1 
David J. Ryder 

Director 

United States Mint 

DIRECTOR’S LETTER 

It is my privilege to present the 2019 Annual Report of 

the United States Mint. During Fiscal Year 2019, the Mint 

successfully executed its mission by: 

• facilitating commerce by providing trusted and secure 

United States circulating coinage to meet monthly 

orders from Federal Reserve Banks (FRBs); 

• minting and issuing precious metal bullion coins (gold, 

silver, platinum, and palladium); 

• minting and issuing other national coins and medals 

(proof and uncirculated versions of circulating coins, 

commemorative coins, and other coins and medals); and, 

• serving as the Department of the Treasury custodian 

for the Nation’s gold and silver reserves. 

During FY 2019, the Mint shipped more than 12 billion 

circulating coins, and completed our fifth consecutive year 

of 100% on-time delivery of circulating coinage to FRB 

locations. The Mint also produced 18.8 million ounces 

of bullion during FY 2019, as well as 4.3 million units of 

numismatic products. 

I am especially proud of the manner in which the Mint 

improved the financial performance of its numismatic 

program. During FY 2019, the Mint’s numismatic program 

generated $349.6 million in revenue and $1.7 million in 

net earnings. This represents an improvement of 19.3% 

for revenue and 111.1% for earnings over the previous 

year. These impressive results were a key reason the Mint 

was able to transfer $540 million to the Treasury General 

Fund at the end of FY 2019. 

One of my primary goals as Director of the Mint has been 

to establish successful joint numismatic products with 

foreign mints. It has been my vision to coordinate with 

mints from different nations to offer unique products that 

are equally popular in the United States and abroad. I was 

very pleased to see this vision become a reality during 

2019, as the United States Mint successfully launched 

joint products with both the Royal Australian Mint and 

the Royal Mint of Spain involving our Apollo 11 50th 

Anniversary Commemorative Coin program. In July, it was 

my honor to help launch the Pride of Two Nations coin 

set, developed in collaboration with the Royal Canadian 

Mint. The response to each of these joint products has 

been overwhelmingly positive. 

2 
Thinking creatively and operating “outside the box” were essential to the United States Mint’s ability to successfully 

produce and market two well-received commemorative coin programs in 2019: The Apollo 11 50th Anniversary 

Commemorative Coin program and the American Legion 100th Anniversary Commemorative Coin program. The 

Apollo 11 program included a 3-inch, 5-ounce, curved coin – the first time the Mint has produced a curved coin

at this size. 

I am very proud of the Mint’s production, sales, and delivery accomplishments during FY 2019. However, the 

achievement in which I have the greatest amount of pride is in the area of employee safety. The Mint’s Total 

Recordable Case Rate (TRCR) for safety incidents during FY 2019 was just 1.45. This is the Mint’s lowest TRCR since 

we began collecting and tracking this data. By comparison, the TRCR for comparable private sector manufacturing 

operations was 4.9, more than three times the rate of the Mint. 

I believe that a key to the Mint’s success is the fact that we take the safety of our staff very seriously, and our staff 

know that we do. Full-time safety staff in each Mint facility coordinate closely with the Environment, Safety, and 

Health leadership at Mint headquarters to ensure we take every reasonable precaution to prevent accidents where 

anyone can get hurt. Achieving the type of safety record realized by the Mint only happens when safety is part 

of an agency’s culture. I am very impressed by how Mint staff take ownership for safety through every step 

of our manufacturing process. 

I was very pleased with the enthusiastic public response to the Mint’s introduction of both pennies and quarter 

dollars with a “W” mintmark, indicating the coins were produced at the West Point Mint. The “W” penny and 

“W” quarter-dollar both generated significant renewed interest in our circulating coinage. I am eager to build

on that enthusiasm by working with Congress to establish new circulating coin programs to run starting in 2022. The 

Mint has conducted extensive market research to identify the types of circulating coin programs that would resonate 

most strongly with the American public. It is my hope that Congress will enact legislation for new circulating coin 

programs that is consistent with the Mint’s recommendations. 

This year the Mint increased its focus on anti-counterfeit efforts, in support of both our bullion and circulating coin 

programs. The United States Mint’s reputation for the purity and weight accuracy of its bullion coins is unquestioned. 

To ensure the continued integrity of the Mint’s bullion program, Secretary of the Treasury Steven T. Mnuchin recently 

approved the Mint to move forward with steps to enhance the security of our bullion products. I am confident the 

new measures we implement will significantly enhance the security of the Mint’s bullion program.

The services that the United States Mint provides to the American people are unique and valuable. I was fortunate to 

visit each Mint facility during 2019. The Mint staff at each of our field locations and our Headquarters in Washington, 

D.C. are a dedicated, motivated, and diverse group. I am honored to serve as their Director, and I look forward to 

continuing our forward progress in 2020 and beyond. 

Sincerely, 

David J. Ryder 

3 
ORGANIZATIONAL PROFILE 

Seated left to right: Jennifer Warren, Director, Legislative & Intergovernmental Affairs; Andre Faulk, Acting Equal 

Employment Manager; Kirk Carter, Acting Chief Human Capital Officer; John Schorn, Chief Counsel; Matthew 

Holben, Associate Director, Sales & Marketing; Randall Johnson, Superintendent, Denver Mint; Ellen McCollum, 

Superintendent, West Point Mint; Kristie McNally, Chief Financial Officer

Standing left to right: April Stafford, Chief, Design Management; Thomas Johnson, Acting Chief Administrative 

Officer; Robert Kurzyna, Superintendent, Philadelphia Mint; Patrick Hernandez, Acting Deputy Director; David Ryder, 

Director, United States Mint; B.B. Craig, Associate Director, Environment, Safety, and Health; David Croft, Associate 

Director, Manufacturing; Bill Bailey, Deputy Chief, Mint Police; Eric Anderson, Executive Secretary 

Not pictured: Joseph Jankauskas, Chief Information Officer; David Jacobs, Superintendent, San Francisco Mint; 

Todd Martin, Acting Chief Corporate Communications 

4 
OUR MISSION 

The United States Mint (Mint) enables America’s economic growth and stability by protecting assets entrusted to us 

and manufacturing coins and medals to facilitate national commerce. 

OUR CORE VALUES 

The Mint is privileged to connect America through coins and medals, which reflect the remarkable history, values, 

culture, diversity, and natural beauty of our Nation. To maintain the Mint’s reputation as one of the finest mints in the 

world, Mint employees are committed to undertaking their work according to the core values of service, quality, 

and integrity. 

Established in 1792, the Mint is the world’s largest coin manufacturer. Since Fiscal Year (FY) 1996, the Mint has 

operated under the Public Enterprise Fund (PEF) (31 U.S.C. § 5136). The PEF enables the Mint to operate without an 

annual appropriation. The Mint generates revenue through the sale of circulating coins to the Federal Reserve Banks 

(FRB), numismatic products to the public, and bullion coins to authorized purchasers. Revenue in excess of amounts 

required by the PEF is transferred to the United States Treasury (Treasury) General Fund. 

The Mint operates six facilities and employs nearly 1,600 employees across the United States. Each facility performs 

unique functions critical to our overall operations. Manufacturing facilities in Philadelphia and Denver produce coins 

of all denominations for circulation. Both facilities also produce dies for striking coins. All sculpting and engraving 

of coin and medal designs are performed in Philadelphia. Production of numismatic products, including bullion 

coins, is primarily performed at facilities in San Francisco and West Point. All four production facilities produce 

commemorative coins as authorized by Federal laws. The United States Bullion Depository at Fort Knox stores and 

safeguards United States gold bullion reserves. Administrative and oversight functions are performed at the Mint 

Headquarters in Washington, D.C. 

5 
6 
 

 

 

 

 

 

 

 

 

 

 

 

 

TABLE OF CONTENTS 

Director’s Letter (Unaudited) 2 

Organizational Profile (Unaudited) 4

Our Mission and Core Values (Unaudited) 5 

The United States Mint at a Glance (Unaudited) 8 

Management’s Discussion and Analysis (Unaudited) 10 

Analysis of Systems, Controls, and Legal Compliance (Unaudited) 29 

Limitations of the Financial Statements (Unaudited) 30 

Message from the Chief Financial Officer (Unaudited) 32

Independent Auditors’ Report 35 

Financial Statements 39 

Notes to the Financial Statements 43 

Required Supplementary Information (Unaudited) 60 

Appendix I: FY 2019 Coin and Medal Products (Unaudited) 61 

7 
THE UNITED STATES MINT AT A GLANCE 

UNITED STATES MINT (MINT) 

The men and women of the Mint 

manufacture and distribute circulating coins, 

precious metal and collectible coins, and 

national medals to meet the needs of the 

United States. The Mint has the following 

lines of operation: Circulating, Bullion, 

and Numismatic. 

CIRCULATING COINAGE 

The Mint is the sole manufacturer of legal 

tender coinage in the United States. The 

Mint’s highest priority is to efficiently and

effectively mint and issue circulating coinage. 

BULLION COINS 

The Mint is the world’s largest producer 

of gold and silver bullion coins. The bullion 

coin program provides consumers a simple 

and tangible means to acquire precious 

metal coins. Investors purchase bullion coins 

for the intrinsic metal value and the United 

States Government’s guarantee of each 

coin’s metal weight, content, and purity. 

NUMISMATIC PRODUCTS 

The Mint prepares and distributes 

numismatic products for collectors and those 

who desire high-quality versions of coinage. 

Most of the Mint’s recurring products are 

required by Federal statute. Others are 

required by individual public laws. 

SEIGNIORAGE AND NET INCOME 

Seigniorage is the difference between the 

face value and cost of producing circulating 

coinage. The Mint transfers seigniorage 

to the Treasury General Fund to help finance 

national debt. Net income from bullion 

and numismatic operations can also fund 

Federal programs. 

8 
2019 PERFORMANCE 

FY 2019 revenue was $1,830.4 million, a decrease of 7.5 percent compared 

to last year. Cost of goods sold (COGS) decreased 11.2 percent to $1,344.1 

million. Selling, general and administrative (SG&A) expenses increased 5.0 

percent from last year. Total seigniorage and net income before Protection 

expenses increased 4.1 percent to $325.6 million compared to last year, 

reflecting the impact of increased numismatic demand and lower metal costs.

CIRCULATING COINAGE 

Circulating coin shipments decreased 8.8 percent to 12,466 million coins in 

FY 2019, driven by decreased shipments in all denominations. Circulating 

revenue decreased 7.5 percent to $798.1 because of lower dime and 

quarter-dollar shipments. Seigniorage decreased 0.9 percent to $318.3 

million. Seigniorage per dollar issued increased to $0.40 from $0.37 

last year. 

BULLION COINS 

Demand for bullion coins increased in FY 2019 compared to last year. The 

Mint sold 18.8 million ounces of gold, silver and platinum bullion coins, 

an increase of 3.6 million ounces from last year. Total bullion revenue 

decreased 17.1 percent to $682.7 million in FY 2019, primarily due to 

a 37.5 percent decrease in gold bullion coin revenues. Bullion coin net 

income decreased 20.0 percent to $5.6 million and bullion coin net margin 

decreased to 0.8 percent compared to 0.9 percent last year. 

NUMISMATIC PRODUCTS 

Numismatic sales increased 27.8 percent to 4.3 million units in FY 2019. 

Numismatic revenues increased 19.3 percent to $349.6 million due to 

a $6.9 million increase in annual core sets and $40.5 million increase in 

commemorative product revenues. Numismatic net income increased 

111.1 percent to $1.7 million (before protection expenses). Numismatic net 

margin increased to 0.5 percent compared to (5.2) percent last year. 

TRANSFER TO THE GENERAL FUND 

In FY 2019, the Mint transferred $540 million to the Treasury General Fund 

from the United States Mint Public Enterprise Fund. The Mint transferred 

$540 million of seigniorage as a non-budget transfer. The Mint did not make 

a budget transfer in the first quarter of FY 2019.

9 
CIRCULATING 

As America’s sole 

manufacturer of legal 

tender coinage, the 

efficient and effective 

production and 

distribution of coinage is 

the Mint’s highest priority. 

The Mint produces and 

issues circulating coins 

to the FRB in quantities 

to support their service 

to commercial banks and 

other financial institutions. 

These financial institutions 

then meet the coinage 

needs of retailers and 

the public. The Mint 

recognizes revenue from 

the sale of circulating 

coins at face value when 

they are shipped 

to the FRB. 

MANAGEMENT’S DISCUSSION 

AND ANALYSIS (UNAUDITED) 

CIRCULATING COINAGE 

FOR THE NATION’S COMMERCE 

CIRCULATING RESULTS 

FY 2019 circulating coin shipments to the Federal Reserve Bank decreased by 

1.2 billion units (8.8 percent) to a total 12.5 billion coins compared to last year. 

Although the year saw decreases in all denominations, large decreases in dime 

and quarter-dollar shipments resulted in decreased revenue compared to last year. 

The overall shipment mix remained approximately the same for all 

denominations compared to last year. 

As a percentage of total shipments, nickels lost 0.5 percentage points to 

account for 9.2 percent of the mix in FY 2019. Dimes increased 0.4 percentage 

points to account for 17.8 percent of the mix. The quarter-dollars increased 

0.4 percentage points to account for 14.3 percent of the mix. The pennies 

remained relatively constant as a percentage of total FY 2019 shipments, 

making up 58.7 percent of the total mix. 

FY 2019 circulating revenue was $798.1 million, 7.5 percent lower than last 

year, driven by a $28.0 million (5.9 percent) decrease in quarter-dollar revenue. 

FY 2019 circulating seigniorage was $318.3 million, 0.9 percent lower than last 

year, due to reduced volumes. The resulting seigniorage per dollar issued was 

$0.40, $0.03 higher than the $0.37 last year. 

FY 2019 unit costs decreased for the penny compared to last year. The unit cost 

for both pennies (1.99 cents) and nickels (7.62 cents) remained above face value 

for the fourteenth consecutive fiscal year.

Compared to last year, FY 2019 average spot prices for nickel decreased 1.6 percent 

to $12,937.41 per tonne, average copper prices decreased 9.1 percent to $6,072.91 

per tonne, and average zinc prices decreased 15.2 percent to $2,607.23 per tonne. 

10 
 CIRCULATING 

(coins and dollars in millions except seigniorage per $1 issued) 

% Change 

2019 2018 2017 2016 2015 2018 to 2019 

Coin Shipments 12,466 13,668 14,068 16,308 16,151 (8.8%) 

Value of Shipments $798.1 $862.7 $871.8 $1,104.2 $1,114.0 (7.5%) 

Gross Cost $479.8 $541.6 $480.3 $525.5 $573.1 (11.4%) 

Cost of Goods Sold $416.1 $480.3 $418.1 $468.5 $520.0 (13.4%) 

Selling, General & 

Administrative $63.7 $61.3 $62.2 $57.0 $53.1 3.9% 

Seigniorage $318.3 $321.1 $391.5 $578.7 $540.9 (0.9%) 

Seigniorage per $1 Issued $0.40 $0.37 $0.45 $0.52 $0.49 8.1% 

11 
2018 One-Cent Five-Cent Dime Quarter-Dollar Half-Dollar 

Cost of Goods Sold $0.0178 $0.0659 $0.0323 $0.0778 $0.0526 

Selling, General & 

Administrative $0.0025 $0.0085 $0.0045 $0.0099 $0.0132 

Distribution to FRB $0.0003 $0.0009 $0.0005 $0.0010 $0.0000 

Total Unit cost $0.0206 $0.0753 $0.0373 $0.0887 $0.0658 

2017 One-Cent Five-Cent Dime Quarter-Dollar -

-Cost of Goods Sold $0.0156 $0.0564 $0.0284 $0.0711 --

-Selling, General & 

Administrative $0.0024 $0.0088 $0.0045 $0.0103 --

Distribution to FRB $0.0002 $0.0008 $0.0004 $0.0010 -

Total Unit cost $0.0182 $0.0660 $0.0333 $0.0824 -

2019 One-Cent Five-Cent Dime Quarter-Dollar Half-Dollar 

Cost of Goods Sold $0.0168 $0.0659 $0.0317 $0.0777 -

Selling, General & 

Administrative $0.0029 $0.0095 $0.0051 $0.0114 -

Distribution to FRB $0.0002 $0.0008 $0.0005 $0.0010 -

Total Unit cost $0.0199 $0.0762 $0.0373 $0.0901 -

UNIT COST OF PRODUCING AND DISTRIBUTING COINS BY DENOMINATION 

12 
SHIPMENTS, COSTS, AND SEIGNIORAGE BY DENOMINATION 

(coins and dollars in millions except seigniorage per $1 issued) 

Quarter- Mutilated 

2019 One-Cent Five-Cent Dime Dollar Half Dollar & Other Total 

Coin Shipments 7,315 1,153 2,215 1,783 - - 12,466 

Value of Shipments $73.2 $57.6 $221.5 $445.8 - - $798.1 

Gross Cost $145.8 $87.9 $82.7 $160.6 - $2.8 $479.8 

Cost of Goods Sold $124.9 $76.9 $71.3 $140.2 - $2.8 $416.1 

Selling, General & Administrative $20.9 $11.0 $11.4 $20.4 - - $63.7 

Seigniorage $(72.6) $(30.3) $138.8 $285.2 - $(2.8) $318.3 

Seigniorage per $1 Issued $(0.99) $(0.53) $0.63 $0.64 - - $0.40 

Quarter- Mutilated 

2018 One-Cent Five-Cent Dime Dollar Half Dollar & Other Total 

Coin Shipments 8,057 1,327 2,381 1,895 8 - 13,668 

Value of Shipments $80.6 $66.4 $238.1 $473.8 $3.8 - $862.7 

Gross Cost $166.1 $99.9 $88.6 $168.2 $0.5 $18.3 $541.6 

Cost of Goods Sold $145.7 $88.6 $77.9 $149.4 $0.4 $18.3 $480.3 

Selling, General & Administrative $20.4 $11.3 $10.7 $18.8 $0.1 - $61.3 

Seigniorage $(85.5) $(33.5) $149.5 $305.6 $3.3 $(18.3) $321.1 

Seigniorage per $1 Issued $(1.06) $(0.50) $0.63 $0.64 $0.87 - $0.37 

Quarter- Mutilated 

2017 One-Cent Five-Cent Dime Dollar Half Dollar & Other Total 

Coin Shipments 8,426 1,306 2,410 1,926 - - 14,068 

Value of Shipments $84.3 $65.3 $240.8 $481.4 - - $871.8 

Gross Cost $153.1 $86.3 $80.3 $158.7 - $1.9 $480.3 

Cost of Goods Sold $133.0 $74.8 $69.5 $138.9 - $1.9 $418.1 

Selling, General & Administrative $20.1 $11.5 $10.8 $19.8 - - $62.2 

Seigniorage $(68.8) $(21.0) $160.5 $322.7 - $(1.9) $391.5 

Seigniorage per $1 Issued $(0.82) $(0.32) $0.67 $0.67 - - $0.45 

13 
BULLION COINS 

The Mint’s bullion coin program 

provides the public a simple and 

tangible means to acquire precious 

metal coins at a slight premium to spot 

market metal prices. Investors purchase 

bullion coins not only for their intrinsic 

metal value, but also because the 

United States guarantees each coin’s 

metal weight, content, and purity. 

The Mint produces and issues gold, 

silver, platinum, and palladium bullion 

coins to authorized purchasers through 

the American Buffalo, America the 

Beautiful Silver Bullion CoinTM, and 

the American Eagle Programs. The 

Mint sells the coins to the authorized 

purchasers at the same market price 

paid for the metal, plus a premium to 

cover bullion program operating costs. 

Authorized purchasers agree 

to maintain an open, two-way market 

for these coins, assuring their liquidity. 

This allows the public to purchase 

and sell bullion coins at the prevailing 

market price, adjusting for any premium 

the authorized purchaser applies. 

PRECIOUS METAL BULLION COINS 

FOR INVESTORS 

BULLION RESULTS 

In FY 2019, the Mint sold 18.8 million ounces of bullion, an 

increase of 3.6 million ounces or 23.7 percent compared to 

FY 2018. Because of lower demand for gold bullion, FY 2019 

bullion coin revenue and net income decreased compared to 

FY 2018. Revenue totaled $682.7 million, down 17.1 percent from 

$823.4 million last year. Net income decreased 20.0 percent to 

$5.6 million from $7.0 million, driven by lower American Eagle 

Gold and American Buffalo Gold bullion revenue, which decreased 

33.2 percent and 46.5 percent, respectively. 

In FY 2019, total demand for bullion increased from FY 2018 levels 

driven by increases in silver bullion coin ounces sold compared 

to last year; however, lower gold bullion ounces sold resulted 

in bullion revenue decreasing 17.1 percent below this time last 

year. Demand for gold continued to decline in FY 2019, just as it 

did in FY 2018. Gold ounces sold were 39.3 percent lower than 

in FY 2018, while gold bullion revenue decreased 37.5 percent 

compared to FY 2018. 

GOLD BULLION COIN RESULTS 

Bullion coin program results are highly dependent on trends 

in commodity market prices. These commodity prices are, in 

turn, dependent on variables such as global supply constraints, 

perceived strength as a safe-haven asset, currency exchange 

markets, and earnings potential from other commodities 

or investments. 

The declines in gold bullion ounces that began during FY 2018 

continued during FY 2019. Sales decreased 156 thousand ounces 

(39.3 percent) to 241 thousand ounces, with a 35.1 percent 

decrease in American Eagle gold bullion coin ounces sold 

compared to last year. 

Gold bullion revenue decreased by 37.5 percent to $323.4 million 

because of decreases of 46.5 percent in American Buffalo revenue 

and 33.2 percent in American Eagle revenue, respectively. 

FY 2019 total gold bullion net income decreased by $1.4 million 

to $5.6 million (20.0 percent) below the $7.0 million in FY 2018. 

American Buffalo gold earnings decreased by $1.1 million 

compared to FY 2018 to $1.1 million. American Eagle gold 

earnings decreased by $0.3 million to $4.5 million compared 

to FY 2018. 

The FY 2019 average daily spot price of gold was $1,329.04 per 

ounce, up 3.8 percent from $1,280.34 last year. 

14 
BULLION COINS 

(dollars in millions) 

% Change 

2019 2018 2017 2016 2015 2018 to 2019 

Gold oz. sold (thousands) 241 397 693 1,018 1,018 (39.3%) 

Silver oz. sold (thousands) 18,535 14,833 23,988 44,125 48,727 25.0% 

Platinum oz. sold (thousands) 40 30 20 20 3 33.3% 

Palladium oz. sold 

(thousands) - - 15 - - -

Sales Revenue $682.7 $823.4 $1,378.9 $2,085.3 $2,126.1 (17.1%) 

Gross Cost $677.1 $816.4 $1,368.0 $2,030.0 $2,065.1 (17.1%) 

Cost of Goods Sold $662.9 $799.7 $1,342.7 $2,003.9 $2,038.5 (17.1%) 

Selling, General & 

Administrative $14.2 $16.7 $25.3 $26.1 $26.6 (15.0%) 

Net Income $5.6 $7.0 $10.9 $55.3 $61.0 (20.0%) 

Bullion Net Margin 0.8% 0.9% 0.8% 2.7% 2.9% (11.1%) 

15 
BULLION COINS REVENUE, COST, AND NET INCOME BY PROGRAM 

(dollars in millions) 

2019 

American 

Eagle Gold 

American 

Buffalo Gold 

Sub-Total 

Gold 

American 

Eagle Silver 

America the 

Beautiful 

Silver 

Sub-Total 

Silver 

American 

Eagle 

Platinum 

American 

Eagle 

Palladium Total 

Ounces Sold (thousands) 174 67 241 16,985 1,550 18,535 40 - 18,816 

Sales Revenue $234.1 $89.3 $323.4 $298.1 $26.6 $324.7 $34.6 - $682.7 

Gross Cost $229.6 $88.2 $317.8 $293.7 $26.4 $320.1 $39.2 - $677.1 

Cost of Goods Sold $228.3 $87.9 $316.2 $282.8 $25.3 $308.1 $38.6 - $662.9 

Selling, General & 

Administrative $1.3 $0.3 $1.6 $10.9 $1.1 $12.0 $0.6 - $14.2 

Net Income $4.5 $1.1 $5.6 $4.4 $0.2 $4.6 $(4.6) - $5.6 

Bullion Net Margin 1.9% 1.2% 1.7% 1.5% 0.8% 1.4% (13.3%) - 0.8% 

2018 

American 

Eagle Gold 

American 

Buffalo Gold 

Sub-Total 

Gold 

American 

Eagle Silver 

America the 

Beautiful 

Silver 

Sub-Total 

Silver 

American 

Eagle 

Platinum 

American 

Eagle 

Palladium Total 

Ounces Sold (thousands) 268 129 397 13,837 996 14,833 30 - 15,260 

Sales Revenue $350.4 $167.0 $517.4 $259.3 $17.1 $276.4 $29.6 - $823.4 

Gross Cost $345.6 $164.8 $510.4 $256.1 $17.0 $273.1 $32.9 - $816.4 

Cost of Goods Sold $343.5 $164.5 $508.0 $243.5 $15.8 $259.3 $32.4 - $799.7 

Selling, General & 

Administrative $2.1 $0.3 $2.4 $12.6 $1.2 $13.8 $0.5 - $16.7 

Net Income $4.8 $2.2 $7.0 $3.2 $0.1 $3.3 $(3.3) - $7.0 

Bullion Net Margin 1.4% 1.3% 1.4% 1.2% 0.6% 1.2% (11.1%) - 0.9% 

2017 

American 

Eagle Gold 

American 

Buffalo Gold 

Sub-Total 

Gold 

American 

Eagle Silver 

America the 

Beautiful 

Silver 

Sub-Total 

Silver 

American 

Eagle 

Platinum 

American 

Eagle 

Palladium Total 

Ounces Sold (thousands) 543 150 693 23,100 888 23,988 20 15 24,716 

Sales Revenue $694.9 $189.7 $884.6 $441.9 $17.2 $459.1 $20.6 $14.6 $1,378.9 

Gross Cost $683.2 $186.9 $870.1 $441.4 $18.1 $459.5 $22.5 $15.9 $1,368.0 

Cost of Goods Sold $679.6 $186.3 $865.9 $421.6 $17.4 $439.0 $22.2 $15.6 $1,342.7 

Selling, General &

 Administrative $3.6 $0.6 $4.2 $19.8 $0.7 $20.5 $0.3 $0.3 $25.3 

Net Income $11.7 $2.8 $14.5 $0.5 $(0.9) $(0.4) $(1.9) $(1.3) $10.9 

Bullion Net Margin 1.7% 1.5% 1.6% 0.1% (5.2%) (0.1%) (9.2%) (8.9%) 0.8% 

16 
SILVER BULLION COIN RESULTS 

Silver bullion ounces sold increased 3,702 

thousand ounces (25.0 percent) to 18,535 

thousand ounces in FY 2019, with a 22.8 

percent increase in American Eagle silver 

bullion coin ounces sold and a 55.6 

percent increase in America the Beautiful 

silver bullion compared to last year. 

Net income from silver bullion coins 

increased 39.4 percent due to a $1.2 million 

increase in American Eagle silver earnings. 

America the Beautiful silver bullion coins 

experienced a $0.1 million increase (100 

percent) in earnings compared to last year. 

Higher volumes of silver bullion ounces sold 

meant that FY 2019 silver revenue increased 

by 17.5 percent. American Eagle silver 

revenue increased by $38.8 million (15.0 

percent), and America the Beautiful Silver 

Bullion revenue increased by $9.5 million 

(55.6 percent). 

The FY 2019 average daily spot price 

of silver was $15.50 per ounce, down 4.6 

percent from $16.25 compared to the same 

period last year. 

PLATINUM BULLION COIN RESULTS 

From January 1, 2019 through May 31, 2019

the Mint sold a total of 40,000 ounces 

of American Eagle Platinum coins, 33.3 

percent above the 30,000 ounces sold 

during FY 2018. As a result, revenue from 

platinum bullion in FY 2019 reached nearly 

$34.6 million, 16.9 percent higher than 

FY 2018 platinum bullion revenue. The 

platinum bullion program incurred a $4.6 

million loss during FY 2019. 

The FY 2019 average daily spot price of 

platinum was $842.97 per ounce, down 

6.7 percent from $903.90 per ounce in the 

same period last year. 

17 
U.S. MINT LAUNCHES APOLLO 11 50TH ANNIVERSARY COMMEMORATIVE COIN PROGRAM 

On January 24, 2019, the United States Mint launched the Apollo 11 50th Anniversary Commemorative Coin 

Program, a unique four-coin program including the Mint’s first reeded five-ounce proof silver dollar, a $5 gold coin, 

a silver dollar, and a half dollar. All the coins are curved, and this year, the Mint increased the silver content of its 

commemorative standard silver dollars to 99.9 percent silver. In the past, these coins were 90/10 silver—90 percent 

silver and 10 percent copper. 

Gary Cooper of Belfast, Maine created the obverse (heads) design that appears on all the coins in this program. 

Cooper’s design features the inscriptions “MERCURY,” “GEMINI,” and “APOLLO”—separated by phases of the 

Moon—and a boot print on the lunar surface. The design represents the efforts of the United States space program 

leading up to the first manned Moon landing. Additional inscriptions are “2019,” “IN GOD WE TRUST,” and 

“LIBERTY.” Mint Chief Engraver Joseph Menna sculpted the design. 

The coins’ reverse (tails) design features a representation of a close-up of the iconic “Buzz Aldrin on the Moon” 

photograph taken July 20, 1969, showing just the visor and part of the helmet of astronaut Buzz Aldrin. The 

reflection depicted in Aldrin’s helmet includes astronaut Neil Armstrong, the United States flag, and the lunar lander. 

Inscriptions are “UNITED STATES OF AMERICA,” the respective denomination, and “E PLURIBUS UNUM.” Mint 

Sculptor-Engraver Phebe Hemphill created and sculpted the reverse design. 

The Half Dollar Set celebrates the connection between President Kennedy and the American space program. It 

includes one Apollo 11 50th Anniversary Proof Half Dollar and one Kennedy Enhanced Reverse Proof Half Dollar. 

18 
AMERICAN LEGION 100TH ANNIVERSARY COMMEMORATIVE COIN PROGRAM 

In March 2019, the U.S. Mint released commemorative coins in honor of the American Legion’s 100th Anniversary. 

The American Legion celebrates a century of providing dedicated services to the military, veterans, their families 

and the community. It is the nation’s largest wartime veteran’s service organization that continues to strengthen the 

nation through its advocacy, mentorship, and programs. 

The American Legion 100th Anniversary Commemorative Coin Act (Public Law 115-65) authorized the minting and 

issuance of proof and uncirculated gold, silver and clad coins in recognition of the 100th anniversary of the American 

Legion. Designs were created by artists in the Mint’s Artistic Infusion Program. 

The $5 gold coin obverse design commemorates the inception of the American Legion and its mission to serve 

America and its war veterans. The outer geometric rim design from the American Legion emblem, the Eiffel Tower, 

and V for victory, represent the formation of the organization in Paris in 1919 at the end of World War I. The reverse 

design depicts a soaring eagle, a symbol of the United States during times of war and peace alike. The American 

Legion emblem is depicted above the eagle. 

The silver dollar coin obverse design features the American Legion emblem adorned by oak leaves and a lily, 

commemorating the founding of the American Legion in Paris, France. The reverse design represents the founding 

of the American Legion in Paris in 1919. Above the crossed American and American Legion flags is a fleur-de-lis 

symbol and the inscription “100 Years of Service.” 

The clad half dollar obverse design depicts two children standing and reciting the Pledge of Allegiance, the little 

girl proudly wearing her grandfather’s old American Legion hat. The reverse design features the phrase “I pledge 

allegiance to the flag... of the United States of America,” along with a depiction of an American Flag waving atop a 

high flagpole. The American Legion’s emblem is featured above the flag.

19 
NUMISMATIC 

The Mint’s numismatic program 

provides high-quality versions 

of circulating coinage, precious 

metal coins, commemorative 

coins, and medals for sale 

to the public. Most of the 

Mint’s recurring products— 

such as United States Mint 

Uncirculated Coin Sets®, 

United States Mint Proof Sets®, 

and United States Mint Silver 

Proof Sets®—are required by 

Federal statute. Others, such 

as commemorative coins and 

Congressional Gold Medals, 

are required by individual 

public laws. A main objective 

of the numismatic program is 

to increase the Mint’s customer 

base and foster sales while 

controlling costs and keeping 

prices as low as practicable. 

NUMISMATIC PRODUCTS FOR THE PUBLIC 

NUMISMATIC RESULTS 

Numismatic product sales increased to 4.3 million units in FY 2019 

compared to 3.3 million units in FY 2018. The largest driver was increased 

sales volume in the commemorative coin product categories and the annual 

core set product categories. Commemorative coin product sales were 

196.6 percent greater than last year. The Apollo 11 coin series was issued in 

January 2019 accounting for 82.3 percent of Commemorative product sales, 

contributing 13.4 percent of overall numismatic units sold during FY 2019. 

In addition, the Annual Core set unit sales were 12.4 percent higher than 

last year. All three of the 2019 annual core sets increased in sales compared 

to their 2018 counter parts, contributing 22.9 percent to the overall 

numismatic units sold in FY 2019. 

Numismatic revenue was also higher than last year. FY 2019 numismatic 

revenue was $349.6 million, a $56.5 million (19.3 percent) increase from 

FY 2018. There was a $40.5 million increase in revenue from 

commemorative coin products due to the issuance of the Apollo 11 coin 

series in January 2019 which generated $56 million and 413.8 percent 

more revenue than the 2018 World War I Centennial Silver Dollar, which 

was the highest revenue commemorative coin product in FY 2018. 

The 2019 United States Mint Proof Set and the 2019 American Eagle Silver 

One Ounce Proof Coin were the most popular sellers (in terms of units) this 

year, selling a combined 725 thousand units. Sales for these products were 

7.7 percent higher than they were last year. 

Gold and platinum numismatic products generated the largest share of 

revenue (39.8 percent) during FY 2019 compared to the other numismatic 

products. This category generated $139.2 million in numismatic revenue 

compared to $210.4 million revenue generated by the other categories. 

Net income for FY 2019 increased 111.1 percent compared to FY 2018. 

Although, the annual recurring sets category recorded a $17.8 million net 

loss in FY 2019. 

FY 2019 numismatic net margin was positive, increased to 0.5 percent 

in FY 2019 from (5.2) percent in FY 2018. FY 2019 numismatic COGS 

increased 13.6 percent by $31.7 million, driven by the increase in unit sales. 

SG&A expenses increased 10.4 percent this year. 

20 
U.S. MINT PARTNERS WITH INTERNATIONAL MINTS ON NUMISMATIC PRODUCTS 

The Mint has initiated partnerships with several mints around the world to develop unique and interesting joint 

numismatic products. In January 2019, the Mint announced a collaborative project with the Royal Australian Mint. 

Together, the Mints produced a commemorative coin set in celebration of the historic Apollo 11 Moon Landing 

on July 20, 1969. The set features a U.S. Apollo 11 50th Anniversary Half Dollar paired with an Australian 50th 

Anniversary of the Moon Landing One Ounce $5 Silver Coin. 

This limited edition set was sold and distributed by the Royal Australian Mint, and included a Certificate of Authenticity

signed by the Director of the United States Mint and the Chief Executive Officer of the Royal Australian Mint. 

The Mint also collaborated with the Royal Canadian Mint to produce a set featuring two iconic coins: the American 

Eagle One Ounce Silver Coin and the Canadian Silver Maple Leaf Coin. 

We look forward to future collaborations with other mints worldwide to bring exciting new products to collectors. 

21 
NUMISMATIC 

(dollars in millions) 

2019 2018 2017 2016 2015 

% Change 

2018 to 2019 

Units Sold (Thousands) 4,270 3,341 3,905 4,159 5,379 27.8% 

Sales Revenue $349.6 $293.1 $387.5 $413.0 $453.2 19.3% 

Gross Cost $347.9 $308.4 $368.3 $378.5 $386.4 12.8% 

Cost of Goods Sold $265.1 $233.4 $302.5 $316.6 $322.3 13.6% 

Selling, General & 

Administrative $82.8 $75.0 $65.8 $61.9 $64.1 10.4% 

Net Income & Seigniorage $1.7 $(15.3) $19.2 $34.5 $66.8 111.1% 

Numismatic Net Margin 0.5% (5.2%) 5.0% 8.4% 14.7% 109.6% 

Seigniorage Portion $8.6 $5.9 $10.2 $25.6 $26.0 45.8% 

Net Income & Seigniorage figures are before protection costs. Seigniorage portion results from the sale of circulating coins

(boxes, bags, and rolls) directly to the public through the numismatic channels.

COMMEMORATIVE COINS 

Congress authorizes commemorative coins that celebrate and honor American people, places, events, and 

institutions. Although these coins are legal tender, they are not minted for general circulation. Each commemorative 

coin is produced by the Mint in limited quantity and is only available for a limited time. As well as commemorating 

important aspects of American history and culture, these coins help raise money for important causes. 

In FY 2019, two commemorative coin programs were released – the Apollo 11 50th Anniversary Commemorative 

Coin Program and the American Legion 100th Anniversary Commemorative Coin Program. 

The 2019 Apollo 11 commemorative coins had revenue of $56.0 million with surcharges of $8.4 million through 

September 30. This program runs through calendar year 2019 and final surcharges will be totaled December 31.

The surcharges support the Astronauts Memorial Foundation and Astronauts Scholarship Fund. 

The 2019 American Legion commemorative coins had revenue of $10.1 million with surcharges of $1.2 million 

through September 30. This program runs through calendar year 2019 and final surcharges will be totaled December 

31. The surcharges are for the American Legion’s programs supporting veterans and members of the Armed Forces. 

22 
NUMISMATIC REVENUE, COST, AND NET INCOME OR SEIGNIORAGE BY PROGRAM 

(dollars in millions) 

2019 

Gold, 

Platinum, & 

Palladium 

Coin 

Products 

Silver Coin 

Products 

Annual 

Core 

Sets* 

Quarter 

Products 

Presidential 

& First 

Spouse 

Medals Commemorative Miscellaneous 

American 

Innovation Total 

Units Sold 

(Thousands) 95 903 1,294 423 - 694 552 309 4,270 

Sales Revenue $139.2 $70.0 $44.2 $10.3 - $58.2 $21.6 $6.1 $349.6 

Gross Cost $124.8 $53.9 $62.0 $15.4 - $51.9 $31.2 $8.7 $347.9 

Cost of Goods Sold $121.4 $36.3 $35.5 $8.1 - $39.3 $19.8 $4.7 $265.1 

Selling, General & 

Administrative $3.4 $17.6 $26.5 $7.3 - $12.6 $11.4 $4.0 $82.8 

Net Income & 

Seigniorage $14.4 $16.1 $(17.8) $(5.1) - $6.3 $(9.6) $(2.6) $1.7 

Numismatic Net 

Margin 10.3% 23.0% (40.3%) (49.5%) - 10.8% (44.4%) (42.3%) 0.5% 

Seigniorage Portion - - - $2.1 - - $3.3 $3.2 $8.6 

2018 

Gold, 

Platinum, & 

Palladium 

Coin 

Products 

Silver Coin 

Products 

Annual 

Core 

Sets* 

Quarter 

Products 

Presidential 

& First 

Spouse 

Medals Commemorative Miscellaneous 

American 

Innovation Total 

Units Sold 

(Thousands) 117 1,114 1,151 448 30 234 247 - 3,341 

Sales Revenue $132.8 $78.9 $37.3 $10.4 $1.2 $17.7 $14.8 - $293.1 

Gross Cost $114.0 $76.1 $60.2 $18.7 $0.9 $17.8 $20.7 - $308.4 

Cost of Goods Sold $110.5 $53.3 $32.7 $10.2 $0.5 $12.2 $14.0 - $233.4 

Selling, General & 

Administrative $3.5 $22.8 $27.5 $8.5 $0.4 $5.6 $6.7 - $75.0 

Net Income & 

Seigniorage $18.8 $2.8 $(22.9) $(8.3) $0.3 $(0.1) $(5.9) - $(15.3) 

Numismatic Net 

Margin 14.2% 3.5% (61.4%) (79.8%) 25.0% (0.6%) (39.9%) - (5.2%) 

Seigniorage Portion - - - $2.2 $0.8 - $2.9 - $5.9 

2017 

Gold & 

Platinum 

Coin 

Products 

Silver Coin 

Products 

Annual 

Core 

Sets* 

Quarter 

Products 

Presidential 

& First 

Spouse 

Medals Commemorative Miscellaneous 

American 

Innovation Total 

Units Sold 

(Thousands) 194 1,140 1,259 483 218 190 421 - 3,905 

Sales Revenue $216.2 $74.2 $41.8 $11.1 $12.4 $11.4 $20.4 - $387.5 

Gross Cost $183.1 $62.1 $59.1 $14.8 $10.9 $12.5 $25.8 - $368.3 

Cost of Goods Sold $176.7 $46.7 $35.9 $8.9 $7.5 $9.3 $17.5 - $302.5 

Selling, General & 

Administrative $6.4 $15.4 $23.2 $5.9 $3.4 $3.2 $8.3 - $65.8 

Net Income & 

Seigniorage $33.1 $12.1 $(17.3) $(3.7) $1.5 $(1.1) $(5.4) - $19.2 

Numismatic Net 

Margin 15.3% 16.3% (41.4%) (33.3%) 12.1% (9.6%) (26.5%) - 5.0% 

Seigniorage Portion - - - $2.0 $5.4 - $2.8 - $10.2 

 

 

 

*Annual Core Sets are the United States Mint Silver Proof Set, United States Mint Proof Set, and United States Mint Uncirculated Coin Set.

23 
COIN OF THE YEAR AWARDS 

On February 2, 2019, United States Mint Director David J. Ryder accepted two awards on behalf of the Mint at the 

2019 Coin of the Year (COTY) Awards competition at the World Money Fair in Berlin, Germany. 

The American Liberty 225th Anniversary Gold Coin won in the Best Gold Coin category and the Boys Town 

Centennial Silver Dollar won Most Inspirational Coin. 

“It is my great honor to receive the award for Best Gold Coin on behalf of the United States Mint,” said Director 

Ryder. “The coin being recognized is truly special to our team. It was minted in 2017 to mark the 225th anniversary 

of the United States Mint. To observe this milestone, we proudly introduced the 2017 American Liberty 225th 

Anniversary Gold Coin featuring a modern rendition of Lady Liberty. This coin garnered a great deal of attention and 

sparked an interest in collecting for many who had never considered the hobby before.” 

“Honoring the Boys Town Centennial Silver Dollar as the Most Inspirational Coin speaks volumes about the ability 

of our artists to convey emotion—I am so proud of them,” said Director Ryder after accepting the award. “I feel this 

coin represents America at its best—because we are truly at our best when we focus on helping others.” 

24 
PEF EARNINGS AND TRANSFERS TO THE TREASURY GENERAL FUND 

As required by 31 U.S.C. § 5136, the Mint deposits all receipts from operations and programs into the PEF. 

Periodically, the Mint transfers amounts in the PEF determined to be in excess of amounts required to support 

ongoing operations and programs. The circulating, bullion, and numismatic program data exclude costs for the 

protection of custodial assets activity. Consolidated earnings are discussed below to provide a status of the entirety 

of the PEF compared to prior periods. 

FY 2019 Protection costs decreased by 4.9 percent to $43.0 million compared to $45.2 million last year. FY 2019 

PEF earnings after protection costs increased to $282.7 million compared to $267.6 million last year. 

The Mint made one transfer to the Treasury General Fund this fiscal year totaling $540 million. The Mint can make 

two types of transfers to the General Fund. Non-budget transfers from the PEF consist of seigniorage, which is not 

treated as a budgetary receipt to the Government, but as a means of financing. Budget transfers to the Treasury 

General Fund from the PEF usually consist of numismatic net income and can be treated as a budgetary receipt 

to the Government. 

In December 2018, the Mint did not make a budget transfer from numismatic and bullion earnings to the Treasury 

General Fund. On September 30, 2019, the Mint made a non-budget transfer of $540 million to the Treasury 

General Fund, compared to $265 that was transferred last year. 

25 
26 

HONORING AMERICAN INNOVATORS AND INNOVATIONS 

In 2018, the Mint launched the American InnovationTM $1 Coin Program, a 15-year initiative to honor innovators and 

innovations from each state, the District of Columbia and the five U.S. territories—Puerto Rico, Guam, American 

Samoa, the U.S. Virgin Islands, and the Commonwealth of the Northern Mariana Islands. 

Each year from 2019 through 2032, the Mint will release four new $1 coins with distinctive reverse designs in the 

order the states ratified the Constitution of the United States or were admitted to the Union. Once a coin is issued 

for each state, the Mint will release coins for the District of Columbia and the territories. 

The common obverse (heads side) of all coins in this series features a dramatic representation of the Statue of 

Liberty and the required inscriptions “$1,” and “IN GOD WE TRUST.” 

The reverse (tails side) design features an image or images emblematic of a significant innovation, an innovator, or 

group of innovators from one of the 50 states, the District of Columbia, or the territories; the name of the state, the 

District of Columbia, or territory, as applicable; and the required inscription “United States of America.” 

Coins in this series will display the year of minting or issuance, the mint mark, and “E PLURIBUS UNUM” on the 

edge of the coins. 

The Mint issued a special American Innovation $1 Coin in December 2018 to introduce this exciting new series. 

The obverse of this coin features the same common obverse design as all the other coins in the series. The reverse 

design features a representation of President George Washington’s signature on the first-ever U.S. patent issued

on July 31, 1790. 
FOSTER A SAFE, FLEXIBLE, DIVERSE, AND ENGAGED WORKFORCE 

The Mint employees are at the heart of the organization’s success; therefore, it is our goal to have a safe, engaged 

and innovative workforce. The Mint continues to promote employee awareness of safety protocols, improve training 

opportunities, and ensure compliance with applicable regulations and standards. The Mint has also embraced 

innovative practices by engaging modern technologies and becoming more environmentally sustainable, to not only 

benefit our employees, but also to benefit the American public.

ENVIRONMENTAL, SAFETY, HEALTH, ENERGY 

Exposure to the chemicals used in the wastewater treatment process caused the injury of a Mint employee. The 

injury resulted in a lost time accident (LTA). This incident highlighted the extreme hazards associated with the 

concentrations of sodium hydroxide solution and hydrogen peroxide used in the treatment process. The Denver 

Mint used a 50% sodium hydroxide solution and a 35% hydrogen peroxide solution to address zinc and nickel 

anomalies in the treatment process. Both of these chemicals are extremely hazardous. 

After extensive research and testing, the Denver Mint wastewater operations team eliminated both chemicals from 

the wastewater process and also eliminated the poisonous reagents containing cyanide used with testing for zinc. In 

addition to protecting employees from the hazards associated with these extremely hazardous chemicals, efficiency 

in the process was realized by eliminating the chemicals. 

The Denver Mint has maintained perfect compliance with the industrial wastewater discharge permits. Along with 

this accomplishment, the wastewater operations team delivered extraordinary customer service to meet the needs 

of internal and external customers. This dedicated team worked wholeheartedly and tirelessly processing waste 

and reverse osmosis (RO) water while meeting all environmental regulations to render services exceeding customer 

expectations during the installation of a new automated wastewater treatment system. 

In summary, the waste water teams’ dedicated ability to process waste and reverse osmosis water positively 

contributed toward the production of quality annealed material the first time, reduction in scrap and rework, ensured 

final products met the Mint’s highest standards and enabled the Denver Mint to meet all circulating and numismatic 

production goals. 

UNITED STATES MINT EDUCATIONAL OUTREACH 

The Mint’s Education Outreach expanded its visibility this year with new lesson plans, interactive online games, and a 

fun-filled coloring book. The Mint fostered unique relationships with educators and enhanced academic enrichment 

through its combination of new education materials and increased participation at education events. The Mint also 

increased its exposure through its outreach efforts at educational conferences and classroom visits speaking directly 

with education professionals on ways to incorporate U.S. Mint resources into classroom curricula. 

The Mint integrates coins into every lesson plan as a resource for educators to enhance learning and enrich the 

classroom. Educators have access to over 400 lesson plans designed for grades K-12 that support the concepts of 

National Curricular Standards in the subject areas of space exploration, astronomy, geography, history, language 

arts, mathematics, social studies, science, and other STEM-related fields. The flexible lesson plans also integrate 

technology into the core curriculum and support national education technology standards. The Mint’s 11 online 

educational games connect lesson plans with classroom activity. The newest online games incorporate core 

academic subjects and coins to inspire learning skills. Space Supply, a fun space-themed game in honor of the 50th 

Anniversary of the Apollo 11 moon landing, allows players to deliver critical supplies to the Space Colonies across 

our solar system while dodging space debris, asteroids, and UFOs. 

To enhance the learning curriculum through art, the Mint produced a new coloring book. New coloring pages 

highlight 2019 National Park Quarters, Commemorative Coin Programs, and spaced-themed coin designs. The 

downloadable 2019 Coloring Book features over 30 fun-filled pages of activities and coloring pages that feature 

Mint coin designs honoring important people, places, and events in U.S. history. There are over 100 downloadable 

coloring pages available to educators and parents. 

27 
28 

MINT FACILITIES REACH KEY MILESTONES IN CONTINUOUS IMPROVEMENT 

The Mint is a lean manufacturing organization that operates efficiently and employs cutting edge technology

while observing the highest environmental and safety standards. This year, the engaged workforce in the Mint’s 

facilities reached some key milestones in providing solutions to reduce Lost Time for Accidents and to promote 

a safe workspace. 

The die manufacturing division at the Philadelphia Mint continued implementing the 6S process, improving the 

cleanliness and efficiency of the machine grinding work centers. The team removed more than 1,000 pounds of 

obsolete parts, tools, and steel cabinets, transforming the area to an organized workspace free of clutter. 

The San Francisco Mint repaired and maintained its building and physical plant to keep operations safe, functional, 

and ready for production each day, including improvements for a new Police Division area, Employee Training Room, 

the Production Maintenance, and the EEO offices. San Francisco used the TAKE (TALK about the task; assess the 

ACTIONS; question your KNOWLEDGE; and, ensure having the right EQUIPMENT) TWO (the number of minutes it 

takes to think through the task) process before starting a job to save time and eliminate accidents. 

The Denver Mint’s Goal Diggers, one of the facility’s safety teams, improved their safety culture and received the 

Director’s award for their efforts in November 2018. The team revamped the Target Zero program, which recognizes 

Denver Mint staff for their safe work behaviors. 
ANALYSIS OF SYSTEMS, CONTROLS, 

AND LEGAL COMPLIANCE 

The Mint is responsible for establishing and maintaining effective internal control over financial reporting and has 

made a conscious effort to meet the internal controls requirements of the Federal Managers’ Financial Integrity 

Act (FMFIA), the Federal Financial Management Improvement Act (FFMIA), Office of Management and Budget 

(OMB) Circular A-123, Management’s Responsibility for Enterprise Risk Management and Internal Control, and the 

Government Accountability Office (GAO)’s Standards for Internal Control in the Federal Government. The Mint

is operating in accordance with the procedures and standards prescribed by the Comptroller General and 

OMB guidelines. 

The systems of management control for the Mint organization are designed to ensure that: 

• Programs achieve their intended results; 

• Resources are used consistent with overall mission; 

• Programs and resources are free from waste, fraud, and mismanagement; 

• Laws and regulations are followed; 

• Controls are sufficient to minimize any improper or erroneous payments;

• Performance information is reliable; 

• System security is in compliance with all relevant requirements; 

• Continuity of operations planning in critical areas is sufficient to reduce risk to reasonable levels;

• Financial management systems are in compliance with Federal financial systems requirements,

(i.e., FMFIA Section 4 and FFMIA); 

• Complete and accurate data is reported on USASpending.gov; and 

• Controls and policies are in place to prevent fraud and inappropriate use of government charge cards. 

For all Mint responsibilities, unmodified assurance is provided herein that the above listed management control 

objectives, taken as a whole, were achieved by our organization during FY 2019. Specifically, this assurance is 

provided in accordance with Sections 2 and 4 of the FMFIA. The Mint further assures that its financial management 

systems comply with the requirements imposed by the FFMIA. 

The Mint management is responsible for establishing and maintaining adequate internal control over financial 

reporting, which includes safeguarding of assets and compliance with laws and regulations. The Mint conducted the 

required Treasury assessment of the effectiveness of its internal controls over financial reporting in accordance with 

OMB Circular A-123. Based on the results of this assessment, the Mint can provide unmodified assurance that its 

internal control over financial reporting as of June 30, 2019, was operating effectively. No material weaknesses were 

found in the design or operation of the internal control over financial reporting. In addition, the Mint is committed to 

maintaining effective internal control, as demonstrated by the following actions: 

• Annual audits of the Mint’s financial statements pursuant to the Chief Financial Officers Act, as amended, including a)

information revealed in preparing the financial statements, b) auditors reports on the financial statements,

and c) internal controls and compliance with laws and regulations and other materials related to preparing 

financial statements.

• Annual performance plans, reviews, and reports pursuant to the Government Performance Results Act, which 

include analysis and evaluation of performance measures. 

• The development, tracking, and closure of corrective actions identified in the Financial Statement Audit and OMB 

Circular A-123 Assessment. 

• Internal management and program reviews conducted for the purpose of assessing management controls. 

• Reviews of financial systems for requirements compliance in conjunction with OMB Circular A-123 and FFMIA.

• Reviews of systems, applications, and contingency plans conducted pursuant to the Computer Security Act of 

1987 and OMB Circular A-130, Management of Federal Information Resources. 

29 
• Annual assessments, reviews, and reporting performed in compliance with the Improper Payments Elimination and 

Recovery Act of 2010 and the Improper Payments Elimination and Recovery Improvement Act of 2012 (IPERIA). 

• Reviews and reporting in compliance with the Federal Information Security Management Act (FISMA). 

The Mint continues to make improvement in maintaining effective internal control over financial reporting and is 

committed to monitoring and improving its internal controls throughout the entire organization. 

LIMITATIONS OF THE FINANCIAL STATEMENTS 

The principal financial statements have been prepared to report the financial position and results of operations 

of the Mint, pursuant to the requirements of 31 U.S.C. § 3515(b). The statements have been prepared from the 

books and records of the Mint in accordance with generally accepted accounting principles for Federal entities and 

the formats prescribed by the Office of Management and Budget. The statements are in addition to the financial 

reports used to monitor and control budgetary resources, which are prepared from the same books and records. The 

statements should be read with the realization that they are for a component of the United States Government. 

30 
31 

UNITED STATES MINT COLLECTOR CARDS 

This year, the U.S. Mint launched new, exciting Collector Cards as part of its robust education efforts to engage kids 

on coins and spark interest in coin collecting. 

Each deck of six cards shows the cent, nickel, and quarter, as well as the Women Airforce Service Pilots, the Peter 

the Mint Eagle Coin Drop Game, and the new Mighty MintersTM character, Eli the Fox. The back of each card has fun 

facts and a QR code which points kids to the Mint’s education site, where they can play interactive online games, 

learn more about coins, and download more resources. 

Each deck has special cards that engage kids in coin design and coin collecting. The quarter card allows kids to 

insert a quarter of their choosing into an open slot in the card that holds the coin in place. The Women Airforce 

Service Pilots card and Eli the Fox card are lenticular cards, which show different images of the medal and character, 

respectively, when the kids shift the card while viewing it. 
Kristie McNally 

United States Mint 

Chief Financial Officer

MESSAGE FROM THE 

CHIEF FINANCIAL OFFICER 

As the Chief Financial Officer at the United States 

Mint, I am very proud to present the Fiscal Year 2019 

Annual Report. I am also proud to report that the Mint’s 

independent auditors have once again rendered an 

unmodified or “clean” audit opinion on these financial 

statements. I would like to take this opportunity to issue 

a heartfelt thank you to all of the dedicated men and 

women of the United States Mint for their hard work 

and attention to detail toward making Fiscal Year 2019 

yet again an overall success with impressive results 

for our nation. 

As the financial statements show, the Mint is in good 

fiscal health. Continued efforts to control costs, increase 

efficiency, and strategically reserve resources have 

provided a solid foundation that enables the Mint to be 

flexible when meeting coin demand as well as responding 

to our customers. Over the past several years, the Mint’s 

continued efforts in lean practices, management controls, 

and cash management have positively affected the Mint’s 

fiscal results. These efforts, combined with innovative 

products and partnerships have shown positive results for 

the Mint during Fiscal Year 2019. 

The United States Mint’s numismatic sales increased 

27.8 percent to 4.3 million units in FY 2019. Numismatic 

revenues increased 19.3 percent to $349.6 million due 

to a $6.9 million increase in annual core sets and $40.5 

million increase in commemorative product revenues. 

Additionally, numismatic net income increased 111.1 

percent to $1.7 million (before protection expenses) and 

net margin increased to 0.5 percent compared to (5.2) 

percent last year. 

During that same time period, circulating coin shipments 

decreased 8.8 percent to 12,466 million coins in FY 2019, 

driven by decreases in all denominations. Circulating 

revenue also decreased 7.5 percent to $798.1 due 

to lower dime and quarter-dollar shipments. Overall 

seigniorage decreased 0.9 percent to $318.3 million, 

however, seigniorage per dollar issued increased to $0.40 

from $0.37 last year. 

32 
Demand for bullion coins increased in FY 2019 compared to last year. The Mint sold 18.8 million ounces of gold, 

silver and platinum bullion coins, an increase of 3.6 million ounces from last year. Total bullion revenue decreased 

17.1 percent to $682.7 million in FY 2019, primarily due to a 37.5 percent decrease in gold bullion coin revenues. 

Additionally, Bullion coin net income decreased 20.0 percent to $5.6 million and bullion coin net margin decreased 

to 0.8 percent compared to 0.9 percent last year. These decreases would be expected as silver bullion was a large 

portion of bullion products sold this fiscal year.

In commemoration of the 50th anniversary of the first manned moon landing on July 20, 1969, the Mint launched 

the Apollo 11 50th Anniversary Commemorative Coin Program in January 2019. This historic event is memorialized 

on the Proof Silver Dollar, Five-Ounce Silver Dollar, Proof Gold and Uncirculated Clad coins. In addition, a special set 

featuring an Apollo 11 Proof Half Dollar and a Kennedy Half Dollar with an enhanced reverse proof finish was also 

issued through the program. 

The Mint also commemorated the American Legion’s 100th Anniversary. The American Legion celebrated a century 

of providing dedicated services to the military, veterans, their families and the community. It is the nation’s largest 

wartime veteran’s service organization that continues to strengthen the nation through its advocacy, mentorship, and 

programs. The American Legion 100th Anniversary Commemorative Coins were issued in proof and uncirculated 

gold, silver and clad versions in recognition of the 100th anniversary of the American Legion 

The statements presented herein comply with accounting standards issued by the Federal Accounting Standards 

Advisory Board (FASAB). The FASAB is designated by the American Institute of Certified Public Accountants as the 

standard-setting body for the financial statements of Federal Government entities, with respect to establishment 

of the United States Generally Accepted Accounting Principles. In addition, the Mint conducted a comprehensive 

assessment of the effectiveness of internal controls over financial reporting. Based upon the results of this review, the 

Mint can provide unmodified assurance that its internal controls over financial reporting are operating effectively in 

accordance with Office of Management and Budget Circular A-123. 

We are proud that the Mint continues to be strong financially and remain dedicated to helping lead the Mint’s efforts 

to operate in the most cost effective manner. We will continue to adhere to sound fiscal principles, look for ways to 

improve the financial results of operations, and invest wisely in support of our mission to serve our customers. 

Kristie McNally, Chief Financial Officer

33 
34 

WEST POINT MINT MARK QUARTER RELEASED INTO CIRCULATION 

On April 2, 2019, coinciding with its 227th anniversary, the United States Mint announced that it has released the 

first ever circulating coins with West Point mint marks. Throughout the remainder of the year, two million each of the 

scheduled 2019 America the Beautiful Quarters® (10 million in total) were minted at West Point. The first of these 

coins bearing W mint marks were mixed in with quarters produced at Philadelphia and Denver and shipped on April 1. 

The announcement kicked off a program designed to spark a renewed interest in coin collecting. The release also 

tied in with the American Numismatic Association’s National Coin Week (April 21-27) and paralleled a separate 

initiative that organizers dubbed “the Great American Coin Hunt.” 

The America the Beautiful Quarters released in 2019 honor Lowell National Historic Park (Massachusetts), American 

Memorial Park (Commonwealth of the Northern Marianas Islands), War in the Pacific National Historic Park (Guam), 

San Antonio Mission National Historical Park (Texas), and the Frank Church River of No Return Wilderness (Idaho). 
35 

KPMG LLP is a Delaware limited liability partnership and the U.S. member

firm of the KPMG network of independent member firms affiliated with 

KPMG International Cooperative (“KPMG International”), a Swiss entity. 

KPMG LLP

Suite 12000

1801 K Street, NW

Washington, DC 20006

Independent Auditors’ Report 

Acting Inspector General 

Department of the Treasury 

Director 

United States Mint: 

Report on the Financial Statements 

We have audited the accompanying financial statements of the United States Mint, which comprise the balance 

sheets as of September 30, 2019 and 2018, and the related statements of net cost, changes in net position, 

and budgetary resources for the years then ended, and the related notes to the financial statements. 

Management’s Responsibility for the Financial Statements 

Management is responsible for the preparation and fair presentation of these financial statements in 

accordance with U.S. generally accepted accounting principles; this includes the design, implementation, and 

maintenance of internal control relevant to the preparation and fair presentation of financial statements that are 

free from material misstatement, whether due to fraud or error. 

Auditors’ Responsibility 

Our responsibility is to express an opinion on these financial statements based on our audits. We conducted 

our audits in accordance with auditing standards generally accepted in the United States of America, in 

accordance with the standards applicable to financial audits contained in Government Auditing Standards 

issued by the Comptroller General of the United States, and in accordance with Office of Management and 

Budget (OMB) Bulletin No. 19-03, Audit Requirements for Federal Financial Statements. Those standards and 

OMB Bulletin No. 19-03 require that we plan and perform the audit to obtain reasonable assurance about 

whether the financial statements are free from material misstatement. 

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the 

financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of 

the risks of material misstatement of the financial statements, whether due to fraud or error. In making those 

risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation 

of the financial statements in order to design audit procedures that are appropriate in the circumstances, but 

not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we 

express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and 

the reasonableness of significant accounting estimates made by management, as well as evaluating the overall 

presentation of the financial statements. 

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our 

audit opinion. 

35
36 

Opinion 

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial 

position of the United States Mint as of September 30, 2019 and 2018, and its net costs, changes in net 

position, and budgetary resources for the years then ended in accordance with U.S. generally accepted 

accounting principles. 

Other Matters 

Required Supplementary Information 

U.S. generally accepted accounting principles require that the information in the Management’s Discussion and 

Analysis (including Analysis of Systems, Controls and Legal Compliance, and Limitations of the Financial 

Statements) and Required Supplementary Information sections be presented to supplement the basic financial 

statements. Such information, although not a part of the basic financial statements, is required by the Federal 

Accounting Standards Advisory Board who considers it to be an essential part of financial reporting for placing 

the basic financial statements in an appropriate operational, economic, or historical context. We have applied 

certain limited procedures to the required supplementary information in accordance with auditing standards 

generally accepted in the United States of America, which consisted of inquiries of management about the 

methods of preparing the information and comparing the information for consistency with management’s 

responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audits 

of the basic financial statements. We do not express an opinion or provide any assurance on the information 

because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any 

assurance. 

Other Information 

Our audits were conducted for the purpose of forming an opinion on the basic financial statements as a whole. 

The Director’s Letter, Organizational Profile, Our Mission and Core Values, The United States Mint at a Glance, 

Message from the Chief Financial Officer, and Appendix I: FY 2019 Coin and Metal Products are presented for 

purposes of additional analysis and are not a required part of the basic financial statements. Such information 

has not been subjected to the auditing procedures applied in the audits of the basic financial statements, and 

accordingly, we do not express an opinion or provide any assurance on it. 

Other Reporting Required by Government Auditing Standards 

36 

Internal Control over Financial Reporting 

In planning and performing our audit of the financial statements as of and for the year ended September 30, 

2019, we considered the United States Mint’s internal control over financial reporting (internal control) to 

determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our 

opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the 

United States Mint’s internal control. Accordingly, we do not express an opinion on the effectiveness of the 

United States Mint’s internal control. We did not test all internal controls relevant to operating objectives as 

broadly defined by the Federal Managers’ Financial Integrity Act of 1982. 

A deficiency in internal control exists when the design or operation of a control does not allow management or 

employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, 

misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in 

internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial 

statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a 

deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet 

important enough to merit attention by those charged with governance. 
37 

37 

Our consideration of internal control was for the limited purpose described in the first paragraph of this section 

and was not designed to identify all deficiencies in internal control that might be material weaknesses or 

significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal 

control that we consider to be material weaknesses. However, material weaknesses may exist that have not 

been identified. 

Compliance and Other Matters 

As part of obtaining reasonable assurance about whether the United States Mint’s financial statements as of 

and for the year ended September 30, 2019 are free from material misstatement, we performed tests of its 

compliance with certain provisions of laws, regulations, and contracts, noncompliance with which could have a 

direct and material effect on the determination of financial statement amounts. However, providing an opinion 

on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such 

an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required 

to be reported under Government Auditing Standards or OMB Bulletin No. 19-03. 

Purpose of the Other Reporting Required by Government Auditing Standards 

The purpose of the communication described in the Other Reporting Required by Government Auditing 

Standards section is solely to describe the scope of our testing of internal control and compliance and the 

results of that testing, and not to provide an opinion on the effectiveness of the United States Mint’s internal 

control or compliance. Accordingly, this communication is not suitable for any other purpose. 

Washington, DC 

December 5, 2019 
38 
DEPARTMENT OF THE TREASURY UNITED STATES MINT 

BALANCE SHEETS 

As of September 30, 2019 and 2018 

(dollars in thousands) 2019 2018 

Assets 

Intragovernmental:

 Fund Balance with Treasury (Note 3) $879,289 $1,120,347 

 Accounts Receivable, Net (Note 4) - 82 

 Advances and Prepayments (Note 5) 2,823 2,906 

Total Intragovernmental Assets 882,112 1,123,335 

Custodial Gold and Silver Reserves (Note 6) 10,493,740 10,493,740 

Accounts Receivable, Net (Note 4) 11,564 9,037 

Derivative, Asset (Note 19) 1,533 11,043 

 Inventory (Note 7) 365,152 377,694

 Supplies 19,618 16,741 

 Property, Plant and Equipment, Net (Note 8) 196,637 195,876 

 Advances and Prepayments (Note 5) 3 1 

Total Non-Intragovernmental Assets 11,088,247 11,104,132 

Total Assets (Notes 2 and 14) $11,970,359 $12,227,467 

Heritage Assets (Note 9) 

Liabilities 

Intragovernmental:

 Accounts Payable $261 $185 

 Accrued Workers' Compensation and Benefits 8,068 7,900 

 Due to the General Fund 1 1 

Total Intra-governmental Liabilities 8,330 8,086 

 Custodial Liability to Treasury (Note 6) 10,493,740 10,493,740 

Accounts Payable 24,379 47,137 

 Surcharges payable (Note 3) 9,741 4,280 

 Accrued Payroll and Benefits 19,244 17,987 

Other Actuarial Liabilities 31,424 31,184 

 Unearned Revenues 2,610 898

 Deposit Fund Liability 30 -

Total Non-Intragovernmental Liabilities 10,581,168 10,595,226 

Total Liabilities (Notes 10 and 14) $10,589,498 $10,603,312 

Commitments and Contingencies (Notes 12 and 13) 

Net Position 

Cumulative Results of Operations - Funds from Dedicated Collections (Note 14) 1,380,861 1,624,155 

Total Liabilities and Net Position $11,970,359 $12,227,467 

The accompanying notes are an integral part of these financial statements.

39 
DEPARTMENT OF THE TREASURY UNITED STATES MINT 

STATEMENTS OF NET COST 

For the years ended September 30, 2019 and 2018 

(dollars in thousands) 2019 2018 

Numismatic Production and Sales

 Gross Cost $1,022,704 $1,122,835 

 Less Earned Revenue (1,021,460) (1,108,655) 

Net Program Cost (Revenue) $1,244 $14,180 

Numismatic Production and Sales of Circulating Coins

 Gross Cost 2,040 1,912 

 Less Earned Revenue (Note 15) (2,040) (1,912) 

Net Program Cost (Revenue) $- $-

Circulating Production and Sales 

 Gross Cost 479,709 541,416 

 Less Earned Revenue (Note 15) (479,709) (541,416) 

Net Program Cost (Revenue) $- $-

Net Cost (Revenue) Before Protection of Assets $1,244 $14,180 

Protection of Assets

 Protection Costs 43,006 45,218 

 Less Earned Revenue - -

Net Cost of Protection of Assets 43,006 45,218 

Net Cost (Revenue) from Operations (Note 14) $44,250 $59,398 

The accompanying notes are an integral part of these financial statements.

40 
DEPARTMENT OF THE TREASURY UNITED STATES MINT 

STATEMENTS OF CHANGES IN NET POSITION 

For the years ended September 30, 2019 and 2018 

(dollars in thousands) 2019 2018 

Cumulative Results of Operations 

Net Position, Beginning of Year - Funds from Dedicated Collections $1,624,155 $1,608,102 

Financing Sources:

 Transfers to the Treasury General Fund Budget - -

 Transfers to the Treasury General Fund Non-Budget (540,000) (265,000)

 Other Financing Sources (Seigniorage) (Note 15) 326,901 327,040 

 Imputed Financing Sources (Note 11) 14,055 13,411 

Total Financing Sources (199,044) 75,451 

Net Cost from Operations (44,250) (59,398) 

Net Position, End of Year - Funds from Dedicated Collections (Note 14) $1,380,861 $1,624,155 

The accompanying notes are an integral part of these financial statements.

41 
DEPARTMENT OF THE TREASURY UNITED STATES MINT 

STATEMENTS OF BUDGETARY RESOURCES 

For the years ended September 30, 2019 and 2018 

(dollars in thousands) 2019 2018 

Budgetary Resources 

Unobligated balance from prior year budget authority, net $730,755 $430,798 

Spending Authority from Offsetting Collections 1,292,334 1,704,884 

Total Budgetary Resources $2,023,089 $2,135,682 

Status of Budgetary Resources 

New Obligations and Upward Adjustments (Note 16) $1,555,462 $1,424,770 

Unobligated balance, end of year 467,627 710,912 

 Apportioned, unexpired accounts 467,603 710,910 

 Unapportioned, unexpired accounts 24 2 

Total Budgetary Resources $2,023,089 $2,135,682 

Outlays, Net 

Outlays, net (total) $241,089 ($301,458) 

Distributed offsetting receipts (1) (1) 

Agency Outlays, Net $241,088 ($301,459) 

The accompanying notes are an integral part of these financial statements.

42 
NOTES TO THE FINANCIAL STATEMENTS 

For the Years Ended September 30, 2019 and 2018 

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 

REPORTING ENTITY 

Established in 1792, the United States Mint (Mint) is a bureau of the Department of the Treasury 

(Treasury). The mission of the Mint is to serve the American people by manufacturing and distributing 

circulating, precious metal and collectible coins, national medals, and providing security over assets 

entrusted to us. Numismatic products include medals; proof coins; uncirculated coins; platinum, gold, 

and silver bullion coins; commemorative coins; and related products or accessories. Custodial assets 

consist of the United States gold and silver reserves. These custodial assets are often referred to as “deep 

storage” and “working stock,” and are reported on the Balance Sheet. 

The production of numismatic products is financed through sales to the public. The production of

circulating coinage is financed through sales of coins at face value to the Federal Reserve Banks (FRBs).

Additionally, the Mint sells certain circulating products directly to the public as numismatic items. 

Activities related to protection of United States gold and silver reserves are funded by the Mint Public 

Enterprise Fund (PEF). Pursuant to Public Law 104-52, Treasury, Postal Service, and General Government 

Appropriation Act for FY 1996, as codified at 31 U.S.C. § 5136, the PEF was established to account for

all receipts and expenses related to production and sale of numismatic items and circulating coinage, as 

well as protection activities. Expenses accounted for in the PEF include the entire cost of operating the 

bureau. Any amount in the PEF that is determined to be in excess of the amount required by the PEF is 

transferred to the Treasury General Fund. 

Treasury’s Bullion Fund (Bullion Fund) is used to account for United States gold and silver reserves. 

Separate Schedules of Custodial Deep Storage Gold and Silver Reserves have been prepared for the 

deep storage portion of the United States gold and silver reserves for which the Mint serves as custodian. 

BASIS OF ACCOUNTING AND PRESENTATION 

The accompanying financial statements were prepared based on the reporting format promulgated 

by Office of Management and Budget (OMB) Circular A-136, Financial Reporting Requirements, and 

in accordance with accounting standards issued by the Federal Accounting Standards Advisory Board 

(FASAB). The Mint’s financial statements have been prepared to report the financial position, net cost 

of operations, changes in net position, and budgetary resources, as required by 31 U.S.C. § 5134. 

Management uses estimates and assumptions in preparing financial statements. Those estimates and 

assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets 

and liabilities, and the reported revenues and expenses. Actual results could differ from 

those estimates. 

Accounts subject to estimates include, but are not limited to, depreciation, imputed costs, payroll 

and benefits, accrued worker’s compensation, allowance for uncollectible accounts receivable, and 

unemployment benefits.

The accompanying financial statements have been prepared on the accrual basis of accounting. Under 

the accrual method, revenues and other financing sources are recognized when earned and expenses 

are recognized when a liability is incurred, without regard to receipt or payment of cash. 

43 
EARNED REVENUES AND OTHER FINANCING SOURCES (SEIGNIORAGE) 

Numismatic Sales: Revenue from numismatic sales to the public is recognized when products are 

shipped to customers. Prices for most numismatic products are based on the product cost plus a 

reasonable net margin. Bullion coins are priced based on the market price of the precious metals plus a 

premium to cover manufacturing, marketing, and distribution costs. 

Numismatic Sales of Circulating Coins: Specially packaged products containing circulating coins are sold 

directly to the public rather than to the FRB. These products are treated as a circulating and numismatic 

hybrid product. Revenue is recognized when products are shipped to customers. 

Circulating Sales: The PEF provides for the sale of circulating coinage at face value to the FRBs. Revenue 

from the sale of circulating coins is recognized when the product is shipped to the FRBs. Revenue from 

the sale of circulating coins to the FRBs and numismatic sales of circulating coins to the public is limited 

to the recovery of the cost of manufacturing and distributing those coins. Seigniorage is a financing

source and not considered as revenue. 

Other Financing Sources (Seigniorage): Seigniorage equals the face value of newly minted coins, 

less the cost of production (which includes the cost of metal, manufacturing, and transportation). 

Seigniorage adds to the government’s cash balance, but unlike the payment of taxes or other receipts, 

it does not involve a transfer of financial assets from the public. Instead, it arises from the exercise of the

government’s sovereign power to create money and the public’s desire to hold financial assets in the

form of coins. Therefore, the President’s budget excludes seigniorage from receipts and treats it as a 

means of financing.

Rental Revenue: The Mint sublets office space at cost to another Federal entity in a leased building in

Washington, D.C. A commercial vendor subleases a portion of the first floor space of the same building.

FUND BALANCE WITH TREASURY 

All cash is maintained at the Treasury. Fund Balance with Treasury is the aggregate amount of the 

Mint’s cash accounts with the United States government’s central accounts and from which the bureau 

is authorized to make expenditures. It is an asset because it represents the Mint’s claim to United 

States government resources. 

ACCOUNTS RECEIVABLE 

Accounts receivable are amounts owed to the Mint from the public and other Federal entities. An 

allowance for uncollectible accounts receivable is established for all accounts that are more than 120 

days past due. However, the Mint will continue collection action on those accounts that are more than 

120 days past due, as specified by the Debt Collection Improvement Act of 1996. 

INVENTORIES 

Inventories of circulating and numismatic coinage are valued at the lower of either cost or market. 

Costs of the metal and fabrication components of the inventories are determined using a weighted 

average inventory methodology. Conversion costs (i.e., the cost to convert the fabricated blank into 

a finished coin) are valued using a standard cost methodology. The Mint uses three classifications for 

inventory: raw material (raw metal, unprocessed coil, or blanks), work-in-process (WIP – material being 

transformed to finished coins), and finished goods (coins that are packaged and bagged and ready for 

sale or shipment to the public or the FRB). 

44 
UNITED STATES CUSTODIAL GOLD AND SILVER RESERVES 

United States gold and silver reserves consist of both “deep storage” and “working stock” gold 

and silver. 

Deep Storage is defined as that portion of the United States gold and silver reserves which the Mint 

secures in sealed vaults. Deep storage gold comprises the vast majority of the bullion reserve and 

consists primarily of gold bars. Deep storage silver is also primarily in bar form. 

Working Stock is defined as that portion of the United States gold and silver bullion reserves which 

the Mint can use as the raw material for minting coins. Working stock gold comprises only about one 

percent of the gold bullion reserve and consists of bars, blanks, unsold coins, and condemned coins. 

Similarly, working stock silver consists of bars, blanks, unsold coins, and condemned coins. 

Treasury allows the Mint to use some of its gold as working stock in the production of gold coins. This 

allows the Mint to avoid the market risk associated with buying gold in advance of the sales date of the 

gold coins. The Mint replenishes the Treasury gold working stock at or just prior to the time the coins 

are sold. Generally, the Mint does not deplete the working stock used in production. Instead, the Mint 

will purchase a like amount of gold on the open market to replace the working stock used. 

Treasury also allows the Mint to use silver as working stock. However, Treasury does not have enough 

silver to fulfill all Mint manufacturing needs. Accordingly, for the purpose of avoiding market risk 

associated with owning silver, the Mint has entered into a silver hedging arrangement (see Note 19). 

SUPPLIES 

Supplies are items that are not considered inventory and are not a part of the finished product. These 

items include plant engineering and maintenance supplies, as well as die steel and coin dies. Supplies 

are accounted for using the consumption method, in which supplies are recognized as assets upon 

acquisition and expensed as they are consumed. 

ADVANCES AND PREPAYMENTS 

Payments in advance of the receipt of goods and services are recorded as an asset at the time of 

prepayment, and are expensed when related goods and services are received or used. 

PROPERTY, PLANT, AND EQUIPMENT 

Property, plant, and equipment are valued at cost, less accumulated depreciation. The Mint’s threshold 

for capitalizing new property, plant, and equipment is $25,000 for single purchases and $500,000 for 

bulk purchases. Depreciation is computed on a straight-line basis over the estimated useful lives of the 

related assets as follows: 

Item Depreciation 

Computer Equipment 3 to 5 years 

Software 2 to 10 years 

Machinery and Equipment 7 to 20 years 

Structures, Facilities and Leasehold Improvements 10 to 30 years 

Major alterations and renovations are capitalized over a 20-year period, or the remaining useful life of 

the asset (whichever is shorter) and depreciated using the straight-line method, while maintenance and 

repair costs are charged to expense as incurred. There are no restrictions on the use or convertibility of 

general property, plant, and equipment. 

HERITAGE ASSETS 

Heritage assets are items that are unique because of their historical, cultural, educational, or artistic 

importance. These items are collection-type assets that are maintained for exhibition and are 

preserved indefinitely.

45 
LIABILITIES 

Liabilities represent actual and estimated amounts likely to be paid as a result of transactions or events 

that have already occurred. All liabilities covered by budgetary resources can be paid from revenues 

received by the PEF. 

SURCHARGES 

Public laws authorizing commemorative coin and medal programs often require that the sales price of 

each coin include an amount called a surcharge. A surcharge is an authorized collection and payment 

of funds to a qualifying organization for the purposes specified. A surcharges payable account is 

established for surcharges collected, but not yet paid, to designated recipient organizations. 

Recipient organizations cannot receive surcharge payments unless all of the Mint’s operating costs 

for the coin program are fully recovered. The Mint may make interim surcharge payments during a 

commemorative program if the recipient organization meets the eligibility criteria in the authorizing 

public law, if the recovery of all costs of the program is determinable, and if the Mint is assured it is 

not at risk of a loss. Additionally, recipient organizations must demonstrate that they have raised from 

private sources an amount equal to or greater than the surcharges collected based on sales. Recipient 

organizations must also prove compliance with Title VI of the Civil Rights Act of 1964 and other 

applicable civil rights laws. A recipient organization has two years from the end of the program to meet 

the matching funds requirement. 

FUNDS FROM DEDICATED COLLECTIONS 

Pursuant to 31 U.S.C. § 5136, the PEF was established as the sole funding source for Mint activities. The 

PEF meets the requirements of a fund from dedicated collections as defined in Statement of Federal

Financial Accounting Standards (SFFAS) No. 43, Funds from Dedicated Collections: Amending SFFAS

No. 27, Identifying and Reporting Earmarked Funds. As non-entity and non-PEF assets, the United 

States gold and silver bullion reserves are not considered to be funds from dedicated collections. 

UNEARNED REVENUES 

These are amounts received for numismatic orders which have not yet been shipped to the customer. 

RETURN POLICY 

If for any reason a numismatic customer is dissatisfied, the entire product must be returned within 

seven days of receiving the order to receive a refund or replacement. Shipping charges are not 

refunded. Further, the Mint will not accept partial returns or issue partial refunds. Historically, the Mint 

receives few returns, which are immaterial. Therefore, no reserve for returns is considered necessary. 

SHIPPING AND HANDLING 

The Mint reports shipping and handling costs of circulating coins and numismatic products as a cost 

of goods sold. General postage costs for handling administrative mailings are reported as part of the 

Mint’s general and administrative expenses. 

ANNUAL, SICK, AND OTHER LEAVE 

Annual leave is accrued when earned and reduced as leave is taken. The balance in the accrued leave 

account is calculated using current pay rates. Sick leave and other types of non-vested leave are 

charged to operating costs as they are used. 

ACCRUED WORKERS’ COMPENSATION AND OTHER ACTUARIAL LIABILITIES 

The Federal Employees’ Compensation Act (FECA) provides income and medical cost protection 

to cover Federal civilian employees injured on the job or who have developed a work-related 

occupational disease, and to pay beneficiaries of employees whose deaths are attributable to jobrelated injuries or occupational disease. The FECA program is administered by the United States 

Department of Labor (DOL), which pays valid claims and subsequently seeks reimbursement from the 

Mint for these paid claims. The FECA liability is based on two components. The first component is 

based on actual claims paid by DOL but not yet reimbursed by the Mint. There is generally a two- to 

three-year time period between payment by DOL and DOL’s request for reimbursement from the Mint. 

46 
The second component is the actuarial liability, which estimates the liability for future payments as a 

result of past events. The actuarial liability includes the expected liability for death, disability, medical, 

and miscellaneous costs for approved compensation cases. 

PROTECTION COSTS 

United States gold and silver reserves are in the custody of the Mint, which is responsible for 

safeguarding the reserves. These costs are borne by the Mint, but are not directly related to the 

circulating or numismatic coining operations of the Mint. The Protection Department is a separate 

function from coining operations and is responsible for safeguarding the reserves, as well as Mint 

employees and facilities. 

OTHER COSTS AND EXPENSES (MUTILATED AND UNCURRENT) 

Other costs and expenses consist primarily of returns of mutilated or uncurrent coins to the Mint. 

Coins that are bent or partial, but readily and clearly identifiable as geniune U.S. coins are classified as 

mutilated. The Mint reimburses the entity that sent in the mutilated coins using weight formulas that 

estimate the face value of these coins. Uncurrent coins are worn, but machine-countable, and their 

genuineness and denominations are still recognizable. 

Uncurrent coins are replaced with new coins of the same denomination by the FRBs. The FRBs then 

seek replacement coins from the Mint. All mutilated or uncurrent coins received by the Mint are 

defaced and subsequently sold to its fabrication contractors to be processed into coils or blanks to be 

used in future coin production. 

TAX EXEMPT STATUS 

As a bureau of the Federal Government, the Mint is exempt from all taxes imposed by any governing 

body, whether it is a Federal, state, commonwealth, local, or foreign government. 

CONCENTRATIONS 

The Mint purchases the coil and blanks used in the production of circulating coins from three vendors 

at competitive market prices. The Mint also purchases precious metal blanks from four different suppliers. 

CONTINGENT LIABILITIES 

Certain conditions may exist as of the date of the financial statements that may result in a loss to the 

government, but which will be resolved only when one or more future events occur or fail to occur. 

The Mint recognizes a loss contingency when the future outflow or other sacrifice of resources is 

probable and reasonably estimable. Loss contingencies that are determined by management to have a 

reasonably possible chance of occurring or that cannot be estimated are included as a footnote to the 

financial statements. Contingent liabilities considered remote are generally not disclosed unless they 

involve guarantees, in which case the nature of the guarantee is disclosed. 

TRANSFERS TO THE TREASURY GENERAL FUND 

The Mint may transfer amounts determined to be in excess of the amounts required for bureau 

operations and programs to the Treasury General Fund periodically throughout the fiscal year. 

Seigniorage derived from the sale of circulating coins and the sale of numismatic products containing 

circulating coins is a non-budget receipt to the Treasury General Fund. Non-budget means that these 

funds cannot be used for currently funded programs or to reduce the annual budget deficit. Instead, 

they are used solely as a financing source (i.e., they reduce the amount of cash that Treasury has to 

borrow to pay interest on the national debt). 

Revenue generated from the sale of numismatic products is transferred to the Treasury General Fund 

as a budget receipt. Unlike seigniorage, the numismatic transfer amount is available to the Federal 

Government as current operating cash or it can be used to reduce the annual budget deficit.

47 
BUDGETARY RESOURCES 

The Mint does not receive an appropriation from the Congress. Instead, the bureau receives all 

financing from the public and the FRBs, and receives an apportionment of those funds from OMB.

This apportionment is considered a budgetary authority, which allows the Mint to spend the funds. 

The Mint’s budgetary resources consist of unobligated balances, transfers, and spending authority 

from offsetting collections, which is net of amounts that are permanently not available. “Permanently 

not available” funds are budget transfers to the Treasury General Fund. 

DERIVATIVE FINANCIAL INSTRUMENTS 

The Mint engages in an economic hedging program to avoid the effects of fluctuating silver costs as

a result of the changes in market prices. 

The derivatives used for economic hedging in this program do not qualify for hedge accounting. At 

the time of purchase of silver inventory used in the production of silver coins, the Mint economically 

hedges its silver inventory using a silver forward derivative contract. The silver forward derivative 

contract is recorded in the Balance Sheets at fair value, with changes in fair value recorded in “Gross 

Cost” in the Statements of Net Cost. The silver forward derivative contract is settled as silver coins are 

sold to authorized purchasers, and a gain or loss is recognized, which is expected to substantially offset 

the gain or loss on the fluctuation in price of the silver inventory during that time the forward position 

remains open. 

Each transaction with the trading partner carries a small transaction fee; the fees net to a cost of 

one-half cent per ounce. The Mint incurred $139 thousand in hedging fees in FY 2019, compared to 

$82 thousand incurred in FY 2018. 

CLASSIFIED ACTIVITIES 

Accounting standards require all reporting entities to disclose that accounting standards allow 

certain presentations and disclosures to be modified, if needed, to prevent the disclosure

of classified information.

2. NON-ENTITY ASSETS 

Components of Non-entity Assets at September 30 are as follows: 

(dollars in thousands) 2019 2018 

Custodial Gold Reserves (Deep Storage) $10,355,539 $10,355,539 

Custodial Silver Reserves (Deep Storage) 9,148 9,148 

Custodial Gold Reserves (Working Stock) 117,514 117,514 

Custodial Silver Reserves (Working Stock) 11,539 11,539 

Total Non-entity Assets 10,493,740 10,493,740 

Total Entity Assets 1,476,619 1,733,727 

Total Assets $11,970,359 $12,227,467 

Non-entity assets are those that are held and managed by the Mint on behalf of the U.S. government 

but are not available for use by the Mint. United States gold and silver bullion reserves, for which the 

Mint is custodian, are non-entity assets. 

48 
3. FUND BALANCE WITH TREASURY 

Fund Balance with Treasury at September 30 consist of: 

(dollars in thousands) 2019 2018 

Status of Fund Balance with Treasury 

Unobligated Balance Available 

Obligated Balance, Not Yet Disbursed 

Total 

$467,627 $710,912 

411,662 409,435 

$879,289 $1,120,347 

The Mint does not receive appropriated budget authority. The Fund Balance with Treasury is entirely 

available for use to support Mint operations. At September 30, 2019 and 2018, the revolving fund 

balance included $9.7 million and $4.3 million, respectively, in restricted amounts for possible payment 

of surcharges to recipient organizations. 

4. ACCOUNTS RECEIVABLE, NET 

 Accounts Receivable $11,759 $9,257

 Allowance (195) (220) 

Total Public Accounts Receivable 

Total Accounts Receivable 

$11,564 $9,037 

$11,564 $9,119 

Components of accounts receivable are as follows: 

(dollars in thousands) 2019 2018 

Intragovernmental

 Accounts Receivable $- $82 

Total Intragovernmental Accounts Receivable 

With the Public

$- $82 

In FY 2019, the Mint had no Intragovernmental accounts receivable. In FY 2018, the Mint had an 

Intragovernmental accounts receivable balance of $82 thousand for services performed for another 

Federal Agency. Receivables with the public at September 30, 2019 are $11.8 million, of which $7.7 

million is owed by fabricators for scrap, webbing, and mutilated coin. The remaining $4.1 million is 

owed by the public for numismatic products. This compares to receivables with the public at September 

30, 2018, of $9.3 million, of which $8.0 million was owed by fabricators for scrap and webbing, in 

addition to the $1.3 million owed by the public for numismatic products. The allowance for doubtful 

accounts is the balance of the accounts receivable with the public that is past due by 120 days or more. 

Collection action continues on these accounts, but an allowance is recorded. 

5. ADVANCES AND PREPAYMENTS 

49 

The components of advances and prepayments at September 30 are as follows: 

(dollars in thousands) 2019 2018 

Intragovernmental $2,823 $2,906 

With the Public 

Total Other Assets 

3 1 

$2,826 $2,907 
In FY 2019, the Mint had an Intragrovernmental advances and prepayment balance of approximately 

$2.8 million, which primarily represented payments made to the United States Postal Service for 

product delivery services as of September 30, 2019, compared to approximately $2.9 million paid 

at September 30, 2018. Advances with the public for both FY 2019 and 2018 are outstanding travel 

advances to Mint employees who were traveling on government business. 

6. CUSTODIAL GOLD AND SILVER RESERVES 

As custodian, the Mint is responsible for safeguarding much of the United States gold and silver 

reserves, which include deep storage and working stock. The asset and the custodial liability to 

Treasury are reported on the Balance Sheet at statutory rates. In accordance with 31 U.S.C. § 5117(b) 

and 31 U.S.C. § 5116(b)(2), statutory rates of $42.2222 per fine troy ounce (FTO) of gold and no less 

than $1.292929292 per FTO of silver are used to value the custodial assets held by the Mint. 

The market values for gold and silver as of September 30 are determined by the London Gold Fixing (PM) 

rate. Amounts and values of gold and silver in custody of the Mint as of September 30 are as follows: 

2019 2018 

Gold - Deep Storage:

 Inventories (FTO) 245,262,897 245,262,897 

 Market Value ($ per FTO) $1,485.30 $1,187.25 

 Market Value ($ in thousands) $364,288,981 $291,188,374 

 Statutory Value ($ in thousands) $10,355,539 $10,355,539 

Gold - Working Stock:

 Inventories (FTO) 2,783,219 2,783,219 

 Market Value ($ per FTO) $1,485.30 $1,187.25 

 Market Value ($ in thousands) $4,133,915 $3,304,377 

 Statutory Value ($ in thousands) $117,514 $117,514 

Silver - Deep Storage:

 Inventories (FTO) 7,075,171 7,075,171 

 Market Value ($ per FTO) $17.26 $14.31 

 Market Value ($ in thousands) $122,117 $101,246 

 Statutory Value ($ in thousands) $9,148 $9,148 

Silver-Working Stock

 Inventories (FTO) 8,924,829 8,924,829 

 Market Value ($ per FTO) $17.26 $14.31 

 Market Value ($ in thousands) $154,043 $127,714 

 Statutory Value ($ in thousands) $11,539 $11,539 

Total Market Value of Custodial Gold

 and Silver Reserves ($ in thousands) $368,699,056 $294,721,711 

Total Statutory Value of Custodial Gold

 and Silver Reserves ($ in thousands) $10,493,740 $10,493,740 

50 
7. INVENTORY 

The components of inventories at September 30 are summarized below: 

(dollars in thousands) 2019 2018 

Raw Materials $97,468 $111,858 

Work-In-Process 129,753 126,289 

Inventory held for current sale 137,931 

Total Inventory $365,152 

139,547 

$377,694 

 

 

Raw materials consist of unprocessed materials and by-products of the manufacturing process and 

the metal value of unusable inventory, such as scrap or condemned coins, which will be recycled into 

a usable raw material. In addition, as of September 30, 2019 and 2018, the inventory includes $124 

million and $144 million, respectively, which are the market values of the silver hedged. Additional 

information regarding the derivative instrument can be found in Note 19. Work-in-process consists 

of semi-finished materials.

The Mint leases platinum and palladium to avoid the effects of fluctuating metal costs as a result of the 

changes in market prices. The Mint leases platinum for a fee that range between one to 1.2 percent of 

the asset’s value and leases palladium for fees that range between four and 13 percent. The Mint takes 

physical possession of the metal to manufacture the bullion coins. Upon sale to the customer, the Mint 

purchases the metal from the lessor on the same day for the same market price. In FY 2019 and 

FY 2018, the Mint paid $412 thousand and $535 thousand in leasing fees for platinum. In FY 2019 

and FY 2018, the Mint paid $1.5 million and $890 thousand in leasing fees for palladium. 

8. PROPERTY, PLANT, AND EQUIPMENT, NET 

Components of property, plant and equipment are as follows: 

SEPTEMBER 30, 2019 

Accumulated Depreciation Total Property, Plant 

(dollars in thousands) Asset Cost and Amortization and Equipment, Net 

Land $2,529 $- $2,529 

Structures, Facilities and Leasehold Improvements 247,805 (160,239) 87,566 

Computer Equipment 16,791 (15,623) 1,168 

ADP Software 4,774 (4,699) 75 

Construction-In-Progress 10,415 - 10,415 

Machinery and Equipment 345,377 (250,493) 94,884 

Total Property, Plant and Equipment, Net $627,691 ($431,054) $196,637 

SEPTEMBER 30, 2018 

Accumulated Depreciation Total Property, Plant 

(dollars in thousands) Asset Cost and Amortization and Equipment, Net 

Land $2,529 $- $2,529 

Structures, Facilities and Leasehold Improvements 229,642 (152,437) 77,205 

Computer Equipment 19,590 (17,137) 2,453 

ADP Software 4,774 (4,551) 223 

Construction-In-Progress 16,657 - 16,657 

Machinery and Equipment 338,610 (241,801) 96,809 

Total Property, Plant and Equipment, Net $611,802 ($415,926) $195,876 

51 
 

 

The land and buildings used to manufacture circulating coinage and numismatic products are owned 

by the Mint and located in Philadelphia, Denver, San Francisco, and West Point. In addition, the Mint 

owns the land and buildings at the United States Bullion Depository at Fort Knox. Construction-inprogress (CIP) represents assets that are underway, such as in the process of being readied for use, 

or which are being tested for acceptability, but which are not yet being fully utilized by the Mint and, 

therefore, not being depreciated. Depreciation and amortization expenses charged to operations 

during FY 2019 and FY 2018 were $27.2 million and $28.6 million, respectively. 

9. HERITAGE ASSETS 

The Mint maintains collections of heritage assets, which are any property, plant, or equipment that 

are retained by the Mint for their historic, natural, cultural, educational, or artistic value, or significant 

architectural characteristics. For example, the Mint’s historical artifacts include, among other things, 

examples of furniture and equipment used in the Mint’s facilities over the years, as well as examples 

of the coin manufacturing process, such as plasters, galvanos, dies, punches, and actual finished 

coins. The coin collections include examples of the various coins produced by the Mint over the years, 

separated into collections of pattern pieces/prototypes, coin specimens, quality samples, and exotic 

metal coin samples. The buildings housing the Mint’s facilities at Denver, West Point, San Francisco, 

and Fort Knox are all considered multi-use heritage assets. The Mint generally does not place a value 

on heritage assets, even though some of the coins and artifacts are priceless. However, the assets 

are accounted for, and controlled, for protection and conservation purposes. The following chart 

represents the Mint’s various collections and historical artifacts.

 Quantity of Collections Held September 30 

Coin Collections 2019 2018 

Pattern Pieces/Prototypes 1 1 

Coin Specimens 1 1 

Quality Samples 1 1 

Exotic Metal Coin Samples 1 1 

Total 4 4 

Quantity of Collections Held September 30 

Historical Artifacts 2019 2018 

Antiques/Artifacts 1 1 

Plasters 1 1 

Galvanos 1 1 

Dies 1 1 

Punches 1 1 

Historical Documents 1 1 

Multi-use heritage assets 4 4 

Total 10 10 

52 
10. LIABILITIES NOT REQUIRING BUDGETARY RESOURCES 

Components of Liabilities Not Requiring Budgetary Resources at September 30 are as follows: 

(dollars in thousands) 2019 2018 

Custodial Gold Reserves (Deep Storage) $10,355,539 $10,355,539 

Custodial Silver Reserves (Deep Storage) 9,148 9,148 

Working Stock Inventory-Gold 117,514 117,514 

Working Stock Inventory-Silver 11,539 11,539 

Other 30 -

Total Liabilities Not Requiring Budgetary Resources $10,493,770 $10,493,740 

Total Liabilities Covered by Budgetary Resources 95,728 109,572 

Total Liabilities $10,589,498 $10,603,312 

Liabilities not requiring budgetary resources represent the Mint’s custodial liabilities to the Treasury 

that are entirely offset by United States gold and silver reserves held by the Mint on behalf of the 

federal government. 

11. RETIREMENT PLANS, OTHER POST-EMPLOYMENT COSTS 

AND OTHER IMPUTED COSTS 

The Mint received goods and services from other federal entities at no cost or at a cost less than the 

full cost to the providing federal entity. Consistent with accounting standards, certain costs of the 

providing entity that are not fully reimbursed the Mint are recognized as imputed cost in the Statement 

of Net Cost, and are offset by imputed revenue in the Statement of Changes in Net Position. Such 

imputed costs and revenues relate to business-type activities, employee benefits, and claims to be 

settled by the Treasury Judgment Fund. However, unreimbursed costs of goods and services other 

than those identified above are not included in our financial statements. 

The Mint contributes seven percent of basic pay for employees participating in the Civil Service 

Retirement System (CSRS). Most employees hired after December 31, 1983, are automatically covered 

by the Federal Employees’ Retirement System (FERS) and Social Security. A primary feature of FERS 

is that it offers a savings plan to which the Mint automatically contributes one percent of basic pay 

and matches employee contributions up to an additional four percent of basic pay. Employees can 

contribute a specific dollar amount or a percentage of their basic pay, as long as the annual dollar total 

does not exceed the Internal Revenue Code limit of $19,000 for calendar year 2019 (a $6,000 catch-up 

contribution can be given by participants age 50 and older in addition to the $19,000 contribution). 

Employees participating in FERS are covered by the Federal Insurance Contribution Act (FICA), for 

which the Mint contributes a matching amount to the Social Security Administration. 

Although the Mint contributes a portion for pension benefits and makes the necessary payroll 

deductions, it is not responsible for administering either CSRS or FERS. Administering and reporting 

on pension benefit programs are the responsibilities of the Office of Personnel Management (OPM).

OPM has provided the Mint with certain cost factors that estimate the cost of providing the pension 

benefit to current employees. The cost factors of 38.4 percent of basic pay for CSRS-covered 

employees and 16.9 percent of basic pay for FERS-covered employees were in use for FY 2019. The 

CSRS and FERS factors were 37.4 percent and 16.2 percent, respectively, in FY 2018. 

53 
The amounts that the Mint contributed to the retirement plans and Social Security for the year ended 

September 30 are as follows: 

(dollars in thousands) 2019 2018 

Social Security System $7,947 $7,685 

Civil Service Retirement System 387 535 

Federal Employees Retirement System

 (Retirement and Thrift Savings Plan) 16,470 15,824 

Total Retirement Plans and Other Post-Employment Costs $24,804 $24,044 

The Mint also recognizes its share of the future cost of pension payments and post-retirement 

health and life insurance benefits for employees while they are still working with an offset classified 

as imputed financing. OPM continues to report the overall liability of the Federal Government and 

make direct recipient payments. OPM has provided certain cost factors that estimate the true cost of 

providing the post-retirement benefit to current employees. The cost factors relating to health benefits 

are $7,268 and $7,151 per employee enrolled in the Federal Employees Health Benefits Program in

FY 2019 and FY 2018, respectively. The cost factor relating to life insurance is two-one hundredths 

percent (.02 percent) of basic pay for employees enrolled in the Federal Employees Group Life 

Insurance Program for both FY 2019 and FY 2018. 

The amount of imputed cost related to retirement plans and other post-employment costs incurred by 

the Mint for the year ended September 30 is as follows (before the offset for imputing financing).

(dollars in thousands) 2019 2018 

Health Benefits $9,103 $9,092 

Life Insurance 26 25 

Pension Expense 

Total Imputed Retirement and Postemployment Costs 

4,360 3,688 

$13,489 $12,805 

In addition to the pension and retirement benefits described above, the Mint records imputed costs 

and financing for Treasury Judgment Fund payments made on behalf of the Mint. Entries are made

in accordance with FASAB Interpretation No. 2. For FY 2019, the Judgment Fund paid $259 thousand 

on behalf of the Mint for the clean-up of an EPA Superfund site. The EPA Superfund payment was 

part of a multi-year court order, which requires that the Mint and four other federal agencies pay 

for cleaning up the site. Payments are made by the Judgment Fund when the judge in the case 

determines that the site owner has submitted valid bills for clean-up work. For FY 2018, there were 

no payments by the Judgment Fund on behalf of the Mint. Also during FY 2019 and FY 2018, the 

Mint received unreimbursed services (imputed financing) from another federal agency in the amount

of approximately $308 thousand and $606 thousand, respectively. 

12. LEASE COMMITMENTS 

THE MINT AS LESSEE 

The Mint leases office and warehouse space from commercial vendors, the General Services 

Administration (GSA), and the Bureau of Engraving and Printing. In addition, the Mint leases copiers 

and other office equipment from commercial vendors and vehicles from GSA. With the exception of 

the commercial lease on an office building in Washington, D.C., all leases are one-year, or one-year 

with renewable option years. The Headquarters building lease in Washington, D.C. has a term of 20 

years with no renewal option years. 

54 
Non-Federal 

Future Projected Payments: Leases 

FY 2020 $10,582,640 

FY 2021 9,948,251 

FY 2022 10,191,987 

FY 2023 10,446,152 

FY 2024 9,820,791 

After 5 Years 138,870,323 

Total Future Operating Lease Payments $189,860,144 

THE MINT AS LESSOR 

The Mint sublets office space at cost to another Federal entity in the leased Headquarters building 

in Washington, D.C. As of September 30, 2019, the Mint sublets approximately 4,500 square feet of 

office space to the U.S. Marshals Service. This sublease is an operating lease and subject to annual 

availability of funding. The Mint has also entered into agreements to sublet space in the Headquarters 

building to two commercial tenants. 

Non-Federal 

Future Projected Receipts: Building Sub-Lease 

FY 2020 $529,349 

FY 2021 744,996 

FY 2022 746,557 

FY 2023 755,971 

FY 2024 765,667 

After 5 Years 

Total Future Operating Lease Payments 

786,538 

$4,329,078 

13. CONTINGENCIES 

The Mint is subject to legal proceedings and claims which arise in the ordinary course of its business. 

Judgments, if any, resulting from pending litigation against the Mint generally would be satisfied from 

the PEF. Likewise, under the Notification and Federal Employee Antidiscrimination and Retaliation Act 

of 2002 (No FEAR Act, P. L. 107-174), settlements and judgments related to acts of discrimination and 

retaliation for whistle-blowing will be paid from the PEF. 

The Mint is also involved in employment related legal actions (e.g., matters alleging discrimination 

and other claims before federal courts, the Equal Employment Opportunity Commission, and the 

Merit Systems Protection Board) for which an unfavorable outcome is reasonably possible, but for 

which an estimate of potential loss cannot be determined at this time. In the opinion of management, 

the ultimate resolution of these actions will not have a material adverse effect on the Mint’s financial 

position or the results of its operations. 

14. FUNDS FROM DEDICATED COLLECTIONS 

Pursuant to 31 U.S.C. § 5136, all receipts from Mint operations and programs, including the production 

and sale of numismatic items, the production and sale of circulating coinage at face value to the FRB, 

the protection of government assets, and gifts and bequests of property, real or personal shall be 

deposited into the PEF and shall be available to fund its operations without fiscal year limitations.

The PEF meets the requirements of funds from dedicated collections as defined in SFFAS No. 43, 

Funds from Dedicated Collections: Amending SFFAS No. 27, Identifying and Reporting Earmarked 

Funds. As non-entity and non-PEF assets, the United States gold and silver reserves are not included 

in the funds from dedicated collections. 

55 
15. EARNED REVENUE AND OTHER FINANCING 

SOURCES (SEIGNIORAGE) 

The Statement of Net Cost reflects the earned revenue and corresponding gross costs for Circulating 

Production and Sales and for Numismatic Production and Sales of Circulating Coins. Circulating 

Production and Sales represents coin sales to the FRB, and Numismatic Production and Sales of 

Circulating Coins represents sales of circulating coins to the public (i.e., numismatic customers). 

SFFAS No. 7, Accounting for Revenue and Other Financing Sources and Concepts for Reconciling 

Budgetary and Financial Accounting, provides requirements related to the recognition of net program 

revenue from production of circulating coins to the cost of metal, manufacturing and transportation. 

OMB Circular A-136 defines the treatment of other financing sources on the Statement of Changes in 

Net Position, particularly as it relates to seigniorage. Therefore, on the Statement of Net Cost, earned 

revenue is recognized only to the extent of the gross cost of production. The difference between those 

costs and the face value of the coin is an “Other Financing Sources” referred to as seigniorage. Any 

revenue over face value for circulating coins sold as numismatic items is considered earned revenue 

and included in the category Numismatic Production and Sales on the Statement of Net Cost. 

The following chart reflects the two components of the receipts from the sale of circulating coin – the 

earned revenue from the Statements of Net Cost and Seigniorage from the Statements of Changes in 

Net Position for the years ended September 30: 

(dollars in thousands) 2019 2018 

Revenue - FRB $479,709 $541,416 

Seigniorage - FRB 318,278 321,120 

Total Circulating Coins $797,987 $862,536 

Revenue - with the public $2,040 $1,912 

Seigniorage - with the public 8,623 5,920 

Total Numismatic sales of Circulating Coins $10,663 $7,832 

Total Seigniorage $326,901 $327,040 

16. APPORTIONMENT CATEGORIES OF OBLIGATIONS 

INCURRED 

The Mint receives apportionments of its resources from OMB. An apportionment is an OMB-approved 

plan to use budgetary resources. An apportionment typically limits the obligations an agency may 

incur for specified time periods, programs, activities, projects, objects, or any combination thereof. All 

Mint obligations are classified as reimbursable, as they are financed by offsetting collections received 

in return for goods and services provided. OMB uses several categories to distribute budgetary 

resources. Category B apportions budgetary resources by program, project, activities, objects or a 

combination of these categories. The Mint had only category B apportionments in FY 2019 and FY 2018. 

The following chart reflects the amount of reimbursable obligations incurred against amounts 

apportioned under categories B apportionments. 

(dollars in thousands) 2019 2018 

Category B

 Total Operating Expenses $1,517,144 $1,385,696

 Numismatic Capital 10,139 10,365

 Circulating and Protection Capital 28,179 28,709

 Total Apportionment Categories of Obligations Incurred $1,555,462 $1,424,770 

56 
 

17. EXPLANATION OF DIFFERENCES BETWEEN THE 

STATEMENT OF BUDGETARY RESOURCES AND THE 

BUDGET OF THE UNITED STATES GOVERNMENT 

SFFAS No. 7, Accounting for Revenue and Other Financing Sources and Concepts for Reconciling 

Budgetary and Financial Accounting, requires an explanation of material differences between the 

Statement of Budgetary Resources (SBR) and the related actual balances published in the Budget of 

the United States Government (President’s Budget). The President’s Budget with actual numbers for 

FY 2019 is expected to be published in February 2020 and made available through OMB. Therefore, 

the analysis presented here is for the prior year (FY 2018) “actual” figures published in the President’s 

budget in February 2019. The following chart displays the comparison of the FY 2018 SBR and the 

actual FY 2018 balances included in the FY 2020 President’s Budget. The differences between the FY 

2018 SBR and the President’s Budget is as a result of the headquarters building lease obligation from 

the prior year being adjusted to the present value of the obligation at year end. 

(rounded to millions) September 30, 2018 

Statement of Budgetary President's Difference 

United States Public Enterprise Fund Resources Budget 

Budgetary Resources $2,136 $2,147 ($11) 

New Obligations Incurred and Upward Adjustments $1,425 $1,425 $-

Net Outlays ($301) ($301) $-

18. LEGAL ARRANGEMENTS AFFECTING USE 

OF UNOBLIGATED BALANCES 

The PEF statute establishes that all receipts from Mint operations and programs, including the 

production and sale of numismatic items, the production and sale of circulating coinage, the protection 

of government assets, and gifts and bequests of property, real or personal, shall be deposited into the 

PEF and shall be available without fiscal year limitations. Any amount that the Secretary of the Treasury 

determines to be in excess of the amount required by the PEF shall be transferred to the Treasury 

for deposit as miscellaneous receipts. At September 30, 2019 and 2018, the Mint transferred excess 

receipts to the Treasury General Fund of $540 million and $265 million, respectively. 

19. DERIVATIVE FINANCIAL INSTRUMENTS 

At September 30, 2019 and 2018, the fair value of the silver forward contracts were an asset of $1.5 

million and $11 million, respectively, which are located in “Derivative, Asset”, in the Balance Sheets. 

The Mint recorded net gains of $11.8 million on its silver forward contract in FY 2019, compared to net 

gains of $23.4 million in FY 2018, located in “Gross Cost” in the Statements of Net Cost. 

57 
 

20. RECONCILIATION OF NET COST TO NET OUTLAYS 

The Reconciliation of Net Cost to Net Outlays depicts the difference between budgetary and proprietary 

accounting information. Budgetary accounting is used for planning and control purposes and relates to both 

the receipt and use of cash, as well as reporting the federal deficit. Proprietary accounting is intended to 

provide a picture of the U.S. government’s financial operations and financial position, so it presents information 

on an accrual basis in accordance with U.S. GAAP, which includes information about costs arising from the 

consumption of assets and the incurrence of liabilities. The reconciliation of Net Outlays (presented on a 

budgetary basis) and the Net Cost (presented on an accrual basis) provides an explanation of the relationship 

between budgetary and proprietary accounting information. The reconciliation serves not only to identify costs 

paid for in the past and those that will be paid in the future, but also to assure integrity between budgetary and 

proprietary accounting. The analysis below illustrates this reconciliation by listing the key difference between net 

cost and net outlays: 

Contra seigniorage in the reconciliation is a result of the difference between the seigniorage generated in 

FY 2019 and the non-budget transfer to the Treasury General Fund. The non-budget transfer to the Treasury 

General Fund did not result in a cost, but did result in an outlay. This number is positive as a result of 

transferring more seigniorage to the Treasury General Fund than was generated in FY 2019. 

September 30, 2019 

With the 

(dollars in thousands) Intra-governmental 

Net Operating Cost (SNC) $81,406 

Components of Net Cost That Are Not Part of Net Outlays 

 Property, plant, and equipment depreciation -

 Property, plant, and equipment disposal & reevaluation -

 Contra seigniorage -

 Increase/(decrease) in assets:

 Accounts receivable (82) 

Other assets (84) 

 (Increase)/decrease in liabilities

 Accounts payable (76) 

Salaries and benefits (168) 

 Other liabilities -

 Other financing sources:

 Federal employee retirement benefit costs paid by OPM

and imputed to the agency (14,055)

($14,465) 

Total Components of Net Cost That Are Not Part

of Net Outlays 

Components of Net Outlays That Are Not Part of Net Cost

Acquisition of capital assets 

Total Components of Net Outlays That Are Not Part

of Net Cost 

Net Outlays (Calculated Total) 

-

-

$66,941 

Related Amounts on the Statement of Budgetary Resources

 Outlays, net, (total) 

 Distributed offsetting receipts 

Public Total FY 2019 

($37,156) $44,250 

(27,158) (27,158)

(43) (43)

213,099 213,099 

2,527 2,445 

(19,172) (19,256)

21,046 20,970 

(1,256) (1,424)

(5,701) (5,701)

- (14,055) 

$183,342 $168,877 

27,962 27,962 

$27,962 $27,962 

$174,148 $241,089 

241,089 

Outlays, Net 

(1) 

$241,088 

58 
 

 

21. UNDELIVERED ORDERS AT THE END OF THE PERIOD 

Undelivered orders represent goods and services ordered and obligated which have not been 

received. This includes any orders for which we have paid in advance, but for which delivery or 

performance has not yet occurred. 

September 30, 2018 

(dollars in thousands) Federal Non-Federal Total 

Paid $2,906 $1 $2,907 

Unpaid 

Undelivered Orders at the End of the Year 

3,026 290,384 293,410 

$5,932 $290,385 $296,317 

(dollars in thousands) 

Unobligated balance, brought forward from prior year $710,912 

Downward adjustments of prior year undelivered 

and delivered orders made during current year $19,843 

Unobligated balance from prior year budget authority, net $730,755 

September 30, 2019 

(dollars in thousands) Federal Non-Federal Total 

Paid $2,823 $3 $2,826 

Unpaid 2,956 325,513 328,469 

Undelivered Orders at the End of the Year $5,779 $325,516 $331,295 

22. NET ADJUSTMENT TO UNOBLIGATED BALANCE, 

BROUGHT FORWARD OCTOBER 1 

During the year ended September 30, 2019, certain adjustments were made to the balance of 

unobligated budgetary resources available as of October 1, 2018, located in the Statement of 

Budgetary Resources. These adjustments include downward adjustments to undelivered and 

delivered orders that were obligated in a prior fiscal year. These downward adjustments increased the 

unobligated balance of budgetary resources available as of October 1, 2018. The adjustments during 

the year ended September 30, 2019 are presented below. 

59 
REQUIRED SUPPLEMENTARY INFORMATION 

(UNAUDITED) 

FOR THE YEARS ENDED SEPTEMBER 30, 2019 AND 2018 

INTRODUCTION 

This section provides the Required Supplementary Information as prescribed by the OMB Circular 

A-136, Financial Reporting Requirements, SFFAS No. 29, Heritage Assets and Stewardship Land and 

SFFAS No. 42, Deferred Maintenance and Repairs: Amending SFFAS Nos. 6, 14, 29 and 32.

HERITAGE ASSETS 

The Mint is steward of a large, unique and diversified body of heritage assets that demonstrate the 

social, educational, and cultural heritage of the Mint. These items include a variety of rare and semiprecious coin collections and historical artifacts, and are held at various Mint locations. Some of these 

items are placed in locked vaults within the Mint, where access is limited to only special authorized 

personnel. Other items are on full display to the public, requiring little if any authorization to view. 

Included in the heritage assets are the buildings housing the Mint at Denver, West Point, San 

Francisco, and Fort Knox. The Mint generally does not place a value on heritage assets, even though 

some of the coins and artifacts are priceless. However, the assets are accounted for, and controlled, for 

protection and conservation purposes. Heritage assets held by the Mint are generally in acceptable 

physical condition. 

DEFERRED MAINTENANCE 

Deferred maintenance and repairs is maintenance and repair activity that was not performed when 

it should have been, or was scheduled to be, and is put off or delayed for a future period. In fiscal 

years 2019 and 2018, the Mint had no deferred maintenance costs to report on vehicles, buildings, 

structures, and equipment owned by the Mint. There is also no deferred maintenance on heritage 

assets, which includes the Denver, West Point, San Francisco, and Fort Knox buildings. 

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APPENDIX: FY 2019 COIN AND MEDAL PRODUCTS 

AMERICA THE BEAUTIFUL 

QUARTERS® PROGRAM 

BLOCK ISLAND NATIONAL WILDLIFE REFUGE QUARTER – 

RHODE ISLAND 

Released for Sale: November 13, 2018 

Description: Block Island National Wildlife Refuge is located 12 miles off 

the southern coast of Rhode Island and sits on a terminal moraine shaped 

by glacial till deposits creating rolling dunes. These wild lands are known 

internationally for spectacular bird watching and breathtaking barrier 

beaches. The reverse design depicts a black-crowned night-heron flying 

over a view from the beach at Cow Cove looking towards Sandy Point. 

The North Light lighthouse is seen in the background. 

LOWELL NATIONAL HISTORICAL PARK QUARTER – 

MASSACHUSETTS 

Released for Sale: February 4, 2019 

Description: Lowell National Historical Park preserves and interprets the 

role of Lowell, MA, in the Industrial Revolution. The era was also defined in 

part by the “Mill Girls,” young women recruited to work in the mills. They 

became an important voice for labor by advocating for better working 

conditions, supporting abolition, and embracing education. The reverse 

design depicts a mill girl working at a power loom. A view of Lowell, 

including the Boott Mill clock tower, is seen through the window. 

AMERICAN MEMORIAL PARK QUARTER – 

NORTHERN MARIANA ISLANDS 

Released for Sale: April 1, 2019 

Description: American Memorial Park honors the thousands of American 

troops and residents of Saipan who gave their lives during the Marianas 

Campaign of World War II. At the Court of Honor, the American flag is 

displayed at the center of the Flag Circle and surrounded by the Navy, 

Marine Corps, Army, and Coast Guard flags. The reverse design depicts

a young woman in traditional attire at the front of the Flag Circle and Court 

of Honor resting her hand on the plaque honoring the sacrifice of those who 

died in the Marianas Campaign. 

WAR IN THE PACIFIC NATIONAL HISTORICAL PARK 

QUARTER – GUAM 

Released for Sale: June 3, 2019 

Description: The westernmost park of all the National Park Service sites, 

Guam’s War in the Pacific National Historical Park honors the bravery, 

courage, and sacrifice of those participating in the campaigns of the Pacific 

Theater during World War II. The park also conserves and interprets a 

variety of amazing resources found on the Island of Guam. This reverse 

design depicts American forces coming ashore at Asan Bay. 

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SAN ANTONIO MISSIONS NATIONAL HISTORICAL PARK 

QUARTER – TEXAS 

Released for Sale: August 26, 2019 

Description: Established in the 1700s, the San Antonio Missions were 

among the largest concentrations of Spanish missions in North America 

and helped create the foundation for the city. The design depicts elements 

of the Spanish Colonial Real coin to pay tribute to the missions. Within the 

quadrants are symbols of the missions—wheat, arches and bell, a lion, and 

the San Antonio River. 

AMERICAN INNOVATIONTM 

$1 COIN PROGRAM 

The American Innovation $1 Coin Act (Public Law 115-197) of 2018 

authorized the minting and issuance of $1 coins emblematic of a significant 

innovation, innovator, or group of innovators representing each State, 

District of Columbia, Puerto Rico, Guam, American Samoa, U.S. Virgin 

Islands, and Northern Mariana Islands. Four new $1 coins with unique 

reverse designs will be released each year from 2019 through 2032 in the 

order the States ratified the U.S. Constitution or were admitted to the 

Union. After all State coins are released, those for the District of Columbia 

and territories will be issued. The common obverse of all coins in the series 

features a large, dramatic likeness of the Statue of Liberty. 

Released for Sale: December 14, 2018 

Description: To introduce the new series in 2018, a special American 

Innovation $1 Coin was minted and issued. It has the same obverse as all 

the other coins in the series. The reverse design features a representation 

of President George Washington’s signature on the first-ever U.S. patent 

issued on July 31, 1790. The U.S. Government granted the patent to 

Samuel Hopkins for “improvement in the making of pot ash and pearl ash.” 

The stylized gears represent industry and innovation. 

Released for Sale: September 19, 2019 

Description: Annie Jump Cannon was an internationally recognized 

astronomer who invented a system for classifying stars still used today. 

She combined two known models to create her own system based on the 

spectral characteristics of stars and personally classified more than 225,000. 

The reverse design features a silhouette of Cannon against the night sky, 

with a number of stars visible. 

2018 AMERICAN INNOVATION $1 INTRODUCTORY COIN 

2019 AMERICAN INNOVATION $1 COIN – DELAWARE 

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2019 AMERICAN EAGLE COIN PROGRAM 

Released for Sale: January 10, 2019 

Description: Each American Eagle Silver Proof contains one troy ounce 

of 99.9 percent pure silver. The obverse design is based on Adolph A. 

Weinman’s 1916 “Walking Liberty” half dollar, widely considered one of 

the most beautiful American coins ever minted. It features Lady Liberty in 

full stride, enveloped in folds of the flag, with her right hand extended and 

branches of laurel and oak in her left. The reverse features a heraldic eagle 

with shield, an olive branch in the right talon and arrows in the left. 

2019 AMERICAN EAGLE SILVER PROOF COIN 

2019 PREAMBLE TO THE DECLARATION OF INDEPENDENCE 

PLATINUM PROOF COIN – “LIBERTY” 

2019 AMERICAN EAGLE GOLD PROOF COIN 

2019 AMERICAN EAGLE PALLADIUM REVERSE PROOF COIN 

Released for Sale: January 31, 2019 

Description: The obverse design of the 2019 Preamble to the Declaration 

of Independence Platinum Proof Coin portrays Lady Liberty keeping watch 

over prairies, lakes, and mountains as pioneers head westward. The wild 

terrain featured in the background evokes the quintessential American 

spirit to explore new territory and the freedom to pursue new landscapes, 

ideas, and ways of life. Her torch is an emblem of the guiding light that 

liberty provides, while the open book presents the rule of law and its equal 

application. The reverse design depicts an eagle in flight with an olive 

branch in its talons. 

Released for Sale: March 7, 2019 

Description: American Eagle Gold Proof Coins are manufactured in four 

sizes—one ounce, half-ounce, quarter-ounce, and one-tenth ounce. They 

are available individually or in a four-coin set. The obverse design features 

a rendition of Augustus Saint-Gaudens’ full-length figure of Lady Liberty 

with flowing hair, holding a torch in her right hand and an olive branch in 

her left. The reverse features a male eagle carrying an olive branch flying 

above a nest containing a female eagle and her hatchlings. 

Released for Sale: September 12, 2019 

Description: Each coin contains one ounce of .9995 fine palladium. The 

obverse design features a high-relief likeness of “Winged Liberty” from the 

“Mercury Dime” obverse. The reverse design features a high-relief version 

of the 1907 American Institute of Architects Gold Medal reverse, which 

includes an eagle and a branch. 

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2019 AMERICAN BUFFALO GOLD COIN 

Released for Sale: April 12, 2019 

Description: The American Buffalo Gold Proof Coin is the first 24-karat gold 

proof coin ever struck by the U.S. Mint. Containing one ounce of .9999 fine 

gold, these lustrous coins are among the world’s purest gold coins. They 

were authorized by Congress in 2005 and first minted in June 2006. They 

are struck at the United States Mint at West Point. The designs are based 

on the original 1913 Type I Buffalo nickel designed by James Earle Fraser. 

The obverse features a profile representation of a Native American, and the 

reverse features an American Buffalo. 

2019 NATIVE AMERICAN $1 COIN 

Released for Sale: February 13, 2019 

Description: This year’s reverse theme recognizes the contributions of 

American Indians to the U.S. space program. These culminated in the space 

walks of John Herrington (Chickasaw Nation) on the International Space 

Station in 2002. This and other pioneering achievements date back to the 

work of Mary Golda Ross (Cherokee Nation), considered the first Native 

American engineer in the space program. The reverse design features Ross 

writing calculations. In the background, an Atlas-Agena rocket launches 

into space, with an equation inscribed in its cloud. An astronaut conducts a 

spacewalk above. A group of stars in the field behind indicates outer space.

2019 COMMEMORATIVE COIN PROGRAMS 

Released for Sale: January 24, 2019 

Description: The Apollo 11 50th Anniversary Commemorative Coin Act 

(Public Law 114-182) authorized the minting and issuance of proof and 

uncirculated $5 gold, silver dollars (including a large proof five-ounce size), 

and clad half dollars in commemoration of the 50th anniversary of the first 

manned Moon landing on July 20, 1969. In accordance with the act, the 

Secretary of the Treasury approved the final designs, with the common 

obverse being selected through a juried competition. All coins issued 

through the program are curved. A special set featuring an Apollo 11 Proof 

Half Dollar and a Kennedy Half Dollar with an enhanced reverse proof 

finish was also issued through the program. The common obverse coin 

design features the inscriptions “MERCURY,” “GEMINI,” and “APOLLO” 

separated by phases of the Moon and a footprint on the lunar surface. 

The reverse is a representation of a close-up of the iconic “Buzz Aldrin on 

the Moon” photograph showing the visor and part of his helmet with a 

reflection showing astronaut Neil Armstrong, the American flag, and the 

lunar lander. Surcharges in the amount of $35 for each gold coin sold, $10 

for each silver dollar sold, $5 for each clad half dollar sold, and $50 for each 

five-ounce proof silver dollar sold are authorized to be paid to the National 

Air and Space Museum’s “Destination Moon” exhibit, Astronauts Memorial 

Foundation, and Astronaut Scholarship Fund. 

APOLLO 11 50TH ANNIVERSARY COMMEMORATIVE COINS 

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AMERICAN LEGION 100TH ANNIVERSARY 

COMMEMORATIVE COINS 

Released for Sale: March 14, 2019 

Description: The American Legion 100th Anniversary Commemorative 

Coin Act (Public Law 115-65) authorizes the minting and issuance of 

proof and uncirculated $5 gold, silver dollars, and clad half dollars in 

recognition of the 100th anniversary of the American Legion. The Secretary 

of the Treasury approved the final designs. The American Legion 100th 

Anniversary Three-Coin Proof Set and Proof Silver Dollar and American 

Veterans Silver Medal Set were also issued through the program. The gold 

obverse design depicts the outer geometric rim from the American Legion 

emblem, the Eiffel Tower, and V for victory. The gold reverse depicts a 

soaring eagle and the American Legion emblem. The silver dollar obverse 

depicts the American Legion emblem adorned by oak leaves and a lily, 

while the reverse features the crossed American and American Legion flags 

with a fleur-de-lis and the inscription “100 YEARS OF SERVICE” above 

the flags. The clad half dollar obverse depicts two children standing and 

reciting the Pledge of Allegiance, beginning with the inscription “I PLEDGE 

ALLEGIANCE TO THE FLAG...” The half dollar reverse completes the 

phrase with the inscription “... OF THE UNITED STATES OF AMERICA.”

It depicts a waving American flag as seen from the children’s point-of-view, 

with the American Legion emblem just above the flag. Surcharges in the 

amount of $35 for each gold coin sold, $10 for each silver dollar sold, and 

$5 for each clad coin sold are authorized to be paid to the American Legion 

for its programs to support veterans and members of the Armed Forces. 

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2019 PRESIDENTIAL SILVER MEDALS— 

JEFFERSON, MADISON, AND MONROE 

Released for Sale: January 25 (Jefferson), May 6 (Madison), 

and August 8, 2019 (Monroe) 

Description: These 99.9 silver medals—featuring the same designs as their 

familiar Presidential Bronze Medal counterparts—have a matte finish. The 

obverses of the Thomas Jefferson, James Madison, and James Monroe 

Presidential Silver Medals feature their traditional profiles. The reverses 

feature the inscription “PEACE AND FRIENDSHIP,” symbolized by two 

clasped hands. Above the hands, the pipe of peace and tomahawk are 

crossed over each other. Presidential medals date back to the earliest days 

of the Republic and were often presented to American Indian chiefs and 

other leaders at events like treaty signings. 

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To get the most up-to-date information about 

United States Mint products and events or to tour our 

facilities, visit our website at www.usmint.gov 

or call (800) USA-MINT (872-6468). 

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