The United States Mint was created by Congress on April 2, 1782 and receives more than $1 billion in annual revenues. Because it is a self-funded agency, revenues beyond the operating expenses are turned over to the General Fund of the Treasury.
Gold was discovered in Colorado in 1858, which drew in hundreds of miners, merchants, and settlers. The city of Denver was founded in 1859, and the United States Government established a mint facility there in 1863.
Mission and Responsibilities
Their mission is to produce an adequate volume of circulating coinage so the nation can conduct its commerce and trade. The circulating coinage has varied between 11 and 20 billion coins annually.
The United State’s Mint’s responsibilities include:
- Distribute coins to the Federal Reserve banks and their branches.
- The Nation’s $100 billion of U. S. gold and silver assets, protection and maintaining physical custody is the Mint’s responsibility
- They must make for sale to the general public, non-circulated and commemorative coins, and medals producing proof.
- Manufacturing and selling gold, silver, and platinum bullion coins.
- Overseeing of production facilities in Denver, Philadelphia, West Point, and San Francisco, and the U. S. Bullion Depository at Fort Knox, Kentucky.
The United States Mints operates six facilities across the United States. Each facility performs unique functions.
The tours are free and are a fascinating experience for all ages, which will be remembered for a lifetime. The tours cover both the history of the Mint and the present state of coin manufacturing. The facilities welcome school and youth groups grades kindergarten through 12, organized military and veteran groups, and simply anyone who wants a tour of the Denver Mint.
The Denver Mint does the following:
- Manufactures all denominations of circulating coins
- Production of coin dies
- Manufactures the Denver “D” portion of the annual uncirculated coin sets and commemorative coins that have been authorized by the United States Congress.
- Stores silver and gold bullion
- Conducts public tours
The historic Denver Mint building is one of Colorado’s oldest institutions and in its first year in operation, it produced 167,371,035 gold and silver coins, which were valued at $27 million. Today the Mint’s output can exceed 50 million coins a day.
If you are looking for a fascinating career, take a look at working for the Denver Mint. There are endless job possibilities in the fields of management, technology, coin production, facilities management, security, and many other areas. In addition, you will find a variety of working environments.
The Denver and Philadelphia Mints are the only two mints who manufacture the coins that are circulated for daily use. All mutilated and uncurrent coins that are received by the Mint are melted and reused in the manufacture of coinage strips.