![](media/image1.png)

  -----------------------------------------------------------------------

  United States Mint

  -----------------------------------------------------------------------

***Commemorative Coin***

***FY 2002 1^st^ Quarter Update***

***(For the quarter ending December 31, 2001)***

#### 

#### ![](media/image2.png){width="3.470138888888889in" height="1.5215277777777778in"}

#### 

![](media/image2.png){width="3.470138888888889in"
height="1.5215277777777778in"}

![](media/image5.png)

***[PROGRAM-WIDE SUMMARY]{.underline}***

Modern commemorative coins authorized by Congress and produced by the
U.S. Mint date from the introduction of the George Washington 250th
Anniversary Half Dollar in 1982. Congress authorized a total of 39
commemorative coin programs between 1982-2001, honoring American people,
places, events, and institutions. Surcharges from the sales of these
coins helped fund a variety of organizations and projects that benefit
the community at large. Profits generated through the sale of modern
commemorative coins are placed in the Mint's Public Enterprise Fund,
which returns gains exceeding the Mint's operating requirements to the
Department of the Treasury's General Fund. These profits then benefit
the American people by reducing the amount of new Federal debt issued.
U.S. Mint commemorative coins have generated nearly \$417 million in
surcharges over the past 19 years for many worthy foundations.

America's commemorative coin program links public funding of special
projects to demonstrated private support. The Commemorative Coin Reform
Act of 1996 makes coin program beneficiaries partners in bearing the
risks of commemorative coin programs, and it assures that the U.S. Mint
recovers its costs of operating coin programs. Commemorative coins are a
benefit, not only to numismatic enthusiasts and the recipient
organizations, but also by reaffirming our history to the Nation as a
whole. While the commemorative coin programs currently are increasing in
their popularity following the 1996 reforms, the program's well being
remains fragile. To ensure that commemorative coin programs continue to
reap the benefits of the reforms, the U.S. Mint must continue to execute
and oversee these coin programs in a conscientious, prudent, and
businesslike manner.

As of December 31, 2001, cumulative sales for the Capitol Visitor Center
(CVC) and Buffalo Commemorative Coin Programs generated revenues of
\$29.7 million. The U.S. Capitol Visitor Center coin program has
generated \$13.1 million in sales revenue since the program began. The
most recent program, the American Buffalo Silver Dollar, generated
\$16.7 million in cumulative sales revenue for total orders shipped.

There were no surcharge payments disbursed for FY2002 as of the 1^st^
quarter ended December 31, 2001.

The Central Bank of Iceland chose to add a \$10.00 "surcharge" to the
price of their coin in order to make its price consistent with the U.S.
version authorized by Public Law 106-126. While the payment of
surcharges to the Leifur Eirkicson foundation are covered by the CCRA
requirements, the payment of the monies raised, as the result of the
sale of the Icelandic coins were not. Accordingly, the "surcharge"
payment reported in the FY 2001 Fourth Quarter CCRA Report, reflects
monies paid to the Central Bank of Iceland from the sale of their coins,
which the Mint had agreed to produce and sell in tandem with the U.S.
version of the coin. To date, the Mint has not disbursed surcharge
payments to the Leifur Eirkicson Foundation as they have yet to fulfill
all the requirements outlined under the CCRA.

  -----------------------------------------------------------------------

  -----------------------------------------------------------------------

***[FINANCIAL REPORTING]{.underline}***

The attached financial statements provide quarterly and cumulative
active program data.

***[U.S. CAPITOL VISITORS CENTER -- FY 2002]{.underline}***

![](media/image7.bmp)

![](media/image9.png){width="1.4402777777777778in"
height="1.4402777777777778in"}***Program Highlights***

The first commemorative coin program of 2001, Public Law 106-126, the
U.S. Capitol Visitor Center (CVC) Commemorative Coin Program was
authorized to commemorate the first convening of Congress in the Capitol
building. Congress established mintages of 100,000 gold coins; 500,000
silver dollar coins; and 750,000 clad half-dollar coins. Surcharges from
the sale of the coins are authorized to go toward the construction,
maintenance and preservation of the U.S. Capitol Visitor Center.
Production for this program ended December 31, 2001, with sales
throughout the one year anniversary, March 7, 2002, while inventories
last.

## Marketing Activities

The CVC Program is featured in the Mint's Holiday Catalog and on the
Mint's website home page with a special permanent banner to help
purchasers find the CVC coins easily.

Customized four-color CVC buck slips designed to create awareness for
and sales of the CVC Program continue to be distributed to Mint
customers via the Mint's product fulfillment center.

A follow-on direct response print advertising campaign was launched in
the Numismatic Trade Press during the third quarter, 2001, and ads
continued until December. Also, in an effort to generate additional
sales, the CVC coins were advertised in the Reserve Officers Association
Magazine's December 2001 issue.

Additional ads in *Numismatic News* and *Coin World* are planned for
February 2002.

## Analysis of Financial Position

As of December 31, 2001, the Mint shipped nearly 354,000 coins,
generating total program revenues of more than \$13.1 million, including
surcharges of nearly \$3.3 million. Estimated profits of \$1.3 million
covered the potential unrecovered expenses of \$255,000. Cost of goods
sold totaled \$4.6 million. Selling, general and administrative expenses
were \$3.9 million. First quarter revenues posted a profit of nearly
\$0.3 As of this report, the U.S. Capitol Preservation Commission has
not met the matching funds criterion established by the *Commemorative
Coin Reform Act of 1996.* That requirement stipulates that the U.S. Mint
must withhold surcharges until it recovers all program operating costs,
and until the designated beneficiary has raised other monies from
private sources equal to the maximum potential program surcharges*.*

## 

## 

## 

## Manufacturing/Packaging Operations

The Philadelphia Mint produced 11,590 acceptable silver proof coins and
1,730 acceptable silver uncirculated coins during the quarter ending
December 31, representing a reject rate of 2% and 1%, respectively.

***[AMERICAN BUFFALO COMMEMORATIVE COIN - FY 2002]{.underline}***

## 

## Program Highlights

## ![](media/image2.png){width="3.1381944444444443in" height="1.3756944444444446in"}

Authorized by Public Law 106-375, the American Buffalo Coin
Commemorative Coin Act of 2000 commemorates the opening of the
Smithsonian Institution's National Museum of the American Indian.
Congress established a mintage limit of 500,000 silver dollar coins. The
second commemorative coin program of 2001, the American Buffalo Silver
Dollar features a reproduction of one of the most famous and beloved
designs among coin collectors -- the James Earle Fraser Buffalo nickel.

Surcharges from sales of this coin program are authorized for payment to
the National Museum of the American Indian (NMAI) to commemorate the
opening of the museum and to supplement the museum's endowment and
educational outreach funds.

Coins were released to the public in June. The program was so popular
that all 50,000 of the American Buffalo Coin and Currency sets sold out
in just five days, and the entire authorized mintage of 500,000 Buffalo
Silver Dollars sold out in just two weeks.

After numerous requests to strike additional coins, the Secretary of the
Treasury decided not to authorize an increase in the mintage of the
American Buffalo coin because all the requirements contained in the
relevant statute, 31 U.S.C. § 5112(m)(2)(B), were not met. Furthermore,
it was noted that increasing mintage levels would be unfair to the many
customers who based their decisions to purchase these coins on the
advertised mintage levels.

Also, the United States Mint has received, and continues on occasion to
receive inquiries regarding replicas of the new American Buffalo
Commemorative Silver Dollar now flooding the numismatic and collectors
markets. The replicas are not authentic U.S. coins and are not sponsored
or endorsed by the United States Government. The American public was
informed they may be entitled to a refund or redress from the firm that
sold the replica if they were bought with the understanding that the
replica purchased was a genuine U.S. Mint product.

## Marketing Activities

There were no marketing activities during the first quarter ending
December 31, 2001. due to sell-out of the program.

## Analysis of Financial Position

As of December 31, 2001, the Mint shipped over 499,000 coins[^1],
generating total program revenues of nearly \$16.6 million, including
surcharges of nearly \$5.0 million. Cost of goods sold totaled \$6.1
million. Selling, general and administrative expenses were \$2.9
million. The Mint posted first quarter loss of \$4,500 for this program.
The loss is a reflection of limited sales revenue realized during the
first quarter, which, in turn resulted in an unrealized breakeven point.
The majority of sales were captured in the prior three quarters of FY
2001; and as a whole the program was profitable. As of this report, NMAI
has not met the matching funds criterion established by the
*Commemorative Coin Reform Act of 1996.* That requirement specifies that
the U.S. Mint must withhold surcharges until it has recovered all
program operating costs, and until the designated beneficiary has raised
other monies from private sources equal to the maximum potential program
surcharges*.*

![](media/image10.png)***[2002 WINTER OLYMPIC GAMES]{.underline}***

The 2002 Winter Olympic Commemorative Coin Act, P.L. 106-435, authorizes
the production of 400,000 silver dollar coins and 80,000 gold
five-dollar coins. In the spirit of the 1996 commemorative coin reform
legislation to curb proliferation of commemorative coin programs, the
U.S. Olympic Committee has been very responsive to past concerns, and
the 2002 Games will feature a single coin design for the obverse and
reverse of each silver dollar and gold five-dollar coins.

Congress directed the Mint to divide the surcharges from the sale of the
coins equally between the Salt Lake Organizing Committee for the Olympic
Winter Games of 2002 and the U.S. Olympic Committee. Issuance of the
coin is targeted for early January 2002. Previous U.S. Mint
Commemorative coin programs honoring the Olympics have raised over \$130
million for our Olympic athletes and programs.

***Marketing Activities***

The 2002 Olympic Winter Games Commemorative Coins were formally put on
sale in the Mint's 2001 Holiday Catalog. The program was prominently
featured in a premium position within the catalog.

Also, the Mint was provided the opportunity to promote the program
during the Olympic Torch Run ceremony that was held in Old Towne
Alexandria, Virginia on December 21, 2001. Promotional materials
containing ordering information were distributed to event attendees.

The 2002 Olympic Winter Games Commemorative Coin Program's direct mail
brochure is scheduled to mail to over one million customers on January
9, 2002.

**Analysis of Financial Position**

Although sales began through the 2001 holiday catalog, no product
shipment has occurred in the first quarter. As of December 31, 2001, the
Mint has processed orders amounting to 86,255 coins for total revenue of
over \$5 million. Shipments will begin before January 2002.

![](media/image11.png)***[U.S. MILITARY ACADEMY
BICENTENNIAL]{.underline}***

The U.S. Military Academy Bicentennial Commemorative Coin Act, P.L.
103-328, authorizes the production of 500,000 silver dollar coins.
Surcharges from the sale of the coins will go to the Association of
Graduates, U.S. Military Academy, to assist efforts to provide direct
support to the academic, military, physical, moral, and ethical
development programs of the Corps of Cadets, U.S. Military Academy. The
U.S. Bullion Depository at West Point will strike the coins. Issuance of
the coin is targeted for March 16, 2002. The Secretary of the Treasury
approved final designs for the U.S. Military Academy Bicentennial
Commemorative Coin Program on May 30, 2001.

The trial and test strikes have been completed for both proof and
uncirculated versions of the coins. Production began in the last weeks
of the first quarter of 2002.

***[New Consumer and Business Awareness Website]{.underline}***

On October 29, 2001 the U.S. Mint launched a new Consumer and Business
Awareness website \--
[www.usmint.gov/consumer](http://www.usmint.gov/consumer) \-- that
explains the variety of replicas and coin-related products in the market
that are easily confused with authentic U.S. Mint coins and medals. This
new site explains the differences between an authentic U.S. Mint
American Buffalo Commemorative Coin and a replica, which is not
authentic and is not sponsored or endorsed by the United States
Government. The site informs consumers that the authentic U.S. Mint
American Buffalo Commemorative Coin features the year 2001 and the
artist's initial "F" for "Fraser" on the obverse, and the denomination
and the mint mark on the reverse.

***[Future Commemorative Coin Programs]{.underline}***

**2003 First Flight Centennial Commemorative Coins Program (Gold,
Silver, Clad)**

This gold, silver and clad series will commemorate the 100^th^
anniversary of the Wright brothers' first flight on December 17, 1903 in
Kitty Hawk, NC. The Mint engraving staff was provided with source
materials and began the initial design process in December 2001.

Program surcharges will go to the First Flight Foundation for the
purposes of repairing, refurbishing, and maintaining the Wright Brothers
Monument on the Outer Banks of North Carolina and, expanding or, if
necessary, replacing and maintaining the visitor center and other
facilities at the Wright Brothers National Memorial Park.

**2004 Thomas Alva Edison Commemorative Coins Program (Silver)**

This commemorative silver dollar will commemorate the 125^th^
anniversary of the invention of the light bulb. Design concepts for this
coin will be provided at a later date.

Program surcharges will be shared as follows:

\(1\) MUSEUM OF ARTS AND HISTORY- Up to 1/8 to the Museum of Arts and
History, in the city of Port Huron, Michigan, for the endowment and
construction of a special museum on the life of Thomas A. Edison in Port
Huron.

\(2\) EDISON BIRTHPLACE ASSOCIATION- Up to 1/8 to the Edison Birthplace
Association, Incorporated, in Milan, Ohio, to assist in the efforts of
the association to raise an endowment as a permanent source of support
for the repair and maintenance of the Thomas A. Edison birthplace, a
national historic landmark.

\(3\) NATIONAL PARK SERVICE- Up to 1/8 to the National Park Service, for
use in protecting, restoring, and cataloguing historic documents and
objects at the \`invention factory\' of Thomas A. Edison in West Orange,
New Jersey.

\(4\) EDISON PLAZA MUSEUM- Up to 1/8 to the Edison Plaza Museum in
Beaumont, Texas, for expanding educational programs on Thomas A. Edison
and for the repair and maintenance of the museum.

\(5\) EDISON WINTER HOME AND MUSEUM- Up to 1/8 to the Edison Winter Home
and Museum in Fort Myers, Florida, for historic preservation,
restoration, and maintenance of the historic home and chemical
laboratory of Thomas A. Edison.

\(6\) EDISON INSTITUTE- Up to 1/8 to the Edison Institute, otherwise
known as \`Greenfield Village,\' in Dearborn, Michigan, for use in
maintaining and expanding displays and educational programs associated
with Thomas A. Edison.

\(7\) EDISON MEMORIAL TOWER- Up to 1/8 to the Edison Memorial Tower in
Edison, New Jersey, for the preservation, restoration, and expansion of
the tower and museum.

\(8\) HALL OF ELECTRICAL HISTORY- Up to 1/8 to the Schenectady Museum
Association in Schenectady, New York, for the historic preservation of
materials of Thomas A. Edison and for the development of educational
programs associated with Thomas A. Edison

**2004 Lewis and Clark Commemorative Coins Program (Silver)**

The commemorative silver dollar will commemorate the bicentennial of the
incredible expedition conducted by the Corps of Discovery. The
expedition departed St. Louis, Missouri on May 14, 1804. The Mint
engraving staff was provided with source materials and began the initial
design process in December 2001.

Program surcharges will go to the Lewis and Clark Bicentennial Council
(2/3), and the National Park Service (1/3), for activities associated
with commemorating the bicentennial of the Lewis and Clark Expedition.

***[CONCLUSION]{.underline}***

Of the two commemorative programs authorized for 2001, only the CVC
Program remained on sale through the first quarter of FY 2002. The 2002
Olympic Winter Games Commemorative Coin Program -- the first of two
programs authorized for 2002, began program pre-sales in the Mint's
Holiday catalog during the first quarter.

As of this report, neither the Capitol Visitor Center nor the National
Museum of the American Indian has submitted the appropriate audited
statements attesting to their compliance with the CCRA requirements.
Consequently, no surcharge payments were made to either organization.

**COMMEMORATIVE COIN PROGRAMS**

**FINANCIAL SUMMARY**

**FROM INCEPTION THROUGH DECEMBER 31, 2001**

+---------------------+--------+------+-------------------------------+
|                     | **CAP  |      |                               |
|                     | ITOL** |      |                               |
+---------------------+--------+------+-------------------------------+
|                     | **V    | **B  | **Description**               |
|                     | ISITOR | UFFA |                               |
|                     | CE     | LO** |                               |
|                     | NTER** |      |                               |
+---------------------+--------+------+-------------------------------+
|                     |        |      |                               |
+---------------------+--------+------+-------------------------------+
| REVENUE             | **\$   | **\$ | > *Receipts*                  |
|                     | 13,086 | 16,6 |                               |
|                     | ,834** | 68,2 |                               |
|                     |        | 12** |                               |
+---------------------+--------+------+-------------------------------+
|                     |        |      |                               |
+---------------------+--------+------+-------------------------------+
| COST OF GOODS SOLD  |        |      |                               |
+---------------------+--------+------+-------------------------------+
| Proceeds on Silver  | \$4    | \$1  | > *Payments to DLA for        |
|                     | 47,177 | ,405 | > silver*                     |
|                     |        | ,850 |                               |
+---------------------+--------+------+-------------------------------+
| Proceeds on Gold    | \$1,7  | \$0  | *Payments to Treasury\'s      |
|                     | 69,683 |      | General Fund for profit on    |
|                     |        |      | gold*                         |
+---------------------+--------+------+-------------------------------+
| Other Material      | \$4    | \$0  | *Precious Metal Cost*         |
|                     | 98,581 |      |                               |
+---------------------+--------+------+-------------------------------+
| Manufacturing and   | [      | [    | *Includes fabrication cost*   |
| Assembling          | \$1,82 | \$4, |                               |
|                     | 2,498] | 666, |                               |
|                     | {.unde | 207] |                               |
|                     | rline} | {.un |                               |
|                     |        | derl |                               |
|                     |        | ine} |                               |
+---------------------+--------+------+-------------------------------+
| Total Cost of Goods | \$4,6  | \$6  |                               |
| Sold                | 15,536 | ,072 |                               |
|                     |        | ,057 |                               |
+---------------------+--------+------+-------------------------------+
| RESULTS BEFORE      | **\    | **\$ |                               |
| SELLING, GENERAL &  | $8,471 | 10,5 |                               |
| ADMINISTRATIVE      | ,298** | 96,1 |                               |
|                     |        | 55** |                               |
+---------------------+--------+------+-------------------------------+
|                     |        |      |                               |
+---------------------+--------+------+-------------------------------+
| SELLING, GENERAL &  |        |      |                               |
| ADMINISTRATIVE      |        |      |                               |
+---------------------+--------+------+-------------------------------+
| Promotional         | \$1,2  | \    | *Promotional includes         |
|                     | 77,640 | $712 | advertising, printing &       |
|                     |        | ,907 | postage*                      |
+---------------------+--------+------+-------------------------------+
| Shipping            | \$7    | \    | *Product delivery*            |
|                     | 99,621 | $750 |                               |
|                     |        | ,808 |                               |
+---------------------+--------+------+-------------------------------+
| General &           | [      | [    | *Fixed overhead allocated to  |
| Administrative &    | \$1,78 | \$1, | program*                      |
| Marketing           | 1,930] | 483, |                               |
|                     | {.unde | 671] |                               |
|                     | rline} | {.un |                               |
|                     |        | derl |                               |
|                     |        | ine} |                               |
+---------------------+--------+------+-------------------------------+
| Total Selling,      | \$3,8  | \$2  |                               |
| General &           | 59,191 | ,947 |                               |
| Administrative      |        | ,386 |                               |
+---------------------+--------+------+-------------------------------+
| PROFIT BEFORE       | \$4,6  | \$7  |                               |
| SURCHARGES          | 12,107 | ,648 |                               |
|                     |        | ,769 |                               |
+---------------------+--------+------+-------------------------------+
| SURCHARGE ON        | \$3,2  | \$4  | *Proceeds collected for       |
| REVENUE             | 87,827 | ,998 | Benefiting Organizations*     |
|                     |        | ,730 |                               |
+---------------------+--------+------+-------------------------------+
| ESTIMATED PROGRAM   | **\    | **\  | *(Note 2)*                    |
| PROFIT (LOSS)       | $1,324 | $2,6 |                               |
|                     | ,280** | 50,0 |                               |
|                     |        | 39** |                               |
+---------------------+--------+------+-------------------------------+
| POTENTIAL           |        |      |                               |
| UNRECOVERED MINT    |        |      |                               |
| INVESTMENT (Note 1) |        |      |                               |
+---------------------+--------+------+-------------------------------+
| Melting             | \      | \    | *Cost to melt ending          |
|                     | $2,311 | $515 | inventory and condemned       |
|                     |        |      | coins*                        |
+---------------------+--------+------+-------------------------------+
| Manufacturing and   | \$1    | \$42 | *Manufacturing and assembling |
| Assembling          | 80,641 | ,601 | costs (includes fabrication   |
|                     |        |      | cost)*                        |
+---------------------+--------+------+-------------------------------+
| Packaging Material  | \$     | \$2  | *Packaging material that has  |
|                     | 54,437 | ,553 | not been used in mfg. &       |
|                     |        |      | assembly.*                    |
+---------------------+--------+------+-------------------------------+
| Die Manufacturing   | [\$1   | [\   | *Cost of unused dies*         |
|                     | 7,542] | $17, |                               |
|                     | {.unde | 192] |                               |
|                     | rline} | {.un |                               |
|                     |        | derl |                               |
|                     |        | ine} |                               |
+---------------------+--------+------+-------------------------------+
| TOTAL               | \$2    | \$62 |                               |
|                     | 54,931 | ,861 |                               |
+---------------------+--------+------+-------------------------------+
| SURCHARGES          | *      | **\  | (Note 3)                      |
| FORWARDED TO        | *\$0** | $0** |                               |
| BENEFITING          |        |      |                               |
| ORGANIZATIONS       |        |      |                               |
+---------------------+--------+------+-------------------------------+

**COMMEMORATIVE COIN PROGRAMS**

**FINANCIAL SUMMARY**

**FROM INCEPTION THROUGH SEPTEMBER 30, 2001**

**(NOTES AND COMMENTS)**

This report summarizes the unaudited financial activities of the U.S.
Mint's Commemorative Programs and is intended for the sole use of the
Banking and Appropriations Subcommittees and should not be used for any
other purposes.

This Interim Profit and Loss analysis was prepared using the modified
accrual basis of accounting.

Note 1 -- The Mint's unrecovered investment has been displayed in
accordance with the requirements of Sec. 529 of P.L 104-208, and
represents the costs associated with the Mint's inventory of coins,
packaging material, and dies on hand. If no additional sales were made,
these amounts would be charged as expenses of the associated programs.

Note 2 -- P.L. 104-208 requires the Mint to recover all allocable
operation and program costs prior to the release of surcharge funds.

Note 3 -- Neither the Capitol Visitor Center nor the National Museum of
the American Indian has met the matching funds criterion established by
the commemorative Coin Reform Act of 1996. Consequently, no surcharge
payments were made.

**COMMEMORATIVE COIN PROGRAMS**

**FINANCIAL SUMMARY**

**OCTOBER 1, 2001 THROUGH DECEMBER 31, 2001**

  ---------------------- ------------------------- ------------------------ --------------------------------
                         **CAPITOL**                                        

                         **VISITOR CENTER**        **BUFFALO**              **Description**

                                                                            

  REVENUE                **\$1,248,679**           **\$89,384**             *Receipts*

                                                                            

  COST OF GOODS SOLD                                                        

  Proceeds on Silver     \$50,597                  \$10,371                 *Payments to DLA for silver*

  Proceeds on Gold       \$138,805                 \$0                      *Payments to Treasury\'s General
                                                                            Fund for profit on gold*

  Other Material         \$42,732                  \$0                      *Metal Cost*

  Manufacturing and      [\$164,034]{.underline}   [\$34,023]{.underline}   *Includes fabrication cost*
  Assembling                                                                

  Total Cost of Goods    \$396,168                 \$44,394                 
  Sold                                                                      

  RESULTS BEFORE         **\$852,511**             **\$44,990**             
  SELLING, GENERAL &                                                        
  ADMINISTRATIVE                                                            

                                                                            

  SELLING, GENERAL &                                                        
  ADMINISTRATIVE                                                            

  Promotional            \$0                       \$0                      *Promotional includes
                                                                            advertising, printing & postage*

  Shipping               \$72,883                  \$4,040                  *Product delivery*

  General &              [\$156,626]{.underline}   [\$8,611]{.underline}    *Fixed overhead allocated to
  Administrative &                                                          program*
  Marketing                                                                 

  Total Selling, General \$229,509                 \$12,651                 
  & Administrative                                                          

  PROFIT BEFORE          \$623,002                 \$32,339                 
  SURCHARGES                                                                

  SURCHARGE ON REVENUE   \$305,329                 \$36,850                 *Proceeds collected for
                                                                            Benefiting Organizations*

  ESTIMATED PROGRAM      **\$317,673**             **(\$4,511)**            
  PROFIT (LOSS)                                                             
  ---------------------- ------------------------- ------------------------ --------------------------------

This report summarizes the unaudited financial activities of the U.S.
Mint's Commemorative Programs and is intended for the sole use of the
Banking and Appropriations Subcommittees and should not be used for any
other purposes.

This Interim Profit and Loss analysis was prepared using the modified
accrual basis of accounting.

[^1]: The variance between program mintage of 500,000 coins and the
    499,000 coins shipped as of December 31, 2001 is due to one of two
    situations: 1) a small number of shipments were made after the close
    of the fourth quarter, or 2) a small number of returns received at
    the Customer Care Center had not yet been processed for possible
    sale.