The United States Mint
Created approximately 226 years ago, on April 2nd, 1792 as part of the Coinage Act of 1792, The United States Mint was established. The US Mint serves many functions but not limited to: production of bullion, domestic and foreign coins; production of commemorative coins that mark National events (ie. Bicentennial of the Constitution); Special Set coins; the regulation of the movement of bullion, as well as the design, production, and marketing of medals.
Included in the Coinage Act of 1792, the standing President of the United States of America, George Washington, was authorized to erect the country’s first Federal building under the Constitution, The United States Mint, located in Pennsylvania. Shortly after the creation of The US Mint, David Rittenhouse, of Pennsylvania, was appointed as the first Director of The US Mint garnering a yearly salary of $2,000 or roughly $166 per month.
Another mint was created 62 years after the Pennsylvania mint had opened. The new mint would be located in San Francisco, CA to help serve the ongoing Gold Rush. Following the California based mint would be Denver, CO and West Point, NY, respectively. Each mint strikes their unique mintmark upon the coins issued. Pennsylvania bears the letter “P”, San Francisco strikes “S”, Denver embosses “D” and West Point punches a “W”.
From its inception, The US Mint has produced over 780,899,000,000 coins worth an approximate value of $49,774,254,188.71+. Most popular among these coins is the American Silver Eagle and its Gold counterpart, the American Gold Eagle.
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