UNITED STATES MINT 

2020 ANNUAL REPORT

1 
David J. Ryder 

Director 

United States Mint 

DIRECTOR’S LETTER 

It is my honor to present the United States Mint’s 2020 

Annual Report. I am incredibly proud of the talent, 

dedication, and ingenuity of the Mint’s workforce. During 

FY2020, the Mint team provided outstanding service to 

our Nation by shipping 15.5 billion circulating coins and 

producing more than 24.7 million ounces of bullion. To 

put these numbers in perspective, during FY2019 the Mint 

shipped 12.5 billion circulating coins and produced 18.8 

million ounces of bullion. 

The Mint also strengthened its reputation as a leader in 

manufacturing and innovative coin design while delivering 

strong financial results. The Mint’s bullion program had a 

particularly strong year, generating $2.1 billion in revenue 

and $46.2 million in net earnings. This success was 

complemented by the performance of our numismatic 

program which sold more than 3.4 million units, 

resulting in 346.6 million in revenue and $12.4 million 

in net earnings. The Mint’s numismatic earnings were 

significantly higher than earnings realized during FY2019. 

This is a tribute to the Mint’s improved marketing/pricing 

strategies and greater operating efficiencies. The success 

of the bullion and numismatic programs, combined with 

seigniorage generated by our circulating coin program, 

allowed the Mint to transfer $40 million to the United 

States Treasury General Fund. 

Perhaps most impressively, the Mint achieved these 

extraordinary results amidst a global pandemic. Since the 

onset of COVID-19, I have emphasized that the health 

and safety of Mint employees is my top priority. To ensure 

the safety of our workforce, and prevent an outbreak at 

any of our facilities, the Mint implemented enhanced 

workplace cleaning procedures, required the use of face 

coverings at each Mint location, and instituted procedures 

to ensure appropriate social distancing while at work. 

The safety procedures implemented by the Mint in 

response to COVID-19 were new in 2020. But what 

allowed these new procedures to be incorporated 

smoothly was the Mint’s existing “culture of safety.” Well 

prior to COVID-19, the Mint made safety the first metric 

evaluated in our performance reviews. In 2020, the Mint’s 

Total Recordable Case Rate (TRCR - the primary metric 

used to measure workplace safety) was 1.3, compared to 

a TRCR of 6.0 for the comparable private sector industry. 

This represents the Mint’s lowest (best) TRCR on record. 

2 
Many of our operating practices have changed, as has the physical layout of our facilities. Physical barriers, Plexiglas 

screens, flexible schedules, increased telework, videoconferencing, and directional traffic flows on production floors 

and office hallways are just some of the changes that have contributed to the practice of safe social distancing

and allowed the Mint to maintain production during the pandemic. 

One impact of the pandemic was a sharp increase in the demand for circulating coins. Changes in spending patterns 

by American consumers greatly reduced the volume of circulating coins returned to the Federal Reserve Banks (FRB) 

by merchants, banks, and private coin recyclers. To meet their needs for circulating coins, the FRB and many of their 

customers turned to the Mint. The Mint responded by increasing our production of circulating coins to the highest 

monthly level since FY2001. The Mint continues to coordinate closely with the FRB to ensure Americans have a 

sufficient supply of circulating coins.

During 2020, the Mint introduced our first-ever colorized coins – part of the Basketball Hall of Fame Commemorative 

Coin Program. In addition to colorized offerings, all Basketball Hall of Fame coins were also curved, with the obverse 

concave and the reverse convex. 

The Mint honored a pivotal moment in our Nation’s history through the designs for the 2020 Women’s Suffrage 

Centennial Commemorative Coin Program. This program commemorated the ratification of the 19th Amendment

to the Constitution of the United States, giving women in the United States the right to vote. This year the Mint 

also introduced several other new coins that reflect America’s history and values, including a Presidential Dollar Coin 

honoring George H.W. Bush and a First Spouse Gold Coin honoring Barbara Bush, as well as four new coins in our 

American Innovation $1 Coin Series. 

It has long been the Mint’s privilege to produce Congressional Gold Medals, the highest civilian honor bestowed 

by Congress. During 2020, I was deeply honored to participate in the ceremony awarding the Congressional Gold 

Medal to Stephen Michael Gleason. This Congressional Gold Medal recognized Mr. Gleason’s work as an advocate 

for people with Amyotrophic Lateral Sclerosis. The Mint also produced Congressional Gold Medals to commemorate 

the crew of the USS Indianapolis and the Chinese American Veterans of World War II. The Mint is honored to play a 

role in honoring their heroic service. 

Next year, the Mint will celebrate the 35th anniversary of the American Eagle Coin Program, an icon in the bullion, 

numismatic, and art worlds. To honor this anniversary and to celebrate the success of our flagship coin program,

the Mint will redesign the reverses of our American Eagle Gold and Silver Coins. The excitement in anticipation 

of this redesign continues to build in the numismatic community, and I look forward to unveiling these brilliant new 

designs next year. 

I consider the coins and medals made by the Mint to be miniature works of art. These coins and medals are the 

product of steadfast efforts of talented artists and sculptors who are masters of their craft, production staff who 

display exceptional attention to detail, as well as the support staff who are dedicated to executing the Mint’s mission. 

It is an honor to serve as the Director of the United States Mint. I look forward to our agency’s journey forward as we 

continue to produce coins and medals that capture the heart and imagination of the American public. 

Sincerely, 

David J. Ryder 

Director 

United States Mint 

3 
ORGANIZATIONAL PROFILE 

David J. Ryder 

Director 

Patrick Hernandez 

Deputy Director 

John Schorn 

Chief Counsel 

B. B. Craig 

Associate Director 

for Environment, Safety, 

and Health

David Croft 

Associate Director 

for Manufacturing 

Matthew Holben 

Associate Director 

for Sales and Marketing 

Kristie McNally 

Chief Financial Officer

Francis O’Hearn 

Chief Information Officer 

Michael Wenzler 

Chief Human

Capital Officer 

Dennis O’Connor 

Chief, Mint Police 

4 
Jennifer Warren 

Director of Legislative 

& Intergovernmental Affairs 

Thomas Johnson 

Acting Deputy Chief 

Administrative Officer

Ashley Reid 

Equal Employment 

Opportunity Officer

April Stafford 

Chief, Design Management 

Eric Anderson 

Executive Secretary 

Todd Martin 

Acting Chief, Office of 

Corporate Communications 

Robert Kurzyna 

Superintendent, 

Philadelphia Mint 

Ellen McCullom 

Superintendent, 

West Point Mint 

Randall Johnson 

Superintendent, 

Denver Mint 

David Jacobs 

Superintendent, 

San Francisco Mint 

5 
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 approximately 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.

6 
 

 

 

 

 

 

 

 

 

 

 

 

 

TABLE OF CONTENTS 

Director’s Letter (Unaudited) 2 

Organizational Profile (Unaudited) 4

Our Mission and Core Values (Unaudited) 6 

The United States Mint at a Glance (Unaudited) 8 

Management’s Discussion and Analysis (Unaudited) 10 

Analysis of Systems, Controls, and Legal Compliance (Unaudited) 32 

Limitations of the Financial Statements (Unaudited) 33 

Message from the Chief Financial Officer (Unaudited) 34

Independent Auditors’ Report 37 

Financial Statements 40 

Notes to the Financial Statements 44 

Required Supplementary Information (Unaudited) 62 

Appendix I: FY 2020 Coin and Medal Products (Unaudited) 63 

7 
THE UNITED STATES MINT AT A GLANCE (UNAUDITED) 

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. 

Revenue (dollars in millions) 

3,602.5 3,626.8

1,830.4 1,979.2 

2,638.2 

2016 2017 2018 2019 2020 

Revenue by Line of Business (percent of total) 

Numismatic

9.6% Bullion

58.2%

Circulating

32.2%

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. 

Revenue (dollars in millions) 

1,168.5 1,104.2 

798.1 871.8 862.7 

2016 2017 2018 2019 2020 

Revenue by Denomination (dollars in millions)

half-dollar 

$0.2 one-cent 

quarter- $81.8

dollar 

$726.5 five-cent

$79.9 

dime 

$280.1 

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. 

Revenue (dollars in millions) 

2,085.3 2,111.7 

682.7 823.4 

1,378.9 

2016 2017 2018 2019 2020 

Revenue by Program (dollars in millions)

American Eagle Silver America the 

$490.5 Beautiful Silver

$34.1 

American 

Buffalo Gold 

$349.5

American American Eagle Eagle Gold Platinum $1,188.1 $49.5 

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. 

Revenue (dollars in millions) 

413.0 387.5 

349.6 346.6 

293.1 

2016 2017 2018 2019 2020 

Revenue by Program (dollars in millions)

Silver Annual Core Sets

$61.7 $42.1 

AtB Quarter

Products 

$11.0 Gold, Platinum 

& Palladium American

$162.2 Innovation 

$10.5

Commemoratives Misc. $23.9 $35.2

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. 

Seigniorage and Net Income (dollars in millions, 

before protection cost) 

668.5 

608.5 

312.8 325.6 

421.6 

2016 2017 2018 2019 2020 

8 

Seigniorage and Net Income by Line of Business 

(dollars in millions, before protection cost) 

Numismatic 

$12.4 

Bullion 

$46.2 

Circulating 

$549.9 
Gross Cost (dollars in millions) 

3,018.3 2,934.0 

1,504.8 1,666.4 

2,216.6 

2016 2017 2018 2019 2020 

2020 PERFORMANCE 

FY 2020 revenue was $3,626.8 million, an increase of 98.1 percent compared 

to last year. Cost of goods sold (COGS) increased 111.9 percent to $2,848.1 

million. Selling, general and administrative (SG&A) expenses increased 5.9 

percent to $170.2 million from last year. Total seigniorage and net income 

before Protection expenses increased 86.9 percent to $608.5 million 

compared to last year, reflecting the impact of increased circulating and 

bullion demand. 

Shipments (millions of coins) 

five-cent 

1,598 

dime 

2,801 

one-cent 

8,174 quarterdollar 

2,906 

half-dollar 

0 

CIRCULATING COINAGE 

Circulating coin shipments increased 24.2 percent to 15,479 million coins 

in FY 2020, driven by increased shipments in all denominations. Circulating 

revenue increased 46.4 percent to $1,168.5 primarily because of increased 

nickel, dime and quarter-dollar shipments. Seigniorage increased 72.8 

percent to $549.9 million. Seigniorage per dollar issued increased to $0.47 

from $0.40 last year. 

Sales (millions of ounces) 

America the 

Beautiful Silver 

1,797.0 American 

Buffalo Gold 

198.0 

American American 

Eagle Silver Eagle 

22,000.0 Platinum 

American 56.0 

Eagle Gold 

662.0 

BULLION COINS 

Demand for bullion coins increased in FY 2020 compared to last year. The 

Mint sold 24,713.0 million ounces of gold, silver and platinum bullion coins, 

an increase of 5,897.0 million ounces from last year. Total bullion revenue 

increased 209.3 percent to $2,111.7 million in FY 2020, primarily due to 

a 375.4 percent increase in gold bullion coin revenues. Bullion coin net 

income increased 725.0 percent to $46.2 million and bullion coin net margin 

increased to 2.2 percent compared to 0.8 percent last year. 

Sales (thousands of units sold) 

AtB Quarter 

Products American 

Innovation 

425 

Annual Core 

409 

Sets Commemoratives 

1,022 296 

Misc. 

401 

Gold, Platinum 

& Palladium 

Silver 88 

794 

NUMISMATIC PRODUCTS 

Numismatic sales decreased 20.9 percent to 3.4 million units in FY 2020. 

Numismatic revenues decreased 0.9 percent to $346.6 million due to 

a $23.0 million increase in gold & platinum coin products offset by a 

$34.3 million decrease in commemorative product revenues. Numismatic 

net income increased 629.4 percent to $12.4 million (before protection 

expenses). Numismatic net margin increased to 3.6 percent compared to 

0.5 percent last year. 

Transfer to the Treasury General Fund (dollars in millions) 

40.0 

540.0 

269.0 265.0

2016 2017 2018 2019 2020 

611.0 TRANSFER TO THE GENERAL FUND 

In FY 2020, the Mint transferred $40 million to the Treasury General Fund 

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

$40 million of seigniorage as a non-budget transfer. The Mint did not make 

a budget transfer in the first quarter of FY 2020.

9 
MANAGEMENT’S DISCUSSION 

AND ANALYSIS (UNAUDITED) 

CIRCULATING COINAGE 

FOR THE NATION’S COMMERCE 

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. 

CIRCULATING RESULTS 

FY 2020 circulating coin shipments to the Federal Reserve Bank increased by 

3.0 billion units (24.2 percent) to a total 15.5 billion coins compared to last year. 

The year saw increases in all denominations; large increases in nickel, dime, and 

quarter-dollar shipments; increased revenue and seigniorage compared to last year. 

The overall shipment mix remained relatively stable for nickels and dimes 

compared to last year, the relative mix of quarter-dollars increased, and the mix 

of pennies decreased. 

As a percentage of total shipments, pennies lost 5.9 percentage points 

to account for 52.8 percent of the mix in FY 2020, and nickels gained 1.1 

percentage points to account for 10.3 percent of the mix. Shipments of quarterdollars increased 4.5 percentage points to account for 18.8 percent of the mix, 

and dimes increased 0.3 points as a percentage of total FY 2020 shipments, 

making up 18.1 percent of the total mix. 

FY 2020 circulating revenue was $1,168.5 million, 46.4 percent higher than 

last year, driven by a $280.7 million (63.0 percent) increase in quarter-dollar 

revenue, a $38.7 percent increase in five-cent coin revenue, and an increase 

of 26.5 percent in dime revenue. FY 2020 circulating seigniorage was $549.9 

million, 72.8 percent higher than last year, mainly due to increased quarterdollar, dime, and nickel shipment volumes. The resulting seigniorage per dollar 

issued was $0.47, exceeding both $0.40 from last year and FY 2011 levels prior 

to the $1 coin suspension. 

FY 2020 unit costs decreased for all circulating denominations except the dime 

compared to last year. The penny’s unit cost fell by 11.6 percent and the nickels 

unit cost fell by 2.6 percent. The unit cost for both pennies (1.76 cents) and 

nickels (7.42 cents) remained above face value for the fifteenth consecutive 

fiscal year.

Compared to last year, FY 2020 average spot prices for nickel increased 5.6 

percent to $13,666.51 per tonne, whereas average copper prices decreased 

3.6 percent to $5,856.52 per tonne, and average zinc prices decreased 15.4 

percent to $2,206.15 per tonne. 

10 
 Total Circulating Coin Production (coins in millions) 

30,000 

25,000 

20,000 

15,000 

10,000 

5,000 

0 

1971 1978 1985 1992 1999 2006 2013 2020 

Circulating Seigniorage by Year ($ Millions) Half Dollar Millions 

$1,000 

$800 

$600 

$400 

$200 

$-

$(200) 

Dollar 

Quarter 

Dime 

One-cent 

Five-cent 

$0 

$349 

$431 $3 $438 $- $476 

$323 $383 $306 $285 $271 $354 $283 $77 $154 

$67 $217 $31 $45 $186 $161 $139 $176 $104 $135 $150 $61 $38 $61 $83

$(25) $(15) $(57) $(51) $(50) $(38) $(36) $(21) $(21) $(34) $(30) $(39)

$(22) $(27) $(60) $(58) $(86) $(73) $(62) $(55) $(53) $(39) $(46) $(69) 

2010 2011 2012 2013 

Shows seigniorage generated by denomination for the last nine years. 

2014 2015 2016 2017 2018 2019 2020 

 CIRCULATING 

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

% Change 

2020 2019 2018 2017 2016 2019 to 2020 

Coin Shipments 15,479 12,466 13,668 14,068 16,308 24.2% 

Value of Shipments $1,168.5 $798.1 $862.7 $871.8 $1,104.2 46.4% 

Gross Cost $618.6 $479.8 $541.6 $480.3 $525.5 28.9% 

Cost of Goods Sold $549.3 $416.1 $480.3 $418.1 $468.5 32.0% 

Selling, General & 

Administrative $69.3 $63.7 $61.3 $62.2 $57.0 8.8% 

Seigniorage $549.9 $318.3 $321.1 $391.5 $578.7 72.8% 

Seigniorage per $1 Issued $0.47 $0.40 $0.37 $0.45 $0.52 17.5% 

11 
Total Unit cost $0.0176 $0.0742 $0.0373 $0.0862 $0.2500 

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

UNIT COST OF PRODUCING AND DISTRIBUTING COINS BY DENOMINATION 

2020 One-Cent Five-Cent Dime Quarter-Dollar Half-Dollar

Cost of Goods Sold $0.0151 $0.0653 $0.0326 $0.0760 $0.2500 

Selling, General & 

Administrative $0.0022 $0.0080 $0.0042 $0.0091 $-

Distribution to FRB $0.0003 $0.0009 $0.0005 $0.0011 $-

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 $-

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 

12 
SHIPMENTS, COSTS, AND SEIGNIORAGE BY DENOMINATION

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

2020 One-Cent Five-Cent Dime 

QuarterDollar Half DollarMutilated 

& Other Total 

Coin Shipments 8,174 1,598 2,801 2,906 $- $- 15,479 

Value of Shipments $81.8 $79.9 $280.1 $726.5 $0.2 $- $1,168.5 

Gross Cost $144.0 $118.7 $104.5 $250.2 $0.1 $1.1 $618.6 

Cost of Goods Sold $125.7 $105.9 $92.6 $223.9 $0.1 $1.1 $549.3 

Selling, General & Administrative $18.3 $12.8 $11.9 $26.3 $- $- $69.3 

Seigniorage $(62.2) $(38.8) $175.6 $476.3 $0.1 $(1.1) $549.9 

Seigniorage per $1 Issued $(0.76) $(0.49) $0.63 $0.66 $0.50 $- $0.47 

2019 One-Cent Five-Cent Dime 

QuarterDollar Half DollarMutilated 

& 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 

2018 One-Cent Five-Cent Dime 

QuarterDollar Half DollarMutilated 

& 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 

spot price (USD/tonne) 

Base Metal Daily Official Spot Price (prices per metric tonne in dollars) 

Copper 

Sep-17

Dec-17

Mar-18

Jun-18

Sep-18

Dec-18

Mar-19

Jun-19

Sep-19

Dec-19

Mar-20

Jun-20

Sep-20 

12,000 

11,000 

10,000 

9,000 

8,000 

7,000 

6,000 

5,000 

4,000 

3,000 

2,000 

London Metal Exchange Official Spot 

Nickel 

spot price (USD/tonne) 

Sep-17

Dec-17

Mar-18

Jun-18

Sep-18

Dec-18

Mar-19

Jun-19

Sep-19

Dec-19

Mar-20

Jun-20

Sep-20 

35,000 

30,000

25,000

20,000 

15,000

10,000 

5,000 

London Metal Exchange Official Spot 

Zinc 

spot price (USD/tonne) 

4,000 

3,500

3,000

2,500 

2,000 

1,500

1,000

500

Sep-17

Dec-17

Mar-18

Jun-18

Sep-18

Dec-18

Mar-19

Jun-19

Sep-19

Dec-19

Mar-20

Jun-20

Sep-20

London Metal Exchange Official Spot

 

 

 

 

 

13 
14 

THE CORONAVIRUS (COVID-19) IMPACT ON THE UNITED STATES MINT 

The pandemic had a direct impact on the Mint’s operations and production levels. As a result, circulating coin 

demand soared and bullion coin demand increased dramatically. The Mint processed a reapportionment request late 

in the year for additional budgetary resources for metal purchases necessary to meet increased demand as a result 

of COVID-19. The request was for an additional $1.2 billion, and was approved by Treasury and OMB. The Mint 

used approximately 74% of this increase in funds, as demand began to level off in September. Since COVID-19 is 

still very much an unknown pandemic, it is difficult to exactly estimate our future budgetary needs.

Mint employees proactively tackled the many challenges posed by the novel coronavirus including instituting 

numerous safety measures for employees. The Mint achieved a FY 2020 Total Recordable Case Rate (TRCR) of 1.29. 

The Mint successfully responded to the unanticipated and unprecedented demand for circulating coins to meet 

increased Federal Reserve demand. The Mint produced a record monthly production of nearly 11 billion coins 

during the last six months of the fiscal year to meet demand. In FY 2020 the Mint shipped 15.5 billion coins, its 

highest circulating shipments since FY 2016. 

Another challenge the Mint tackled was responding to the record demand for bullion coins. Bullion demand surged 

from March – September, with a record 24,713.0 million ounces sold due to the surge in demand from COVID-19. 

Bullion revenue also reached the highest level in the last five years at $2,111.7 million.

As a result, the Mint’s net income before protection expenses increased 86.9 percent over last year, topping 

$608.5 million. 
15 

UNITED STATES MINT RELEASES FINAL COIN IN PREAMBLE 

TO THE DECLARATION OF INDEPENDENCE PLATINUM PROOF COIN SERIES 

This year, the Mint released the final coin in the three-year Preamble to the Declaration of Independence Platinum 

Proof Coin Series. The coin’s design represents the theme Pursuit of Happiness. Previous coins released in the series 

represent Life (2018) and Liberty (2019). 

The obverse (heads) design of the 2020 coin depicts Lady Liberty harvesting the fruits of her labor with a young girl 

at play nearby. The overflowing cornucopia she carries is a symbol of the physical, intellectual, and spiritual bounty 

only liberty makes possible—the good things that nourish the body, enliven the mind, and satisfy the soul. The 

home, orchard, and silo represent American hopes, values, and aspirations and bring to a close the narrative told 

throughout the backgrounds of the series—from furrowed earth, to prairies and mountains, and finally to an agrarian 

field. The stubble field alludes to the ingenuity and exertion required to claim liberty’s promise.

Obverse inscriptions are “E PLURIBUS UNUM,” “IN GOD WE TRUST,” “Happiness,” “2020,” and “LIBERTY.” The 

inscription “Happiness” is a facsimile of the handwritten word from the Declaration of Independence and includes 

the long “s,” a letterform that was typical of its time but is no longer in common use. 

The common reverse (tails) design for coins in this series depicts an eagle in flight with an olive branch in its talons. 

Inscriptions are “UNITED STATES OF AMERICA,” “$100,” “1 OZ.,” and “.9995 PLATINUM.” 

The Preamble to the Declaration of Independence Platinum Proof Coin Series marks the first time the Mint has 

issued a series featuring all new obverse designs created concurrently by one designer, as well as a new common 

reverse design. Mint Artistic Infusion Program (AIP) designer Justin Kunz created the obverse designs, while Mint 

Sculptor-Engraver Michael Gaudioso sculpted the 2020 obverse design. AIP designer Patricia Lucas-Morris created 

the common reverse design, which former Mint Sculptor-Engraver Don Everhart sculpted. 
PRECIOUS METAL BULLION COINS 

FOR INVESTORS 

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. 

BULLION RESULTS 

In FY 2020, the Mint sold 24.7 million ounces of bullion, an 

increase of 5.9 million ounces or 31.4 percent compared to FY 

2019. Because of increased demand for gold bullion, FY 2020 

bullion coin revenue and net income increased compared to FY 

2019. Revenue totaled $2,111.7 million, up 209.3 percent from 

$682.7 million last year. Net income increased 725.0 percent to 

$46.2 million from $5.6 million, driven by an increase in American 

Eagle gold and American Eagle silver bullion revenue, which 

increased 407.5 percent and 64.5 percent, respectively. 

In FY 2020, total demand for bullion rose from FY 2019 levels 

driven by increases in gold bullion coin ounces sold, resulting in 

an increase in bullion revenue 209.3 percent above this time last 

year. Demand for gold surged in FY 2020 as a result of uncertainty 

caused by the COVID-19 pandemic. Gold ounces sold were 256.8 

percent higher than in FY 2019, leading to an increase in gold 

bullion revenue of 375.4 percent. 

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. 

As a result of the uncertainty in the stock market caused by the 

COVID-19 pandemic, demand for gold bullion ounces rose 

significantly in FY 2020 compared to FY 2019. Sales increased 

619.0 thousand ounces (256.8 percent) to 860.0 thousand ounces, 

with a 280.5 percent increase in American Eagle gold bullion coin 

ounces sold. 

Gold bullion revenue increased by 375.4 percent to $1,537.6 

million because of increases of 407.5 percent in American 

Eagle revenue and 291.4 percent in American Buffalo revenue, 

respectively. FY 2020 total gold bullion net income increased 

by $25.9 million to $31.5 million (462.5 percent) above the $5.6 

million in FY 2019. American Buffalo gold earnings increased by 

$5.4 million to $6.5 million compared to $1.1 million in FY 2019. 

American Eagle gold earnings increased by $20.5 million to $25.0 

million compared to $4.5 million in FY 2019. 

The FY 2020 average daily spot price of gold was $1,672.06 per 

ounce, up 25.8 percent from $1,329.04 last year. 

16 
BULLION COINS 

(dollars in millions) 

% Change 

2020 2019 2018 2017 2016 2019 to 2020 

Gold oz. sold (thousands) 860 241 397 693 1,018 256.8% 

Silver oz. sold (thousands) 23,797 18,535 14,833 23,988 44,125 28.4% 

Platinum oz. sold (thousands) 56 40 30 20 20 40.0% 

Palladium oz. sold 

(thousands) - - - 15 - -

Sales Revenue $2,111.7 $682.7 $823.4 $1,378.9 $2,085.3 209.3% 

Gross Cost $2,065.5 $677.1 $816.4 $1,368.0 $2,030.0 205.1% 

Cost of Goods Sold $2,043.5 $662.9 $799.7 $1,342.7 $2,003.9 208.3% 

Selling, General & 

Administrative $22.0 $14.2 $16.7 $25.3 $26.1 54.9% 

Net Income $46.2 $5.6 $7.0 $10.9 $55.3 725.0% 

Bullion Net Margin 2.2% 0.8% 0.9% 0.8% 2.7% 175.0% 

Total Gold Bullion Coin Sales (ounces sold in millions) 

0.3 

0.2 

0.1 

0.0 

0.5 

0.4 

Millions

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 

FY 2017 FY 2018 FY 2019 FY 2020 

Precious Metal Daily Official Spot Price 

(prices per troy ounce in dollars) 

Gold 2,300

2,100 

1,900 

spot price (USD/ounce)

1,700 

1,500 

1,300 

1,100 

900 

700 

500 

Sep-17

Dec-17

Mar-18

Jun-18

Sep-18

Dec-18

Mar-19

Jun-19

Sep-19

Dec-19

Mar-20

Jun-20

Sep-20 

London Metal Exchange Official Spot 

17 
BULLION COINS REVENUE, COST, AND NET INCOME BY PROGRAM 

(dollars in millions) 

America the American American 

American American Sub-Total American Beautiful Sub-Total Eagle Eagle 

2020 Eagle Gold Buffalo Gold Gold Eagle Silver Silver Silver Platinum Palladium Total 

Ounces Sold (thousands) 662 198 860 22,000 1,797 23,797 56 - 24,713 

Sales Revenue $1,188.1 $349.5 $1,537.6 $490.5 $34.1 $524.6 $49.5 - $2,111.7 

Gross Cost $1,163.1 $343.0 $1,506.1 $471.2 $33.1 $504.3 $55.1 - $2,065.5 

Cost of Goods Sold $1,158.8 $342.1 $1,500.9 $456.8 $31.7 $488.5 $54.1 - $2,043.5 

Selling, General & 

Administrative $4.3 $0.9 $5.2 $14.4 $1.4 $15.8 $1.0 - $22.0 

Net Income $25.0 $6.5 $31.5 $19.3 $1.0 $20.3 $(5.6) - $46.2 

Bullion Net Margin 2.1% 1.9% 2.0% 3.9% 2.9% 3.9% (11.3%) - 2.2% 

America the American American 

American American Sub-Total American Beautiful Sub-Total Eagle Eagle 

2019 Eagle Gold Buffalo Gold Gold Eagle Silver Silver Silver Platinum 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% 

America the American American 

American American Sub-Total American Beautiful Sub-Total Eagle Eagle 

2018 Eagle Gold Buffalo Gold Gold Eagle Silver Silver Silver Platinum 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% 

18 
SILVER BULLION COIN RESULTS 

Silver bullion ounces sold increased 5,262.0 

thousand ounces (28.4 percent) to 23,797.0 

thousand ounces in FY 2020, with a 29.5 

percent increase in American Eagle silver 

bullion coin ounces sold and a 15.9 percent 

increase in America the Beautiful silver 

bullion compared to last year. 

Net income from silver bullion coins 

increased 341.3 percent due to a $14.9 

million increase (338.6%) in American 

Eagle silver earnings. America the Beautiful 

silver bullion coins experienced a $0.8 

million increase (400.0 percent) in earnings 

compared to last year. 

Higher volumes of silver bullion ounces sold 

meant that FY 2020 silver revenue increased 

by 61.6 percent. American Eagle silver 

revenue increased by $192.4 million (64.5 

percent), and America the Beautiful silver 

bullion revenue increased by $7.5 million 

(28.2 percent). 

The FY 2020 average daily spot price 

of silver was $18.78 per ounce, up 21.2 

percent from $15.50 compared to the same 

period last year. 

PLATINUM BULLION COIN RESULTS 

American Eagle Platinum coins sold 

increased 40.0 percent above the 40,000 

ounces sold during FY 2019. As a result, 

revenue from platinum bullion in FY 2020 

reached $49.5 million, 43.1 percent higher 

than FY 2019 platinum bullion revenue. 

The platinum bullion program incurred a 

$5.6 million loss during FY 2020. 

The FY 2020 average daily spot price of 

platinum was $875.26 per ounce, up 3.8 

percent from $842.97 per ounce in the 

same period last year. 

Total Silver Bullion Coin Sales (ounces sold in millions)

12 

8 

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 

FY 2017 FY 2018 FY 2019 FY 2020 

Millions

4 

0 

Precious Metal Daily Official Spot Price 

(prices per troy ounce in dollars) 

Silver 

spot price (USD/ounce) 

40 

35 

30 

25 

20 

15 

10 

5 

0 

Sep-17

Dec-17

Mar-18

Jun-18

Sep-18

Dec-18

Mar-19

Jun-19

Sep-19

Dec-19

Mar-20

Jun-20

Sep-20 

London Metal Exchange Official Spot 

Total Platinum Bullion Coin Sales (ounces sold in thousands)

35.0 

30.0 

25.0 

Thousands

20.0 

15.0 

10.0 

5.0 

0.0 

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 

FY 2017 FY 2018 FY 2019 FY 2020 

Precious Metal Daily Official Spot Price 

(prices per troy ounce in dollars) 

spot price (USD/ounce) 

Platinum 

1,900 

1,700 

1,500 

1,300 

1,100 

900 

700 

500 

Sep-17

Dec-17

Mar-18

Jun-18

Sep-18

Dec-18

Mar-19

Jun-19

Sep-19

Dec-19

Mar-20

Jun-20

Sep-20 

London Metal Exchange Official Spot 

19 
NUMISMATIC PRODUCTS FOR THE PUBLIC 

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 RESULTS 

Numismatic product sales decreased to 3.4 million units in FY 2020 

compared to 4.3 million units in FY 2019. The largest driver was decreased 

sales volume in the commemorative coin product categories and the annual 

core coin product categories. Commemorative coin product sales were 

57.3 percent less than last year. The Basketball Hall of Fame coin series was 

issued in June 2020 accounting for 68.9 percent of commemorative 

product sales, contributing 5.9 percent of overall numismatic units sold 

during FY 2020. 

In addition, the annual core set unit sales were 21.0 percent lower than last 

year. All of the 2020 annual core sets decreased in sales compared to their 

2019 counter parts, contributing 18.6 percent to the overall numismatic 

units sold in FY 2020. 

Numismatic revenue was relatively flat compared to last year. FY 2020 

numismatic revenue was $346.6 million, a $3.0 million (0.9 percent) 

decrease from FY 2019. 

The 2020 United States Mint Proof Set and the 2020 American Eagle Silver 

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

year, selling a combined 718.0 thousand units. Sales for these products 

were 1.0 percent lower than they were last year. 

Gold and platinum numismatic products generated the largest share of 

revenue (46.8 percent) during FY 2020 compared to the other numismatic 

products. This category generated $162.2 million in numismatic revenue 

compared to $184.4 million revenue generated by the other categories. 

Net income for FY 2020 increased 629.4 percent compared to FY 2019. 

Although the annual recurring sets category recorded an $11.7 million net 

loss in FY 2020, FY 2020 numismatic net margin was positive, increasing 

to 3.6 percent from 0.5 percent in FY 2019. FY 2020 numismatic COGS 

decreased 3.7 percent by $9.8 million, driven by the decrease in unit sales. 

SG&A expenses decreased by 4.7 percent this year. 

20 

 

Top Selling Products Fiscal Year 

(units sold in thousands) 

2020 PROOF SET 365

 AMERICAN EAGLE 2020 

ONE OUNCE SILVER PROOF COIN 353

2020 SILVER PROOF SET 274 

2019 PROOF SET 176 

AMERICAN EAGLE 2020 

ONE OUNCE SILVER UNCIRCULATED COIN 136
UNITED STATES MINT DIRECTOR DAVID J. RYDER 

VISITS THE AMERICAN NUMISMATIC ASSOCIATION’S NATIONAL MONEY SHOW 

On February 27, 2020, United States Mint Director David J. Ryder marked the official opening of the American 

Numismatic Association’s (ANA) National Money Show with a ribbon-cutting ceremony at the Cobb Galleria Centre 

in Atlanta, GA. 

Numismatists from all over the country were in attendance at one of the largest, most educational coin shows in the 

country. As the auditorium began to fill, it was evident that the Mint’s booth is still considered the most popular and 

favorable in the coin collecting community. 

One of the biggest highlights at the Mint’s booth was the release of the 2020 United States Mint Proof Set® that 

included a specially packaged premium nickel from the West Point Mint. Director Ryder greeted customers as lines 

formed steadily just before the product’s release at noon. Many numismatists took the opportunity to meet with the 

Director and get their newly purchased sets signed. 

The Mint’s booth also featured many other products and attractions. Mighty MinterTM Layla the Peahen made a few 

guest appearances and passed out Mint Collector Cards at the Young Collectors Forum that included over 40 

Boy Scouts. The Mint also passed out coloring books, pencils, planchets, stickers and additional educational 

resources to children participating in the “Treasure Trivia” game, where children visited the Mint’s booth to ask 

numismatic-related trivia questions. 

The ANA National Money Show is one of the largest coin-related platforms that has allowed the Mint to successfully 

connect with its customers for over 20 years. 

21 
NUMISMATIC 

(dollars in millions) 

2020 2019 2018 2017 2016 2019 to 2020 

Units Sold (Thousands) 3,435 4,270 3,341 3,905 4,159 (19.6%) 

Sales Revenue $346.6 $349.6 $293.1 $387.5 $413.0 (0.9%) 

Gross Cost $334.2 $347.9 $308.4 $368.3 $378.5 (3.9%) 

Cost of Goods Sold $255.3 $265.1 $233.4 $302.5 $316.6 (3.7%) 

Selling, General & 

Administrative $78.9 $82.8 $75.0 $65.8 $61.9 (4.7%) 

Net Income & Seigniorage $12.4 $1.7 $(15.3) $19.2 $34.5 629.4% 

Numismatic Net Margin 3.6% 0.5% (5.2%) 5.0% 8.4% 620.0% 

Seigniorage Portion $9.4 $8.6 $5.9 $10.2 $25.6 9.3% 

% Change 

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.

22 
 

 

 

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

(dollars in millions) 

Gold, 

Platinum, & 

Palladium 

Coin 

Products 

Presidential 

& First 

Spouse 

Medals 

Annual 

Core 

Sets* 

Silver Coin 

Products 

Quarter 

2020 Products Commemorative Miscellaneous 

American 

Innovation Total 

Units Sold 

(Thousands) 88 794 1,022 409 - 296 401 425 3,435 

Sales Revenue $162.2 $61.7 $42.1 $11.0 - $23.9 $35.2 $10.5 $346.6 

Gross Cost $127.6 $47.5 $53.8 $18.1 $(0.1) $22.7 $46.4 $18.2 $334.2 

Cost of Goods Sold $121.3 $32.0 $29.0 $9.7 $(0.1) $16.4 $36.5 $10.5 $255.3 

Selling, General & 

Administrative $6.3 $15.5 $24.8 $8.4 - $6.3 $9.9 $7.7 $78.9 

Net Income & 

Seigniorage $34.6 $14.2 $(11.7) $(7.1) $0.10 $1.2 $(11.2) $(7.7) $12.4 

Numismatic Net 

Margin 21.3% 23.0% (27.8%) (64.5%) - 5.0% (31.8%) 0.0% 3.6% 

Seigniorage Portion - - - $2.1 - - $2.9 $4.4 $9.4 

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 

Gold & Presidential 

Platinum Annual & First 

Coin Silver Coin Core Quarter Spouse American 

2018 Products Products Sets* Products Medals Commemorative Miscellaneous 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 

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

23 
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 2020, two commemorative coin programs were released – the Basketball Hall of Fame Commemorative Coin 

Program and the Women’s Suffrage Centennial Commemorative Coin Program 

The 2020 Basketball Hall of Fame commemorative coins had revenue of $18.8 million with surcharges of $1.9 

million through September 30. This program runs through calendar year 2020, and final surcharges will be totaled 

December 31. The surcharges are authorized to be paid to the Naismith Memorial Basketball Hall of Fame to fund 

an endowment that will enable its increased operations and educational programming. 

The 2020 Women’s Suffrage commemorative coins had revenue of $3.2 million with surcharges of $0.4 million 

through September 30. This program runs through calendar year 2020, and final surcharges will be totaled 

December 31. The surcharges are authorized to be paid to the Smithsonian Institution’s American Women’s History 

Initiative for research and creation of exhibits and programs to highlight the history and impact of women in the 

United States. 

CONGRESSIONAL GOLD MEDALS 

The United States Mint produces a variety of medals to commemorate significant historical events or sites and to 

honor those whose superior deeds and achievements have enriched U.S. history or the world. This year the Mint 

produced two Congressional Gold Medals. 

Steve Gleason Medal 

This medal is a bronze duplicate of the Congressional Gold Medal awarded to Steve Gleason at a ceremony in the 

U.S. Capitol Building on January 15, 2020, in recognition of his fight to raise ALS awareness. Gleason played seven 

seasons in the National Football League with the New Orleans Saints before retiring in 2008. Diagnosed with ALS, 

frequently known as Lou Gehrig’s Disease, in 2011, he established “The Gleason Initiative Foundation,” also known 

as “Team Gleason.” Its mission is to show that patients can live and thrive after a diagnosis of ALS, a terminal 

neuro-muscular disease. 

USS Indianapolis Medal 

The USS Indianapolis, commanded by Captain Charles Butler McVay III, carried 1,195 personnel when it set sail for 

the island of Tinian on July 16, 1945, to deliver components of the atomic bomb ‘‘Little Boy.” After completing that 

mission, minutes after midnight on July 30, 1945, the ship was hit by two torpedoes from a Japanese submarine and 

sank quickly. After four days in the water, survivors were spotted and a rescue mission was executed. Only 316 men 

of the crew of 1,195 survived the ordeal and the survivors endured severe burns, exposure to the elements, extreme 

dehydration and shark attacks. The sacrifice, perseverance, and bravery of the crew of the USS Indianapolis should 

never be forgotten. 

24 
UNITED STATES MINT HOSTS CEREMONIAL STRIKE 

OF 2020 BASKETBALL HALL OF FAME COMMEMORATIVE COIN 

On February 25, 2020, United States Mint Director David J. Ryder hosted members and supporters of the Naismith 

Memorial Basketball Hall of Fame at a ceremonial striking of the 2020 Basketball Hall of Fame Silver Dollar Coin 

at the Philadelphia Mint. Event participants included Naismith Basketball Hall of Fame President John Doleva; 

basketball legends Julius Erving and Sheryl Swoopes; and Massachusetts Congressman Richard Neal, who sponsored 

the legislation (Public Law 115-343) authorizing the Basketball Hall of Fame Commemorative Coin Program.

In recognition of the 60th anniversary of the Naismith Memorial Basketball Hall of Fame, the Mint will produce and 

issue up to 50,000 $5 gold coins, 400,000 $1 silver coins, and 750,000 half–dollar clad coins. Surcharges collected 

from coin sales—$35 for each gold coin, $10 for each silver coin, and $5 for each half–dollar coin—are authorized 

to be paid to the Naismith Memorial Basketball Hall of Fame to fund an endowment that will enable increased 

operations and educational programming. 

All three coins will be dome-shaped and will feature common obverse (heads) and reverse (tails) designs. The 

common obverse design features three players reaching for the ball in unison, reflecting how the sport of basketball 

has brought together diverse people around the world through a simple, universal, and unifying athletic experience. 

Their arms are slightly elongated to emphasize the full exertion of physical and mental energy required to excel in 

this sport. The rim and net are subtle background design elements complementing the three players. Inscriptions 

are “LIBERTY,” “IN GOD WE TRUST,” and “2020.” 

The common reverse design depicts a basketball about to pass through the net, with the inscriptions of “UNITED 

STATES OF AMERICA” and “E PLURIBUS UNUM.” Additional inscriptions include “FIVE DOLLARS” on the gold 

coin, “ONE DOLLAR” on the silver dollar, and “HALF DOLLAR” on the clad coin.

Mint Artistic Infusion Program (AIP) artist Justin Kunz created the obverse design, which was selected from a public 

competition as required by the authorizing legislation. The common reverse design is by AIP artist Donna Weaver. 

Mint Medallic Artists Michael Gaudioso and Phebe Hemphill sculpted the designs, respectively. 

25 
26 

UNITED STATES MINT ANNOUNCES DESIGN FOR 2020 WOMEN’S SUFFRAGE 

CENTENNIAL SILVER DOLLAR AND SILVER MEDAL 

The 2020 Women’s Suffrage Centennial Silver Dollar is authorized by Public Law 116-71 to commemorate the 

ratification of the 19th Amendment to the Constitution of the United States, giving women the right to vote. Giving 

millions of female citizens the right to vote profoundly changed our Nation by moving it far closer to its promise 

of inclusion and equality. Surcharges of $10 per coin sold are authorized to be paid to the Smithsonian Institution’s 

American Women’s History Initiative for research and creation of exhibits and programs to highlight the history and 

impact of women in the United States. The surcharges also assist in creating exhibitions and programs that recognize 

diverse perspectives on women’s history and contributions. The legislation authorizes the Mint to strike and issue up 

to 400,000 $1 silver coins. 

Developed in conjunction with the 2020 Women’s Suffrage Centennial Silver Dollar, the limited edition 99 percent

silver medal accompanies the silver dollar celebrating the 100th anniversary of the ratification of the 19th Amendment.

Artistic Infusion Program (AIP) artist Christina Hess designed both the obverse (heads) and reverse (tails) of the coin, 

which were both sculpted by United States Mint Medallic Artist Phebe Hemphill. The obverse of the coin features 

overlapping profiles of three distinct women. Each woman is wearing a different type of hat to symbolize the many 

decades the suffrage movement spanned. The figure in the foreground is wearing a cloche hat with an art deco 

pattern and a button with the year of the 19th Amendment’s ratification. The inscriptions “LIBERTY,” “$1,” and

“E PLURIBUS UNUM” encircle the design. 

The reverse design shows “2020” being dropped into a ballot box, styled with art deco elements to indicate the 

artistic style of the era. “VOTES FOR WOMEN” is inscribed inside a circle on the front of the box. The inscriptions 

“UNITED STATES OF AMERICA” and “IN GOD WE TRUST” are on the ballot box. 

The silver medal is only available in the Women’s Suffrage Centennial Proof Silver Dollar and Medal Set, with a 

limited production of 10,000 sets. The medal will be available in bronze beginning sometime in 2021. All costs 

associated with the production of the medals will be covered by the retail price of these products. 

The obverse of the medal, designed by AIP artist Beth Zaiken and sculpted by United States Mint Medallic Artist 

Renata Gordon, features a child’s reaching hand, amid adult women’s hands and arms holding up a heavy weight—a 

kind of “foundation” of stone. Women’s suffrage was a struggle that continued across generations, with countless 

hands turned to the task. “WOMEN’S SUFFRAGE CENTENNIAL” is inscribed. 

The reverse of the medal, designed by AIP artist Patricia Lucas-Morris and sculpted by United States Mint Medallic 

Artist Renata Gordon, honors the Women’s Suffrage Movement by juxtaposing the text of the 19th Amendment, 

ratified in 1920, with the flag of the United States. “1920” is inscribed.
CONGRESSIONAL GOLD MEDALS 

STEVE GLEASON RECEIVES CONGRESSIONAL GOLD MEDAL 

On January 15, 2020, Congress presented former National Football League player Stephen Michael Gleason with 

the Congressional Gold Medal – the highest civilian honor given by Congress. The Steve Gleason Congressional 

Gold Medal honors the efforts of Steve Gleason and the Gleason Initiative Foundation, also known as Team 

Gleason, in finding a solution and raising awareness about the amyotrophic lateral sclerosis (ALS), also known as

Lou Gehrig’s disease. 

The obverse (heads), designed by AIP artist Ronald D. Sanders and sculpted by Medallic artist Phebe Hemphill, 

features a portrait of Steve Gleason and includes the inscriptions “STEVE GLEASON” and “ACT OF CONGRESS 

2019.” In the reverse (tails), designed by AIP artist Emily Damstra and sculpted by Medallic artist Eric David Custer, 

depicts a scene from his childhood in the Pacific Northwest, representing his life of travel and exploration and 

includes the inscription “KEEP EXPLORING.” 

Gleason played in 83 games for New Orleans Saints from 2000 to 2006, emerging as a special teams leader and 

blocking four punts. His final block occurred against Atlanta on September 26, 2006, the night the Superdome 

reopened for the first time after serving as a shelter for thousands of people remaining in New Orleans when 

Hurricane Katrina struck almost 13 months earlier. He retired in 2008, and in 2011, Gleason got diagnosed with ALS. 

Since then, he continues to inspire countless people worldwide through his battle and research with ALS. Gleason 

helped to organize the ALS Ice Bucket Challenge in 2014, which raised more than $100 million to fight the disease.

At the Congressional Gold Medal presentation, Gleason was escorted by his wife, Michel, and son, Rivers, in the 

Statuary Hall at the U.S. Capitol Building. Members of Congress, Saints quarterback Drew Brees and family, Saints 

Owner Gayle Benson, NFL Commissioner Roger Goodell and former Commissioner Paul Tagliabue were among 

those in attendance. After the ceremony, United States Mint Director David J. Ryder presented the medal to 

Gleason, his family, and friends. 

27 
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 2020 Protection costs increased by 11.2 percent to $47.8 million compared to $43.0 million last year. FY 2020 

PEF earnings after protection costs increased to $560.7 million compared to $282.7 million last year. 

The Mint made one transfer to the Treasury General Fund this fiscal year totaling $40 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 2019, the Mint did not make a budget transfer from numismatic and bullion earnings to the Treasury 

General Fund. On September 30, 2020, the Mint made a non-budget transfer of $40 million to the Treasury General 

Fund, compared to $540 that was transferred last year. 

Transfer to the Treasury General Fund 

Dollars in Millions 

700 

600 

500 

400 

300 

200 

100 

0 

550 

250 265 

540 

40 

61 

19 

FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 

Budget Non-Budget 

28 
29 

 

THE UNITED STATES MINT EXPANDS ITS EDUCATION OUTREACH EFFORTS 

The United States Mint had a banner year with its education outreach. The Mint continued to grow its robust 

education efforts with new free online games for kids and saw increased traffic to its website and digital channels. 

The Mint also produced new educational materials and exhibited at education conferences around the country. 

Some of the new games that the Mint launched this year include Map Mania, which teaches U.S. geography and 

helps students to learn the 50 states, state capitals, and state trivia based on the America the Beautiful Quarters® 

and 50 State Quarters Programs; and Math Jam, which challenges kids in solving math problems to score points. 

These popular new additions as well as the game Coin Stamper brought the total number of educational kids games 

up to 14, driving an increase of over 50% in game visits. These efforts also helped to increase traffic to the H.I.P. 

Pocket ChangeTM Kids Site by over 21%. The Mint’s kids website ranks number four in traffic for educational websites 

in the Federal government. 

In recognition of its efforts, the Mint’s Kids site – which features a digital library of U.S. coins and coin programs, 

educational videos, over 100 free printable coin coloring pages, and hundreds of free online K-12 lesson plans – was 

nominated as a finalist in November 2019 for Best Public Education Website by the International Association of 

Currency Affairs’ Excellence in Currency 2019 Coin Awards. 

Other education highlights this past year include: 

• USMint.gov received nearly 20 million site visits in FY20, with over 64 million impressions in Google Search. 

• New 3D animation and graphics on the Mint’s YouTube channel helped drive an increase in traffic of over 1,200% 

to 2.7 million views. 

• The monthly education newsletter Lessons That Make Cents saw an increase of 26% in click-throughs to the website. 

Fulfilling its goal to inform and educate the American public, the Mint team produced a 2020 coloring book and four 

new pencil designs for kids and numismatists, as well as attended numerous conferences and events throughout the 

country. At the National Council for the Social Studies (NCSS) Annual Conference, Mint representatives distributed 

hundreds of diverse education materials to educators and engaged with the Federal Reserve, Government 

Publishing Office (GPO), Bureau of Labor Statistics, and Census Bureau. The Mint also responded to hundreds of 

education requests, and sent out tens of thousands of educational materials such as coloring books, collector cards, 

stickers, brochures, and lesson plans. 
FOSTER A SAFE, FLEXIBLE, DIVERSE, AND ENGAGED WORKFORCE 

In the Mint’s constantly evolving business environment, our success begins with the safety, diversity and innovation 

of our workforce. This year in particular, the COVID pandemic posed specific challenges to keeping employees 

safe. Since many employees were required to report to work during a time when much of the nation was shutdown, 

ensuring their safety was our highest priority. To address the challenge, Headquarters and production facilities 

were updated with modern safety features. Furthermore, in the midst of these unsettling circumstances, we have 

continued to focus on communications and employee engagement, building trust, and promoting an environment in 

which everyone is treated fairly and respectfully. 

DIVERSITY MANAGEMENT AND CIVIL RIGHTS 

The Mint’s Diversity Management and Civil Rights (DMCR) Office is responsible for the development and 

implementation of a model Equal Employment Opportunity (EEO) program that encourages and supports both 

affirmative employment, diversity and inclusion, and ensures compliance with Federal requirements. 

This year, the Headquarters DMCR team established a new partnership with Prince George’s Community College 

(PGCC), a predominately Black institution. The partnership is a collaborative effort with the Mint’s Human Capital 

Directorate (HCD) to educate and inform students about the Mint as an employer of choice. Specifically, the DMCR 

Headquarters team in collaboration with HCD, presented a workshop on Navigating USAJobs for approximately

25 PGCC student attendees. In the future, the DMCR office plans to sponsor additional virtual workshops on a variety

of topics. 

ENVIRONMENTAL, SAFETY, HEALTH, ENERGY 

COVID Safety Measures 

To help protect the Mint’s employees during the pandemic, various safety precautions were implemented 

throughout all the plant sites. For example, at the Denver Mint, extensive social distancing initiatives and other 

actions were put in place: 

• Hand washing posters were displayed in all restrooms. Hand sanitizer stations were installed throughout the 

building, and hand sanitizing wipes were made readily available to all employees. Employees were encouraged 

to wipe down work stations and production areas regularly. 

• The public tour route was closed. 

• Conference bridge lines for teleconferencing and videoconferencing were utilized for all meetings. 

• Most non-essential employees were encouraged to telework. 

• Truck drivers were restricted to the exterior of the building only. 

• Contractors were limited from entering the building to reduce interactions with employees. 

• Lines were taped on the floor at six-feet intervals and signs posted to remind employees to socially distance

at areas where personnel may congregate (such as at security screening). 

• Occupancy limits on elevators were implemented. 

• Daily Covid-19 Safety Tip with the DO THE RIGHT THING motto were sent out daily.

• Oncoming shifts were staggered. 

• The Tray-Less Challenge was implemented. Eliminating the use of trays at entry and exit points helped limit 

the number of surfaces being touched. 

30 
Denver Safety 

The Die Manufacturing Division at the Denver Mint continued its outstanding achievement of performing the 

duties of the division without recordable incidents or lost time accidents. The division has successfully completed 

4,197 days (11 1⁄2 years) without an Occupational Safety and Health Administration (OSHA) recordable incident,

and 5,147 days (a little more than 14 years) without a Lost Time Accident (LTA). This is a great demonstration of a 

safety-conscious work environment that has been maintained for over a decade. 

In addition, the Coining Department reached a milestone in January when the division went a year without an LTA 

or OSHA recordable incident. This accomplishment hasn’t happened in 15 years. This was accomplished by daily 

communications between safety teams, direct supervisors and employee interaction, giving the employee a direct 

voice and the ability to work on the safety issue most concerning to them. 

Lastly, safety in the shipping and receiving dock area is monitored weekly by the established Dock and Fork Lift 

Safety Council team. The team addresses concerns related to dock operations that relate to Powered Industrial Truck 

(PIT) operations within the facility. This is a joint effort between Coining and Plant Engineering along with the union 

to continually improve equipment and PIT operation procedures to best meet the needs of the facility and the safety 

of the operators. All Denver Mint dock operational procedures are reviewed and updated by the dock operations 

safety team. 

San Francisco Mint Electric Forklifts vs. Internal Combustion Engine Forklifts 

The San Francisco Mint’s Inventory and Packaging team worked diligently to purchase two electric forklifts. 

Previously, the Mint had employed the use of two propane fueled Internal Combustion Engine (ICE) forklifts for 

indoor and outdoor use. However, research revealed that electric forklifts are a better choice, for efficiency and for 

the environment. Some of the main disadvantages of ICE forklifts are: 1) poor air quality caused by exhaust fumes; 

2) the high cost of propane; and, 3) continued maintenance costs. Conversely, electric forklifts are environmentally 

friendly as they are reliant on batteries and produce no exhaust emissions or fumes. This improves air quality for 

employees and customers alike. Additionally, there is no possibility of damage to work products from engine 

exhaust. Other advantages of electric forklifts include: 1) the absence of a fuel tank, which reduces the risk of fires; 

2) the smaller size, which makes them easier to handle; and 3) less maintenance, fewer breakdowns and a longer 

service life. The Mint continuously seeks opportunities to identify and employ safe and more environmentally 

friendly equipment Mint-wide. 

31 
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 2020. 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’s 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, 2020, 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. 

32 
• 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. 

33 
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 pleased to present the Fiscal Year 2020 

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. This year was challenging and I would like 

take this opportunity to issue a heartfelt thank you to all of 

the dedicated men and women at the United States Mint 

for their hard work and dedication toward making Fiscal 

Year 2020 yet again an overall success. 

As the financial statements show, the Mint continues to be 

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 2020. 

FY 2020 revenue was $3,626.8 million, an increase of 98.1 

percent compared to last year. Cost of goods sold (COGS) 

increased 111.9 percent to $2,848.1 million. Selling, 

general and administrative (SG&A) expenses increased 5.9 

percent to $170.2 million from last year. Total seigniorage 

and net income before Protection expenses increased 

86.9 percent to $608.5 million compared to last year, 

reflecting the impact of increased circulating and

bullion demand. 

Circulating coin shipments increased 24.2 percent to 

15,479 million coins in FY 2020, driven by increased 

shipments in all denominations. Circulating revenue 

increased 46.4 percent to $1,168.5 primarily because 

of increased nickel, dime and quarter-dollar shipments. 

Seigniorage increased 72.8 percent to $549.9 million. 

Seigniorage per dollar issued increased to $0.47 from 

$0.40 last year. 

Demand for bullion coins increased in FY 2020 compared 

to last year. The Mint sold 24,713.0 million ounces of 

gold, silver, and platinum bullion coins, an increase of 

5,897.0 million ounces from last year. Total bullion revenue 

34 
increased 209.3 percent to $2,111.7 million in FY 2020, primarily due to a 375.4 percent increase in gold bullion coin 

revenues. Bullion coin net income increased 725.0 percent to $46.2 million and bullion coin net margin increased to 

2.2 percent compared to 0.8 percent last year. 

As the world was threatened by the global pandemic caused by COVID-19, United States Mint leadership took swift 

action to reduce the risk of Mint employees’ exposure to the Novel Coronavirus. Out of an abundance of caution, 

the Mint temporarily closed public tours of its facilities in Philadelphia and Denver along with their gift shops. Every 

location purchased face masks for employees to use at work and all employees were required to wear them while at 

work. Additionally, we implemented “minimum personnel” staffing at each facility to ensure safe social distancing 

while still allowing production to continue, and allowed employees to use telework to the maximum extent possible. 

Mint facilities upgraded their security areas to further protect our employees. The Mint continued to fulfill its mission 

of protecting our nation’s strategic assets and producing trusted currency while also taking appropriate precautions 

in responding limiting the risk of public health risks. 

On a more positive note, this year marks the 100th anniversary of the passage of the 19th Amendment, 

guaranteeing and protecting women’s constitutional right to vote. This movement granted millions of female citizens 

the right to vote and profoundly changed our Nation by moving it far closer to its promise of inclusion and equality. 

To commemorate this occasion, the Mint produced the Women’s Suffrage Centennial Silver Dollar. The coin’s 

designs were inspired by and honor the women pioneers, activists, and others who bravely fought for many years to 

ensure these rights were recognized and to make the right to vote a reality. It is fitting that the coin designs featured 

in the program were expertly crafted and engraved by women artists. The Mint takes great pride in offering this coin 

program and recognizing the important role women play in the history of our nation. 

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. These 

commitments have truly been essential to the Mint’s meeting its mission this fiscal year.

Kristie McNally, Chief Financial Officer

35 
36 

THE MINT INCORPORATES A UNIQUE DESIGN ELEMENT FOR NEW $1 COIN PROGRAM 

In 2020, the Mint issued four $1 coins in its American InnovationTM $1 Coin Program honoring innovation and 

innovators. The American Innovation $1 Coin Program is a multi-year series that recognizes significant innovations 

and pioneering efforts of individuals or groups from each of the 50 states and U.S. territories. For this program, the 

Mint incorporated a unique design element in the form of a privy mark to tie together the disparate designs. 

Each coin in the 2020 series features a privy mark in the form of a stylized gear, representing industry and innovation. 

The distinctive privy mark signifies its importance in the historical $1 coin program. American Innovation $1 Coins 

feature a common obverse (heads) design depicting a dramatic representation of the Statue of Liberty and the 

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

Privy marks were developed centuries ago to identify the mint and most importantly to assist in the prevention of 

counterfeiting. Throughout the years, privy marks have been designed to commemorate and honor special events. 

The remaining releases in the American Innovation $1 Coin Program will include a different privy mark each year 

through 2032. Four new $1 coins with distinctive reverse designs will be released each year 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, 

coins will be released for the District of Columbia and U.S. territories. 
 

 

 

 

KPMG LLP 

Suite 12000 

1801 K Street, NW 

Washington, DC 20006 

Independent Auditors’ Report 

Deputy 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, 2020 and 2019, 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. 

37 

KPMG LLP, a Delaware limited liability partnership and a member firm of 

the KPMG global organization of independent member firms affiliated with

KPMG International Limited, a private English company limited by guarantee.
38 

 

 

 

 

 

 

 

 

 

 

 

 

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, 2020 and 2019, 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 2020 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 

Internal Control over Financial Reporting 

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

2020, we considered the United States Mint’s internal control over financial reporting (internal control) as a 

basis for designing 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. 

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 

38 
39 

 

 

 

 

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, 2020 are free from material misstatement, we performed tests of its 

compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with 

which could have a direct and material effect on the financial statements. 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 7, 2020 

39 
DEPARTMENT OF THE TREASURY UNITED STATES MINT 

BALANCE SHEETS 

As of September 30, 2020 and 2019 

(dollars in thousands) 2020 2019 

Assets 

Intragovernmental:

 Fund Balance with Treasury (Note 3) $1,038,662 $879,289 

 Advances and Prepayments (Note 5) 2,558 2,823 

Total Intragovernmental Assets 1,041,220 882,112 

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

Accounts Receivable, Net (Note 4) 21,208 11,564 

Derivative, Asset (Note 19) 7,379 1,533 

 Inventory (Note 7) 737,622 365,152 

Supplies 20,015 19,618 

 Property, Plant and Equipment, Net (Note 8) 204,714 196,637 

 Advances and Prepayments (Note 5) 950 3 

Total Non-Intragovernmental Assets 11,485,628 11,088,247 

Total Assets (Notes 2 and 14) $12,526,848 $11,970,359 

Heritage Assets (Note 9)

Liabilities 

Intragovernmental:

 Accounts Payable $227 $261 

 Accrued Workers' Compensation and Benefits 8,233 8,068 

 Due to the General Fund 1 1 

Total Intragovernmental Liabilities 8,461 8,330 

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

Accounts Payable 43,167 24,379 

 Surcharges payable (Note 3) 3,729 9,741

 Accrued Payroll and Benefits 23,086 19,244 

Other Actuarial Liabilities 32,380 31,424 

 Unearned Revenues 9,091 2,610 

Deposit Fund Liability 30 30 

Total Non-Intragovernmental Liabilities 10,605,223 10,581,168 

Total Liabilities (Notes 10 and 14) $10,613,684 $10,589,498 

Commitments and Contingencies (Notes 12 and 13) 

Net Position 

Cumulative Results of Operations - Funds from Dedicated Collections (Note 14) 1,913,164 1,380,861 

Total Liabilities and Net Position $12,526,848 $11,970,359 

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

40 
DEPARTMENT OF THE TREASURY UNITED STATES MINT 

STATEMENTS OF NET COST 

For the years ended September 30, 2020 and 2019 

(dollars in thousands) 2020 2019 

Numismatic Production and Sales

 Gross Cost $2,396,952 $1,022,704 

 Less Earned Revenue (2,446,177) (1,021,460) 

Net Program Cost (Revenue) $(49,225) $1,244 

Numismatic Production and Sales of Circulating Coins

 Gross Cost 2,537 2,040 

 Less Earned Revenue (Note 15) (2,537) (2,040) 

Net Program Cost (Revenue) $- $-

Circulating Production and Sales 

 Gross Cost 618,429 479,709 

 Less Earned Revenue (Note 15) (618,429) (479,709) 

Net Program Cost (Revenue) $- $-

Net Cost (Revenue) Before Protection of Assets $(49,225) $1,244 

Protection of Assets

 Protection Costs 47,841 43,006 

 Less Earned Revenue - -

Net Cost of Protection of Assets 47,841 43,006 

Net Cost (Revenue) from Operations (Note 14) $(1,384) $44,250 

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

41 
DEPARTMENT OF THE TREASURY UNITED STATES MINT 

STATEMENTS OF CHANGES IN NET POSITION 

For the years ended September 30, 2020 and 2019 

(dollars in thousands) 2020 2019 

Cumulative Results of Operations 

Net Position, Beginning of Year - Funds from Dedicated Collections $1,380,861 $1,624,155 

Financing Sources:

 Transfers to the Treasury General Fund Non-Budget (40,000) (540,000)

 Other Financing Sources (Seigniorage) (Note 15) 559,306 326,901 

 Imputed Financing Sources (Note 11) 11,613 14,055 

Total Financing Sources 530,919 (199,044) 

Net Revenue/Cost from Operations 1,384 (44,250) 

Net Position, End of Year - Funds from Dedicated Collections (Note 14) $1,913,164 $1,380,861 

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

42 
DEPARTMENT OF THE TREASURY UNITED STATES MINT 

STATEMENTS OF BUDGETARY RESOURCES 

For the years ended September 30, 2020 and 2019 

(dollars in thousands) 2020 2019 

Budgetary Resources 

Unobligated balance from prior year budget authority, net $487,203 $730,755 

Spending Authority from Offsetting Collections 3,574,087 1,292,334 

Total Budgetary Resources $4,061,290 $2,023,089 

Status of Budgetary Resources 

New Obligations and Upward Adjustments (total) (Note 16) $3,462,361 $1,555,462 

Unobligated balance, end of year $598,929 $467,627 

 Apportioned, unexpired accounts 594,346 467,603 

 Unapportioned, unexpired accounts 4,583 24 

Total Budgetary Resources $4,061,290 $2,023,089 

Outlays, Net 

Outlays, net (total) $(159,373) $241,089 

Distributed offsetting receipts - (1) 

Agency Outlays, Net $(159,373) $241,088 

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

43 
NOTES TO THE FINANCIAL STATEMENTS 

For the Years Ended September 30, 2020 and 2019 

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. 

44 
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. Two commercial vendors sublease portions 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). 

45 
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.

46 
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 that 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 job 

related 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. 

47 
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 genuine U.S. coins are classified as 

mutilated. Uncurrent coins are worn, but machine-countable, and their genuineness and denominations 

are still recognizable. The Mint reimburses the entity that sent in the mutilated or uncurrent coins using 

weight formulas that estimate the face value of these coins. 

All mutilated or uncurrent coins received by the Mint are 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. 

48 
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 onehalf cent per ounce. The Mint incurred $319 thousand in hedging fees in FY 2020, compared to $139 

thousand incurred in FY 2019. 

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) 2020 2019 

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 2,033,108 1,476,619 

Total Assets $12,526,848 $11,970,359 

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. 

49 
3. FUND BALANCE WITH TREASURY 

Fund Balance with Treasury at September 30 consist of: 

(dollars in thousands) 2020 2019 

Status of Fund Balance with Treasury 

Unobligated Balance Available $598,929 $467,627 

Obligated Balance, Not Yet Disbursed 439,733 411,662 

Non-Budgetary FBWT - -

Total $1,038,662 $879,289 

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, 2020 and 2019, the revolving fund 

balance included $3.7 million and $9.7 million, respectively, in restricted amounts for possible payment 

of surcharges to recipient organizations. 

4. ACCOUNTS RECEIVABLE, NET 

Components of accounts receivable are as follows: 

(dollars in thousands) 2020 2019 

With the Public

 Accounts Receivable $21,462 $11,759 

Allowance (254) (195) 

Total Public Accounts Receivable 

Total Accounts Receivable 

$21,208 $11,564 

$21,208 $11,564 

In FY 2020 and FY 2019, the Mint had no Intragovernmental accounts receivable. Receivables with 

the public at September 30, 2020 are $21.5 million, of which $13.2 million is owed by fabricators for 

scrap, webbing, and mutilated coin. The remaining $8.3 million is owed by the public for numismatic 

products and the FRB for circulating coin shipments. This compares to receivables with the public at 

September 30, 2019, of $11.8 million, of which $7.7 million was owed by fabricators for scrap and 

webbing, in addition to the $4.1 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 

The components of advances and prepayments at September 30 are as follows: 

(dollars in thousands) 2020 2019 

Intragovernmental $2,558 $2,823 

With the Public 

Total Other Assets 

950 3 

$3,508 $2,826 

In FY 2020, the Mint had an intragrovernmental advances and prepayment balance of approximately 

$2.6 million, which primarily represented payments made to the United States Postal Service for 

product delivery services as of September 30, 2020, compared to approximately $2.8 million paid at 

September 30, 2019. Advances with the public for FY 2020 represented payments made to the Mint’s 

numismatic distributor for product delivery, while FY 2019 were for outstanding travel advances to Mint 

employees who were traveling on government business. 

50 
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: 

2020 2019 

Gold - Deep Storage:

 Inventories (FTO) 245,262,897 245,262,897 

 Market Value ($ per FTO) $1,886.90 $1,485.30 

 Market Value ($ in thousands) $462,786,560 $364,288,981 

 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) $1,886.90 $1,485.30 

 Market Value ($ in thousands) $5,251,656 $4,133,915 

 Statutory Value ($ in thousands) $117,514 $117,514 

Silver - Deep Storage:

 Inventories (FTO) 7,075,171 7,075,171 

 Market Value ($ per FTO) $23.73 $17.26 

 Market Value ($ in thousands) $167,894 $122,117 

 Statutory Value ($ in thousands) $9,148 $9,148 

Silver-Working Stock

 Inventories (FTO) 8,924,829 8,924,829 

 Market Value ($ per FTO) $23.73 $17.26 

 Market Value ($ in thousands) $211,786 $154,043 

 Statutory Value ($ in thousands) $11,539 $11,539 

Total Market Value of Custodial Gold

 and Silver Reserves ($ in thousands) $468,417,896 $368,699,056 

Total Statutory Value of Custodial Gold

 and Silver Reserves ($ in thousands) $10,493,740 $10,493,740 

51 
52

7. INVENTORY

The components of inventories at September 30 are summarized below:

(dollars in thousands) 2020 2019

Raw Materials $347,168 $97,468

Work-In-Process 247,198 129,753 

Inventory held for current sale 143,256 137,931 

Total Inventory $737,622 $365,152 

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, 2020 and 2019, the inventory includes $505 

million and $124 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 six percent 

of the asset’s value and leases palladium for fees that range between one and nine 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 2020 and 

FY 2019, the Mint paid $1.2 million and $412 thousand in leasing fees for platinum. In FY 2020 and FY 

2019, the Mint paid $100 thousand and $1.5 million in leasing fees for palladium. 

8. PROPERTY, PLANT, AND EQUIPMENT, NET

Components of property, plant and equipment are as follows:

 SEPTEMBER 30, 2020

(dollars in thousands) Asset Cost

Accumulated Depreciation 

and Amortization

Total Property, Plant 

and Equipment, Net

Land $2,528 $- $2,528 

Structures, Facilities and Leasehold Improvements 251,270 (168,698) 82,572 

Computer Equipment 18,494 (16,402) 2,092 

ADP Software 5,955 (4,625) 1,330 

Construction-In-Progress 28,367 - 28,367 

Machinery and Equipment 347,993 (260,168) 87,825 

Total Property, Plant and Equipment, Net $654,607 $(449,893) $204,714 

 SEPTEMBER 30, 2019

(dollars in thousands) Asset Cost

Accumulated Depreciation 

and Amortization

Total Property, Plant 

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 
53

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-in 

progress (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 2020 and FY 2019 were $26.9 million and $27.2 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 2020 2019

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 2020 2019

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
54

10. LIABILITIES NOT REQUIRING BUDGETARY RESOURCES

Components of Liabilities Not Requiring Budgetary Resources at September 30 are as follows:

(dollars in thousands) 2020 2019

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 30 

Total Liabilities Not Requiring Budgetary Resources $10,493,770 $10,493,770 

Total Liabilities Covered by Budgetary Resources 119,914 95,728

Total Liabilities $10,613,684 $10,589,498

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 by 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 $19,500 for calendar year 2020 (a $6,500 catch-up 

contribution can be made by participants age 50 and older in addition to the $19,500 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 38.5 percent of basic pay for CSRS-covered employees and 

16.7 percent of basic pay for FERS-covered employees were in use for FY 2020. The CSRS and FERS 

factors were 38.4 percent and 16.9 percent, respectively, in FY 2019. 
55

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) 2020 2019

Social Security System $8,645 $7,947

Civil Service Retirement System 348 387

Federal Employees Retirement System

 (Retirement and Thrift Savings Plan) 20,165 16,470

Total Retirement Plans and Other Post-Employment Costs $29,158 $24,804

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 $8,038 and $7,268 per employee enrolled in the Federal Employees Health Benefits Program in

FY 2020 and FY 2019, 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 2020 and FY 2019. 

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) 2020 2019

Health Benefits $10,202 $9,103

Life Insurance 25 26

Pension Expense 1,077 4,360

Total Imputed Retirement and Postemployment Costs $11,304 $13,489

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 2020, there were no payments by the Judgment 

Fund on behalf of the Mint. 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 multiyear 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. Also during FY 2020 and FY 2019, the Mint 

received unreimbursed services (imputed financing) from another federal agency in the amount of 

approximately $309 thousand in both years, 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. 
56

Non-Federal

Future Projected Payments: Leases

FY 2021 $10,516,527

FY 2022 10,524,292

FY 2023 10,728,425

FY 2024 9,844,181

FY 2025 10,070,055

After 5 Years 128,804,012

Total Future Operating Lease Payments $180,487,492 

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, 2020, 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. In response to COVID-19, the Mint agreed on a rent concession 

with one of its commercial tenants to defer certain lease payments to future years. 

Non-Federal 

Future Projected Receipts: Building Sub-Lease

FY 2021 $679,950

FY 2022 746,557

FY 2023 755,971

FY 2024 796,240

FY 2025 383,645

After 5 Years 1,251,420

Total Future Operating Lease Payments $4,613,783 

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 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. The Mint is also involved in two matters 

pending litigation, both related to the Mint’s Mutilated Coin Redemption Program. In total, the two 

cases could have potential losses of approximately $10 million. The possibility of the Mint sustaining 

a loss in either of these cases is reasonably possible. 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. 
57

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. 

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) 2020 2019

Revenue - FRB $618,429 $479,709

Seigniorage - FRB 549,914 318,278

Total Circulating Coins $1,168,343 $797,987

Revenue - with the public $2,537 $2,040

Seigniorage - with the public 9,392 8,623

Total Numismatic sales of Circulating Coins $11,929 $10,663

Total Seigniorage $559,306 $326,901

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 2020 and FY 2019.
58

The following chart reflects the amount of reimbursable obligations incurred against amounts 

apportioned under categories B apportionments. 

(dollars in thousands) 2020 2019

Category B

 Total Operating Expenses $3,422,169 $1,517,144

 Numismatic Capital 10,417 10,139

 Circulating and Protection Capital $29,775 $28,179

 Total Apportionment Categories of Obligations Incurred $3,462,361 $1,555,462

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 2020 is expected to be published in February 2021 and made available through OMB. Therefore, 

the analysis presented here is for the prior year (FY 2019) “actual” figures published in the President’s 

budget in February 2020. The following chart displays the comparison of the FY 2019 SBR and the 

actual FY 2019 balances included in the FY 2021 President’s Budget. The differences between the FY 

2019 SBR and the President’s Budget on the Net Outlays line is due to rounding.

(rounded to millions) September 30, 2019

Statement of Budgetary President's Difference

United States Public Enterprise Fund Resources Budget

Budgetary Resources $2,023 $2,023 $- 

New Obligations Incurred and Upward Adjustments $1,555 $1,555 $- 

Net Outlays $241 $242 $(1)

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, 2020 and 2019, the Mint transferred excess 

receipts to the Treasury General Fund of $40 million and $540 million, respectively. 

19. DERIVATIVE FINANCIAL INSTRUMENTS

At September 30, 2020 and 2019, the fair value of the silver forward contracts were an asset of $7.4 

million and $1.5 million, respectively, which are located in “Derivative, Asset”, in the Balance Sheets. 

The Mint recorded net losses of $72.0 million on its silver forward contract in FY 2020, compared

to net gains of $11.8 million in FY 2019, located in “Gross Cost” in the Statements of Net Cost.

At September 30, 2020 and 2019, the margin call transactions with the broker were net payments

of $90 million and $5 million, respectively.
59

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 2020 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 negative as a result of 

transferring less seigniorage to the Treasury General Fund than was generated in FY 2020.

 September 30, 2020

(dollars in thousands) Intra-governmental

With the 

Public Total FY 2020

Net Cost (Revenue) from Operations (SNC) $85,375 $(86,759) $(1,384)

Components of Net Cost Not Part of the Budgetary Outlays 

 Property, plant, and equipment depreciation - (26,931) (26,931)

 Property, plant, and equipment disposal & reevaluation - (192) (192)

 Increase/(decrease) in assets:

 Accounts receivable - 9,644 9,644 

 Other assets (265) 379,660 379,395 

 (Increase)/decrease in liabilities:

 Accounts payable 34 (25,267) (25,233)

 Salaries and benefits (165) (3,843) (4,008)

 Other liabilities - 5,054 5,054 

 Other financing sources:

 Contra seigniorage - (519,306) (519,306)

 Federal employee retirement benefit costs paid by OPM

and imputed to the agency (11,612) - (11,612)

Total Components of Net Cost That Are Not Part

of Net Outlays $(12,008) $(181,181) $(193,189)

Components of Net Outlays That Are Not Part of Net Cost

 Acquisition of capital assets - 35,200 35,200 

Total Components of Net Outlays That Are Not Part

of Net Cost - 35,200 35,200 

Net Outlays (Calculated Total) $73,367 $(232,740) $(159,373)

Related Amounts on the Statement of Budgetary Resources

 Outlays, net, (total) (159,373)

 Distributed offsetting receipts - 

Outlays, Net $(159,373)
60

 September 30, 2019

(dollars in thousands) Intra-governmental

With the 

Public Total FY 2019

Net Cost (Revenue) from Operations (SNC) $81,406 $(37,156) $44,250

Components of Net Cost That Are Not Part of Net Outlays 

 Property, plant, and equipment depreciation - (27,158) (27,158)

 Property, plant, and equipment disposal & reevaluation - (43) (43)

 Increase/(decrease) in assets:

 Accounts receivable (82) 2,527 2,445 

 Other assets (84) (19,172) (19,256)

 (Increase)/decrease in liabilities

 Accounts payable (76) 21,046 20,970 

 Salaries and benefits (168) (1,256) (1,424)

 Other liabilities - (5,701) (5,701)

 Other financing sources:

 Contra seigniorage - 213,099 213,099 

 Federal employee retirement benefit costs paid by OPM

and imputed to the agency (14,055) - (14,055)

Total Components of Net Cost That Are Not Part

of Net Outlays $(14,465) $183,342 $168,877

Components of Net Outlays That Are Not Part of Net Cost

 Acquisition of capital assets - 27,962 27,962

Total Components of Net Outlays That Are Not Part

of Net Cost - $27,962 $27,962

Net Outlays (Calculated Total) $66,941 $174,148 $241,089

Related Amounts on the Statement of Budgetary Resources

 Outlays, net, (total) 241,089 

 Distributed offsetting receipts (1)

Outlays, Net $241,088 
61

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, 2020

(dollars in thousands) Federal Non-Federal Total

Paid $2,558 $950 $3,508 

Unpaid 3,330 329,327 332,657

Undelivered Orders at the End of the Year $5,888 $330,277 $336,165 

 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 years ended September 30, 2020 and 2019, certain adjustments were made to the 

balance of unobligated budgetary resources available as of October 1, 2019 and 2018, located in the 

Statement of Budgetary Resources. These adjustments include downward adjustments to undelivered 

orders that were obligated in a prior fiscal year. The adjustments during the years ended September 

30, 2020 and 2019 are presented below.

(dollars in thousands) 2020 2019

Unobligated balance, brought forward from prior year $467,627 $710,912

Downward adjustments of prior year undelivered orders $19,576 $19,843

Unobligated balance from prior year budget authority, net $487,203 $730,755

23. SUBSEQUENT EVENTS

Management has determined that there are no subsequent events requiring accrual or disclosure 

through December 7, 2020.
62

REQUIRED SUPPLEMENTARY INFORMATION 

(UNAUDITED)

FOR THE YEARS ENDED SEPTEMBER 30, 2020 AND 2019

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 2020 and 2019, 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. 
63

APPENDIX: FY 2020 COIN AND MEDAL PRODUCTS 

(UNAUDITED)

AMERICA THE BEAUTIFUL

QUARTERS® PROGRAM

FRANK CHURCH RIVER OF NO RETURN WILDERNESS 

QUARTER – IDAHO

Released for Sale: November 4, 2019 

Description: The Frank Church River of No Return Wilderness is composed 

of rugged mountains, deep canyons, and wild whitewater rivers, including 

the Main Salmon River and Middle Fork of the Salmon River. “Frank Church”

was attached to the site’s name in honor of late U.S. Senator Frank Church, 

who played a leading role in its preservation. The area is the largest single 

connected wilderness in the contiguous States and contains four national 

forests. The reverse design depicts a piloted drift boat on the rushing river 

encompassed by the trees and rock formations of the wilderness. 

NATIONAL PARK OF AMERICAN SAMOA QUARTER – 

AMERICAN SAMOA

Released for Sale: February 3, 2020 

Description: The National Park of American Samoa is located some 

2,600 miles southwest of Hawaii and is one of the most remote in the U.S. 

national park system. Almost all of the land area of these volcanic islands 

is tropical rainforest. The park’s area totals 13,500 acres, 4,000 of which are 

underwater. The reverse design depicts a Samoan fruit bat mother hanging 

in a tree with her pup. The image evokes the remarkable care and energy 

this species puts into its offspring. The design is intended to promote 

awareness to the species’ threatened status resulting from habitat loss and 

commercial hunting.

WEIR FARM NATIONAL HISTORIC SITE QUARTER – 

CONNECTICUT

Released for Sale: May 18, 2020 

Description: Weir Farm National Historic Site includes a 68-acre cultural 

landscape consisting of 15 historic structures, including houses, barns, 

studios, and outbuildings. The landscape features bedrock outcrops, 

historic gardens, stone terraces, specimen trees, orchards, fields, miles of 

stone laid walls, a pond, and hundreds of historic painting sites. The reverse 

design portrays an artist, wearing a painter’s smock, painting outside Julian 

Alden Weir’s studio. It is inspired by various images of the studio and Weir’s 

paintings created on the property.
64

SALT RIVER BAY NATIONAL HISTORICAL PARK AND 

ECOLOGICAL PRESERVE QUARTER – U.S. VIRGIN ISLANDS

Released for Sale: July 10, 2020 

Description: Salt River Bay National Historical Park and Ecological Preserve 

is a living museum on St. Croix, U.S. Virgin Islands. It possesses an 

archeological and historical heritage more than 2,000 years old that exists 

within a dynamic ecosystem, which supports threatened and endangered 

species. In 1992, Congress created Salt River Bay as part of the national 

park system to preserve, protect, and tell the story of its rich contributions 

to the Nation’s natural and cultural heritage. The reverse design depicts a 

red mangrove tree in an early stage of its life cycle, as it evolves from a very 

small plant to an adult tree. 

MARSH-BILLINGS-ROCKEFELLER NATIONAL HISTORICAL PARK 

QUARTER – VERMONT

Released for Sale: September 21, 2020 

Description: The Marsh-Billings-Rockefeller National Historical Park is 

dedicated to telling the story of conservation history and the evolving 

nature of land stewardship in America. It was the boyhood home of George 

Perkins Marsh, one of America’s first conservationists, and later the home 

of Frederick Billings, a conservationist and businessman. Its most recent 

owners, Laurance S. and Mary French Rockefeller, gave the property to the 

American people. The reverse design depicts a young girl completing the 

planting of a Norway spruce seedling near an established tree, continuing 

the life cycle of the forest. The child represents the conservationist, seeking 

to maintain a sustainable forest for future enjoyment and education.

AMERICAN INNOVATIONTM

$1 COIN PROGRAM

2019 AMERICAN INNOVATION $1 COIN – PENNSYLVANIA 

Released for Sale: October 24, 2019

Description: When Dr. Jonas Salk and his team discovered the polio 

vaccine, it was a devastating disease disproportionately affecting children 

and young adults, leaving many of them paralyzed. The discovery of the 

vaccine changed the landscape of growing up and living in America. The 

reverse design depicts an artist’s conception of the virus at three different 

levels of magnification along with the silhouette of a period microscope, 

representing the extensive research that was conducted to develop a cure 

for polio.

2019 AMERICAN INNOVATION $1 COIN – NEW JERSEY 

Released for Sale: November 21, 2019 

Description: It wasn’t until the innovations of Thomas Edison and his 

researchers that light bulbs were made available to the public. By 1879, 

the team had managed to produce a bulb with a filament that could last 

14.5 hours. They also developed a better vacuum pump to remove air from 

the bulb and developed the Edison screw, which remains the standard 

socket fitting for light bulbs. This marked the beginning of commercially 

manufactured light bulbs, giving people easy control over light in homes 

and businesses. The reverse design features an Edison bulb against an 

ornate background.
65

2019 AMERICAN INNOVATION $1 COIN – GEORGIA

Released for Sale: December 19, 2019 

Description: General James Oglethorpe was a British soldier, Member of 

Parliament, and philanthropist who founded the Colony of Georgia. He 

established the Trustee Garden in Savannah in 1734, two years after the 

founding of the Georgia Trust. Dedicated to botany and agriculture, it 

reflected the scientific and commercial aspirations of the trustees and their 

backers in England. The reverse design depicts a hand planting seeds in 

the inscription “Trustees’ Garden,” from which grows a variety of species 

representing the variety of plants grown in the garden: an orange tree 

seedling, sassafras, grapes, white mulberry, flax, peaches, olive, and a 

young shoot too small to be identified.

2020 AMERICAN INNOVATION $1 COIN – CONNECTICUT

Released for Sale: July 21, 2020 

Description: Heinz Joseph Gerber invented what came to be called the 

Gerber Variable Scale while he was studying aeronautical engineering at 

Rensselaer Polytechnic Institute in 1945, a few years after escaping Nazicontrolled Austria with his mother. The earliest version of the variable scale 

had been fashioned from an elastic band removed from a pair of pajamas. 

It allowed for the direct numerical reading of curves, graphs, and graphical 

representations. Because of its ease of use and quick solutions, the Gerber 

Variable Scale was a huge success and played a key role in 20th century 

mathematical advances. The reverse design depicts a Gerber Variable Scale 

being used to increase a geometric shape by 200 percent, a shape that 

resembles the state of Connecticut.

2020 AMERICAN EAGLE COIN PROGRAM

2020 AMERICAN EAGLE SILVER PROOF COIN

Released for Sale: January 9, 2020 

Description: Each American Eagle Silver Proof Coin 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. 

2020 PREAMBLE TO THE DECLARATION OF INDEPENDENCE 

PLATINUM PROOF COIN – “PURSUIT OF HAPPINESS”

Released for Sale: January 30, 2020 

Description: The obverse design of the 2020 Preamble to the Declaration 

of Independence Platinum Proof Coin depicts Lady Liberty harvesting 

the fruits of her labor with a young girl at play nearby. The overflowing 

cornucopia she carries is a symbol of the physical, intellectual, and spiritual 

bounty only liberty makes possible. The home, orchard, and silo represent 

American hopes, values, and aspirations and bring to a close the narrative 

told throughout the backgrounds of the series—from furrowed earth, to 

prairies and mountains, and finally to an agrarian field. The stubble field 

alludes to the ingenuity and exertion required to claim liberty’s promise. The 

reverse design depicts an eagle in flight with an olive branch in its talons.
66

2020 AMERICAN EAGLE GOLD PROOF COIN

Released for Sale: March 19, 2020 

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. 

2020 AMERICAN EAGLE PALLADIUM UNCIRCULATED COIN

Released for Sale: September 28, 2020 

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. 

2020 AMERICAN BUFFALO GOLD COIN

Released for Sale: April 9, 2020 

Description: The American Buffalo Gold Proof Coin is the first 24-karat 

gold proof coin ever struck by the 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. 

2020 NATIVE AMERICAN $1 COIN

Released for Sale: February 12, 2020 

Description: This year’s reverse design features a portrait of Elizabeth 

Peratrovich, whose advocacy was considered a deciding factor in the 

passage of the 1945 Anti-Discrimination Law by the Alaskan territorial 

government. The foreground features a symbol of the Tlingit Raven moiety, 

of which she was a member. This year marks the 75th anniversary of 

Peratrovich’s famous testimony in support of the Nation’s first

anti-discrimination law.
67

2020 COMMEMORATIVE COIN PROGRAMS

BASKETBALL HALL OF FAME COMMEMORATIVE COINS

Released for Sale: June 4, 2020 

Description: The Naismith Memorial Basketball Hall of Fame 

Commemorative Coin Act (Public Law 115-343) authorized the minting 

and issuance of proof and uncirculated $5 gold, silver dollars, and clad 

half dollars in commemoration of the 60th anniversary of the founding 

of the Naismith Memorial Basketball Hall of Fame. The Basketball Hall of 

Fame Commemorative Coin Program includes the United States Mint’s first 

colorized coins. All coins in the program are dome-shaped and feature a 

common obverse design that portrays the fast pace, intensity, and hands-on 

action of a basketball game. The design features three players reaching for 

the ball in unison, with their arms slightly elongated, to emphasize the full 

exertion of physical and mental energy required to excel in this sport. The 

rim and net are subtle background design elements complementing the 

three players. The common reverse design depicts a basketball about to 

pass through the net. Surcharges in the amount of $35 for each gold coin 

sold, $10 for each silver coin sold, and $5 for each half-dollar coin sold are 

authorized to be paid to the Naismith Memorial Basketball Hall of Fame

to fund an endowment that will enable increased operations and 

educational programming.

WOMEN’S SUFFRAGE CENTENNIAL COMMEMORATIVE COINS 

Released for Sale: August 18, 2020 

Description: The Women’s Suffrage Centennial Commemorative Coin 

Act (Public Law 116-71) authorized the minting and issuance of proof and 

uncirculated silver dollar coins commemorating the 100th anniversary 

of the 19th Amendment’s ratification. These designs pay homage to 

the Amendment’s adoption and honor the pioneers, activists, and foot 

soldiers in the movement who fought for decades to make it a reality. The 

obverse design features overlapping profiles of three distinct women, each 

wearing a different type of hat to symbolize the many decades the suffrage 

movement spanned. The figure in the foreground is wearing a cloche hat 

with an art deco pattern and a button with the year of ratification. The 

reverse design shows “2020” being dropped into a ballot box, styled with 

art deco elements to indicate the artistic style of the era. “VOTES FOR 

WOMEN” is inscribed inside a circle on the front of the box. Surcharges 

in the amount of $10 for each silver dollar sold are authorized to be paid 

to the Smithsonian Institution’s American Women’s History Initiative for 

research and the creation of exhibits and programs to highlight the history 

and impact of women in the U.S. 
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2019 AND 2020 PRESIDENTIAL SILVER 

MEDALS—JOHN QUINCY ADAMS

AND ANDREW JACKSON

Released for Sale: November 18, 2019 (Adams), February 24, 2020 (Jackson)

Description: These 99.9 percent silver medals—featuring the same designs 

as their familiar Presidential Bronze Medal counterparts—have a matte 

finish. The obverses of the John Quincy Adams and Andrew Jackson 

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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