The United States Mint was established on April 2, 1792, by the Unites States Congress through the Coinage Act of 1792. The United States Mint building is said to be the first structure built under the Unites States Constitution and continues to hold this location in Philadelphia, which was also the capital of the republic back then. This historical building was also appropriately called “Ye Olde Mint”. The United States Mint comes under the jurisdiction of the Department of the Treasury and is fully backed by the Treasurer of the United States.
The first director of the United States Mint was David Rittenhouse, a well renowned American astronomer, inventor, clockmaker, mathematician, surveyor, scientific instrument craftsman, and public official. Henry Voigt, who is credited with some of the first designs on the United States coinage, was employed by the Treasury to be the Mint’s first Superintendent and Chief Coiner. One of the most critical positions at the Mint is that of the Chief Engraver, which was held by such acclaimed men, among others being Frank Gasparro, William Barber, Charles E. Barber, James B. Longacre, Christian Gobrecht, and Anthony C. Paquet. The current director of the Mint is Edmund C. Moy.
The main objective of the United States Mint is to supply sufficient amounts of coinage for ease of trade and commerce in the United States. The Mint currently churns out an average of fifteen billion coins annually. Its other responsibilities include dispensing United States coinage to the Federal Reserve banks and its subsequent divisions, maintaining the physical charge and securing the country’s one hundred billion dollars worth of gold and silver holdings, the minting of proof, uncirculated, commemorative coins, and medals to be sold to public, producing and selling all United States platinum, gold, and silver bullion coins, and last but not least administering its other minting locations in Washington, D.C.; Philadelphia, Pennsylvania; West Point, New York; Denver, Colorado; San Francisco, California; and Fort Knox, Kentucky, where the United States Bullion Depository is currently situated. Both the Denver and Philadelphia Mints is known to produce up to 65 million to 80 million coins per-day!
There were several other Mints that was set up in the mid-nineteenth century by the Treasury Department which are no longer operational today. These Mints were located in Charlotte, North Carolina; Dahlonega, Georgia; New Orleans, Louisiana; and Carson City, Nevada, respectively. Some say that apart from the end of the Civil War, these Mints ceased its operations because of the drying up of precious metals like gold and silver, around these areas. Another prominent Mint was set up in Manila, Philippines, in 1920. This is the only US mint established outside of the Continental United States which was in charge of minting coins for the colony, and all coins struck at this mint would bear the M mintmark, for Manila. The Manila Mint closed down in 1941, during the initial stages of the second World War.
Today, the United States Mint receives more than one billion dollars in revenues, each year, and as a self-financed organization, its net profits are handed over to the General Fund of the Treasury. The Mint prides itself in propagating world-class business practices in producing, selling, and protecting the coinage and assets of the United States of America.