United States Mint
Since Congress created the United States Mint on April 2, 1792, it has grown tremendously. The United States Mint receives more than $1 billion in annual revenues. As a self-funded agency, the United States Mint turns revenues beyond its operating expenses over to the General Fund of the Treasury.
The primary mission of the United States Mint is to produce an adequate volume of circulating coinage for the nation to conduct its trade and commerce. In recent history circulating coin production has varied between 11 billion and 20 billion coins annually. In addition to producing coins, the United States Mint has other responsibilities, including the following:
- Distributing U.S. coins to the Federal Reserve banks and branches.
Maintaining physical custody and protection of the Nation’s $100 billion of U.S. gold and silver assets. - Producing proof, uncirculated, and commemorative coins, and medals for sale to the general public.
- Manufacturing and selling platinum, gold, and silver bullion coins.
Overseeing of production facilities in Denver, Philadelphia, San Francisco and West Point, as well as the U.S. Bullion Depository at Fort Knox, Kentucky.
Philadelphia
The Mint’s largest facility is the Philadelphia Mint, one of four active coin-producing mints. The current facility at Philadelphia, which opened in 1969, is the fourth Philadelphia Mint. The first was built in 1792, when Philadelphia was still the U.S. capital, and began operation in 1793. Until 1980, coins minted at Philadelphia bore no mint mark, with the exceptions of the Susan B. Anthony dollar and the wartime Jefferson nickel. In 1980, the P mint mark was added to all U.S. coinage except the cent. Until 1968, the Philadelphia Mint was responsible for nearly all official proof coinage. Philadelphia is also the site of master die production for U.S. coinage, and the engraving and design departments of the Mint are also located there.