JEFF GARRETT VISITS THE OSBORNE MINT

Last week, I had the opportunity to visit the Osborne Mint in Cincinnati. Our group was invited to the striking ceremony for the upcoming American Numismatic Association (ANA) commemorative medal that is being struck of the Oklahoma City convention. The visit gave everyone an opportunity to see the inner workings of the oldest private mint in the United States.

Private mints in the US have a very long history. There were private mints in this country long before the US Mint began striking coins in 1792. Traditionally, these mints have operated when there has been a need for currency that was not met by local or national authorities. Most colonial coins were struck for this purpose, starting with New England coinage in 1652.

When gold was discovered in California in 1848, there was very little federal coinage in circulation locally. Private mints soon sprang up to forge the newly found gold into coinage. Some of the most famous coins in the territorial gold series were created at this time. Private mints proliferated out west until the opening of the San Francisco Mint in 1854.

Private mints continued to fill needs when federal coinage was not available. Civil War and Hard Times tokens are great examples. Many of these private issues were also struck to convey messages or for political propaganda. Coinage has been a great way to influence public opinion since ancient times.

More recently, private mints in the US have focused on creating interesting bullion in the form of non-legal tender coinage. The demand for bullion is often met by these private mints, especially when the premiums for US Gold and Silver Eagles reaches unfavorable levels.

Private mints also create private brand coins for companies around the world. This is similar to what you see in grocery stores, where they promote in-house brands that are made by third parties. Companies can create coins that are unique to their company, and with fixed costs that are established well in advance.

To read the complete article, see:
Jeff Garrett: Private Mints in the United States (https://www.ngccoin.com/news/article/14309/)

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