U.S. Mint sells illegally mined foreign gold as American
Updated
Updated · The New York Times · Apr 26
U.S. Mint sells illegally mined foreign gold as American
8 articles · Updated · The New York Times · Apr 26
A New York Times investigation reveals the Mint used gold from Colombian drug cartels, Congolese mines, and other foreign sources, despite a 1985 law prohibiting such practices.
The Mint has continued this activity across multiple administrations, ignoring internal warnings, and even used this gold for commemorative coins like President Trump’s 250th birthday edition.
With gold prices nearing $5,000 an ounce, the Mint’s actions highlight the collapse of industry safeguards and the growing role of criminal and environmentally destructive mining operations in the global gold market.
Does the new 250th anniversary coin contain illegally sourced gold?
Is your 'American' gold coin secretly funding foreign criminal organizations?
Why has a 1985 law banning foreign gold been ignored for decades?
What is the human and environmental price of '100% American' gold?
Could this scandal force a complete overhaul of the global gold industry?
How can collectors verify the true origin of their U.S. Mint coins?
2024 OIG Audit Reveals Over 20 Years of U.S. Mint’s Non-Compliance with Gold Sourcing Laws
Overview
A 2024 audit revealed that the U.S. Mint failed for over two decades to verify that gold used in its coins was newly mined in the United States, violating key federal laws. Instead of obtaining direct proof, the Mint relied solely on an industry accreditation that does not confirm U.S. origin, leading to misleading claims about "American gold" coins. This non-compliance damaged consumer trust and exposed legal risks. In response, the Mint agreed to implement stronger controls, require verifiable supplier documentation, publish transparent procedures, and pursue legislative changes. Meanwhile, a 2026 lawsuit challenges the legality of a Trump commemorative coin, adding to the Mint's ongoing scrutiny and emphasizing the need for clear rules and accountability.