A “minted coin ” refers to a coin that has been officially produced or manufactured at a mint , which is a facility where coins, medals, and tokens are made. The term “minted” emphasizes the creation of the coin through a specific and regulated process, as opposed to simply finding a piece of metal and considering it money.
Here’s a breakdown of the meaning:
- Production: Minted coins are created through a meticulous process involving design, engraving, striking, and quality control, transforming raw materials into currency.
- Official Creation: Minting implies that the coin is produced under the authority of a recognized entity, such as a government’s central bank or an authorized independent mint, [according to the Corporate Finance Institute] . This process ensures the coins meet specific standards for composition, weight, and design, [says Britannica].
- Legal Tender or Collectible: Minted coins can be either circulating coins intended for everyday use or numismatic (collector) coins produced for their artistic merit, rarity, and historical significance.
In essence, a minted coin signifies a coin that has undergone the complete manufacturing process, adhering to established standards, and is intended to function as currency or hold value as a collectible.
How much does it cost to mint a $1 coin?
Overall, the seigniorage per dollar issued across all denominations of circulating coins from the U.S. Mint was $0.26, a 4-cent decrease from 2022. These costs cover everything from raw materials to facility costs, minting labor, and other direct costs.