2023 Silver American Eagle
The United States Mint has a rich history and an array of bullion products beloved by investors worldwide. Read on to learn more about the U.S. Mint, its history, and its products.
What is a Mint?
First, let’s start with some background information. If you’re new to bullion investing, you might wonder, “what is a mint?” Mints are facilities that produce coins for use as currency or sale to collectors. National mints, like the U.S. Mint, produce coins the government recognizes as legal tender. National mints are also responsible for distributing the currency, protecting the Mint’s assets, and overseeing production facilities.
What is the U.S. Mint?
The U.S. Mint is a bureau under the Department of Treasury responsible for producing coinage for the United States and controlling the movement of bullion. Today, there are four active mints: Philadelphia, Denver, San Francisco, and West Point. Consumers can identify each coin’s originating facility by its mint marks. While not a producing mint, the U.S. Bullion Depository at Fort Knox is another U.S. Mint facility primarily used for storage. The U.S. Mint is not responsible for producing American paper money — that responsibility lies with the Bureau of Engraving and Printing.
The History of the U.S. Mint
U.S. colonists handled transactions with foreign currency or bartering during colonial times. As the country grew, so did the need for a unified money system. That’s why Congress passed the Coinage Act in 1792. The Act gave way to the first United States Mint in then-capital Philadelphia. The U.S. Mint was the first building of the Republic raised under the Constitution.
The Coins of the U.S. Mint
Coins produced by the Mint take inspiration from the rich history of the United States. According to their website, The Mint has a selection of numismatic coins, annual coin sets, proof sets, commemorative coins, and more. Here are a few of their most popular coins that you can find right here on The Bullion Game:
The American Eagle Coins
The bald eagle, known for its strength, courage, and freedom, is the national symbol of the United States. So it’s only fitting that this symbol appears on one of the most famous American bullion coins: The American Gold Eagle and The American Silver Eagle.
The American Gold Eagle
The American Gold Eagle is an official gold bullion coin of the United States, authorized under the Gold Bullion Coin Act of 1985, finalized under President Ronald Reagan. Therefore, Gold Eagles must be produced from gold sourced in the U.S. and alloyed with silver and copper. This alloy creates a more wear-resistant coin of 22-karat gold. The latest design of the Gold Eagle, known as the Gold Eagle Type-2 Design, was released in 2021. As a result, the new reverse portrays a profile of the American Bald Eagle designed by Jennie Norris.
The American Silver Eagle
The Silver Eagle is the official silver bullion coin of the United States. First released by the Mint in 1986, it is struck only in one Troy ounce of 99.9% pure silver certified by the U.S. Mint. In 2021, the U.S. Mint unveiled a change in the design of the American Silver Eagles. Along with the Secretary of the Treasury, the U.S. Mint selected a design by Emily Damstra to place on the reverse. In this version, the Eagle is soaring and clutching an olive branch.
The American Buffalo Coins
The name of this coin can be a bit deceiving. American Buffalo coins actually feature an American bison, not a buffalo. Contrary to the song “Home on The Range,” buffalo have never roamed the American West. Bison, on the other hand, still do. Bison are still referred to colloquially as “buffalo,” hence where the American Buffalo coin gets its name. The coin’s design is a modified version of James Earle Fraser’s design for the “Indian Head” nickel. The reverse side features an American bison, and the obverse side features a Native American profile. The depiction is based on Native American chiefs: the Sioux Iron Tail, the Kiowa Big Tree, and the Cheyenne Two Moons, all of whom posed for Fraser.
The American Gold Buffalo
The U.S. Mint began offering the American Gold Buffalo coin in 2006. It marked the first time the U.S. Government minted pure (.9999) 24-karat gold coins for the public to purchase.
The American Buffalo Silver Dollar
The U.S. Mint issued the American Buffalo silver dollar in 2001 to commemorate both the National Museum of the American Indian and the Buffalo Nickel. The design also makes a great round option for investors who want to purchase in-stock silver quickly.
Are you ready to add show some patriotism with American coins? Shop our selection of gold and silver coins from the U.S. Mint today!