Each unique facility performs functions critical to our overall operations. The Mint operates six facilities and employs approximately 1,600 employees across the United States. Revenue in excess of amounts required to operate the Mint is transferred to the United States Treasury (Treasury) General Fund. The Mint generates revenue through the sale of circulating coins to the Federal Reserve Banks (FRB), numismatic products to the public, and bullion coins to authorized purchasers. § 5136), which enables the Mint to operate without an annual appropriation. Since Fiscal Year (FY) 1996, the Mint has operated under a revolving Public Enterprise Fund (PEF) (31 U.S.C. In calendar year 2021, the Mint produced more than 14 billion circulating coins. The Mint is the world’s largest coin manufacturer. Today, the Mint enables America’s economic growth and stability by protecting assets entrusted to us, manufacturing coins to facilitate national commerce, and producing and selling coins and medals to the public as numismatic items. Learn more about the Mint’s history here. In 1795, the Mint became the first Federal agency to employ women when Sarah Waldrake and Rachael Summers were hired as adjusters. In March 1793, the Mint delivered its first circulating coins – 11,178 copper cents. That same Coinage Act specified the following coin denominations: a copper cent and half cent a silver dollar, half dollar, quarter, dime, and half dime and a gold eagle ($10), half eagle ($5), and quarter eagle ($2.50). It was the first Federal building erected under the Constitution.Ĭoin production began immediately. Rittenhouse bought two lots at 7th and Arch Streets to build a three-story facility, the tallest building in Philadelphia at the time. President George Washington appointed a leading scientist, David Rittenhouse, as the first director. Congress chose Philadelphia, which was then the nation’s capital, as the site of our first Mint. In 1788, the Constitution was ratified by a majority of states, and discussions soon began about the need for a national mint. ![]() was initially governed by the Articles of Confederation, which authorized states to mint their own coins. "He is the only president who ever got involved in currency design.During the Colonial Period, monetary transactions were handled using foreign or colonial currency, livestock, or produce. "The current $1 bill, the back looks the way it does because of Franklin Roosevelt," Noll said. The decision to flip it came from the highest level of government. An early design had the images reversed, with the eagle looking away from the pyramid. The two images, featuring an eagle and a pyramid, first appeared on the dollar bill in 1935. Next time you get your hands on a $1 bill, look at the Great Seal of the United States on the back. The next expected change is the $10 bill in 2026.īecause our currency was such a complicated system, there is plenty of history behind it. If you tilt the bill back and forth you can see bells change to 100s. The last redesign was the $100 bill in 2013. Throughout history, paper bills have been redesigned primarily to protect them. Chase left the Treasury Department in 1864, and officials replaced his face with George Washington's five years later. Treasury Secretary Salmon Chase used that opportunity to put his face on the first dollar. In 1862, the $1 bill was created, and the Treasury Department was in charge of designing it. ![]() "And so one chemist in the 1840s came up with this ink that couldn't be removed and has a special chemical layer. "What chemists were looking for was a way to create an ink that could not be erased," Noll said. ![]() To prevent people from counterfeiting, or printing fake money, the government turned to science. The color – used to print the back of the bill – had a purpose. The bills were also called "greenbacks," a name Civil War soldiers came up with. Many would think the $1 would be the first paper bill, but the first bills were the $5, $10 and $20. So the United States was introduced to the first government-regulated paper bills, also called "demand notes." In 1861, Congress needed to find a practical way – a currency that didn't rely on gold or silver – to pay for the Civil War and its soldiers.
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