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Mint (facility)
A mint is an industrial facility which manufactures coins that can be used as currency.
The history of mints correlates closely with the history of coins. In the beginning, hammered coinage or cast coinage were the chief means of coin minting, with resulting production runs numbering as little as the hundreds or thousands. In modern mints, coin dies are manufactured in large numbers and planchets are made into milled coins by the billions.
With the mass production of currency, the production cost is weighed when minting coins. For example, it costs the United States Mint much less than 25 cents to make a quarter (a 25 cent coin), and the difference in production cost and face value (called seigniorage) helps fund the minting body. Conversely, a U.S. penny ($0.01) cost $0.015 to make in 2016.
The first mint was likely established in Lydia in the 7th century BC, for coining gold, silver and electrum. The first coins known to be minted on European soil come from the island of Aegina. A electron stater bearing the image of a turtle dates back to 7th century BC. A mint existed at the ancient city of Cydonia on Crete at least as early as the fifth century BCE.
At about the same time, coins and mints appeared independently in China and spread to Korea and Japan. The manufacture of coins in the Roman Republic, dating from about the 4th century BCE, significantly influenced the later development of coin minting in Europe.
The origin of the word "mint" is ascribed to the manufacture of silver coin at the Temple of Juno Moneta in 269 BCE Rome. The goddess Moneta became the personification of money, and her name was applied both to money and to its place of manufacture. Roman mints were spread widely across the Empire, and were sometimes used for propaganda purposes. The populace often learned of a new Roman Emperor when coins appeared with the new Emperor's portrait. Some of the emperors who ruled only for a short time made sure that a coin bore their image; Quietus, for example, ruled only part of the Roman Empire from 260 to 261 AD, and yet he issued two coins bearing his image.
Ancient coins were made by casting in moulds or by striking between engraved dies. The Romans cast their larger copper coins in clay moulds carrying distinctive markings, not because they knew nothing of striking, but because it was not suitable for such large masses of metal. Casting is now used only by counterfeiters.
The most ancient coins were cast in bulletshaped or conical moulds and marked on one side by means of a die which was struck with a hammer. The "blank" or unmarked piece of metal was placed on a small anvil, and the die was held in position with tongs. The reverse or lower side of the coin received a "rough incuse" by the hammer. Later a rectangular mark, a "square incuse", was made by the sharp edges of the little anvil, or punch. The rich iconography of the obverse of the early electrum coins contrasts with the dull appearance of their reverse which usually carries only punch marks. The shape and number of these punches varied according to their denomination and weight-standard. Subsequently, the anvil was marked in various ways, and decorated with letters and figures of beasts, and later still the anvil was replaced by a reverse die. The spherical blanks soon gave place to lenticular-shaped ones. The blank was made red-hot and struck between cold dies. One blow was usually insufficient, and the method was similar to that still used in striking medals in high relief, except that the blank is now allowed to cool before being struck. With the substitution of iron for bronze as the material for dies, about 300 AD, the practice of striking the blanks while they were hot was gradually discarded.
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Mint (facility)
A mint is an industrial facility which manufactures coins that can be used as currency.
The history of mints correlates closely with the history of coins. In the beginning, hammered coinage or cast coinage were the chief means of coin minting, with resulting production runs numbering as little as the hundreds or thousands. In modern mints, coin dies are manufactured in large numbers and planchets are made into milled coins by the billions.
With the mass production of currency, the production cost is weighed when minting coins. For example, it costs the United States Mint much less than 25 cents to make a quarter (a 25 cent coin), and the difference in production cost and face value (called seigniorage) helps fund the minting body. Conversely, a U.S. penny ($0.01) cost $0.015 to make in 2016.
The first mint was likely established in Lydia in the 7th century BC, for coining gold, silver and electrum. The first coins known to be minted on European soil come from the island of Aegina. A electron stater bearing the image of a turtle dates back to 7th century BC. A mint existed at the ancient city of Cydonia on Crete at least as early as the fifth century BCE.
At about the same time, coins and mints appeared independently in China and spread to Korea and Japan. The manufacture of coins in the Roman Republic, dating from about the 4th century BCE, significantly influenced the later development of coin minting in Europe.
The origin of the word "mint" is ascribed to the manufacture of silver coin at the Temple of Juno Moneta in 269 BCE Rome. The goddess Moneta became the personification of money, and her name was applied both to money and to its place of manufacture. Roman mints were spread widely across the Empire, and were sometimes used for propaganda purposes. The populace often learned of a new Roman Emperor when coins appeared with the new Emperor's portrait. Some of the emperors who ruled only for a short time made sure that a coin bore their image; Quietus, for example, ruled only part of the Roman Empire from 260 to 261 AD, and yet he issued two coins bearing his image.
Ancient coins were made by casting in moulds or by striking between engraved dies. The Romans cast their larger copper coins in clay moulds carrying distinctive markings, not because they knew nothing of striking, but because it was not suitable for such large masses of metal. Casting is now used only by counterfeiters.
The most ancient coins were cast in bulletshaped or conical moulds and marked on one side by means of a die which was struck with a hammer. The "blank" or unmarked piece of metal was placed on a small anvil, and the die was held in position with tongs. The reverse or lower side of the coin received a "rough incuse" by the hammer. Later a rectangular mark, a "square incuse", was made by the sharp edges of the little anvil, or punch. The rich iconography of the obverse of the early electrum coins contrasts with the dull appearance of their reverse which usually carries only punch marks. The shape and number of these punches varied according to their denomination and weight-standard. Subsequently, the anvil was marked in various ways, and decorated with letters and figures of beasts, and later still the anvil was replaced by a reverse die. The spherical blanks soon gave place to lenticular-shaped ones. The blank was made red-hot and struck between cold dies. One blow was usually insufficient, and the method was similar to that still used in striking medals in high relief, except that the blank is now allowed to cool before being struck. With the substitution of iron for bronze as the material for dies, about 300 AD, the practice of striking the blanks while they were hot was gradually discarded.