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Overview:

The United States Mint is charged with making, selling and protecting the coinage of the United States. The agency makes sure the economy has an adequate volume of circulating coinage for the nation to conduct trade and commerce initiatives. To carry out its duties, the Mint operates several branches where coins are made, and it has its own police force. Numerous scandals in recent years have involved US coins, ranging from the minting of “godless” coins to a rare coin dealer accused of money laundering involving the campaign of George W. Bush.

History:

The United States Mint was created when Congress signed into law the Coinage Act of 1782. The US Mint was originally responsible for producing the coinage for the United States to conduct its trade and commerce. It was made part of the Department of State, and on September 11, 1789, Alexander Hamilton took the oath of office as the first Secretary of the Treasury. Since the US capital was then located in Philadelphia, the first mint was established there in 1792. This was the first building of the republic raised under the Constitution.

As additional branch facilities were created, the number of mintmarks increased. These showed where the coins had originally been produced. The first of these branch mints were the Charlotte, North Carolina (1838-1861), Dahlonega, Georgia (1838-1861), and New Orleans, Louisiana (1838-1909) branches. Both the Charlotte (C mintmark) and Dahlonega (D mintmark) mints were opened to facilitate the conversion of local gold deposits into coinage, and they minted only gold coins.

The Civil War closed the Charlotte and Dahlonega branches. The New Orleans branch closed as well, only to reopen at the end of Reconstruction in 1879. New Orleans produced gold and silver coins in eleven different denominations. These included silver three-cent pieces, half dimes, dimes, quarters, half dollars and gold dollars, Quarter Eagles, half eagles, eagles and double eagles.

The Mint was made an independent agency in 1799, and under the Coinage Act of 1873, became part of the Department of the Treasury. (In 1981, the agency was placed under the auspices of the Treasurer of the United States.) On March 3, 1865, Congress authorized the placement of the motto “In God We Trust” on any gold or silver coins. The director of the mint was given the power to place the motto at his discretion, but the Secretary of the Treasury was given the power to overrule the director. On February 12, 1873, the Coinage Act authorized the Treasury Department to place the same motto on all United States coins. (Congress would require the motto on all coins by 1909).

A new branch in Carson City, NV, opened in 1870 and operated until 1893, with a four-year break from 1885 to 1889. The coins minted there carried the CC mintmark. Like Charlotte and Dahonega before it, Carson City was able to take advantage of the local precious metal deposits nearby (silver, in this case).

The first foreign branch of the US Mint was established in Manila, Philippines, in 1920 (at the time, the Philippines was a US colony). The Manila Mint remains the only US Mint established outside the United States. It was responsible for producing coins for the colony and was in production from 1920 to 1922 and then again from 1925 through 1941, when World War II broke out. Like the Philadelphia mint at the time, the coins struck at this mint bore the M mintmark (for Manila) or none at all.

On March 14, 1900, the Gold Standard Act placed the United States on the gold standard.

Today, the US Mint is entirely self-funded and brings in more than $1 billion in revenue each year. If revenue exceeds the agency’s budget, the remaining money is transferred into the General Fund of the Treasury.

Official History of the Mint

Historical Image Library

What it Does:

The United States Mint is responsible for producing, selling and protecting the country’s coinage and assets. The agency makes sure the economy has an adequate volume of circulating coinage for the nation to conduct trade and commerce initiatives (in recent years, this has meant an average of between 11 and 20 billion coins annually).

Additionally, the US Mint:

· Produces domestic bullion and foreign coins;

· Distributes coins to the Federal Reserve banks and branches;

· Maintains physical custody and protection of the nation’s $100 billion of US gold and silver assets;

· Produces proof, uncirculated and commemorative coins, and medals for sale to the general public;

· Designs and produces Congressional gold medals;

· Manufactures and sells platinum, gold and silver bullion coins;

· Oversees production facilities in Denver, CO, Philadelphia, PA, San Francisco, CA, and West Point, NY, as well as the US Bullion Depository in Fort Knox, KY.

The Mint’s largest facility is in Philadelphia, where most coins are produced. The current facility was opened in 1969 and is the fourth Philadelphia Mint. Until 1980, coins minted at Philadelphia bore no mintmark, with the exceptions of the Susan B. Anthony dollar and the wartime Jefferson nickel. The P mintmark was added to all US coinage except the cent in 1980. Until 1968, the Philadelphia Mint was responsible for nearly all official proof coinage. It was the site of master die production for coins, as well as the engraving and design departments.

The San Francisco branch opened in 1854 to serve the gold fields of the California gold rush, using the S mintmark. This branch closed in 1955, then re-opened in 1965 as a result of the coin shortage of the mid-1960s. In 1968, the San Francisco branch took over most proof-coinage production from Philadelphia. Since 1975, this branch has been used solely for proof coinage, except for the Susan B. Anthony dollar and a portion of cents minted in the early 1980s.

The Denver branch uses the D mintmark and strikes coins only for circulation. With three other mints, the Denver branch struck the $10 gold 1984 Los Angeles Olympic Commemorative coins. This office also produces its dies for other branches.

The West Point branch is the newest branch, having begun as the West Point Bullion Depository in 1937. It produced cents from 1973 to 1986. On March 31, 1988, the West Point branch officially became a US Mint. The West Point branch struck a good deal of commemorative and proof coinage with the W mintmark. In 1996, West Point produced clad dimes for collectors only (not for circulation). This facility is still used for storage of part of the US gold bullion reserves and is now the country’s only production facility for gold, silver and platinum American Eagle coins.

The US Bullion Depository in Fort Knox, KY, is not a coin production facility, but it is responsible for storing the United States’ and other countries’ gold and silver billion reserves.

The Mint Police, established in 1792, is one of the oldest federal law enforcement agencies in the nation. The Mint Police protect more than $100 billion in Treasury and other government assets stored at all US Mint branches.

The US Mint is also responsible for extensive commercial marketing programs to sell products, such as special coin sets for collectors, national medals, American Eagle gold, silver and platinum bullion coins, and commemorative coins marking national events such as the Bicentennial. The Mint does not produce paper money; that is handled by the Bureau of Engraving and Printing.

Where Does the Money Go:

The US Mint spent nearly $6.9 billion on 3,300 contractors this decade. According to USASpending.gov, the Mint paid for a variety of products and services, from ores, minerals and their primary products to containers, packaging, and packing supplies.

The top 10 contractors are as follows:

Afinsa Bienes Tangibles, SA	$1,465,826,289
Poongsan Corporation	$1,089,250,498
Olin Corporation	$690,130,989
Sunshine Minting, Inc.	$613,543,197
Mitsui & Co., Ltd.	$411,420,034
Jarden Zinc Products, Inc.	$362,274,252
Mitsubishi Corporation	$278,873,030
Olin Corporation	$195,895,760
International Business Machines Corporation	$128,655,237
Actuaciones Inmobiliarias La Solana SL	$109,300,000

Afinsa Bienes Tangibles

provides ores and minerals and is the world’s third largest collectibles company, after Sotheby’s and Christie’s. It is headquartered in Madrid and has offices in many other cities, including in Santa Monica, California. In May 2006, police in Spain made several arrests, closed business offices and confiscated material in connection with a case of suspected fraud affecting the life savings of over 350,000 private investors. Four Afinsa employees were arrested, including the company’s founder and his son.

Controversies:

“Godless” Coins Released into Circulation

In March 2007, the Associated Press reported that “an unknown number” of new George Washington dollar coins were mistakenly struck without their edge inscriptions, including the ubiquitous phrase “In God We Trust.” The coins passed US Mint inspectors, but designers could not find room on either face of the new coins to add the phrase. Instead, the national motto was inscribed on the edge of the new coin, along with “E Pluribus Unum” and the year and mintmark. Three hundred million of the new coins were struck and released into circulation in February 2007.

Godless dollars released into circulation (by Tony Phyrillas, Patriots and Liberty)

Silver Surfer Coin Stunt

In May 2007, the Associated Press reported that US Mint officials were angered when 20th Century Fox and the Franklin Mint altered 40,000 US quarters to feature the Marvel Comics superhero Silver Surfer to promote the film Fantastic Four: Rise of the Silver Surfer. While the Mint advised the studio and the Franklin Mint that they were breaking the law by altering US currency, the Franklin Mint said that since the coins were not being sold, the integrity of the currency was not compromised.

“Silver Surfer” coin steams U.S. Mint: ‘Fantastic Four’ character printed on 40,000 quarters without feds’ approval (Associated Press)

Rare Coin Dealer Comes Under Scrutiny

In April 2006, rare coin dealer Tom Noe came under scrutiny when it was revealed that he used a federal appointment to forge relationships with US Mint officials that opened doors for him on Capitol Hill. Noe pleaded not guilty to a 53-count felony theft and corruption indictment for his handling of Ohio’s rare-coin fund and not guilty to federal charges that he laundered money to President Bush’s re-election campaign.

Noe indicted for laundering money to Bush campaign (by Christopher D. Kirkpatrick, Toledo Blade)

Noe is sentenced to 18 years in state prison (by Steve Eder and Mike Wilkinson, Toledo Blade)

New Liberty Dollar Called Criminal

The new Liberty Dollar coins, released into circulation in November 2007, sparked an immediate controversy when it was discovered that the coins did not comply with US Mint specifications for legal tender. Liberty Dollars were sold by a company called NORFED, Inc., in Indiana. An FBI raid resulted in millions of dollars worth of property being seized. Among the items were a supply of “Ron Paul dollars,” which were being sold without permission from Ron Paul or his campaign. According to the US Mint, the Liberty Dollar violated the Constitution and NORFED was guilty of a federal crime.

U.S. Mint Calls Liberty Dollar "Criminal" (by Walt Thiessen, Nolan Chart)

U.S. Mint in Denver Sued for Sexual Harassment

In April 2006, the US Mint in Denver agreed to pay $9 million to settle sexual harassment and discrimination suits. About half of the Mint’s 132 female employees received the money from the settlement. The women in individual claims said their managers propositioned them for sex; forced them to endure displays of pornographic posters, sex magazines and e-mailed images of nude women; and retaliated against them for speaking out. US Mint Director Edmund Moy said the agency had a zero-tolerance policy regarding sexual harassment.

A Federal Mint Is Hostile Workplace, Women Tell EEOC (by Laurie P. Cohen, Wall Street Journal)

Mint chief: No tolerance for sexual harassment

(by Anne C. Mulkern, Denver Post)

Suggested Reforms:

Eliminate Pennies

Penny Dreadful: They’re horrid and useless. Why do pennies persist?

(by David Owen, New Yorker)

Former Directors:

Directors of the United States Mint: 1792-Present

Comments

mark sergas 9 years ago

We lose money printing every penny. The new platinum Eagle had a mintage limited to only 4000. Long time customers requested notification of it going on sale which never happend. Not only can't they fix customer service, but the coin sold out in 7 minutes. In one of the few areas of the government that can generate revenue for the people, the only people making money on these are the dealers that bough them and are reselling them at a 100% mark up. Pitiful.

Mark Kennedy 9 years ago

Purchased Item from US Mint site. Almost 4 months later have not received it. US mint Support acknowledged the Item was not sent. They have yet to refund my money. Rhett Jeppson should be fired. He did not run the veterans SBA correctly and he cannot fix the broken support process at the US mint.

NMRK 12 years ago

way over 50% of the money spent by the mint in the last decade went to foreign corporations--including spain, korea and japan. don't we have us companies engaged in the same enterprises as those of the foreign companies?

Charley 12 years ago

in what year did congress require a coin above ten cents,have an eagle on it?

mack toler 14 years ago

where can I have a coin appraised in Manilaczqh2

Adrianna 14 years ago

This site helped me on my U.S./AZ government prodject sooooooo much. thankyou!!

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Content

Table of Contents
Overview
History
What it Does
Where Does the Money Go
Controversies
Suggested Reforms
Comments
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Founded: 1792

Annual Budget: $2.1 billion

Employees: 1,975

Official Website: https://www.usmint.gov/

United States Mint

Jeppson, Rhett

Previous Principal Deputy Director

From January 12, 2015, until the day of the inauguration of Donald Trump, Matthew Rhett Jeppson ran the U.S. Mint, despite the Senate’s failure to act on his nomination as Mint director. Located in the Treasury Department, the Mint is responsible for minting U.S. coins (but not printing currency). The Mint director’s post has been vacant since January 2011, when Edmund Moy left. Although President Barack Obama nominated auto executive Bibiana Boerio to the job in 2012, her nomination died in committee. Jeppson himself was nominated to be Mint director in July 2015 and made it as far as a hearing before the Senate Committee on Banking, Housing and Urban Affairs eight months later, but he was never confirmed, despite being a lifelong Republican.

Born in Midvale, Utah, circa 1965 to E. Mark and Orma Jean Jeppson, Matthew Rhett Jeppson was the only boy out of four children. After the family moved to Florida when Rhett was 16, he earned a B.A. in History at the University of Florida in 1987.

Jeppson joined the Marine Corps in 1988, where he served as principal battalion staff officer, 81mm Mortar Platoon commander, Rifle Company executive officer, and Rifle Platoon commander in the 1st Marine Division from 1989 to 1991. During the 1990 Gulf War, he led Marines into combat in Kuwait.

Jeppson had to take a step back from the Corps from 1992 to 1994, in order to run his father’s small construction business during a serious illness.

Returning to duty, Jeppson served as operations and exercise officer at Special Operations Command Central from 1995 to 1999.

Jeppson also worked for the State of Florida. He was director of state purchasing and special assistant to the secretary at the Department of Business and Professional Regulation of the State of Florida from 1999 to 2003.

Jeppson’s later Marine Corp service included stints as counter-terrorism planner and chief of current operations for Marine Forces Europe from 2001 to 2003; chief of joint national training capability and European engagements lead at the United States Special Operations Command from 2004 to 2008; deputy director of operations for U.S. Forces Afghanistan from 2009 to 2010; and lead crisis response planner at U.S. European Command from 2010 to 2012. In January 2016, Jeppson retired from the Marine Corps with nearly 28 years active and reserve service.

Jeppson joined the Small Business Administration (SBA) in 2012, serving as associate administrator in the Office of Veterans Business Development from 2012 to 2015, and as acting chief operating officer from 2014 to 2015.

Starting in January 2015, he served in the newly created position of principal deputy director of the Mint.

Rhett Jeppson is married to Renee Jeppson, with whom he has four children: Holly, Heidi, Hayden, and Hans.

-Matt Bewig

To Learn More:

Utah Artist Tapped for Design as US Mint Celebrates its 225th Anniversary (by Carter Williams, KSL-TV)

Statement Before the Senate Committee on Banking, Housing, and Urban Affairs (pdf)

White House Announces Intention to Nominate Jeppson as Mint Director (by Paul Gilkes, Coin World)

Boerio, Bibiana

Former Director

A former auto executive with a background in design has been nominated by President Obama to be the next director of the United States Mint, an agency of the Treasury Department. If confirmed by the Senate—which is unlikely to act before December—Bibiana Boerio would succeed Edmund Moy, who left the post in December 2010. Since Moy’s resignation, Deputy Director Richard A. Peterson has shouldered the responsibilities of the director.

Born circa 1954 in Latrobe, Pennsylvania, Boerio graduated in 1971 from Greensburg Central Catholic High School in Greensburg, Pennsylvania. She earned a BS (Hons) in Textiles and Design at Seton Hill College in 1975 and an MBA in Accounting and Finance at the University of Pittsburgh Graduate School of Business in 1976.

Joining Ford Motor Company after graduating with her MBA, Boerio held a number of finance positions in the areas of product development, manufacturing, sales and corporate business planning, from 1976 to 1995. From August 1995 to September 2000, she served as the finance director for Jaguar Cars, Ltd., then a subsidiary of Ford. She also launched and served as the chair of Jaguar’s Women’s Product and Marketing Committee. Leaving Jaguar in 2000, Boerio worked as executive vice president, chief financial officer and treasurer of Ford Motor Credit Co., LLC, from October 2000 to March 2003, and as director of finance and strategy for Ford Motor Company International Operations from 2003 to 2004. She returned to Jaguar in July 2004 to work as managing director, leaving for good in December 2007, when Ford was in the process of selling its interest in the British car maker to Tata Motors, which is based in Mumbai, India.

Retiring from Ford, Boerio transferred to the political realm, serving as chief of staff for Congressman Joe Sestak (D-Pennsylvania) from February 2008 to January 2011. After Sestak left the House of Representatives in order to run, unsuccessfuly, for the Senate, Boerio was a special adviser to the Sandy Baruah, the president chief executive of the Detroit Regional Chamber of Commerce from March 2011 to February 2012, with an emphasis on developing the MICHauto association in support of the auto industry.

She served as a member of the board of directors for Vista Maria, a non-profit organization supporting high-risk girls in Dearborn, Michigan, and has served as the chair of the Coventry Business Group in support of the National Society for the Prevention of Cruelty to Children in the United Kingdom.

A Democrat, Boerio has contributed $9,000 to Democratic candidates and committees since 2002, including $3,250 to the Democratic Congressional Campaign Committee, $1,000 to the Democratic National Committee, $500 to the Democratic Senatorial Campaign Committee, $2,000 to the 2006 Congressional campaign of former Admiral Joe Sestak, and $750 to the 2012 Wisconsin Senate campaign of Congresswoman Tammy Baldwin.