1. The United States mint, located at Philadelphia, is one of the most important establishments of the government. An act of Congress, passed in 1792, was the first step towards its creation. Its design was, and its principal business has been,[279] to coin the precious metals into money. It has been for more than eighteen hundred years the usage of civilized governments to coin their own money. Ours, at a very early period of its existence, began to do the same thing, and will probably continue to do it as long as it shall exist. Before the art of coining was known, the precious metals were used as a standard of value, but they passed from one to another by weight. The plan of cutting them into small pieces, and then stamping their value upon them, by which their worth could be known as soon as seen, was an improvement upon the former mode. This process is denominated coining. It has of late been brought so near perfection that our pieces of money are fine specimens of art. 2. The officers, who manage and conduct the operations of this establishment, are a Director, a Treasurer, an Assayer, a Melter and Refiner, a Chief Coiner, and an Engraver. They are all appointed by the President and Senate in the usual manner. The director appoints the assistants and clerks.
All must give bonds for the faithful performance of their respective duties upon which they enter under oath. The duties of these different officers may almost be known by the names they bear. The director is the head of the institution, and the others act under his general direction, each having his appropriate duties to perform. In the month of January of each year the director must make a report to the President of the operations of the mint and its branches for the preceding year.
3. Any person may take gold or silver bullion or ores to the mint and receive it back in coin, for a very trifling expense. Before it is coined, after its value has been determined by the assayer, the director will give a certificate for it, which is of the same value as the bullion deposited.
4. We have stated that the principal business at the mint is the conversion of the precious metals into coin or money. But this is not its exclusive business. Another part is to melt and assay these metals, and to run them into ingots or bars[280] either of pure or standard gold and silver, according to the wish of its owner.
Until 1835 the mint at Philadelphia was the only establishment in the United States for coining money. But in that year a law was passed establishing branch mints at New Orleans, in Louisiana; at Charlotte, in North Carolina; and at Dahlonega, in Georgia. In 1852, another branch was established in California; in 1862, another at Denver, in Colorado Territory; and in 1863, another at Carson City, in Nevada Territory, since made a State; in 1864, another at San Francisco, in California, and another at Dallas City, in Oregon. Except the one in California, but little has ever been done at these branches. They are all similar to the principal one at Philadelphia; and the laws relating to that are made to apply to these branches.
6. The Constitution gives Congress the exclusive right to coin money, and prohibits all the States from doing it. This Congress does by the laws it passes in relation to the subject, and the various officers and workmen employed to execute the work are only the agents of Congress.
The various coins which Congress has from time to time ordered to be made are of the following names and value:
Gold. Value.
Eagle, $10 00
Half-Eagle, 5 00
Quar. Eag., 2 50
Doub. Eag., 20 00
Three Dols., 3 00
One Dollar, 1 00
Silver. Value.
Dollar, $1 00
Half-Dollar, 50
Quar. Dol., 25
Dime, 10
Half Dime, 5
Three ct. piece, 3
Copper.
One cent,
Two cents,
Three cents,
and formerly ? c.
But these are now discontinued.
7. Our coins are not made of pure gold and silver; a certain amount of other metals being added to produce a coin that will be less affected by the friction of constant use. This alloy, or mixture, of the precious metals is called Standard gold or silver, since a definite amount of the alloy is required in all the coinage of the government for currency purposes. It does not alter the value of the coin; that being dependent on the actual merchantable value of the sum of the metals used.[281] By the law of 1837, standard gold and silver were declared to be nine hundred parts of pure metal, and one hundred parts alloy—equal to one-tenth alloy. Gold coins are alloyed with silver and copper, equal parts of each. Silver coins are alloyed with copper alone. Gold is declared to be worth fifteen times as much as silver by weight.
In addition to our own coins, Congress has, from time to time, passed laws declaring the value of foreign coins, and making them a legal tender. But these laws were all repealed by the act of 1857, and it was made the duty of the director of the mint to have them assayed, and to determine their weight, fineness, and value; for they are still used by banks and merchants, and pass at the value determined by the mint.
The mint, up to 1861, had coined in gold, silver, and copper coin, 800,662,475 pieces, worth $799,923,362.
THE UNITED STATES MINT.
 
Statement of Domestic Gold and Silver deposited at the United States Mint and Branches, for Coinage, to June 30th, 1872.
From. Gold. Silver. Gold and Silver.
California $642,965,026.09 $156,423.03 $643,121,449.12
Montana 30,648,265.24 176,838.57 30,825,103.81
Colorado 20,338,420.96 1,114,543.43 21,452,964.39
Idaho 17,141,523.84 291,681.59 17,433,205.43
Oregon 11,594,979.33 1,863.74 11,596,843.07
North Carolina 9,865,252.97

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