A government audit has found the US Mint failed to properly document gold sources for decades while marketing coins as containing American bullion.
The Treasury Department’s Inspector General report said the Mint solely relied on supplier listings with the London Bullion Market Association to claim “responsible sourcing.” But it did not demand proof suppliers adhered to due diligence standards.
The audit uncovered the Mint ceased getting any country of origin data from providers in 2002, undermining assertions about coins’ gold content. Laws require domestic sourcing yet definitions were loose without certification.
Disagreements over the report’s findings between the Inspector General and a former Mint director led to a four-year publication delay. New leadership has since accepted stricter oversight recommendations.
The report criticized the Mint’s sampling methodology as inadequate. A legislative proposal is planned to codify current sourcing practices, though the audit found these insufficiently ensured adherence to laws.
The findings raise questions about the care taken to fulfill promises to consumers while casting doubt on the provenance of billions in coins sold annually. Increased documentation and accountability are now pledged to restore confidence and transparency.
