About United States Mint
The US Mint can make a pretty penny. The US Mint's primary mission is to produce an adequate volume of circulating coinage for the nation to conduct its trade and commerce. The Mint distributes coins and paper money to the Federal Reserve banks and branches, maintains custody of the nation's gold and silver assets, and redeems and processes mutilated coins. The company also produces proof and uncirculated coins; commemorative medals; and platinum, gold, and silver bullion coins to the public. Despite its standing as a government institution, the US Mint does turn a profit, which it transfers to the US Treasury.
The Mint operates six facilities across the US, located in Washington, DC (corporate headquarters); Philadelphia; West Point, New York; Fort Knox, Kentucky; Denver; and San Francisco. Its manufacturing facilities in Philadelphia and Denver produce coins of all denominations for circulation. Both facilities also produce dies for striking coins.
The Mint's revenues fell 25% from 2017 to 2018 to $1.9 billion, reflecting the impact of decreased demand in all business lines (circulating coinage, bullion coins, and numismatic products). Circulating coin shipments dropped 2% in 2018, driven by decreases in pennies. Numismatic revenues declined 24% due to decreases in Presidential and First Spouse products, a recently-ended program which honored late presidents and spouses. Lower demand led to a 40% drop in bullion coin revenue in 2018. Net income before protection expenses decreased 25% during the same period. Selling, general, and administrative expenses decreased 0.2 percent from last year.
The Mint is seeking to beef up its falling customer base with new products. Since the mid-1990s, the active customer base has shrunk from 2.7 million to below 500,000. The Mint is looking to attract new younger collectors, with new educational programs aimed at promoting coin collecting.
To bring the public's attention to coins, the Mint debuted its first-ever circulating coins with West Point "W" mint marks and released them into general circulation in 2019 to promote coin collecting. Alongside this effort, coin dealers and collecters also deposited a million rare and valuable coins into general circulation in 2019 as part of a game called "The Great American Coin Hunt." Some of the coins are worth hundreds of dollars.
The Mint is also keeping up with anti-counterfeiting technology and has announced that it would redesign its silver and gold American Eagle coins for 2021 to accommodate the state-of-the-art anti-counterfeiting technology at the production stage.
In 1792, Congress passed the Coinage Act, establishing the first national mint in the United States. Congress chose Philadelphia, what was then the nation's capital, as the site of the first Mint.
As gold fever spread across the US, branch Mints and assay offices opened to serve the needs of a growing nation. Although the Mint currently operates production facilities in Philadelphia, San Francisco, Denver, and West Point, and a bullion depository at Fort Knox, many other facilities opened throughout their history.
801 9th St NW
Washington, DC 20220-0012
Phone: 1 (202) 756-6468
Employer Type: Privately Owned
Plant Manager, Denver: David Croft
CIO: Jerry Horton
Assistant Director Protection and Chief, U.S. Mint Police: Dennis O'Connor
Employees (This Location): 400
Employees (All Locations): 2,200