The Establishment Of The United States Mint

admin — Tue, 06 Oct 2009 01:59:19 +0000

On April 2, 1792, Americans witnessed the passage of the Mint Act. This important Act led to the creation of Philadelphia's mint, and paved the way for the production of the currency that is presently used by the United States today. Thomas Jefferson is the original founder of the coin classification system, and was adamant that the United States have it's own personal mint in operation. When the 1792 Mint Act passed, it brought Jefferson's visions for the coinage system into reality, and established the first legitimate mint in the country. It also set the United States' dollar value at 24.75 gold grains.

The United States Mint is charged with the responsibility of creating an adequate number of coins in order for the country to do business. In addition, the mint must maintain the security of the country's precious metals. Most of the gold owned by the United States is secured in Fort Knox in the state of Kentucky. The Mint must also pass out coins to the Federal Reserve financial institutions. Finally, any damaged coins are taken back by the mint and re-minted.

The United States Mint was granted its independence from the government in 1799. In 1835, then-president Andrew Jackson approved the creation of mint operations to be based in New Orleans, Louisiana, Charlotte, North Carolina, and Dahlonega, Georgia. Following the Civil War, however, each one of these branches became defunct. The Mint was incorporated into the Department of the Treasury in 1873, and its main office was established in Washington D.C., which is where it stands today. Six locations around the United States currently house branches of the mint. Fort Knox, West Point, Denver, San Francisco, Philadelphia, and San Francisco are where the branches have been established.

Today, the country depends on the United States Mint more than ever. Investors are embracing silver, gold and platinum bullion as dependable avenues to keep their assets secure, as citizens are worried about the lagging economy and falling dollar value.

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The Establishment Of The United States Mint