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See also:MINT (See also:Lat. moneta; See also:Mid. Eng. mynt) , a See also:place where coins are manufactured with the authority of the See also:state . Coins are pieces of See also:metal, of See also:weight and See also:composition fixed by See also:law, with a See also:design upon them, also fixed by law, by which they are identified, their value made known and their genuineness certified . The origin of the word " See also:mint " is ascribed to the manufacture of See also:silver See also:coin at See also:Rome in 269 B.C. at the See also:temple of See also:Juno Moneta.' This goddess became the personification of See also:money, and her name was applied both to money and to its place of manufacture . Metals were used for money at an See also:early See also:stage of See also:civilization, and are well suited to the purpose, owing to their See also:great See also:intrinsic value and their durability, indestructibility, divisibility and rarity . The best metals for coinage are See also:gold, silver, See also:platinum, See also:copper, See also:tin, See also:nickel, See also:aluminium, See also:zinc, See also:iron, and their See also:alloys; certain alloys of gold, silver, copper and nickel have the best See also:combination of the required qualities . See also:History of Minting.—The earliest metallic money did not consist of coins, but of unminted metal in the See also:form of rings and other ornaments or of weapons, which were used for thousands of years by the See also:Egyptian, Chaldean and See also:Assyrian Empires (see See also:NUMISMATICS) . According to See also:Herodotus, the first mint was probably that established by See also:Gyges in See also:Lydia towards the end of the 8th See also:century B.C. for the coining of gold, silver and See also:electrum, an 1 See also:Lenormant, La Mon, zie clans l'antiquite, i . 82 . alloy of gold and silver found in a natural state.' Silver was coined in the See also:island of See also:Aegina soon afterwards . The See also:art of coining was introduced by the Greeks into See also:Italy and other countries bordering on the Mediterranean and into See also:Persia and See also:India . Subsequently the See also:Romans laid the See also:foundations of See also:modern minting . Coining originated independently in See also:China at a later date than in the western See also:world, and spread from China to See also:Japan and See also:Korea . Coins may be made by casting in moulds or by striking between engraved See also:dies . The Romans See also:cast their larger copper coins, in See also:clay moulds carrying distinctive markings, not because they knew nothing of striking, but because it was not suitable for such large masses of metal . Casting is now used only by counterfeiters . The most See also:ancient coins were cast in See also:bullet-shaped or conical moulds and marked on one See also:side by means of a See also:die which was struck with a See also:hammer . The " See also:blank " or unmarked piece of metal was placed on a small See also:anvil (ambos), and the die was held in position with See also:tongs . The See also:reverse or See also:lower side of the coin received a rectangular See also:mark made by the See also:sharp edges of the little anvil . Subsequently the, anvil was marked in various ways, and decorated with letters and figures of beasts, and later still the ambos was replaced by a reverse die . The spherical blanks soon gave place to lenticular-shaped ones . The blank was made red-hot and struck between See also:cold dies . One See also:blow was usually insufficient, and the method was similar to that still used in striking medals in high See also:relief, except that the blank is now allowed to cool before being struck . With the substitution of iron for See also:bronze as the material for dies, about A.D . 300, the practice of striking the blanks while they were hot was gradually discarded ? In the See also:middle ages bars of metal were cast and hammered out on an anvil . Portions of the flattened sheets were then cut out with See also:shears, struck between dies and again trimmed with shears . A similar method had been used in See also:Egypt under the See also:Ptolemies (c . 300 B.C.) but had been forgotten . Square pieces of metal were also cut from cast bars, converted into See also:round disks by hammering and then struck between dies . In striking, the lower die was fixed into a See also:block of See also:wood, and the blank piece of metal laid upon it by See also:hand . The upper die was then placed on the blank, and kept in position by means of a holder round which was placed a See also:roll of See also:lead to protect the hand of the operator while heavy blows were struck with a hammer . An early improvement was the introduction of a See also:tool resembling a pair of tongs, the two dies being placed one at the extremity of each See also:leg . This avoided the See also:necessity of readjusting the dies between blows, and ensured greater accuracy in the impression . Minting by means of a falling weight (See also:monkey tress) intervened between the hand hammers and the See also:screw See also:press in many places . In See also:Birmingham in particular this See also:system became highly See also:developed and was See also:long in use . A . See also:Olivier introduced screw presses for striking coins, together with rolls for reducing the cast bars and See also:machines for punching-out round disks from flattened sheets of metal, in See also:Paris in 1553 . After being discarded in 1585, except for making medals, they were reintroduced by J . Varin in 164o and the practice of hammering was forbidden in 1645.3 In See also:England the new machinery was tried in See also:London in 1561, but abandoned soon afterwards; it was finally adopted in 1662, although the old pieces continued in circulation until 1696 . At first the rolls were driven by workmen by means of cranks, but later they were worked by horses, mules or See also:water-See also:power . See also:Steam-power was applied to them by See also:Matthew See also:Boulton and See also:Watt in Birmingham in 1788, and was adopted by the Royal Mint, London, in 181o . Recently the practice of See also:driving rolls by See also:electricity has been growing, the See also:advantage being that each pair of rolls can be driven independently without the intervention of cumbrous shafting . Boulton and Watt's screw press, invented in 1788 and used at the Royal Mint until 1881, was worked by atmospheric pressure applied to a See also:piston . The piston was in communication with a vacuum See also:vessel from which the See also:air had been pumped by steam power . History of See also:British Mints.—In See also:Britain there are evidences of 1 Op. cit. i . 136 . Herodotus i . 94 .
2 E
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See also:Dumas, L'Emission See also:des monnaies decimales de bronze, p
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14
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3 Ibid. p
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19.the existence of mints before the arrival of the Romans
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The Romans at first imported their coins, and no See also:Roman mints were established until about the end of the 3rd century, when coins were being struck at London and See also:Colchester.' In Anglo-Saxon times See also:Athelstan appears to have been the first monarch who enacted regulations for the mints.' He promulgated See also:laws about. the See also:year 928, appointing a large number of "moneyers" or " mynteres," London being assigned eight, See also:Canterbury seven, other important towns various See also:numbers and all smaller boroughs one moneyer each
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The necessity for so many mints See also:lay in the imperfect means of communication
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At an early See also:period, probably about A.D
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1000, the dies were made in London and issued to the other mints
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The moneyers, who were elected by the burgesses, were responsible for the manufacture of the coin, and according to Madox were,liable at the See also:time of See also: In the reign of Henry III. the See also:principal officers of the Mint were the See also:master, who manufactured the coin under a See also:contract, the See also:warden or paymaster who acted on behalf of the See also:Crown, the assay master (also a king's officer) who was responsible for the fineness of the coin, the cuneator or. See also:superintendent of the engravers of the dies, and the moneyer . One of the most important duties of the warden was the collection from the contractor of the See also:seigniorage which was claimed by the See also:sovereign by virtue of his See also:prerogative as a source of See also:revenue to the Crown . In 1718 See also:Sir See also:Isaac See also:Newton was made master of the Mint, and in that capacity as contractor for the coinage he amassed a considerable See also:fortune ? As the work of the Mint became more extensive and more complicated other officers were added and their duties were varied from time to time . The See also:present See also:administration of the See also:English Mint is based on arrangements made in 1870, when the See also:establishment was re-organized . The See also:office of master of the Mint is held by the See also:chancellor of the See also:exchequer for the time being, without See also:salary, but the actual administrative work of the See also:department is entrusted to the See also:deputy master and See also:comptroller . The See also:receipt of See also:bullion and the delivery of coin from the Mint is under the See also:charge of the See also:chief clerk, the manufacture of coin is in the hands of the superintendent of the operative department, and the valuation of the bullion by assay, and matters See also:relating to the fineness of the coin are entrusted to the chemist and assayer . The date of the establishment of the Mint in the See also:Tower of London is unknown . There is a reference to it dated 1229 and a clear reference dated 1329.9 According to Ruding, there were over fifty mints in the reign of See also:Edward the See also:Confessor . After the See also:Norman See also:Conquest the mints increased to about seventy, a greater number , than now exists in the world, but they were gradually reduced and in the reign of Edward I. there were only twelve . Ruding enumerates 128 mints operated at various times in the See also:United See also:Kingdom, including some established by usurpation, as in the reign of See also:Stephen by certain barons, and also mints established by grants to ecclesiastics to be worked for their own profit . The provincial mints were all closed just before the reign of See also:Mary, who coined in London only .
See also:
192, 194
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in 1788, and a colonial bronze coinage was executed at this establishment as recently as the year 1875
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There is another mint in Birmingham worked by a private See also:company (" The Mint, Birmingham, Limited "), where coinages for See also:foreign governments are executed and in addition silver and bronze colonial coins are occasionally manufactured under the supervision of the London Mint
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The existing London Mint was erected on Tower See also:
In See also:Australia there are three mints, See also:Sydney, opened in 1855, See also:Melbourne, opened in 1872, and See also:Perth, opened in' 1899
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Up to 1909 only sovereigns and See also:half-sovereigns were struck at these establishments, but in 1910 arrangements were made for a See also:Commonwealth silver coinage
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A mint at See also:Ottawa was opened in 1908 for the manufacture of all See also:Canadian coins as well as English sovereigns
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Other Countries.—In the United States the See also:Philadelphia mint was opened in 1792, but only See also:manual or See also:horse power was used until 1836, when steam was introduced
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Other mints are now in operation at New See also: The See also:Supply of Bullion to Mints.—In England, in the middle ages, the king was accustomed to send in to the mint the produce of his own silver mines, and claimed the exclusive See also:privilege of purchasing the See also:precious metals . The right of levying seigniorage, however, was sometimes waived by the king to encourage his subjects to bring gold and silver to the mint, and several instances are recorded in which the aid of alchemists was called in to effect the transmutation of baser metals into gold . Seigniorage was abolished for both gold and silver in 1666, when it was provided that no charge should be made at the Mint for coining and See also:assaying . Finally in 1816 the See also:free coinage of silver was brought to an end . At present all gold bullion brought to the Mint is weighed and portions are cut off for assay . The amount of gold in See also:standard ounces (916.6 See also:fine) corresponding to the " imported " bullion is thus ascertained, and on the application of the importer the gold is coined and delivered to him in the form of sovereigns and half-sovereigns at the See also:rate of £3, 17s. iozd. per standard See also:ounce See also:troy, no See also:deduction being made for wastage, seigniorage, the See also:purchase of alloy metal, or the expense of manufacture . As a considerable time elapses between the receipt of bullion by the Mint and the delivery of the coin, it is generally ' Grueber, op. cit. p. liv . 2 Ruding, op. cit. ii . 245 . ' W . J . Hocking, See also:Catalogue of Coins in the Royal Mint, i . 272, 275 and 279.more profitable for the holder of gold bullion to sell it to the See also:Bank of England or dispose of it in some other way . The result is that the gold presented for coinage is almost always sent from the Bank of England, which suffers no loss of See also:interest during the coinage of the bullion, because bank-notes have already been issued against it . Silver bullion, and the copper, tin and zinc required to make up bronze, are bought by the Mint and manufactured into coin, which is kept in stock and issued as it may be required . One ounce of standard silver, which contains 925 parts of silver and 75 of copper per 1000, is converted into 5s . 6d. in silver coin, whatever may be the See also:market See also:price of silver bullion . This seldom exceeded Sod. per ounce in the years 1893-1907 . Coinage bronze consists of copper 95 parts, tin 4 parts and zinc r part, and a ton yields £448 in pence or £373, 6s . 8d. in halfpence or farthings . The difference between the nominal value of silver and bronze coin and its intrinsic value is retained by the state to See also:cover the expenses of manufacture and as a source of profit . It corresponds to the seigniorage levied by the king on all coinages down to the reign of Charles II . In return, the Mint receives at its nominal value for recoinage the worn gold and silver coin which is withdrawn from circulation by the Bank of England and some other See also:banks . In spite of the cost of this recoinage, however, the profit on the issue of new silver and bronze usually exceeds in each year the See also:total See also:expenditure of the Mint . Gold and silver are delivered in a refined state suitable for immediate See also:conversion into coin . In See also:general, only old coin, ingots resulting from the melting of coin, and " fine " ingots are received . Fine gold ingots (the " See also:bar gold " of See also:commerce) are usually about 400 OZ. troy in weight, and contain from 990 to 999.5 parts of gold per r000, the See also:remainder being chiefly silver . Fine silver ingots usually weigh from r000 to 1200 oz. troy and contain from 995 to 999 parts of silver per r000 . The ingots are valued by weighing and assaying, and a calculation is made as to the amount of copper required for melting with them to produce the standard alloy . The two standard alloys consist respectively of gold 916.6, copper 83.3 and of silver 925, copper 75 . All gold coins received at the Bank are weighed on automatic balances (see below) and those below the lowest legal current weight are separated . The lowest current weight is 122.5 grains for sovereigns and 61.125 grains for half-sovereigns corresponding to losses by See also:wear of about o.6% and o.8% respectively . The See also:average See also:age on withdrawal is about 24 years for sovereigns and 15 years for half-sovereigns . Silver coins are not weighed but are selected for withdrawal when they present a worn See also:appearance . The average deficiency in weight of worn silver coin received at the Mint is from 8 to 1o%, and the mean age somewhat less than 50 years . In European mints generally little difficulty is experienced in procuring refined gold and silver for coinage . In Australia, the United States, Japan and some other countries, the Mints receive unrefined gold from the mines and refine it before it is coined . A charge for refining is made in all cases . A refinery was attached to the London Mint from 1816 to 1851, but was then let on See also:lease and See also:left to private enter-prise . The operations employed in the manufacture of gold and silver coin are as follow: (i) Melting the metal and casting it into bars . (2) See also:Rolling the bars into strips or " fillets." (3) Cutting out disks or blanks from the fillets . (4) Adjusting the weight of the blanks (this is omitted in some mints) . (5) " Marking " or edge-rolling the blanks to produce a raised rim or to impress a design on the edge . (6) See also:Annealing the blanks and (in some mints) cleaning them in See also:acid . (7) Striking the blanks between dies surrounded by a See also:collar . (8) Weighing each coin . Among the incidental operations are (a) the valuation of the bullion by weighing and assaying it; (b) " rating " the bullion, or calculating the amount of copper to be added to make up the standard alloy; (c) recovering the values from ground-up crucibles, ashes and See also:floor sweepings (the Mint " sweep "); (d) assaying the melted bars; (e) " pyxing " the finished coin or selecting specimens to be weighed and assayed; (f) " telling " or counting the coin . Melting.—Formerly bullion was melted in crucibles made of refractory clay, but they are liable to crack and require careful handling These were succeeded by iron crucibles, especially for melting silver, and these have now been generally replaced by See also:graphite (See also:plumbago) crucibles made of a mixture of clay and graphite: See also:Good graphite crucibles can be used many times in See also:succession if they are heated gradually each time, but they are usually discarded after about fifteen or twenty meltings . At the Royal Mint gold is melted in crucibles about to in. in height and 82 in. in See also:diameter at the widest part . The charge is from 1200 to 1300 oz . (37.3 to 40.5 kilograms) of metal . The See also:furnace is 12 in. square and 2 ft. deep from the See also:fire-bars to the cover . An old crucible is cut off about 2 in. from the bottom and the bottom piece is inverted and placed on the fire-bars as a support for the crucible . The " muffle," a graphite See also:cylinder 6 in. in height, is placed on the crucible to allow See also:room for long bars to be melted in the crucible and to prevent the surrounding and C is the flue, See also:common to two furnaces and leading to the stack . The handle D, acting through the See also:gear wheels E, F, G and H, turns the cogwheel K, which moves the curved See also:rack of the See also:cradle and tips the crucible M . The molten metal is poured into the moulds N, which are carried on wheels See also:running on rails Q . The parts of the range of moulds are brought tightly together and held in position by the bars 0 and the screw P, and when one See also:mould is filled the See also:carrier is moved forward on its rails by wheels worked by a handle also shown in the figure . In some other mints still larger crucibles are used, containing various amounts up to about moo kilograms or over 30,000 oz . In foreign mints the molten metal is generally transferred from the crucible to the moulds by dipping crucibles or iron ladles covered with clay . See also:Gas is used as See also:fuel for the melting furnaces at Philadelphia . It is cleaner than See also:coke and is said to coke from falling into it . The flue, of about 5 in. square, communicates with a stack 6o ft. high . In many mints the flues pass into condensing See also:chambers where volatilized gold and silver are recovered . The crucible is at a red See also:heat when the gold is charged in, the copper being added last, and a graphite lid put on the crucible to check loss by volatilization . The charge is completely melted in about half an See also:hour, and it is then thoroughly mixed by stirring with a graphite See also:rod . The crucible is then lifted out by circular tongs suspended in such a way that two men can take part in the' operation . The contents are poured by hand into moulds which are contained side by side in an iron See also:carriage running on wheels, fig . 1, OP . The molten gold, which is of a See also:pale See also:green See also:colour, solidifies at once in the iron moulds, and the bars can be taken out immediately . Bars from which sovereigns are to be coined are 22 in. long, II in. wide and 1 in. thick, and about seven such bars are cast from one pot . The rough edges of the bars are removed by a circular revolving See also:file, and the hollow ends are cut off . Pieces are cut out for assay, and the bars are then ready for rolling . The amount of gold melted in an See also:ordinary See also:day's work is two tons to two and a half tons, of the value of £250,000 to £300,000 . For silver larger crucibles are used, containing'about 5000 oz. troy (155 kilograms) . They are heated in circular furnaces 21 in. in diameter and lifted out with circular tongs suspended from a travelling See also:crane which is worked by electricity . The crucible is placed in the pouring cradle, which has been in use since 1816, and is shown in fig . 1 . Here A is the iron cover surrounding the furnaces, B is the revolving lid of a furnace, See also:save time and to reduce the loss of the precious metals . At Denver and Ottawa the fuel used is " first distillate " oil, which is found to he cheaper than either See also:naphtha or gas . The oil is pumped from buried tanks and warmed to about 900 F. before it reaches the burners at the furnaces . At the Denver mint the crucibles are used for from twelve to fifteen meltings with oil fuel, whereas they were soon destroyed when gas was employed . A charge of 6000 oz. of gold is melted in about an hour . The melting losses amount to about 0.2 per moo of gold and o•6 per l000 of silver in the Royal Mint . The losses are caused by volatilization, by the absorption of metal by the crucible, stirring rod, &c., and by occasional See also:projection of particles from the pot into the furnace . The ash-See also:pit is lined with iron plates to facilitate the recovery of metal accidentally spilt . All crucibles and other materials which might contain precious metal are ground up and washed in a See also:< |