Government shutdown won't affect U.S. Mint
- Published: Dec 22, 2018, 8 AM
Although the federal government has begun a partial shut down because of insufficient funding, the United States Mint will remain in operation as usual, unless President Trump issues an executive order to the contrary.
That’s because the U.S. Mint gets no appropriations from taxpayer money and hasn’t for more than two decades.
“The United States Mint is funded by its own Public Enterprise Fund, not by annual appropriations,” U.S. Mint spokesman Michael White said Dec. 21. “As a result, the Mint will be open for business and operate normally throughout any lapse in funding.”
Inside Coin World: What is ‘eye appeal,’ and why is it important?: Steve Roach demonstrates why eye appeal is an important consideration, because a pretty coin is always a better purchase than an ugly one, in his cover feature exclusive to the January 2019 Coin World.
Circulating coinage production will stay on track at the Philadelphia and Denver Mints, as will striking of coins for annual coin sets and commemorative coinage, Proof coins for numismatic products at the San Francisco Mint, and gold, silver, platinum and palladium coins of all finishes at the West Point Mint.
Public tours will continue as usual without interruption at the Philadelphia and Denver facilities.
Up until the establishment of the Public Enterprise Fund under Public Law 104-52, enacted Nov. 19, 1995, the U.S. Mint had to go before Congress annually to plead for federal appropriations to financially support its operations.
The PEF holds revenue generated from the sales of circulating coinage to the Federal Reserve, sales of numismatic products to collectors and the general public, and sales of bullion coinage to the bureau’s 12 authorized purchasers. The PEF finances production of coinage, medals and other numismatic items, as well as protection of the bureau’s physical assets.
The Mint provides Congress with quarterly reports detailing activities involving the PEF.
Connect with Coin World:
MORE RELATED ARTICLES
Paper Money Nov 26, 2022, 2 PM
US Coins Nov 25, 2022, 3 PM
US Coins Nov 25, 2022, 2 PM
Precious Metals Nov 23, 2022, 2 PM