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Coins of the United States dollar – aside from those of the earlier Continental currency – were first minted in 1792. New coins have been produced annually and they comprise a significant aspect of the United States currency system. Circulating coins exist in denominations of 1¢, 5¢, 10¢, 25¢, 50¢, and $1.00. Also minted are bullion, including gold, silver and platinum, and commemorative coins. All of these are produced by the United States Mint. The coins are then sold to Federal Reserve Banks which in turn put coins into circulation and withdraw them as demanded by the United States economy.
Precious metals are rare, naturally occurring metallic chemical elements of high economic value. Precious metals, particularly the noble metals, are more corrosion resistant and less chemically reactive than most elements. They are usually ductile and have a high lustre. Historically, precious metals were important as currency but are now regarded mainly as investment and industrial raw materials. Gold, silver, platinum, and palladium each have an ISO 4217 currency code.
The Coinage Act of 1873 or Mint Act of 1873 was a general revision of laws relating to the Mint of the United States. By ending the right of holders of silver bullion to have it coined into standard silver dollars, while allowing holders of gold to continue to have their bullion made into money, the act created a gold standard by default. It also authorized a Trade dollar, with limited legal tender, intended for export, mainly to Asia, and abolished three small-denomination coins. The act led to controversial results and was denounced by critics as the "Crime of '73".
The United States Mint is a bureau of the Department of the Treasury responsible for producing coinage for the United States to conduct its trade and commerce, as well as controlling the movement of bullion. The U.S. Mint is one of two U.S. agencies that manufactures physical money. The other is the Bureau of Engraving and Printing, which prints paper currency. The first United States Mint was created in Philadelphia in 1792, and soon joined by other centers, whose coins were identified by their own mint marks. There are currently four active coin-producing mints: Philadelphia, Denver, San Francisco, and West Point.
The eagle was a United States $10 gold coin issued by the United States Mint from 1795 to 1933.
A hallmark is an official mark or series of marks struck on items made of metal, mostly to certify the content of noble metals—such as platinum, gold, silver and in some nations, palladium. In a more general sense, the term hallmark can also be used to refer to any distinguishing mark.
The Coinage Act of 1792, passed by the United States Congress on April 2, 1792, created the United States dollar as the country's standard unit of money, established the United States Mint, and regulated the coinage of the United States. This act established the silver dollar as the unit of money in the United States, declared it to be lawful tender, and created a decimal system for U.S. currency.
The fineness of a precious metal object represents the weight of fine metal therein, in proportion to the total weight which includes alloying base metals and any impurities. Alloy metals are added to increase hardness and durability of coins and jewelry, alter colors, decrease the cost per weight, or avoid the cost of high-purity refinement. For example, copper is added to the precious metal silver to make a more durable alloy for use in coins, housewares and jewelry. Coin silver, which was used for making silver coins in the past, contains 90% silver and 10% copper, by mass. Sterling silver contains 92.5% silver and 7.5% of other metals, usually copper, by mass.
Britannia silver is an alloy of silver containing 11 ozt 10 dwt silver in the pound troy, equivalent to 23⁄24, or 95.833% by weight (mass) silver, the rest usually being copper.
A bullion coin is a coin struck from highly refined precious metal (bullion) and kept as a store of value or an investment rather than used in day-to-day commerce. A bullion coin is distinguished by its weight and fineness on the coin. Unlike rounds, bullion coins are minted by government mints and have a legal tender face value. Bullion coins can have fineness ranging from 91.9% to 99.99% purity.
This glossary of numismatics is a list of definitions of terms and concepts relevant to numismatics and coin collecting, as well as sub-fields and related disciplines, with concise explanations for the beginner or professional.
The Birmingham Assay Office, one of the four assay offices in the United Kingdom, is located in the Jewellery Quarter, Birmingham. The development of a silver industry in 18th century Birmingham was hampered by the legal requirement that items of solid silver be assayed, and the nearest Assay Offices were in Chester and London. Matthew Boulton and Birmingham's other great industrialists joined forces with silversmiths of Sheffield to petition Parliament for the establishment of Assay Offices in their respective cities. In spite of determined opposition by London silversmiths, an Act of Parliament was passed in March 1773, just one month after the original petition was presented to Parliament, to allow Birmingham and Sheffield the right to assay silver. The Birmingham Assay Office opened on 31 August 1773 and initially operated from three rooms in the King's Head Inn on New Street employing only four staff and was only operating on a Tuesday. The first customer on that day was Matthew Boulton.
A silver object that is to be sold commercially is, in most countries, stamped with one or more silver hallmarks indicating the purity of the silver, the mark of the manufacturer or silversmith, and other (optional) markings to indicate date of manufacture and additional information about the piece. In some countries, the testing of silver objects and marking of purity is controlled by a national assayer's office.
A metallurgical assay is a compositional analysis of an ore, metal, or alloy, usually performed in order to test for purity or quality.
Sara Jocelyn Margarita Elissa Burton was an award-winning British silver and goldsmith. Burton was the first woman to receive the City and Guilds of London Institute top award, the Prince Philip Medal.
The United States Assay Commission was an agency of the U.S. federal government from 1792 to 1980. Its function was to supervise the annual testing of the gold, silver, and base metal coins produced by the United States Mint to ensure that they met specifications. Although some members were designated by statute, for the most part the commission, which was freshly appointed each year, consisted of prominent Americans, including numismatists. Appointment to the Assay Commission was eagerly sought after, in part because commissioners received a commemorative medal. These medals, different each year, are extremely rare, with the exception of the 1977 issue, which was sold to the general public.
The Goldsmiths' Company Assay Office in London is the oldest assay office in the United Kingdom. The company has provided hallmarking services since The Goldsmiths Company was founded in the 14th century. The company received its royal charter in 1327 and ranks fifth in order of precedence of the 12 great livery companies of the City of London.
A gold coin is a coin that is made mostly or entirely of gold. Most gold coins minted since 1800 are 90–92% gold (22‑karat), while most of today's gold bullion coins are pure gold, such as the Britannia, Canadian Maple Leaf, and American Buffalo. Alloyed gold coins, like the American Gold Eagle and South African Krugerrand, are typically 91.7% gold by weight, with the remainder being silver and copper.
A gold IRA or precious metals IRA is an Individual Retirement Account in which physical gold or other approved precious metals are held in custody for the benefit of the IRA account owner. It functions the same as a regular IRA, only instead of holding paper assets, it holds physical bullion coins or bars. Precious metals IRAs are usually self-directed IRAs, a type of IRA where the custodian allows more diverse investments to be held in the account.
PAMP SA is an independent precious metals refining and fabricating company, and a member of the MKS Group. Established in 1977 in Ticino, Switzerland, the company originally started as a minting facility for bars weighing less than 100 grams and as an alloy specialist for the jewelry and luxury watch-making industries. It has since expanded to provide a full range of services, from collecting doré from mines to assaying, hedging, and delivering its bars and other products. PAMP produces bullion bars ranging from 1 gram to 12.5 kilograms.
References
- 1 2 "U.S. Treasury - Fact Sheet on the Mint and Other Coin Production Facilities of the U.S. Government". Archived from the original on 2007-06-03. Retrieved 2007-05-30.
- ↑ "News at the British Hallmarking Council". Archived from the original on 2007-08-09. Retrieved 2007-08-08.
- ↑ "The London Assay Office". The Goldsmiths' Company.
- ↑ "Adresses des bureaux du Contrôle fédéral des métaux précieux". Archived from the original on 2007-06-13. Retrieved 2007-05-30.
- ↑ "Kontrollörer/Verifierare EU-ETS". www.swedac.se. SWEDAC . Retrieved 31 July 2015.
- ↑ "Ministry of Industry and Commerce, Kingdom of Bahrain - profile". Archived from the original on 2017-02-27. Retrieved 2017-02-26.
- ↑ "History of Branches: Japan Mint" . Retrieved 2022-11-18.
- ↑ "Fineness Certification of Precious Metal Wares: Japan Mint" . Retrieved 2022-11-18.
