having referred to the portraits of the Directors of the Mint, we will cite other interesting subjects of observation, before describing the coins.
The first object in the Cabinet attracting attention is a framed copy of the law of Congress establishing the Mint, with its quaint phraseology with the signature of Thomas Jefferson. (See fac simile on page 11.)
In the first section, near the western window, is the assorting machine, the invention of a Frenchman, Baron Seguier, and which is now in use in the Mint at Paris.
The planchets for coinage are liable to be a little too heavy or too light ”

“ S. gold or S. silver, as its standard coins of one or the other metal are unlimited legal tender. The par of exchange of the monetary unit of a country with a single gold, or a double, standard is fixed at the value of the gold unit as compared with the United States gold unit. In the case of a country with a single silver standard, the par of exchange is computed at the mean price of silver in the London market for a period commencing October 1 and ending December 26, 1886, as per daily cable dispatches to the Bureau of the Mint. ”

“ More has not been asked or desired, for the officers of the Mint have not sought to vie with the long established collections of the national cabinets of the old world, or even to equal the extravagance of some private numismatists; but they have admirably succeeded in their purpose to secure such coins as would interest all, from the schoolboy to the most enthusiastic archæologist. ”

“ He instituted the Cabinet of coins which now adorns the Mint. This was commenced in 1838. A small annual appropriation was procured from Congress for this purpose, and the work of collection committed entirely to Mr. Du Bois. He brought to it all the enthusiasm which animates most numismatists, sobered, however, by good judgment. His expenditures were always judicious. Some of the best of the specimens were culled from the Mint deposits for the bullion value, merely, of the pieces. ”

“ Gratefully we resumed our business and remained for seven weeks in Virginia City and vicinity, where we had most abundant success, for in spite of rock and ledge, sand and tornado, the country abounds in full purses and warm hearts.
At Carson City we found an United States Mint, where a gentleman designated Saturday afternoon, when the machinery was stopped, as a proper time to give us the benefit of a full examination, allowing me to touch everything, and giving a satisfactory explanation of the "modus operandi" of money making. ”

“ A single mint only has been established, which has hitherto been found quite adequate to all our wants. The truth is, that the prohibition had a higher motive, the danger of the circulation of base and spurious coin connived at for local purposes, or easily accomplished by the ingenuity of artificers, where the coins are very various in value and denomination, and issued from so many independent and unaccountable authorities. ”

“ Whereupon the king, laughing, denominated his trans-Atlantic subjects “honest dogs,” and allowed the coinage to proceed.
During the reign of George I. a new species of coin was issued from the English Mint, denomination half penny, and it is asserted upon good authority that this was the only issue ever authorized by the home government for general circulation in the colonies. It was a coin of mixed metal, resembling brass. The head of the king was on the obverse; inscription, “Georgius Rex.” The reverse, a large double rose under a crown; legend, “Rosa Americana.” Upon a scroll, “Utile Dulci. ”

“ The reason of all this is that the United States limits the amount of all the coins to be issued except gold, which, being the most valuable, is coined without limit. If coinage of all these metals was free, and any holder of copper, nickel, silver or gold could carry it to the mint to be coined, we would have no money but copper and nickel, because they are the cheaper metals, worth less than one-fourth of what, as coin, they purport to be. ”

“ Eckfeldt and his Assistant, in addition to their ordinary duties, engaged in the preparation of an original and comprehensive work on the Coins of all Nations; on the Varieties of Gold and Silver Bullion; on Counterfeit Coins, and on other subjects related thereto. This was published in 1842, and has long been regarded as a standard authority. In 1850, they issued a supplementary smaller work, and again in 1852.
As the United States increased in commerce, wealth and population, the Mint of course increased in work. In particular, Mexican dollars came in great quantities for recoinage. ”

“ It is by law the dollar unit; and, assuming the value of gold to be fifteen and one-half times that of silver, being about the mean ratio for the past six years, is worth in gold a premium of about three per cent., its value being $1.03.12, and intrinsically more than seven per cent. premium in our other silver coins, its value thus being $1.07.42. The present laws consequently authorize both a gold dollar unit and a silver dollar unit, differing from each other in intrinsic value. The present gold dollar-piece is made the dollar unit in the proposed bill, and the silver piece is discontinued. ”

“ Evans’ book gives a complete history of American coinage, describing the obverse and reverse of each piece struck at the Mint since its establishment in 1792. The work is finely gotten up in every respect. ”

“ The mint was established at once at Philadelphia, and the first copper coin was struck in 1793. But coinage was a slow process, and many years passed before foreign coins ceased to circulate. The accounts of Congress were always kept in dollars and cents. But the states and the people used pounds, shillings, pence, and Spanish dollars, and it was several years before the states, by law, required their officers to levy taxes and keep accounts in dollars and cents (Virginia in 1792, Rhode Island and Massachusetts in 1795, New York and Vermont in 1797, New Jersey in 1799) . ”

“ In this way the views of many gentlemen who were conversant with these subjects were obtained, with but little inconvenience to such correspondents. This correspondence was subsequently published by order of Congress, in H. R. Ex. Doc. No. 307, XLI. Cong., 2d Sess. Having received these suggestions, the bill, which comprised within the compass of eight or ten pages of the Revised Statutes every important provision contained in more than sixty different enactments upon the Mint and Coinage of the United States—the result of eighty years of legislation—was prepared and submitted to Congress. ”

“ In the third century, coins stamped with Gothic front faces were issued, and after that date a profusion of coins were brought into the world, as every self-governing city issued money of its own. The earliest money of America was coined of brass, in 1612, and the earliest colonial coins were stamped in Massachusetts, forty years later.
Ancient and extensive as the use of money has been in all its numerous forms and varied materials, it merely represented a property value which had been created by manual labor and preserved by the organic action of society. ”

“ Dudley brought the dies for Coining in the American Mint.
Sept. 3d. Mr. Dudley applies for money for his expenses which I agree to supply, but urge his going into private business.
Sept. 4th. Mr. Dudley for money, which is granted. Directed him to make three models for constructing Dry——
Nov. 21st. Mr. Dudley applies for money. He says he was at half a guinea a week and his expenses borne when he left Boston to come about the Mint, and he thinks the public ought to make that good to him. I desired him to write me and I will state his claims to Congress. ”

“ The rendering of decisions upon counterfeit or suspicious coins has long been a specialty in this department. Once a year the President appoints a scientific commission to examine the coins of the preceding year. There has never yet been a Philadelphia coin found outside of the tolerance of fineness.
The Separating Room.
This department occupies the largest part of the west side of the building, on the second floor. Here the gold and silver used by the Mint in the manufacture of coin and fine bars are separated from each other, or whatever other metals may be mixed with them, and purified. ”

“ It is unreasonable to expect a return to a sound currency so long as the Government by continuing to issue irredeemable notes fills the channels of circulation with depreciated paper. Notwithstanding a coinage by our mints, since 1849, of $874,000,000, the people are now strangers to the currency which was designed for their use and benefit, and specimens of the precious metals bearing the national device are seldom seen, except when produced to gratify the interest excited by their novelty. ”

“ The total deposits in all national banks have more than trebled in the present decade; the money in circulation has doubled since 1890. The flood of gold makes it difficult to gage the full meaning of the incredible increase in values, for in the decade ending with 1909 over 41,600,000 ounces of gold were mined in the United States alone. ”

“ It is very well known that under the system of State banks, which furnished almost exclusively the currency in use for a great many years prior to the issue of legal tender notes by the United States, there was a difference between the value of that currency and gold, even while the bank notes were promptly redeemed in gold. ”

“ Fluctuations in the value of currency are always injurious, and to reduce these fluctuations to the lowest possible point will always be a leading purpose in wise legislation. Convertibility, prompt and certain convertibility, into coin is generally acknowledged to be the best and surest safeguard against them; and it is extremely doubtful whether a circulation of United States notes payable in coin and sufficiently large for the wants of the people can be permanently, usefully, and safely maintained. ”