Page 14 - Bullion World Volume 3 Issue 3 March 2023

Bullion World | Volume 3 | Issue 3 | March 2023

Unveiling the latest developments

in bullion coins from the Global mints

1. THE US MINT- The United States mint celebrated 230 years of existence in 2022, the
US mint shipped close to 13.2 Billion coins which was a few billion more than the previous
year. The US mint had a workforce of 1,650 individuals spread across six facilities across the
nation which has been increased to 1,705 driven by an increase in demand for the product in
the US. The mint focused on creativity and innovation for minting coins.

Location and operations of the US mint
1. Denver- Storage of Gold and Silver bullion/ production of circulating coins and numismatic products.
2. West Point, NY- Storage of Gold, Silver, platinum /production of bullion coins.
3. San Francisco, CA- Production of numismatic products and storage of silver bullion
4. Fort Knox, KY- Storage of Gold Bullion
5. Philadelphia, PA- Sculpting and Engraving, research and development, production of circulating coins, medals,
and numismatic products.
6. Washington, DC (Headquarters) - Policy Development, administration, marketing, and business unit management.

Most of the country’s gold is stored at fort Knox mint and all the administrative work is done at, the headquarters
which is in Washington DC.

Circulating Coin Production during Covid-19 – The pandemic resulted in a sharp increase in orders for
circulating coins from the Mint by Federal Reserve Banks (FRB). Due to covid, the volume of deposits to the FRB
from private coin recyclers dropped significantly, which in turn caused an increase in orders of circulating coins from
the mint. The US Mint responded by maximizing the production of these coins.

Their facilities in Denver and Philadelphia operated on all days including the weekends (Keeping in mind the welfare
and the health of all their employees throughout). During the summer of 2020, the Mint produced circulating coins at
its highest rate since 2001 at 1.6 billion monthly coins. Collaborative measures for administrative purposes were also
implemented at the headquarters located in Washington.

Bullion Coin production during Covid-19- the US Mint experienced record demand for bullion coins during the
last two years (2020 and 2021). The bullion mint program generated revenue of $ 3.8 billion (FY 2021) and $ 3.7
billion (FY 2022) respectively. This is concluded by saying that the minting of bullion coins is a steady form of revenue
for the nation.

Numismatic production during the pandemic- The mint expanded its customer base for the numismatic
program. During FY22, the mint sold more than 4.6 million numismatic products. During the last two years, its
numismatic program generated its strongest financial results of the decade- generating a revenue of $ 577 million for
FY2021 and $559 million for FY2022.

American Women Quarters Program- The American Women Quarters Program is a four-year program that
celebrates the accomplishments and contributions made by women of the United
States. Beginning in 2022 and continuing through 2025, the US Mint will issue up
to five new reverse designs each year. Honourees featured on the program are
ethically, racially, and geographically diverse groups of women with a wide range of
accomplishments in the fields of suffrage, civil rights, abolition, space, and many other
fields.

American Eagle Bullion Coins- The American eagle gold and bullion are the US mint’s flagship bullion coins.
Recognised as the world’s most popular bullion coins, had featured new designs in 2021,
which sparked a new interest in the iconic product.

Next Gen: In 2024, the US mint and the Royal mint will feature emblems of each country.
Liberty for the United States and Britannia for England. The coins with the joint design
will be offered for sale early in 2024 by both the mints involved. July 4th, 2026 will be the
250th anniversary of the United States. Running up to celebrate this, the mint will modify all
circulating coinage, including quarter-dollars, dimes, nickels, and pennies. This would mark
the first time that the mint would have modified all the coins simultaneously

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