Types of Private Mints
The number of private mints located east of the Mississippi River can vary greatly depending on what type of minting company it is. Most private mints are bullion mints, which specialize in producing precious metals like gold and silver into coins, bars, and rounds. Other private mints focus on striking commemorative coins or collectible coins, typically in limited-edition sets. And still, other mints are specifically for producing business strike coins for issuing governments.
Bullion mints are by far the most common type of mint across the world, with the U.S. boasting more than 100 such establishments. Business strike coins are much less common, and are only found in states producing their own currency, such as the U.S. Mint. The number of commemorative and collectible mints located east of the Mississippi River is much more difficult to determine, as these companies tend to operate on a smaller scale with fewer well-known names.
U.S. Mint Locations
The U.S. Mint is the nation’s premier producer of coins, and is responsible for minting all coins of the United States Dollar. Established in 1792, the U.S. Mint operates four major facilities, three on the east side of the Mississippi River and one on the west. There are facilities in Philadelphia and Denver, both of which are responsible for producing circulating coins, then facilities in West Point and San Francisco, which are responsible for collectible coins.
The Philadelphia Facility is the oldest and largest of the four, and is responsible for producing more than half of the circulating coins struck by the U.S. Mint annually. The Denver Facility is the second-largest and produces circulating coins, includingState Quarters and America the Beautiful Quarters. The West Point Facility is responsible for producing the majority of the U.S. Mint’s collectible coins, while the San Francisco Facility produces commemorative and other collector coins.
Impact of Private Mints
Private mints can have a significant impact on the economy. Bullion mints produce large sums of precious metals, which helps to add liquidity to the markets. Business strike coins and commemoratives minted by private mints are also important because they are used to commemorate special occasions or to highlight important events. Private mints also create jobs and help to stimulate the local economy.
The U.S. Mint, locating mostly east of the Mississippi River, produces coins for a variety of reasons, including for use in circulation, for commemorative campaigns, and for store-of-value collections. Private mints provide competition to the U.S. Mint, and can offer collectors higher quality coins at a lower cost. Private mints also drive innovation, bringing new designs and products to the market.
Number of Private Mints
The exact number of private mints east of the Mississippi River is difficult to determine, as many of these companies operate on a smaller scale with fewer well-known names. While the U.S. Mint is by far the largest producer of coins, there are many other private mints across the country. A quick internet search reveals dozens of mints, though most appear to focus on the production of bullion coins, bars, and rounds. For collectors looking for unique items, there are also a handful of private mints that specialize in producing higher quality coins and collectibles.
One thing is for sure, there are quite a few private mints in the United States that produce coins and related products for a variety of reasons. These mints add liquidity to the markets, provide employment to local communities, and most importantly, bring new and interesting options to the collecting community.
Benefits of Mints
Private mints offer a variety of benefits to collectors and investors. Perhaps the biggest benefit is the ability to purchase high-quality coins at competitive prices. Most private mints offer coins that are not available from other sources, such as limited-edition coins or hard-to-find items. In addition, private mints generally have faster production times and are able to ship products quicker than the U.S. Mint.
Private mints can also provide collectors with a more personal experience than the U.S. Mint. Since private mints are often smaller businesses, they can be more accessible than the U.S. Mint, which is primarily a government run entity. Collectors may find that private mints are willing to work with them on a more individual basis to purchase and store precious metals in a secure and efficient way.
Private vs. Government Coins
The decision of whether to buy coins from a private mint or from the U.S. Mint is largely a personal one. Some collectors might prefer coins from the U.S. Mint due to their long-standing tradition and reputation for quality. Many see the U.S. Mint as the premier source for coins, as these coins have been minted by the government for centuries.
Nevertheless, there are compelling reasons why collectors might choose to purchase coins from private mints. Private mints are often able to offer lower prices on coins and medallions, as they have less overhead costs than the U.S. Mint. Also, private mints typically have a larger selection of coins and medallions available than the U.S. Mint, as they are typically more willing to try out new designs. Ultimately, deciding between the two sources of coins comes down to personal preference and budget.
Educational Resources
There are a number of educational resources available to learn more about coin collecting from private mints. Collectors can find a wealth of information online, from websites and forums to online mints and auctions. Additionally, there are offline resources, such as books and magazines that provide detailed information about specific types of coins and topics related to private mints.
In addition, collectors can look to the Better Business Bureau (BBB) to find reliable mints and get up to date information on the minting industry. The BBB offers a system to monitor and review the integrity and operations of businesses, including those involved in coin minting. With this information, collectors can make well-informed decisions when purchasing coins from private mints.
Responsible Collecting
Ultimately, it is important for coin collectors to practice responsible collecting. When researching mints and coins, collectors should ensure that the mint is reputable, and that the coins are authentic. In addition, collectors should research the cost of coins and understand any hidden fees associated with purchasing coins from private mints.
Finally, collectors should understand the laws and regulations associated with owning and trading coins. Many municipalities have laws regarding the sale and storage of coins, so it is important to understand these rules before purchasing or trading coins. Additionally, collectors should only purchase coins from mints that have the proper insurance in case of any losses or damage.
Conclusion
Although the exact number of private mints located east of the Mississippi River is difficult to determine, there are a few things we do know. Private mints are an important part of the coin industry, and can offer collectors a more personal and cost-effective way to purchase coins. Collectors should take the time to research and understand the coin industry, as well as the mints they are interested in purchasing from, in order to make smart decisions when collecting coins.
