The United States Mint has manufactured a range of products, including gold coins and silver coins, since its founding with the Coinage Act of 1792, and more recently began producing platinum and palladium coins. The value of these coins depends on their purity and numismatic factors like year, artwork, and historical significance.
A Brief History of the U.S. Mint
Between 1838 and 1933, the U.S. Mint produced gold coinage for legal tender. The Gold Reserve Act of 1934 removed gold from circulation in the United States and made it illegal to own most gold bullion. Similarly, President Lyndon Johnson approved the Coinage Act of 1965, removing silver from circulating dimes and quarters and reducing the purity of half dollars from 90% to 40%. All silver was removed from circulating half dollars starting in 1971. It wasn’t until the introduction of the American Eagle series in 1986 that the U.S. Mint again produced gold and silver coins, though not for circulation.
In 1974, the United States reinstated the ability to own gold bullion legally. Just 12 years later, the U.S. Mint announced its first gold bullion series with the gold American Eagle, introducing the silver American Eagles as well. In 2008, the mint began offering its gold Buffalo coins as its first 1 oz .9999 fine gold coins. The U.S. Mint also produces annual commemorative gold coins that honor important people, places, and events from United States history.
Popular Products
Backed by the United States government and with over two centuries of production, the U.S. Mint is one of the most well-established producers of precious metal products. U.S. gold, silver, platinum, and palladium coins are widely recognized as solid investments around the world.
The most well-known U.S. Mint product is the 1 oz gold Eagle, but it also produces fractional coins such as 1/10th oz gold Eagles and platinum Eagles. More recently, 2017 marked the addition of palladium Eagles to the Mint’s illustrious lineup.
Gold Buffalos and silver America the Beautiful coins offer various options for precious metals buyers. As a mint with such a long history, it also produces numerous gold and silver commemorative pieces each year, celebrating people, places, and events important to the history of the United States.
Iconic Designs
When the United States Mint decided to introduce a silver bullion coin to the market, it took a page from history. It reimagined a beloved design first seen on the 1916 Walking Liberty Half Dollar. The gold Eagle launched the same year and had a similar beginning, taking its design from the 1907 $20 Saint-Gaudens Double Eagle. These two coins are now among the most popular bullion coins in the world and are just part of a vast assortment of products from the U.S. Mint.
Production Technology
Producing gold and silver coins, among other precious metals products, has been the responsibility of the U.S. Mint as long as it has existed. In 1792, minting coins wasn’t nearly as efficient as today. Here is a brief history of different U.S. Mint production techniques.
Screw Press
Metals were heated to the proper smelting temperature and flattened into sheets by passing them through rollers multiple times. Coin blanks, known as planchets, were punched out of the sheets and then fed into the large screw press that held the die stamps. Harnessed horses were used to drive the machinery and press the die into the blank coin.
Steam-Powered Press
While metals still had to be smelted, pressed, and punched, the steam-powered press increased the number of coins that could be produced and ensured fewer errors.
Modern Minting
Electricity dramatically increased the speed at which metals could be weighed and coins could be produced. The U.S. Mint could manufacture more than 75 million coins in 24 hours.
Current Process
Metals arrive in coils 1,500 feet long. Planchets undergo a series of preparation processes, where they are softened, cooled, washed, and dried, their rims raised, and pressed into coins. Throughout the process, the mint uses scanners and scales to ensure that all coins are pure.
