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US Gold Mint: Network and Sales

Blog Oct 31, 2011

US Gold Mint: Network and Sales

The US gold mint launched a one dollar gold coin in tribute to Abraham Lincoln on November 18, 2010. The new coin, with the obverse of Lincoln’s image, was unveiled at a ceremony at President Lincoln’s Cottage in Washington, DC. According to the Presidental $1 Coin Act of 2005, the US mint has to strike four presidential one dollar gold coins every year. Lincoln was the 16th president of the US and this coin is also the 16th in the series.

The US gold mint, created by the Congress on April 2, 1972, is the United States’ primary producer of gold coinage. Its origin dates back to the Coinage Act of 1792. The mint receives $1 billion in revenues annually, which is deposited in the General Fund of Treasury. The main objective of the mint is to produce a good volume of circulating coinage to be used for trade purposes.

The US Gold Mint Network

The US mint administers the production facilities in different states, including San Francisco, Philadelphia, Denver, West Point and Carson City.

  • San Francisco Mint: Gold coins with an ‘S’ marking imply that they are produced at the San Francisco mint. Gold metal that was found during the first West Coast Gold Rush prompted great demand for gold coins, which subsequently led to the establishment of the San Francisco mint. The mint produced gold coinage worth $4 million during its first year.
  • Philadelphia Mint: Opened in 1793, this is the primary mint facility of the United States. The Philadelphia mint also produces the master die that is used for designing the coins.
  • Denver Mint: In response to the Pikes Peak Gold Rush, the Denver mint was opened in 1863. The mint was responsible for liquidizing and stamping gold brought in raw form from the local mines. It started minting $20 Double Eagle gold coins by 1906, while producing the Standard Eagle, Quarter Eagle and Half Eagle gold coins in small quantities. All original coins produced at this mint bear a ‘D’ mark and are of significant value.
  • West Point Mint: The West Point mint initially focused on silver minting and is famous for its production of Lincoln cents from 1873 to 1986. Although established in 1937, the official mark of the mint ‘W’ did not appear on its coinage till 1983.
  • Carson City Mint: The Carson City mint started minting in 1870, using gold and silver from the Comstock Lode mining facility. All coins produced at this mint bear a CC mintmark and comprise several Eagle gold coins designed by Christian Gobrecht.

The US Gold Mint Sales

In 2006, the US Mint added the American Eagle Uncirculated Coins in silver and gold to the American Eagle family of precious coins. As reported in the US Mint November 2010 sales report, the sale of one ounce Gold Eagles reached 28,000 in the second week, as compared to the sales of 24,000 in the first week. Another set of 22-karat gold coins did not surpass the prior monthly sale, unlike their silver counterparts. However, November is likely to end up as the third best month, if the impetus of sales is maintained.

Another set of 2010 bullion coins began to sell on January 19, 2010. Despite their late start, investors have purchased 31,438,000 coins of the Silver Eagles. The sales for the 2010 Proof Gold Buffalo also reached the level of 40,000 during the five months between October 29, 2009 and March 29, 2009.

Sales of the bullion coin in 2010 surpassed the sales record of 2009 set at the level of 28.7 million. Since a number of 2009 dated coins were sold in late 2008 and some of them in early 2010, the 2009 Silver Eagle held a sales record of 30 million that is actually more than the coins sold in 2009.

Since its launch in 1972, the US Mint has come a long way. It has developed as a reliable store for numismatic products as well as a Government agency to produce currency and maintain its circulation.

 

Thumbnail Photo We believe that everyone deserves a properly developed strategy for financial safety.

Lynette Zang

Chief Market Analyst, ITM Trading

Sources & References In This Article

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