We went to the mint today, you’ll have to take my word for it, they don’t allow cameras.
They also don’t allow:
Cameras or camera cell phones (so you don’t take pics of the coins.)
Packages of any type
Handbags, book bags, backpacks, purses, fanny packs, diaper bags (sorry, dirty babies need to hold it in their diaper.)
Tobacco products (’cuz it’s gross.)
Video recorders or any type of recording device
Strollers (Joel thought maybe you could use a stroller as a weapon?)
Personal grooming items (makeup, hair brush or comb, lip or hand lotions, etc.) (they don’t want you to look pretty.)
Any pointed objects (pens, knitting needles, umbrellas, etc.) (again with the weapons)
Knives of any size (duh!)
Martial arts weapons/devices (again duh!)
Guns, or ammunition (was this really necessary to list?)
So, we each received a newly minted 50 states quarter, fresh in the bag, never left the mint. Joel got Nevada, Hannah got New Hampshire, Bethany and I got Montana (the newest) and Grace got Texas. You’d have thought Grace got a million dollars because Bethany was trying her hardest to swap quarters with her. (You can find those in change Bethany.) But Grace, realizing that what she had was valuable to someone else, refused every offer. Then we looked at old coins, bead money, jewelry made from money. All of which the tour guide said doesn’t have anything to do with the mint, it’s just there to occupy you before the tour. We saw banks and coins from Rome, Greece, and New Guinea. Joel thought one use of stones for money was silly, especially since the wealthier you were the bigger the stone, which had to sit on your front lawn to show everybody you were wealthy because it was too heavy to move. (What a sentence!)
Then we went upstairs and looked down on the blanks that were being dropped out of a machine. (The Denver mint only mints coins) The blanks start out as a heavy coil of metal that is passed into the machine. A stamper cuts out the right size coin and they go down the conveyor finally landing in a bin (that you wouldn’t want to rob our guide tells us, it weighs 1 ton.) The scrap (webbing) is sent back to the manufacturer and melted to be used again.
From the blank room (why would you want to steal a blank anyway?) we went to the pressing room. One machine was pressing pennies, another nickels, another the new $1 gold presidential coins. The penny machine presses 12 pennies a second, 16,000,000 pennies a day. (They make so many pennies because only 55% of those made go back into circulation; the others are hoarded, lost or just forgotten.) They check the machine every 15 minutes to make sure the press die isn’t fading out. She said they replace the pressing die on the gold $1 coin machine 3 times a day! (It wears out more quickly because those coins are heavier and the machine has to press harder.) The reason the pressed image is lower than the ridge on the coins is so they don’t rub off flat. We saw an example of what happens to messed up coins, they go down in the basement and get pressed in a waffle machine. They are unmistakable mistakes. We found out that in 1942 because of the war, nickels had to be sorted in a different machine because they didn’t contain nickel (the war needed that nickel!) Also we found out that the ridges on the dime, quarter and half-dollar were originally there because those coins contained silver at some point and people would shave the sliver off the coin and then put it back into service. The ridges (118 on the dime, 119 on the quarter, 150 on the half-dollar) were there to prevent it, now they are there because we’re used to it.
We went in to the old mint building and saw a safe that once housed 6 gold bars, but after the Oklahoma city bombing all the gold was put into the basement. (Denver stores ¼ of the US supply of gold.) So now the vault has file cabinets in it. To finish the tour we went down the stairs past the old security vault where whenever the front door was open a security guard would sit in there with a machine gun, rifle, pistol and baton. There has never been a robbery at the mint (though the tour guide told us there was a robbery of $5 bank notes outside the mint, but they don’t consider that their robbery because it wasn’t technically inside the mint, and it wasn’t their money.) Joel asked how much money it takes to make a penny, answer 1.23 cents. Aren’t you losing money then? Yes, but it takes 22 cents to make $1 coin, so we make it up there.
We had a quick math lesson outside. 16,000,000 pennies a day times 1.23 cents to make each one = $19,680,000, that minus how much a penny is worth = $3,680,000 a day they lose making pennies. We didn’t get the daily total on the $1 pieces but let’s say it’s ¼ of that, so 4,000,000 times 22 cents to make them = $880,000 to make them and they are worth 1 dollar, so 4,000,000 coins at $1 minus the cost to make them = $3,120,000 profit. That plus the profit from the half-dollar, quarter and dime make up for the loss of the penny and nickel I’m sure.
Here’s the coin production for Jan. 07:
Denver 213,600,000 (1C)
51,600,000 (5C)
110,000,000 (10C)
129,800,000 (25C)
0 (50C)
117,320,000 ($1)
622,320,000 (Total)
Cool.