UNITED STATES MINT

2015 ANNUAL REPORT

PRINCIPAL DEPUTY 

DIRECTOR’S LETTER 

Year after year, the men and women of the United States Mint have 

consistently delivered results for the American people, fulfilling 

our mission of facilitating commerce and protecting critical 

national assets. 

In 2015, our work is as important as ever. In response to rising 

demand for circulating coins, we produced 16.2 billion circulating 

coins in FY 2015 – an increase of 23.9 percent from the previous 

year. We have not seen this rate of circulating coin production 

since the pre-recessionary levels of 2006. To meet this increased 

demand, we added a third shift to the Philadelphia and Denver 

Mints and hired additional personnel. 

Thanks to the ingenuity of our workforce, we have continued to 

reduce our fixed production costs and our selling, general, and 

administrative expenses while sustaining a very demanding 

production schedule. In fact, the cost of producing each of our 

circulating coin denominations went down for the fourth year in a 

row. Compared to FY 2014, we reduced the per unit cost of producing the penny by 13.9 percent; the nickel by 8.0 

percent; the dime by 9.5 percent; and the quarter by 5.7 percent. We also returned $550 million in seigniorage to the 

Treasury General Fund in FY 2015, more than double the amount we returned last fiscal year. 

The demand for American Eagle Silver Bullion Coins increased throughout the year and set new records again. 

This year we sold 47,870,000 silver bullion ounces. In 2013 – a record-breaking year – we sold 43,559,000 ounces. 

We use an allocation process when demand exceeds available inventory, and we used this process for 36 weeks 

in FY 2015. 

For our gold bullion products, we were able to keep up with demand and did not have to go on allocation – unlike 

several other mints around the world. 

As gold and silver spot prices fell to the lowest levels since FY 2009, global demand for bullion rose rapidly in 

FY 2015, putting a strain on the world’s suppliers. Employees of the West Point Mint, which produces the Mint’s 

bullion coins, worked tirelessly at all hours of day and night on a three shift schedule to satisfy the increased 

demand. We sold 49.7 million ounces of gold and silver bullion this year – an increase of 25.4 percent from last 

year – for revenue totaling $2.1 billion. This represents a nearly five-fold increase in bullion sales since 2007, 

from 8.2 million ounces in 2007 to 49.7 million ounces this year. 

While earnings from numismatic products increased 31.5 percent to $66.8 million, revenue and unit sales shrunk 

by 10.2 and 6.0 percent to $453.2 million and 5.4 million units, respectively. We believe the decline in revenue and 

unit sales is primarily driven by the absence of some of last year’s most popular products, such as the Baseball Hall 

of Fame Commemorative Coins, and the shrinking customer base of numismatic hobbyists. 

Matthew Rhett Jeppson 

United States Mint 

Principal Deputy Director 

1
Principal Deputy Director Rhett Jeppson and Treasurer Rosie Rios cut the unveiling ribbon for Treasury’s 

display of U.S. Mint coin artwork. 

One of the things I have stressed from the outset of my tenure is providing all our customers only the highest quality 

products and services. As we continue our efforts to retain current customers and reach new audiences, we have 

to listen to the people who buy our products. That means making it easier for our customers to shop however, 

wherever, and whenever they want. To do that, we launched a new e-commerce site last year, which has made the 

shopping experience faster, simpler, and more reliable. Building on that progress, we released the Mint’s first-ever 

mobile app this year, enabling smartphone users to learn about the history of the Mint and purchase our products 

using their devices. As one of the nation’s largest online retailers, we need to have this type of capability if we are 

to be relevant in the marketplace. 

Even as technology is driving significant changes in the way we operate, our employees remain the lifeblood of 

our organization. A significant portion of our workforce will soon retire, making it essential that we take the steps 

necessary today to prepare for our future human capital needs. To continue to meet the requirements of our mission 

in a resource-constrained environment, we must invest in training opportunities such as Lean Six Sigma and the 

Manufacturer Certification and Apprenticeship Program (MCAP) to enable our employees to grow into roles with 

increased responsibility. 

2
For more than 200 years, we have told the story of our country’s history, culture, traditions, and values by 

connecting America through coins. In January 2015, I was privileged to join this dedicated and talented group 

of individuals. While our core mission remains the same, we have embraced a culture of continuous improvement, 

never tiring in our endeavor to find safer, cheaper, and faster ways to produce the highest quality products in service 

of the American people. As we look toward our 225th anniversary in 2017, I am confident that we will continue to 

make great strides toward those goals. 

Sincerely, 

Matthew Rhett Jeppson, Principal Deputy Director 

3
Front row, left to right: Lauren Buschor, CIO; Jean Gentry, Chief Counsel; Dave Motl, Chief Financial Officer; 

Ellen McCullom, West Point Plant Manager, Annie Brown, Associate Director, Workforce Solutions Department; 

Dennis O’Connor, Chief, Mint Police; April Stafford, Manager, Design Management Division ; William G. Norton, Jr., 

Director, Legislative and Intergovernmental Affairs. 

Back row, left to right: Eric Anderson, Executive Secretary; Tom Jurkowsky, Director, Office of Corporate 

Communications; David Jacobs, San Francisco Plant Manager; Dave Croft, Associate Director, Manufacturing; 

Dick Peterson, Deputy Director for Manufacturing and Quality; Rhett Jeppson, Principal Deputy Director; Marc 

Landry, Philadelphia Plant Manager; Jon Cameron, Acting Associate Director, Numismatic and Bullion Division and 

Director, Office of Coin Studies B. B. Craig, Associate Director, Environment, Safety and Health Department; Randall 

Johnson, Acting Denver Plant Manager; Deborah Hayes, Chief, Diversity Management and Civil Rights Office. 

ORGANIZATIONAL PROFILE 

OUR MISSION: Serve the American people by manufacturing and distributing circulating, precious metal and 

collectible coins, and national medals, and providing security over assets entrusted to us. 

OUR VISION: Become the finest mint in the world, through excellence in our people, products, customer service, 

and workplace. 

Established in 1792, the United States Mint (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 appropriation. We generate 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 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 is 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 our Headquarters in Washington, D.C. 

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TABLE OF CONTENTS 

Organizational Profile 4
	

The United States Mint at a Glance 6
 

Management’s Discussion and Analysis 8
 

Analysis of Systems, Controls, and Legal Compliance 25
 

Limitations of the Financial Statements 26
 

Message from the Chief Financial Officer 27
	

Independent Auditors’ Report 28
 

Financial Statements 30
 

Notes to Financial Statements 34
 

Required Supplementary Information 50
 

Other Information 51
 

Independent Auditors’ Report on Internal Control Over Financial Reporting 52
 

Independent Auditors’ Report on Compliance and Other Matters 54
 

Appendix I: FY 2015 Coin and Medal Products 55
	

5
�
THE UNITED STATES MINT AT A GLANCE

UNITED STATES MINT (MINT) 

The men and women of the Mint manufacture 

and distribute circulating coins, precious metal 

and collectible coins, and national medals to 

meet the needs of the United States. Our vision 

is to become the finest mint in the world, through 

excellence in our people, products, customer 

service, and workplace. 

Revenue (dollars in millions) 

4,970.0 

2011 2012 2013 2014 2015 

3,435.4 

4,335.0 

3,101.9 

3,693.3 

Revenue by Line of Business (percent of total) 

Bullion 

57.6% 

Numismatic 

12.3% 

Circulating 

30.2% 

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) 

1,114.0 

2011 2012 2013 2014 2015 

776.9 

493.3 

578.0 

783.0 

Revenue by Denomination (dollars in millions) 

quarterdollar 

$661.3 

one-cent 

$91.6 

five-cent 

$73.8 

dime 

$287.3 

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) 

2011 2012 2013 2014 2015 

3,471.4 

2,460.9 

3,244.6 

1,814.4 

2,126.1 

Revenue by Program (dollars in millions) 

American 

Buffalo Gold 

$252.2 

American 

Eagle 

Platinum 

$3.4 

American 

Eagle Silver 

$875.4 

American 

Eagle Gold 

$979.6 

America the 

Beautiful 

Silver 

$15.5 

NUMISMATIC PRODUCTS 

The Mint prepares and distributes numismatic 

products for collectors and those who desire 

high-quality versions of coinage. Most of our 

recurring products are required by federal statute. 

Others are required by individual public laws. 

Revenue (dollars in millions) 

721.7 

2011 2012 2013 2014 2015 

481.2 512.4 504.5 

453.2 

Revenue by Program (dollars in millions) 

Gold & Platinum 

$206.2 

America the Beautiful Quarters 

Annual Core Sets $12.2 

$52.4 Presidential 

& First Spouse 

$48.4 

Commemoratives 

$26.3 

Miscellaneous 

$20.7 

Silver 

$87.0 

SEIGNIORAGE AND NET INCOME 

Seigniorage is the difference between the face 

value and the 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 government programs. 

Seigniorage and Net Income (dollars in millions, 

before protection cost) 

668.7 

2011 2012 2013 2014 2015 

527.8 

208.2 

292.5 

367.9 

Circulating 

$540.9 

Seigniorage and Net Income by Line of Business (dollars 

in millions, before protection cost) 

Numismatic 

$66.8 

Bullion 

$61.0 

6
Gross Cost (dollars in millions) 

4,442.2 

4,042.5 

2011 2012 2013 2014 2015 

3,227.2 

2,734.0 

3,024.6 

2015 PERFORMANCE 

FY 2015 revenue was $3,693.3 million, an increase of 19.1 percent compared to last 

year. Cost of goods sold (COGS) increased 11.5 percent to $2,880.8 million. Selling, 

general and administrative (SG&A) expenses decreased 5.0 percent from last year. 

Total seigniorage and net income before Protection expenses increased 81.8 percent 

to $668.7 million compared to last year, reflecting the impact of increased circulating 

coinage shipments. 

Shipments (millions of coins) 

five-cent 

1,477 

one-cent 

9,155 

dime 

2,874 

quarterdollar 

2,645 

CIRCULATING COINAGE 

Circulating coin shipments increased 23.9 percent to 16,151 million coins in 

FY 2015. Quarter-dollar coin shipments experienced the strongest annual percentage 

growth at 57.2 percent compared to last year. Circulating revenue increased 42.3 

percent to $1,114.0 million. Seigniorage increased 87.1 percent to $540.9 million. 

Seigniorage per dollar issued increased to $0.49 from $0.37 last year. 

Sales (millions of ounces) 

American 

Eagle Silver 

4 7,870.0 

America the 

Beautiful 

Silver 

857 0 American 

Eagle Platinum 

3.0 

American 

Buffalo Gold 

208.0 

American 

Eagle Gold 

810.0 

BULLION COINS 

Demand for bullion coins increased in FY 2015 compared to last year. The Mint sold 

49.7 million ounces of gold, silver, and platinum bullion coins, an increase of 10.1 

million ounces from last year. Total bullion coin revenue increased 17.2 percent to 

$2,126.1 million in FY 2015, primarily due to a 32.8 percent increase in gold bullion 

coin demand. Bullion coin net income increased 117.9 percent to $61.0 million and 

bullion coin net margin increased to 2.9 percent compared to 1.5 percent last year. 

Sales (thousands of units sold) 

America the Beautiful Quarters 

512 

Annual Core 

Sets 

1,403 

Presidential & 

First Spouse 

1,067 

Commemoratives 

479 

Miscellaneous 

313 

Gold & 

Platinum 

169 

Silver 

1,436 

NUMISMATIC PRODUCTS 

Numismatic sales decreased 5.3 percent to 5.4 million units in FY 2015. 

Numismatic revenues decreased 10.2 percent to $453.2 million. Numismatic net 

income increased 31.5 percent to $66.8 million (before Protection expenses). 

Numismatic net margin increased to 14.7 percent compared to 10.1 percent last year. 

Transfer to the Treasury General Fund 

(dollars in millions) 

2011 2012 2013 2014 2015 

51.0 77.0 

392.0 

272.0 

561.0 


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TRANSFER TO THE GENERAL FUND 

In FY 2015, the Mint transferred $561 million to the Treasury General Fund from 

the United States Mint Public Enterprise Fund. The Mint transferred $550 million 

of seigniorage as a non-budget transfer. In the first quarter, the Mint made a budget 

transfer of $11 million from FY 2014 numismatic program results. 

7 
MANAGEMENT’S DISCUSSION AND ANALYSIS 

MEET THE NATION’S NEED FOR CIRCULATING COINS 

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. 

We mint and issue circulating coins to the Federal Reserve Banks (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 2015 circulating coin shipments to the FRB increased by 3.2 billion units (23.9 

percent) to a total 16.2 billion coins compared to last year. We saw marked increases in both quarter-dollar and 

dime shipments of 57.2 percent and 29.3 percent, respectively, which increased revenues and seigniorage compared 

to last year. 

Shipment volumes increased for all denominations, 

continuing a trend that began in 2011. As a 

percentage of total shipments, quarter-dollar 

shipments increased from 12.9 percent in FY 

2014 to 16.4 percent in FY 2015. The overall 

mix also included more dimes, with dimes being 

17.8 percent of the total shipments compared to 

17.1 in 2014. However, the percentage of pennies 

dropped from 60.8 percent to 56.7 percent, and 

nickels decreased 0.2 percent. 

FY 2015 circulating revenue was $1,114.0 million, 

42.3 percent higher than last year, driven by a 

$240.3 million (57.1 percent) increase in quarter-dollar revenue and a $65.0 million (29.2 percent) increase in dime 

revenue. FY 2015 circulating seigniorage was $540.9 million, 87.1 percent higher than last year, because of increased 

quarter-dollar shipments, increased dime shipments, lower metal costs and lower general and administrative 

costs. The Mint controlled indirect costs, allowing the increased shipments to generate more seigniorage. Plant 

costs at the production facilities increased slightly, despite the 23.9 percent increase in coin production. General and 

administrative costs decreased 9.2 percent from FY 2014. The resulting seigniorage per dollar issued was $0.49, 

exceeding both $0.37 from last year and FY 2011 levels prior to the $1 coin suspension. 

FY 2015 unit costs decreased for all denominations compared to last year. By keeping indirect costs down in the face 

of increased demand, fixed costs were spread among more units. The unit cost for both pennies (1.4 cents) and nickels 

(7.4 cents) remained above face value for the tenth consecutive fiscal year. Although there was higher demand, lower 

unit costs generated a smaller FY 2015 net loss ($74.4 million) for these two denominations compared to FY 2014 

($90.5 million). 

Compared to last year, FY 2015 average spot prices for nickel decreased 18.2 percent to $13,405.34 per tonne, 

average copper prices fell 15.2 percent to $5,930.29, and average zinc prices increased slightly by 0.2 percent 

to $2,085.21. 

8
Circulating Seigniorage by Year 

$1,000 

$800 

$600 

$400 

$51 

$478 

$188 

$(15) 

$(18) 

$574 

$413 

$133 

Dollar

Quarter

Dime

Five-cent 

One-cent 

$349 

$354 

$61 

$200 

$ 0 

$438 

$186 

$(200) 2006 2007 2008 2009 2010 

Shows seigniorage generated by denomination for the last nine years. 

$(59) 

$(40) 

$(25) 

$ (22) 

$319 

$132 

$16 

$(2) 

$ ( 20)

$283 

$31 

$38 

$(15) 

$(27) 

$383 

$45 

$61 

$(57) 

$(60) 

$77 

$67 

$83 

$(51) 

$(58) 

$154 

$104 

$(50) 

$(55) 

$271 

$135 

$(38) 

$(53) 

$(36) 

$(39) 

2011 2012 2013 2014 2015 

M illions 

ALTERNATIVE METAL RESEARCH AND DEVELOPMENT The Coin Modernization, Oversight, and 

Continuity Act of 2010, Public Law 111-302, authorizes the Secretary of the Treasury to conduct research and 

development on alternative metallic materials for all circulating coins, with the goal of reducing production costs. 

The Act also requires the Secretary to provide a biennial report to Congress on the status of coin production costs 

and analysis of alternative content. 

The Mint submitted its second biennial report to Congress in December 2014, which evaluated 29 potential 

alternative metal alloys for circulating coins. The Mint completed full-scale production testing of six alternative 

metal alloys and researched alternative manufacturing methods in an effort to reduce the cost of production. 

From 2012 (when the first report was released) until 2014, metal costs declined, so at current market prices, using 

alternative metals would not lower the costs of coin production. In addition, none of the metals were as durable as 

alloys currently used. The full report is available on our website at www.usmint.gov. 

CIRCULATING PRODUCTION In response to lower demand from the Federal Reserve in 2013, the Mint cut 

production at the Philadelphia and Denver Mints from three shifts to two. We produced 10.7 billion coins that year, 

compared to this year, when we produced 16.2 billion. In 2015, the Philadelphia and Denver facilities converted 

back to three shift operations to accommodate increased production. 

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 Selling, General & Administrative 

 Total

 

 Total

 Total

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

Coin Shipments 

Value of Shipments 

Gross Cost

 Cost of Goods Sold

 Selling, General & Administrative 

Seigniorage 

Seigniorage per $1 Issued

 2015

 16,151 

$ 1,114.0 

$ 573.1 

$ 520.0 

$ 53.1 

$ 540.9 

$ 0.49 

 2014

 13,037 

$ 783.0 

$ 493.9 

$ 435.4 

$ 58.5 

$ 289.1 

$ 0.37 

 2013

 10,696 

$ 578.0 

$ 440.6 

$ 383.7 

$ 56.9 

$ 137.4 

$ 0.24 

 2012

 9,082 

$ 493.3 

$ 387.4 

$ 325.8 

$ 61.6 

$ 105.9 

$ 0.21 

 2011

 7,396 

$ 776.9 

$ 428.1 

$ 364.7 

$ 63.4 

$ 348.8 

$ 0.45 

2014 to 2015

 23.9%

 42.3%

 16.0%

 19.4%

 (9.2%)

 87.1%

 32.4% 

SHIPMENTS, COSTS, AND SEIGNIORAGE BY DENOMINATION 

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

2015 

Coins Shipments 

Value of Shipments 

Gross Cost

Seigniorage 

Seigniorage per $1 Issued 

One-Cent

 9,155 

$ 91.6 

$ 130.1 

$ 116.5 

$ 13.6 

$ (38.5) 

$ (0.42) 

Five-Cent

 1,477 

$ 73.8 

$ 109.7 

$ 99.7 

$ 10.0 

$ (35.9) 

$ (0.49) 

Dime

 2,874 

$ 287.3 

$ 101.6 

$ 92.1 

$ 9.5 

$ 185.7 

$ 0.65 

Quarter-Dollar

 2,645 

$ 661.3 

$ 223.2 

$ 203.2 

$ 20.0 

$ 438.1 

$ 0.66 

 16,151 

$ 1,114.0 

$ 573.1 

$ 520.0 

$ 53.1 

$ 540.9 

$ 0.49 

Mutilated

 & Other

 – 

$ – 

$ 8.5 

$ 8.5 

$ – 

$ (8.5) 

$ – 

 Cost of Goods Sold 

2014 

Coins Shipments 

Value of Shipments 

Gross Cost

 Cost of Goods Sold 

Selling, General & Administrative 

Seigniorage 

Seigniorage per $1 Issued 

One-Cent

 7,920 

$ 79.2 

$ 132.1 

$ 115.3 

$ 16.8 

$ (52.9) 

$ (0.67) 

Five-Cent

 1,211 

$ 60.5 

$ 98.1 

$ 85.7 

$ 12.4 

$ (37.6) 

$ (0.62) 

Dime

 2,223 

$ 222.3 

$ 87.1 

$ 76.1 

$ 11.0 

$ 135.2 

$ 0.61 

Quarter-Dollar

 1,683 

$ 421.0 

$ 150.5 

$ 132.2 

$ 18.3 

$ 270.5 

$ 0.64 

 13,037 

$ 783.0 

$ 493.9 

$ 435.4 

$ 58.5 

$ 289.1 

$ 0.37 

Mutilated

 & Other

 – 

$ – 

$ 26.1 

$ 26.1 

$ – 

$ (26.1) 

$ – 

2013 

Coins Shipments 

Value of Shipments 

Gross Cost

Cost of Goods Sold

 Selling, General & Administrative 

Seigniorage 

Seigniorage per $1 Issued 

One-Cent

 6,610 

$ 66.1 

$ 121.1 

$ 104.7 

$ 16.4 

$ (55.0) 

$ (0.83) 

Five-Cent

 1,123 

$ 56.2 

$ 105.7 

$ 91.0 

$ 14.7 

$ (49.5) 

$ (0.88) 

Dime

 1,901 

$ 190.1 

$ 86.6 

$ 75.1 

$ 11.5 

$ 103.5 

$ 0.54 

Quarter-Dollar

 1,062 

$ 265.6 

$ 111.5 

$ 97.2 

$ 14.3 

$ 154.1 

$ 0.58 

 10,696 

$ 578.0 

$ 440.6 

$ 383.7 

$ 56.9 

$ 137.4 

$ 0.24 

Mutilated

 & Other

 – 

$ – 

$ 15.7 

$ 15.7 

$ – 

$ (15.7) 

$ – 

10
MINT WINS BEST CIRCULATING COIN 

The Mount Rushmore National Memorial quarter 

was named Best Circulating Coin in the annual 

international competition sponsored by Krause 

Publications, publishers of World Coin News 

and Numismatic News. An international panel 

of numismatic experts selected the winners. 

Ninety-four nominees from 45 countries competed. 

The Mount Rushmore National Memorial quarter, 

issued in 2013, is the 20th quarter in the America 

the Beautiful Quarters® Program. The coin’s 

reverse design, by United States Mint SculptorEngraver Joe Menna, was inspired by photos 

of men who added the final details to Thomas

Jefferson’s face. 

UNIT COST OF PRODUCING AND DISTRIBUTING COINS BY DENOMINATION 

2015 One-Cent Five-Cent Dime Quarter-Dollar 

Cost of Goods Sold $ 0.0125 $ 0.0664 $ 0.0315 $ 0.0755 

Selling, General & Administrative $ 0.0015 $ 0.0068 $ 0.0033 $ 0.0076 

Distribution to FRB $ 0.0003 $ 0.0012 $ 0.0006 $ 0.0013 

Total Unit Cost $ 0.0143 $ 0.0744 $ 0.0354 $ 0.0844 

2014 

Cost of Goods Sold $ 0.0143 $ 0.0699 $ 0.0338 $ 0.0775 

Selling, General & Administrative $ 0.0021 $ 0.0102 $ 0.0049 $ 0.0109 

Distribution to FRB $ 0.0002 $ 0.0008 $ 0.0004 $ 0.0011 

Total Unit Cost $ 0.0166 $ 0.0809 $ 0.0391 $ 0.0895 

2013 

Cost of Goods Sold $ 0.0156 $ 0.0805 $ 0.0391 $ 0.0903 

Selling, General & Administrative $ 0.0025 $ 0.0131 $ 0.0061 $ 0.0135 

Distribution to FRB $ 0.0002 $ 0.0005 $ 0.0004 $ 0.0012 

Total Unit Cost $ 0.0183 $ 0.0941 $ 0.0456 $ 0.1050 

One-Cent Five-Cent Dime Quarter-Dollar 

One-Cent Five-Cent Dime Quarter-Dollar 

11
MEET THE PUBLIC’S DEMAND FOR U.S. BULLION COINS 

BULLION COINS 

Our 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. 

We mint and issue gold, silver, and platinum 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 terms of ounces sold, FY 2015 was an all-time record breaker. We sold 49.7 million 

ounces of bullion, including a record-breaking 47.9 million American Eagle Silver Bullion Coins. This is the most 

bullion and the most American Eagle Silver Bullion coins that we have sold since we began selling it in 1986. The 

bullion coin program revenue, net income, and ounces sold all increased compared to last year. Revenue totaled 

$2,126.1 million, up 17.2 percent from $1,814.4 million last year. Net income increased 117.9 percent to $61.0 

million from $28.0 million. 

Demand was higher for gold and silver bullion coins, but not for platinum coins. The Mint was not able to secure a 

supply chain of blanks that met our delivery requirements to produce platinum bullion coins in FY 2015. Overall, 

however, FY 2015 total bullion ounces sold increased 10.0 million ounces to 49.7 million ounces, the bulk of which 

were American Eagle silver bullion ounces. Total bullion revenue increased 17.2 percent to $2,126.1 million 

compared to last year because gold bullion revenue increased $304.3 million (32.8 percent). 

FY 2015 total bullion net income increased by $33.0 million to $61.0 million driven by the American Eagle silver 

bullion earnings, which increased $28.0 million. 

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. 

Although the fiscal year began strong, demand for gold bullion slowed from December through May, when all signs 

pointed to an improving U.S. economy. The Federal Reserve was poised to raise interest rates, so investor demand 

for gold bullion was lower. June saw the start of an economic crisis in Greece and China, at which point investor 

demand for gold bullion increased. This international turmoil caused the Federal Reserve to postpone the interest 

rate hike. Gold demand surged in the fourth quarter and by year-end, gold demand had far exceeded FY 2014. 

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 Total 

 Total 

BULLION COINS (dollars in millions) % Change 

2015 2014 2013 2012 2011 2014 to 2015 

Gold oz. sold (thousands) 1,018 702 1,218 788 1,235 45.0% 

Silver oz. sold (thousands) 48,727 38,968 44,644 34,152 44,048 25.0% 

Platinum oz. sold (thousands) 3 14 – – – – 

Sales Revenue $ 2,126.1 $ 1,814.4 $ 3,244.6 $ 2,460.9 $ 3,471.4 17.2% 

Gross Cost $ 2,065.1 $ 1,786.4 $ 3,185.3 $ 2,432.5 $ 3,405.6 15.6%

Cost of Goods Sold $ 2,038.5 $ 1,760.9 $ 3,159.0 $ 2,407.6 $ 3,378.8 15.8%

 Selling, General & Administrative $ 26.6 $ 25.5 $ 26.3 $ 24.9 $ 26.8 4.3% 

Net Income $ 61.0 $ 28.0 $ 59.3 $ 28.4 $ 65.8 117.9% 

Bullion Net Margin 2.9% 1.5% 1.8% 1.2% 1.9% 93.3% 

BULLION COINS REVENUE, COST, AND NET INCOME BY PROGRAM 

(dollars in millions) 

2015 American 

Eagle Gold 

American 

Buffalo Gold 

Sub-Total 

Gold 

American 

Eagle Silver 

America the 

Beautiful Silver 

Sub-Total 

Silver 

American 

Eagle Platinum 

Total 

Ounces Sold (thousands) 810 208 1,018 47,870 857 48,727 3 49,748 

Sales Revenue $ 979.6 $ 252.2 $ 1,231.8 $ 875.4 $ 15.5 $ 890.9 $ 3.4 $ 2,126.1 

Gross Cost $ 957.8 $ 247.7 $ 1,205.5 $ 841.1 $ 14.7 $ 855.8 $ 3.8 $ 2,065.1 

Cost of Goods Sold $ 954.8 

 Selling, General

 & Administrative $ 3.0 

Net Income $ 21.8 

Bullion Net Margin 2.2% 

$ 247.2 $ 1,202.0 

$ 0.5 $ 3.5 

$ 4.5 $ 26.3 

1.8% 2.1% 

$ 818.5 $ 14.3 $ 832.8 

$ 22.6 $ 0.4 $ 23.0 

$ 34.3 $ 0.8 $ 35.1 

3.9% 5.2% 3.9% 

$ 3.7 $ 2,038.5 

$ 0.1 $ 26.6 

$ (0.4) $ 61.0 

 -11.8% 2.9% 

2014 American 

Eagle Gold 

Ounces Sold (thousands) 524 

American 

Buffalo Gold 

Sub-Total 

Gold 

178 702 

American 

Eagle Silver 

America the 

Beautiful Silver

Sub-Total 

Silver 

38,285 683 38,968 

American 

Eagle Platinum 

14 39,684 

Sales Revenue $ 693.5 $ 234.0 $ 927.5 $ 849.9 $ 15.1 $ 865.0 $ 21.9 $ 1,814.4 

Gross Cost $ 676.5 $ 229.3 $ 905.8 $ 843.6 $ 14.6 $ 858.2 $ 22.4 $ 1,786.4 

Cost of Goods Sold $ 674.4 $ 228.8 $ 903.2 $ 821.1 $ 14.3 $ 835.4 $ 22.3 $ 1,760.9 

 Selling, General

 & Administrative $ 2.1 $ 0.5 $ 2.6 $ 22.5 $ 0.3 $ 22.8 $ 0.1 $ 25.5 

Net Income $ 17.0 $ 4.7 $ 21.7 $ 6.3 $ 0.5 $ 6.8 $ (0.5) $ 28.0 

Bullion Net Margin 2.5% 2.0% 2.3% 0.7% 3.3% 0.8% (2.3%) 1.5% 

2013 American 

Eagle Gold 

American 

Buffalo Gold 

Sub-Total 

Gold 

American 

Eagle Silver 

America the 

Beautiful Silver

Sub-Total 

Silver 

American 

Eagle Platinum 

Ounces Sold (thousands) 983 235 1,218 43,559 1,085 44,644 – 45,862 

Sales Revenue $ 1,586.0 $ 371.9 $ 1,957.9 $ 1,256.0 $ 30.7 $ 1,286.7 – $ 3,244.6 

Gross Cost $ 1,544.7 $ 362.9 $ 1,907.6 $ 1,248.2 $ 29.5 $ 1,277.7 – $ 3,185.3 

Cost of Goods Sold $ 1,541.6 $ 362.4 $ 1,904.0 $ 1,225.8 $ 29.2 $ 1,255.0 – $ 3,159.0 

 Selling, General

 & Administrative $ 3.1 $ 0.5 $ 3.6 $ 22.4 $ 0.3 $ 22.7 – $ 26.3 

Net Income $ 41.3 $ 9.0 $ 50.3 $ 7.8 $ 1.2 $ 9.0 – $ 59.3 

Bullion Net Margin 2.6% 2.4% 2.6% 0.6% 3.9% 0.7% – 1.8% 

13
FY 2015 gold bullion coin sales increased 316 thousand ounces to 1,018 thousand ounces, with a 54.6 percent 

increase in American Eagle Gold Bullion Coin ounces sold compared to last year. 

Gold bullion revenue increased by 32.8 percent to $1,231.8 million because of increases of 7.8 percent in American 

Buffalo and 41.3 percent in American Eagle revenue, respectively. 

Coinciding with more gold volume and revenue, FY 2015 gold bullion net income increased $4.6 million, driven 

by a $4.8 million increase in American Eagle Gold Bullion Coins. American Buffalo Gold Coin earnings decreased 

by $0.2 million. 

The FY 2015 average daily spot price of gold was $1,183.52 per ounce, down 7.9 percent from $1,284.83 last year. 

SILVER BULLION COIN RESULTS Total silver bullion ounces sold set an all-time fiscal year record in FY 

2015, surpassing the previous record of 44.6 million ounces from FY 2013. Silver sales fluctuated throughout the 

year, but overall sales increased by 9.8 million ounces (25.0 percent) to end FY 2015 at 48.8 million ounces. We 

sold 9.6 million ounces more of American Eagle Silver Bullion Coins and 0.2 million ounces more of America the 

Beautiful Silver Bullion Coins than last year. 

Demand for American Eagle Silver Bullion Coins was 29.9 percent lower between February and May compared 

to the same period in FY 2014. Following months of weak demand, on June 1, 2015, the Mint went off allocation. 

Demand soared in the final quarter of FY 2015, exceeding the Mint’s supply-chain capacity. American Eagle silver 

bullion inventory was exhausted by July 7. The coins went back on allocation on July 27 and continued to be

allocated through the remainder of the fiscal year. 

Net income from silver bullion coins increased 416.2 percent because of a $28.0 million increase in earnings from 

American Eagle Silver Bullion Coins and an $0.3 million increase in earnings from America the Beautiful Silver 

Bullion Coins over last year. 

Even though volume and net income surged, commodity silver prices continued to decline this year. This meant that 

our FY 2015 silver revenue increased by a modest 3.0 percent. American Eagle silver revenue increased by $25.5 

million (3.0 percent) and America the Beautiful silver bullion revenue increased by $0.4 million (2.6 percent). 

On the bright side, lower commodity prices also meant the Mint paid less for the raw metal used in production. 

The FY 2015 average daily spot price of silver was $16.12 per ounce, down 20.1 percent from $20.17 compared to 

the same period last year. 

14
SILVER BULLION COIN SALES 

BREAK RECORD 

For the third time in six years, the Mint broke 

a record for silver bullion coin sales. We sold 

a total of 48.7 million ounces in FY 2015. 

In FY 2013, the Mint sold 44.7 million ounces 

of silver bullion, which broke the previous 

record set in FY 2011 of 44 million ounces. 

Investors were most interested in the American 

Eagle Silver Bullion Coins and sales outpaced 

other products. 

The Mint is the world’s largest producer 

of bullion coins. The West Point facility 

manufactures the American Eagle proof and 

uncirculated coins in gold, silver, and platinum. 

PLATINUM BULLION COIN RESULTS During the first part of FY 2015, we shipped 2,500 of 2014 platinum 

coins that customers had ordered in FY 2014. However, because we could not find a supplier that could meet our 

delivery requirements, no 2015 platinum bullion coins were actually minted, ordered, or shipped in FY 2015. The 

Mint sold 2,500 ounces of 2014 American Eagle one-ounce platinum bullion coins, with revenues of $3.4 million 

and net loss of $0.4 million. Ounces sold were down 78.6 percent, revenue was down 84.5 percent, and net income 

was down 20.0 percent compared to last year. 

The FY 2015 average daily spot price of platinum was $1,132.91 per ounce, down 20.6 percent from $1,427.59 per 

ounce in the same period last year. 

15
RESPONSIBLY EXPAND THE NUMISMATIC PROGRAM 

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 our 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 our customer base 

and foster sales while controlling costs and keeping 

prices as low as practicable. 

NUMISMATIC RESULTS Numismatic product 

sales decreased to 5.4 million units in FY 2015 

compared to 5.7 million units in FY 2014. 

Commemorative products sales were 47.8 percent 

lower than last year, when we had the National 

Baseball Hall of Fame Commemorative Coin 

products, which sold more than 800,000 units. 

We did not have any numismatic programs that were 

as popular this year. 

Numismatic revenue was also lower than last year. 

FY 2015 numismatic revenue was $453.2 million, a $51.3 million (10.2 percent) decrease from FY 2014 because 

of a $40.2 million decrease in gold and platinum coin products. Last year, the 50th Anniversary Kennedy 2014 

Half-Dollar Gold Proof Coin generated revenue of $76.2 million, by far the highest of any numismatic product 

revenue in FY 2014 and the fourth highest in the last ten years. This year’s American Liberty 2015 High Relief 

Gold Coin did not bring in as much revenue ($62.6 million). 

The 2015 American Eagle Silver One Ounce Proof Coin and the 2015 United States Mint Proof Set were the most 

popular sellers (in terms of units) this year, selling a combined 986 thousand units, but sales for these products were 

still 13.8 percent lower than they were last year. 

Although demand for products was lower, FY 2015 numismatic earnings increased by $16.0 million (31.5 percent), 

because earnings from silver coin products increased. American Eagle Silver programs contributed the majority 

of earnings in this category, at $34.3 million. Additionally, $4.5 million earnings came from the 50th Anniversary 

Kennedy Silver Collection. 

Gold and platinum numismatic products generated the largest share of revenue (45.5 percent), compared to the other 

numismatic products. Similarly, this category generated $43.3 million in numismatic net income compared to $23.5 

million net income generated by the other categories. Annual recurring sets recorded an $8.5 million net loss in FY 

2015. The numismatic net margin increased to 14.7 percent in FY 2015 from 10.1 percent in FY 2014. 

FY 2015 numismatic COGS decreased 16.6 percent by $64.0 million because of the reduced sales of gold and 

platinum products. SG&A expenses decreased 4.9 percent this year. 

Top Selling Products Fiscal Year

(units sold in thousands) 

2015 American Eagle Silver 

Proof One Ounce Coin 

2015 Proof Set 

2015 Silver Proof Set 

2014 Proof Set 

2015 Uncirculated Set 

542 

444 

267 

239 

227 

16
MINT STRIKES HIGH RELIEF GOLD COIN 

In 2009, the Mint recreated a masterpiece of coin design: the Ultra 

High Relief Double Eagle Gold Coin. The original 1907 version 

of that coin has been called the most beautiful ever minted in the 

United States, but at the time, the Mint was unable to produce a 

high-relief version because the minting process was not advanced 

enough. When we reproduced it in 2009, we used modern digital 

technology to realize sculptor Augustus Saint-Gaudens’ original 

vision of the coin. 

The Mint released another high-relief coin this year, but with 

a completely new and modern approach, inviting eight Artistic 

Infusion Program (AIP) artists, as well as the Mint’s sculptor/engravers, to submit designs. Working closely with the Citizens 

Coinage Advisory Committee (CCAC) and the U.S. Commission 

of Fine Arts, we created a modern rendition of Liberty and a new 

eagle design for the 2015 American Liberty High Relief Gold Coin. 

“The CCAC wanted to see a variety of designs that included busts 

of Liberty, as well as Liberty sitting and standing,” said Office of 

Design Management Program Manager Roger Vasquez. “During 

the concept discussion meeting, the CCAC emphasized creating a 

modern Liberty that reflects the nation’s diversity.” The committee 

chose designs by Justin Kunz and Paul Balan, AIP artists. 

Kunz, a representational artist and teacher, first joined the Mint’s 

AIP program in 2004. The CCAC recommended his design for 

Liberty, which is on the obverse of the coin. “To portray Lady Liberty as a modern figure, rather than a traditional 

one, proved a bit more difficult in practice than it sounded in theory,” Kunz said. “It required a lot of studying, 

sketching and meditating about what Lady Liberty represents, what it is that defines our time from past eras, and 

how these ideas might be distilled down to a simple visual statement that could be expressed in an elegant way.” 

The committee recommended Paul Balan’s design for the eagle depicted on the reverse. “As an immigrant who 

became an American citizen, it feels like I’ve made a full circle to have a role in designing such a historic coin,” 

Balan said. A native of the Philippines, he has been an AIP artist since 2009. “It’s a dream to work with the design 

management team at the Mint and my fellow AIP artists, whom I admire and respect. I’m very grateful for the 

opportunity to have my work featured on American coins.” 

The 2015 American Liberty High Relief Gold Coin, with a mintage limit of 50,000 and a nominal denomination of 

$100, was minted at the West Point, N.Y., facility and went on sale July 30. By the end of FY 2015, approximately 

42,000 had been sold. 

17
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MOBILE APP LAUNCHES 

The United States Mint released MyUSMint, 

the bureau’s new mobile application (app) for 

AndroidTM, iPhone® and iPod touch® on July 15. 

Since then, 12,326 people have downloaded the app. 

“We’re constantly striving to find new ways to 

serve our customers and the American public. 

The new app comes on the heels of introducing 

a new order management system and reflects our 

commitment to be a world-class organization,” 

said Rhett Jeppson, Principal Deputy Director 

of the U.S. Mint. 

The free mobile app gives users easy access to 

United States Mint products (including the ability 

to place and track orders) as well as educational 

information. So far, the most popular features are 

the customized settings and historical information. 

The Mint updates content every month. 

MyUSMint 

NUMISMATIC (dollars in millions) % Change 

2015 2014 2013 2012 2011 2014 to 2015

Units Sold (Thousands) 5,379 5,725 5,509 5,559 7,311 (6.0%) 

Sales Revenue $ 453.2 $ 504.5 $ 512.4 $ 481.2 $ 721.7 (10.2%) 

Gross Cost $ 386.4 $ 453.7 $ 416.6 $ 407.3 $ 608.5 (14.8%)

 Cost of Goods Sold $ 322.3 $ 386.3 $ 356.5 $ 346.1 $ 543.8 (16.6%)

 Selling, General & Administrative $ 64.1 $ 67.4 $ 60.1 $ 61.2 $ 64.7 (4.9%) 

Net Income & Seigniorage $ 66.8 $ 50.8 $ 95.8 $ 73.9 $ 113.2 31.5% 

Numismatic Net Margin 14.7% 10.1% 18.7% 15.4% 15.7% – 

Seigniorage Portion $ 26.0 $ 28.1 $ 29.3 $ 22.9 $ 9.8 (7.5%) 

Net Income & Seigniorage figures are before protection costs. Seignorage portion results from the sale of circulating coins (boxes, bags and 

rolls) directly to the public through the numismatic channels. 

18 
 Total

 Total

 Total


�

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

(dollars in millions) 

 5,725 

$ 504.5 

$ 453.7 

$ 386.3 

$ 67.4 

$ 50.8

 10.1% 

$ 28.1 

2014 

Units Sold (Thousands) 

Sales Revenue 

Gross Cost

 Cost of Goods Sold

 Selling, General

 & Administrative 

Net Income 

& Seigniorage 

Numismatic 

Net Margin 

Seigniorage Portion 

Silver Coin 

Products

 1,222 

$ 77.9 

$ 69.3 

$ 58.0 

$ 11.3 

$ 8.6

 11.0% 

$ – 

Annual 

Sets*

 1,477 

$ 52.9 

$ 69.8 

$ 47.4 

$ 22.4 

$ (16.9)

 (31.9%) 

$ – 

Quarter 

Products

 573 

$ 13.6 

$ 16.1 

$ 10.8 

$ 5.3 

$ (2.5)

 (18.4%) 

$ 2.5 

Presidential and 

First Spouse Medals

 996 

$ 45.5 

$ 21.8 

$ 12.2 

$ 9.6 

$ 23.7

 52.1% 

$ 22.0 

Gold and Platinum 

Coin Products

 197 

$ 246.4 

$ 206.9 

$ 202.9 

$ 4.0 

$ 39.5

 16.0% 

$ – 

Miscellaneous

 342 

$ 21.7 

$ 27.2 

$ 20.9 

$ 6.3 

$ (5.5)

 (25.3%) 

$ 3.6 

Commemorative

 918 

$ 46.5 

$ 42.6 

$ 34.1 

$ 8.5 

$ 3.9

 8.4% 

$ – 

 5,509 

$ 512.4 

$ 416.6 

$ 356.5 

$ 60.1 

$ 95.8

 18.7% 

$ 29.3 

Silver Coin 

Products

 1,521 

$ 129.5 

$ 88.2 

$ 75.6 

$ 12.6 

$ 41.3

 31.9% 

$ – 

Annual 

Sets*

 1,587 

$ 62.8 

$ 66.2 

$ 47.6 

$ 18.6 

$ (3.4)

 (5.4%) 

$ – 

Quarter 

Products

 716 

$ 17.8 

$ 15.1 

$ 10.2 

$ 4.9 

$ 2.7

 15.2% 

$ 2.7 

Presidential and 

First Spouse Medals

 1,007 

$ 44.9 

$ 22.3 

$ 15.1 

$ 7.2 

$ 22.6

 50.3% 

$ 22.8 

Gold and Platinum 

Coin Products

 142 

$ 214.2 

$ 184.6 

$ 181.9 

$ 2.7 

$ 29.6

 13.8% 

$ – 

Miscellaneous

 209 

$ 20.2 

$ 17.9 

$ 6.9 

$ 11.0 

$ 2.3

 11.4% 

$ 3.8 

Commemorative

 327 

$ 23.0 

$ 22.3 

$ 19.2 

$ 3.1 

$ 0.7

 3.0% 

$ – 

 5,379 

$ 453.2 

$ 386.4 

$ 322.3 

$ 64.1 

$ 66.8

 14.7% 

$ 26.0 

Silver Coin 

Products

 1,436 

$ 87.0 

$ 60.0 

$ 44.7 

$ 15.3 

$ 27.0

 31.0% 

$ – 

Annual 

Sets*

 1,403 

$ 52.4 

$ 60.9 

$ 41.2 

$ 19.7 

$ (8.5)

 (16.2%) 

$ – 

Quarter 

Products

 512 

$ 12.2 

$ 14.0 

$ 9.5 

$ 4.5 

$ (1.8)

 (14.8%) 

$ 2.4 

Presidential and 

First Spouse Medals

 1,067 

$ 48.4 

$ 27.2 

$ 17.2 

$ 10.0 

$ 21.2

 43.8% 

$ 20.6 

Gold and Platinum 

Coin Products

 169 

$ 206.2 

$ 162.9 

$ 160.3 

$ 2.6 

$ 43.3

 21.0% 

$ – 

Miscellaneous

 313 

$ 20.7 

$ 39.6 

$ 32.6 

$ 7.0 

$ (18.9)

 (91.3%) 

$ 3.0 

Commemorative

 479 

$ 26.3 

$ 21.8 

$ 16.8 

$ 5.0 

$ 4.5

 17.1% 

$ – 

2013 

Units Sold (Thousands) 

Sales Revenue 

Gross Cost

 Cost of Goods Sold

 Selling, General

 & Administrative 

Net Income 

& Seigniorage 

Numismatic 

Net Margin 

Seigniorage Portion 

2015 

Units Sold (Thousands) 

Sales Revenue 

Gross Cost

 Cost of Goods Sold

 Selling, General

 & Administrative 

Net Income 

& Seigniorage 

Numismatic 

Net Margin 

Seigniorage Portion 

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

19
COMMEMORATIVE COINS 

Commemorative coin programs are created by acts of Congress to honor a person, place, organization, or event. The 

price of each coin ordinarily includes a surcharge authorized to be paid to a designated recipient organization. 

Two commemorative coin programs began in FY 2015. The 2015 U.S. Marshals Service 225th Anniversary program 

had revenue of $20.6 million with surcharges of $2.8 million through September 30. This program runs through 

calendar year 2015 and final surcharges will be totaled December 30. The first $5 million in surcharges will go to 

the U.S. Marshals Museum, Inc., with any remaining surcharges divided among the National Center for Missing 

and Exploited Children, the Federal Law Enforcement Officers Association Foundation, and the National Law 

Enforcement Officers Memorial Fund. The 2015 March of Dimes Commemorative Coin Program had revenue 

of $8.1 million with surcharges of $1.5 million collected for its recipient organization, the March of Dimes 

Foundation, to help finance research, education, and services aimed at improving the health of women, infants, 

and children. These programs run through December 31, 2015. 

Two commemorative coin programs ended during FY 2015. The 2014 Civil Rights Act of 1964 Silver Dollar had 

revenue of $4.4 million with surcharges of $0.9 million collected for its recipient organization, the United Negro 

College Fund. The 2014 National Baseball Hall of Fame Commemorative Coin Program had revenue of $50.9 

million with surcharges of $7.9 million collected for its recipient organization, the National Baseball Hall of Fame. 

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 eight Congressional Gold medals. 

• The World War II members of the Civil Air Patrol were unpaid volunteers who used privately owned aircraft to

support the Army and Navy in patrolling the Atlantic and Gulf coasts from March 1942 to August 1943.

• Native American Code Talkers from the Crow Nation, Fond du Lac Band of Lake Superior Chippewa, and the

Rosebud Sioux Tribe served in the U.S. Armed Forces and transmitted secret coded messages for tactical military

operations in World War I and World War II. These medals are among 33 which will be awarded under this

program; last year, we awarded 26.

• Members of the First Special Service Force, an elite American-Canadian joint combat group, were recognized for

superior service during World War II. The only joint American-Canadian unit formed during the war, they targeted

military and industrial installations that supported the German war effort.

• World-renowned golfer Jack Nicklaus’s competitive career spanned parts of five decades during which he

accumulated 120 victories in national and international professional competitions. A passionate philanthropist,

Nicklaus has made a lifelong commitment to numerous charities, most of which support pediatric healthcare.

• The Doolittle Tokyo Raiders, a group of 80 aircraft crewmen, volunteered for a dangerous mission in April 1942.

This raid made Japan shift resources to better defend from future attacks, which resulted in an American victory at

the Battle of Midway, which turned the tide in the Pacific War.

• The American Fighter Aces were honored for their heroic service to the United States throughout the history of

aviation warfare. Each of these military pilots is credited with destroying five or more confirmed enemy aircraft

in aerial combat during a war or conflict in which the U.S. Armed Forces have participated. Aces have served

in World War I, World War II, the Korean War and the Vietnam War. More than 60,000 fighter pilots have flown

since World War I, but fewer than 1,500 are called Fighter Aces.

20
MARCH OF DIMES 

SET SELLS OUT 

March of Dimes Foundation 

President Dr. Jennifer Howse; 

Dr. Peter Salk, son of Dr. 

Jonas Salk; Treasurer of the 

United States Rosie Rios; and 

2014 March of Dimes National 

Ambassador Aidan Lamothe 

hold up newly struck 2015 

March of Dimes Silver Dollars 

during a first-strike ceremony 

at the United States Mint at 

West Point in March. 

With a limit of 75,000, the 

2015 March of Dimes Special 

Silver Set sold out in less than 

two weeks. The set contained 

one 2015 March of Dimes 

Proof Silver Dollar from West 

Point, one 2015 reverse proof 

silver dime from Philadelphia and one 2015 proof silver dime from West Point. It was the first time the 

United States Mint issued both a reverse proof silver dime from Philadelphia and a proof silver dime 

from West Point. 

CUSTOMER SERVICE 

The performance of our numismatic program depends heavily on whether we effectively meet our customers’ 

expectations. Last year, the Mint introduced a new catalog website and order management system to streamline 

numismatic product orders. This system, which is fully integrated and similar to other online retail industry 

systems, went online in October, just in time for the year’s first major product launch – the 50th Anniversary 

Kennedy 2014 Half-Dollar Silver Coin Collection. In the first 15 minutes of ordering, the Mint accepted and 

processed 9,461 orders, something the old system would not have been able to do. 

We continue to make improvements with the system, and continue to make customer service one of our top priorities. 

21
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 United States 

Mint Public Enterprise Fund. Periodically, the Mint transfers amounts in the PEF determined to be in excess of 

amounts required to support on-going 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 United States Mint PEF compared to prior periods. 

FY 2015 protection costs increased by 2.8 percent compared to $39.6 million last year. FY 2015 PEF earnings after 

protection costs increased to $628.0 million compared to $328.3 million last year. 

The Mint made two transfers to the General Fund this fiscal year totaling $561 million. In FY 2014, we transferred 

$272 million. The Mint makes two types of transfers. 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 

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

the government. 

In December 2014, the Mint made a budget transfer of $11 million from numismatic and bullion earnings to the 

General Fund, compared to $22 million transferred last year. On September 30, 2015, the Mint made a non-budget 

transfer of $550 million to the General Fund, compared to $250 million transferred last year. 

Transfer to the Treasury General Fund 

FY 2010 FY 2011 FY2012 FY2013 FY 2014 FY 2015 

Budget

N - 

Dollars In Millions 

13 

375 

51 77 

42 

350 

22 

250 

11 

550 

500 

400 

300 

200 

100 

600 

0 

22
FOSTER A SAFE, ENGAGED, AND INNOVATIVE WORKFORCE 

It is the goal of the Mint to have a safe, engaged and innovative workforce. Embracing innovative practices by 

engaging modern technologies and becoming more environmentally sustainable not only benefits the Mint’s 

employees, but also benefits the communities in which the Mint operates and ultimately the American public. 

SAFETY AND ENVIRONMENT The safety incident recordable rate is the number of injuries and illnesses 

meeting the Occupational Safety and Health Administration recording criteria per 100 full-time workers. The 

Mint safety incident recordable rate through FY 2015 was 3.42, higher than the target of 2.96 for this year, but 

significantly below the industry average recordable rate of 6.4 for metal forging and stamping manufacturers. 

Last year, the Mint set a goal to become world class in safely operating our facilities and optimizing our environmental footprint. This multi-year endeavor involves achieving various safety milestones and certifications at each 

facility. To achieve this goal, the Mint established an office of Environmental Safety and Health. This year, the Mint 

completed a baseline audit of each facility and implemented risk management guidelines to prioritize resources and 

mitigate risk in advance of injuries or catastrophic events. 

SUSTAINABILITY The Mint has concentrated on making substantial changes to our buildings and production 

operations to lessen our carbon footprint, and our sustainability projects have shown positive results. Over the 

years, we have reduced or recycled waste, conserved energy by retrofitting several plants, and eliminated some 

carcinogenic chemicals used in production. 

In California, where water conservation is a priority, the San Francisco Mint reduced water consumption in the 

chemical washroom, eliminated ethyl alcohol usage, and reduced blank and coin quality issues. As a result of the 

team’s efforts, we reduced water consumption in the chemical washroom by more than 90 percent and reduced 

overall building water consumption by 42 percent (an average of 126,785 gallons per month). California has been 

going through an extreme drought this year and efforts like this not only save the Mint money and eliminate 

potential employee exposure to chemicals, but the work benefits the community as well. 

Partly as a result of these efforts, the San Francisco Mint met the qualifications for ISO 14001 certification in May, 

so now all our manufacturing facilities are ISO certified. An ISO certification means the Mint meets all the specified 

standards for environmental reporting and documents environmental targets, aspects and impacts, legal requirements 

and permits, and environmental management processes and plans. 

The Denver Mint also reduced water usage and was awarded its fifth environmental Gold Award in April by the 

Metro Wastewater Reclamation District, the wastewater treatment authority for much of metropolitan Denver and 

parts of northern Colorado. 

The Gold Award recognizes Denver for being in full compliance with pretreatment requirements and a having a 

demonstrated commitment to environmental excellence. Although these are strict requirements, the Denver Mint 

received the award previously in 1999, 2007, 2010, and 2011. 

23
NEW STAFF MEETS ORDERS 

Wilma Harp was hired through one 

of the Mint’s job fairs for veterans 

in Denver. She started working as 

a metal forming machine operator 

in July. She certifies coinage and 

inspects products to ensure we meet 

quality guidelines. A former captain 

in the Marines, Harp performed 

logistical positions, supply roles, 

and commanded detachments 

in Japan and Afghanistan. 

After her military service, she went back to school to learn fabrication, welding, and machining, 

where she heard about the Mint’s job fair. “I enjoy working here,” she said. “The interaction 

between the employees here resembles the team atmosphere that I was used to in the military. 

I feel lucky to be a part of that.” 

HIRING Throughout the federal government, the workforce is aging and beginning to retire in increasing numbers. 

Hiring the right people for the right jobs is a priority for the Mint as we meet the President’s requirements for hiring 

reform. Many of our new hires this year were disabled military veterans. The Treasury Department’s goal is for 6 

percent of all new hires to be disabled veterans; 27.2 percent of the Mint’s employees met this classification. 

When we added a third shift to production facilities in Denver and Philadelphia, we needed several more employees 

to fill the additional shifts. Working with the Center for Women Veterans, the Colorado Department of Labor, and 

Employment Veterans Outreach, the Mint held career fairs in both locations, focusing on veterans and in particular, 

female veterans. From these events, the Mint hired enough staff to make the third shift possible, so we could fulfill 

the Federal Reserve’s orders for circulating coinage. 

MINT GROWS LEAN SIX SIGMA PROGRAM Lean Six Sigma is a customer-centered, data-driven, systematic 

way of improving processes. It’s been used in the private sector for many years to help companies eliminate waste 

and save time in all kinds of applications. Because the training and principles of Lean Six are very transferrable, 

they can be used in nearly any business. 

The Mint’s Lean Six Sigma program began in April 2014 and is run by the headquarters quality division. So far, by 

applying Lean Six principles to various projects, we have saved approximately half a million dollars across the Mint. 

One of the overriding principles of Lean Six is to collaborate and communicate as a group. The Mint’s program is set 

up so that any employee who has supervisor approval and a project that could benefit from the Lean Six protocol can 

participate in the program. Employees meet weekly to discuss their projects. Once the project is complete, employees 

can assist on other projects. Currently, 59 employees have been trained, and 12 projects have been completed. 

POLICE TRAINING IMPROVES SECURITY The United States Mint Police is only one of two federal police 

organizations currently accredited by the Commission on Accreditation for Law Enforcement Agencies, a standarddriven body recognized for ensuring best practices amongst its membership. In 2015, the Mint initiated action for 

Federal Law Enforcement Training Accreditation (FLETA) for the Field Training Officer program. FLETA uses 

nationally recognized standards for new officer training and has been adopted by the majority of uniformed law 

enforcement organizations. This training is intended to increase professionalism, reduce liability, and provide 

stronger protection for the Mint’s assets. 

24
ANALYSIS OF SYSTEMS, CONTROLS, AND LEGAL COMPLIANCE
�

The Mint is responsible for establishing and maintaining effective internal controls 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, and the 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, we provide herein unqualified assurance that the above listed management control 

objectives, taken as a whole, were achieved by our organization during FY 2015. Specifically, this assurance is 

provided in accordance with Sections 2 and 4 of the FMFIA. We further assure that our financial management 

systems are in compliance with the requirements imposed by the FFMIA. 

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

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

required Treasury assessment of the effectiveness of the United States Mint internal controls over financial reporting 

in accordance with OMB Circular A-123, Management’s Responsibility for Internal Control. Based on the results 

of this assessment, the Mint can provide unqualified assurance that its internal control over financial reporting as 

of June 30, 2015, 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. 

25
• 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. 

• 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). 

• Quarterly reviews of Mint Purchase Cards. 

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. 

26
MESSAGE FROM THE CHIEF 

FINANCIAL OFFICER: 

I am pleased to present the Mint’s financial statements as part of the FY 2015 Annual 

Report. Our independent auditors rendered an unmodified or “clean” audit opinion on 

these financial statements. 

FY 2015 saw demand for circulating coins grow to 16.2 billion coins, up 23.9 percent 

from last year and 199.1 percent from FY 2010. In addition, our bullion products were 

in high demand as we provided investors gold and silver coins at a rate that was 25.4 

percent higher than last year, thanks to a spike in demand during the last quarter 

of the fiscal year. The numismatic business line operated at a consistent level, with 

the number of units shipped comparatively close to the prior year’s level. The surges 

in circulating and bullion demand required the support functions of the Mint to be 

flexible and responsive to the resource needs. A third shift was reinstated at the circulating coin plants (Philadelphia 

and Denver), supply chains expanded to meet the raw material needs, and resources that directly linked to 

production were increased (such as supplies, freight, and overtime). While direct costs increased due to the surge 

in circulating and bullion coins, the indirect costs continued to be controlled and in many cases reduced. Overall, 

SG&A for the Mint was down $7.6 million dollars in FY 2015 when compared to FY 2014 and 12.7 percent down 

when compared to FY 2010. What this means is that we have the right tools and data in place to quickly meet 

demand while still controlling indirect costs. This is an excellent effort of supporting Manufacturing and Protection 

in accomplishing our primary mission. 

In FY 2015, the CFO’s team implemented a strategy to improve customer service to internal and external customers. 

As a support function, being responsive to the needs of the Mint’s customers is a significant key to having well 

managed and maintained internal controls. In addition, our external and internal customers need and deserve a 

positive experience when interacting with the CFO team. Through training and encouragement, customer service 

is becoming a key element of our value system. The simple phrase “Reliable Service Delivered Quickly and 

Confidently by Knowledgeable, Courteous People” captures the core of this effort. 

Finally, our Financial Statements show that the Mint is fiscally strong and viable. We returned to the general fund 

seigniorage of $550 million, which will be used to reduce the United States’ interest on debt. In the first quarter of 

FY 2016, we will return the earnings of the numismatic program $61 million. 

The statements presented here are in compliance 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, we can provide unmodified assurance that internal controls over financial reporting are operating 

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

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. 

David Motl 

United States Mint 

Chief Financial Officer 

David Motl, Chief Financial Officer
	

27
Independent Auditors’ Report 

Inspector General 

Department of the Treasury 

Principal Deputy 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, 2015 and 2014, 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; the standards 

applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the 

United States; and Office of Management and Budget (OMB) Bulletin No. 15-02, Audit Requirements for Federal 

Financial Statements. Those standards and OMB Bulletin No. 15-02 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. 

28
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. 

Opinion on the Financial Statements 

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, 2015 and 2014, 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, 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 

Principal Deputy Director’s Letter, Organizational Profile, The United States Mint at a Glance, Message from the 

Chief Financial Officer, Other Information and Appendix 1: FY 2015 Coin and Medal 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 audit 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 

In accordance with Government Auditing Standards, we have also issued our report dated December 9, 2015 on our 

consideration of the United States Mint’s internal control over financial reporting and our report dated December 9, 

2015 on our tests of its compliance with certain provisions of laws, regulations, contracts, and other matters. 

The purpose of those reports is to describe the scope of our testing of internal control over financial reporting and 

compliance and the results of that testing, and not to provide an opinion on the internal control over financial 

reporting or on compliance. Those reports are an integral part of an audit performed in accordance with Government 

Auditing Standards in considering the United States Mint’s internal control over financial reporting and compliance. 

December 9, 2015 

29
 

 Advances and Prepayments (Note 5)

 Accounts Receivable, Net (Note 4)

 Advances and Prepayments (Note 5)

 Accrued Workers’ Compensation and Benefits

 Accounts Payable 

 Accrued Payroll and Benefits 

 Custodial Liability to Treasury (Note 6) 

 Surcharges Payable (Note 3)

 Other Actuarial Liabilities


 


�

DEPARTMENT OF THE TREASURY UNITED STATES MINT
 



BALANCE SHEETS



As of September 30, 2015 and 2014

(dollars in thousands) 

2015 2014 

Assets 

Intragovernmental:

 Fund Balance with Treasury (Note 3) $ 1,008,145 $ 780,867 

 1,207 1,530 

Total Intragovernmental Assets $ 1,009,352 782,397

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

 19,252 18,222

 Inventory (Notes 7 and 20) 547,778

 Supplies 13,692 13,845

 190,267 186,451 

 1 2 

Total Non-Intragovernmental Assets $ 11,130,070 $ 11,260,038 

Total Assets (Notes 2 and 14) $ 12,139,422 $ 12,042,435 

Heritage Assets (Note 9) 

Liabilities 

Intragovernmental: 

 Accounts Payable $ 280 $ 5,645 

 7,646 7,390

 Due to General Fund 1 – 

Total Intragovernmental Liabilities 7,927 13,035

 10,493,740 10,493,740 

 89,950

 4,328 9,569 

 16,201 15,034

 29,709 31,428

 Unearned Revenue 8,675 2,935

 Deposit Fund Liability (Notes 10 and 12) – 94 

Total Non-Intragovernmental Liabilities $ 10,666,016 $ 10,642,750 

Total Liabilities (Notes 10) $ 10,673,943 $ 10,655,785 

Commitments and Contingencies (Notes 12 and 13) 

Net Position 

Cumulative Results of Operations - Funds from

 Dedicated Collections (Note 14) 1,465,479 1,386,650 

Total Liabilities and Net Position $ 12,139,422 $ 12,042,435 

 413,118

 Property, Plant and Equipment, Net (Note 8)

 113,363

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

30
 Less Earned Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015 2014 

Numismatic Production and Sales

 Gross Cost $ 2,445,903 $ 2,231,346
 

 (2,547,728) (2,281,950)
 

Net Program Cost (Revenue) (101,825) (50,604)
 

Numismatic Production and Sales of Circulating Coins

 Gross Cost 5,599 8,799

 (5,599) (8,799) 

Net Program Cost (Revenue) – – 

Circulating Production and Sales

 Gross Cost 573,142 493,931

 (573,142) (493,931) 

Net Program Cost (Revenue) – – 

Net Cost (Revenue) Before Protection of Assets (101,825) (50,604) 

Protection of Assets

 Protection Costs 40,724 39,562

 – – 

Net Cost of Protection of Assets 40,724 39,562 

Net Cost (Revenue) from Operations (Notes 14 and 15) $ (61,101) $ (11,042) 

 Less Earned Revenue (Note 16)

 Less Earned Revenue (Note 16)

 Less Earned Revenue

DEPARTMENT OF THE TREASURY UNITED STATES MINT 

STATEMENTS OF NET COST 

For the years ended September 30, 2015 and 2014 

(dollars in thousands) 

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

31
 

 Transfers to the Treasury General Fund Non-Budget (Note 19)

 

 

 

 

2015 2014 

Cumulative Results of Operations 

Net Position, Beginning of Year - Funds from Dedicated Collections $ 1,386,650 $ 1,317,105 

Financing Sources: 

 Transfers to the Treasury General Fund Budget (Note 19) 

 Other Financing Sources (Seigniorage) (Note 16) 

 Imputed Financing Sources (Note 11) 

Total Financing Sources 

Net Revenue from Operations 

Net Position, End of Year - Funds from 

 Dedicated Collections (Note 14) $ 1,465,479 

 (11,000)

 (550,000)

 566,865

 11,863

 17,728

 61,101

$ 1,386,650 

 (22,000) 

(250,000)

 317,201

 13,302 

58,503 

 11,042 


�


 


 

DEPARTMENT OF THE TREASURY UNITED STATES MINT



STATEMENTS OF CHANGES IN NET POSITION



For the years ended September 30, 2015 and 2014 

(dollars in thousands) 

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

32
 

 (1) 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 (20) 

 

 

 

 

 

2015 2014 

Budgetary Resources: 

Unobligated balance, brought forward, October 1 

Recoveries of prior-year unpaid obligations 

Other changes in unobligated balance 

Unobligated balance from prior year budget authority, net 

Spending Authority from Offsetting Collections 

Total Budgetary Resources 

$ 506,739 $ 496,291 

15,469 17,578 

 (11,000) (22,000) 

 511,208 491,869 

3,131,179 2,876,503 

$ 3,642,387 $ 3,368,372 

Status of Budgetary Resources: 

Obligations Incurred (Note 17) 

Unobligated balance, end of year 

Apportioned 

Total Budgetary Resources 

$ 2,937,553 

704,834 

$ 3,642,387 

$ 2,861,633 

506,739 

$ 3,368,372 

Change in Obligated Balances: 

Unpaid obligations:

 Unpaid obligations, brought forward, October 1 

Obligations Incurred (Note 17) 

Gross Outlays 

Recoveries of Prior Year Unpaid Obligations 

Unpaid obligations, end of year 

$ 280,018 

2,937,553

 (2,898,791)

 (15,469) 

$ 303,311 

$ 198,438 

2,861,633 

(2,762,475) 

(17,578) 

$ 280,018 

Uncollected Payments: 

Uncollected customer payments from Federal 

 Sources, Brought Forward, October 1 

Change in uncollected customer payments from Federal sources 

Uncollected payments, Federal sources, end of year 

$ (5,984) 

$ – 

5,984 

$ (5,964) 

$ (5,984) 

(20) 

Memorandum (non-add) entries: 

Obligated balance, start of year 

Obligated Balance, end of year 

$ 274,034 

$ 303,311 

$ 192,474 

$ 274,034 

Budget Authority and Outlays, Net: 

Budget Authority, gross 

Actual offsetting collections 

Change in uncollected customer payments from Federal Sources 

Budget Authority, net 

$ 3,131,179 

(3,137,163)

 5,984 

$ – 

$ 2,876,503 

(2,852,186) 

$ (24,297) 

Outlays, gross

Actual offsetting collections 

Distributed Offsetting Receipts 

Outlays, Net 

$ 2,898,791

(3,137,163) 

$ (238,373) 

$ 2,762,475

(2,852,186) 

– 

$ (89,711) 


�


 


 

DEPARTMENT OF THE TREASURY UNITED STATES MINT



STATEMENTS OF BUDGETARY RESOURCES



For the years ended September 30, 2015 and 2014 

(dollars in thousands) 

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

33
NOTES TO THE FINANCIAL STATEMENTS 

For the Years Ended September 30, 2015 and 2014 

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. 

34
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 Source (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 other federal entities in a leased building in 

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

FUND BALANCE WITH TREASURY All cash is maintained at the Treasury. Fund Balance with 

Treasury is the aggregate amount of the Mint’s cash accounts with the United States government’s 

central accounts and from which the bureau is authorized to make expenditures. It is an asset because 

it represents the Mint’s claim to United States government resources. 

ACCOUNTS RECEIVABLE Accounts receivable are amounts owed to the Mint from the public and 

other federal entities. An allowance for uncollectible accounts receivable is established for all accounts 

that are more than 120 days past due. However, the Mint will continue collection action on those accounts 

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

INVENTORIES Inventories of circulating and numismatic coinage are valued at the lower of either 

cost or market. Costs of the metal and fabrication components of the inventories are determined using 

a weighted average inventory methodology. Conversion costs (i.e., the cost to convert the fabricated 

blank into a finished coin) are valued using a standard cost methodology. The Mint uses three 

classifications for inventory: raw material (raw metal, unprocessed coil, or blanks), work-in-process 

(WIP – material being transformed to finished coins), and finished goods (coins that are packaged or 

bagged and ready for sale or shipment to the public or the FRB). 

35
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 20). 

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: 

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. 

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. 

36
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 collec

tion 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 Standard (SFFAS 

43): Funds from Dedicated Collections: Amending SFFAS 27, Identifying and Reporting Earmarked 

Funds. As non-entity and non-PEF assets, the United States gold and silver bullion reserves are not 

considered to be funds from dedicated collections. 

UNEARNED REVENUES These are amounts received for numismatic orders which have not yet 

been shipped to the customer. 

RETURN POLICY If for any reason a numismatic customer is dissatisfied, the entire product must 

be returned within seven days of receiving the order to receive a refund or replacement. Shipping 

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

Historically, the Mint receives few returns, which are immaterial. Therefore, no reserve for returns is 

considered necessary. 

SHIPPING AND HANDLING The Mint reports shipping and handling costs of circulating coins 

and numismatic products as a cost of goods sold. General postage costs for handling administrative 

mailings are reported as part of the Mint’s general and administrative expenses. 

ANNUAL, SICK AND OTHER LEAVE Annual leave is accrued when earned and reduced as leave 

is taken. The balance in the accrued leave account is calculated using current pay rates. Sick leave and 

other types of non-vested leave are charged to operating costs as they are used. 

ACCRUED WORKERS’ COMPENSATION AND OTHER ACTUARIAL LIABILITIES The 

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

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

disease, and to pay beneficiaries of employees whose deaths are attributable to 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. 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. 

37 
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 chipped, fused, 

and/or not machine-countable are classified as mutilated. The Mint reimburses the entity that sent in 

the mutilated coins using weight formulas that estimate the face value of these coins. Uncurrent coins 

are worn, but machine-countable, and their genuineness and denominations are still recognizable. 

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

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

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

used in future coin production. 

TAX EXEMPT STATUS As a bureau of the Federal Government, the Mint is exempt from all 

taxes imposed by any governing body, whether it is a federal, state, commonwealth, local, or 

foreign government. 

CONCENTRATIONS The Mint purchases the coil and blanks used in the production of circulating 

coins from three vendors at competitive market prices. The Mint also purchases precious metal blanks 

from four different suppliers. 

CONTINGENT LIABILITIES Certain conditions may exist as of the date of the financial statements 

that may result in a loss to the government, but which will be resolved only when one or more future 

events occur or fail to occur. The Mint recognizes a loss contingency when the future outflow or other 

sacrifice of resources is probable and reasonably estimable. Loss contingencies that are determined by 

management to have a reasonably possible chance of occurring or that cannot be estimated are included 

as a footnote to the financial statements. Contingent liabilities considered remote are generally not 

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

TRANSFERS TO THE TREASURY GENERAL FUND The Mint may transfer amounts determined 

to be in excess of the amounts required for bureau operations and programs to the Treasury General 

Fund periodically throughout the fiscal year. Seigniorage derived from the sale of circulating coins and 

the sale of numismatic products containing circulating coins is a non-budget receipt to the Treasury 

General Fund. Non-budget means that these funds cannot be used for currently funded programs or to 

reduce the annual budget deficit. Instead, they are used solely as a financing source (i.e., they reduce 

the amount of cash that Treasury has to borrow to pay interest on the national debt). 

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

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

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

38
 

 

 

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. 

HEDGING The Mint engages in a hedging program to avoid the effects of fluctuating silver costs as a 

result of the changes in market prices. The Mint purchases silver in large quantities and sells an interest 

in that silver to a trading partner, while maintaining physical custody and title to the silver. Sales of 

silver to the trading partner are made at the same spot price that the Mint paid to obtain the silver on 

the open market. The partner’s interest in the Mint’s silver is reduced as finished silver bullion coins 

are sold to Authorized Purchasers (APs). Repurchases of the trading partner’s interest in the silver 

occurs upon sale of coins by the Mint. Repurchases are made on the same day as sales, in the same 

quantity sold, and using the same spot price as was used for the sale to the AP. Each sale to and from 

the trading partner carries a small transaction fee, the selling and buying fees net to a cost of one-half 

cent per ounce. The Mint incurred $254 thousand in hedging fees in FY 2015, compared to $181 

thousand incurred in FY 2014. 

2. NON-ENTITY ASSETS 

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

(dollars in thousands) 2015 2014 

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

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

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

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

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

Total Entity Assets 1,645,682 1,548,695 

Total Assets $ 12,139,422 $ 12,042,435 

 

 

 

 

 

 

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. 

3. FUND BALANCE WITH TREASURY 

Fund Balance with Treasury at September 30 consists of: 

(dollars in thousands) 2015 2014 

Revolving Fund $ 1,008,145 $ 780,773 

Other Fund Types - 94 

Total of Fund Balance with Treasury $ 1,008,145 $ 780,867 

Status of Fund Balance with Treasury 

Unobligated Balance $ 704,834 $ 506,739 

Obligated Balance, Not Yet Disbursed 303,311 274,034 

Non-Budgetary FBWT – 94 

Total $ 1,008,145 $ 780,867 

 

 

 

 

 

 

 

 

 

39
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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, 2015 and 2014, the revolving fund 

balance included $4.3 million and $9.6 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) September 30, 2015 

Gross Receivables Allowance Net Receivables 

Intragovernmental $ – $ – $ – 

With the Public 19,750 (498) 19,252 

Total Accounts Receivable $ 19,750 $(498) $ 19,252 

(dollars in thousands) 

Gross Receivables 

September 30, 2014 

Allowance Net Receivables 

Intragovernmental 

With the Public 

Total Accounts Receivable 

$ 5,946

18,562 

$ 24,508

$(5,946) 

(340)

$(6,286) 

$ – 

18,222 

$ 18,222 

In FY 2015, the Mint had no Intragovernmental accounts receivable. The FY 2014 Intragovernmental 

receivable and accompanying allowance of $5.9 million was entirely written off the books in FY 2015, 

as it was determined to be uncollectible. This receivable represented an arrangement for the 

production and sale of a joint numismatic product with another federal agency. 

Receivables with the public at September 30, 2015 are $19.7 million, of which $14.6 million is owed 

by fabricators for scrap, webbing, and mutilated coin. The remaining $5.1 million is owed by the 

public for numismatic products. This compares to receivables with the public at September 30, 2014, 

of $18.6 million, of which $13.6 million was owed by fabricators for scrap and webbing, in addition to 

the $5.0 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) 2015 2014 

Intragovernmental $ 1,207 $ 1,530 

With the Public 1 2 

Total Other Assets $ 1,208 $ 1,532 

In FY 2015, the Mint had an Intragrovernmental advances and prepayment balance of approximately 

$1.2 million, which represented payments made to the United States Postal Service for product 

delivery services as of September 30, 2015, compared to approximately $1.5 million paid at September 

30, 2014. Advances with the public for both FY 2015 and 2014 are outstanding travel advances to Mint 

employees who were traveling on government business. 

40
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Market Value ($ per FTO) 

 Market Value ($ in thousands) 

 Statutory Value ($ in thousands) 

 Market Value ($ per FTO) 

 Market Value ($ in thousands) 

 Statutory Value ($ in thousands) 

 Market Value ($ per FTO) 

 Market Value ($ in thousands) 

 Statutory Value ($ in thousands) 

 Market Value ($ per FTO) 

2015 2014 

Gold - Deep Storage:

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

$ 1,114.00 $ 1,216.50

$ 273,222,867 $ 298,362,314

$ 10,355,539 $ 10,355,539 

Gold - Working Stock:

 Inventories (FTO) 2,783,219 2,783,219

$ 1,114.00 $ 1,216.50

$ 3,100,506 $ 3,385,786

$ 117,514 $ 117,514 

Silver - Deep Storage:

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

$ 14.65 $ 17.11

$ 103,651 $ 121,056

$ 9,148 $ 9,148 

Silver - Working Stock:

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

$ 14.65 $ 17.11 

Market Value ($ in thousands) $ 130,749 $ 152,704 

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

Total Market Value of Custodial Gold 

and Silver Reserves ($ in thousands) $ 276,557,773 $ 302,021,860 

Total Statutory Value of Custodial Gold 

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

 

 

 

 

 

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: 

7. INVENTORY

The components of inventories at September 30 are summarized below:

(dollars in thousands)

 

2015 2014 

Raw Materials $ 262,350 $ 350,772

Work-In-Process 58,455 77,018 

Inventory held for current sale 92,313 119,988 

Total Inventory $ 413,118 $ 547,778

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, 2015 and 2014, the inventory includes $218.9 

million and $301.9 million, respectively, which are the market values of the silver hedged. Additional 

information can be found in note 20. Work-in-process consists of semi-finished materials. 

The Mint leases platinum to avoid the effects of fluctuating platinum costs as a result of the changes 

in market prices. The Mint leases platinum for a fee of 0.6 percent and takes physical possession of 

the metal to manufacture platinum bullion coins. Upon sale to the customer, the Mint purchases the 

platinum from the lessor on the same day for the same market price. In FY 2015 and FY 2014, the Mint 

paid $222 thousand and $373 thousand in leasing fees. 

41 
 

 

 

 

 

 

 

 

 

 

 

 September 30, 2014 

 

 

 

 

(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 215,603 (137,517) 78,086 

 26,527 (24,394) 2,133 

 15,101 (14,571) 530 

 23,020 – 23,020 

 295,472 (215,319) 80,153 

Computer Equipment

ADP Software

Construction-In-Progress

Machinery and Equipment

Total Property, Plant

 and Equipment, Net $ 578,252 $ (391,801) $ 186,451 


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8. PROPERTY, PLANT, AND EQUIPMENT, NET

Components of property, plant and equipment are as follows:

(dollars in thousands) September 30, 2015 

Asset Cost Accumulated Depreciation Total Property, Plant 

and Amortization and Equipment, Net

Land $ 2,529 $ – $ 2,529 

Structures, Facilities and

 Leasehold Improvements

 

221,787 (144,446) 77,341 

Computer Equipment 28,780 (23,261) 5,519 

ADP Software 11,696 (11,249) 447 

Construction-In-Progress 9,539 – 9,539 

Machinery and Equipment 314,651 (219,759) 94,892 

Total Property, Plant

and Equipment, Net $ 588,982 $ (398,715) $ 190,267 

The land and buildings used to manufacture circulating coinage and numismatic products are owned 

by the Mint and located in Philadelphia, Denver, San Francisco, and West Point. In addition, the Mint 

owns the land and buildings at the United States Bullion Depository at Fort Knox. Construction-inprogress (CIP) represents assets that are underway, such as in the process of being readied for use, or 

which are being tested for acceptability, but which are not yet being fully utilized by the Mint and, 

therefore, not being depreciated. Depreciation and amortization expenses charged to operations during 

FY 2015 and FY 2014 were $25.6 million and $25.3 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.

42
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Coin Collections 

Quantity of Collections Held September 30, 

2015 2014 

Pattern Pieces/Prototypes 1 1 

Coin Specimens 1 1 

Quality Samples 1 1 

Exotic Metal Coin Samples 1 1 

Total 4 4 

Historical Artifacts Quantity of Collections Held September 30, 

2015 2014 

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 

 


�

10. LIABILITIES NOT COVERED BY BUDGETARY RESOURCES

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

(dollars in thousands) 2015 2014 

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 – 94 

Total Liabilities Not Covered by Budgetary Resources $ 10,493,740 $ 10,493,834 

Total Liabilities Covered by Budgetary Resources 180,203 161,951 

Total Liabilities $ 10,673,943 $ 10,655,785

Liabilities not covered by 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 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 $18,000 for calendar year 2015 (a $6,000 catch-up 

contribution can be given by participants age 50 and older in addition to the $18,000 contribution). 

Employees participating in FERS are covered by the Federal Insurance Contribution Act (FICA), for 

which the Mint contributes a matching amount to the Social Security Administration. 

Although the Mint contributes a portion for pension benefits and makes the necessary payroll 

deductions, it is not responsible for administering either CSRS or FERS. Administering and reporting 

on pension benefit programs are the responsibilities of the Office of Personnel Management (OPM). 

43
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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 33.4 percent of basic pay for CSRS-covered employees 

and 14.8 percent of basic pay for FERS-covered employees were in use for FY 2015. The CSRS and 

FERS factors were 32.8 percent and 15.1 percent, respectively, in FY 2014. 

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) 2015 2014 

Social Security System $ 7,680 $ 7,431 

Civil Service Retirement System 811 882 

Federal Employees Retirement System

 (Retirement and Thrift Savings Plan) 14,906 13,247 

Total Retirement Plans and Other Post-Employment Cost $ 23,397 $ 21,560 

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 $5,469 

and $5,169 per employee enrolled in the Federal Employees Health Benefits Program in FY 2015 and 

FY 2014, 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 2015 and FY 2014. 

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) 2015 2014 

Health Benefits $ 8,288 $ 7,654 

Life Insurance 23 20 

Pension Expense 3,145 5,049 

Total Imputed Retirement and Post-Employment Costs $ 11,456 $ 12,723 

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 2015, there were no payments by the Judgment 

Fund on behalf of the Mint. Also during FY 2015, the Mint received unreimbursed services (imputed 

financing) from another federal agency in the amount of $407 thousand. During FY 2014, entries for 

Judgment Fund payments totaled approximately $165 thousand. 

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 renewal options. Because all of the Mint’s leases can be canceled, 

there are no minimum lease payments due. 

THE MINT AS LESSOR: The Mint sublets office space at cost to several other federal entities in the 

leased Headquarters building in Washington, D.C. As of September 30, 2015, the Mint sublet in excess 

of 56,000 square feet in the leased building. Tenants include the Internal Revenue Service, Treasury 

Executive Institute, and U.S. Marshals Service. Starting September 30, 2015, the Treasury Executive 

44
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• Langbord v. United States: The plaintiffs in this case, filed a complaint for return of the property (ten

1933 Double Eagle gold coins) or, in the alternative, damages in the amount of $40 million. On April

17, 2015, a three-judge panel of the Third Circuit Court of Appeals returned a decision vacating a

2011 jury verdict, and declaratory judgement order, which were both in the Government’s favor, and

ordered that the Double Eagles be returned to the Langbord family. The Government since filed a

petition before the Third Circuit for rehearing en banc to reconsider the decision of the three-judge

panel. On July 28, 2015, the court granted the Government’s petition for rehearing en banc and

vacated the April 17 opinion and judgment. There is a reasonable possibility that the matter will be

resolved against the Government, and the estimated potential loss is between $0 and $40 million. 


�

Institute lease of approximately 4,600 square feet was canceled. All of the subleases are operating 

leases and subject to annual availability of funding. The Mint has also entered into an agreement to 

sublet space in the Headquarters building to a commercial tenant. 

Future Projected Receipts: Building Sub-lease 

Year 6 (FY 2016) $ 404,460 

Year 7 (FY 2017) 404,460 

Year 8 (FY 2018) 404,460 

Year 9 (FY 2019) 404,460 

Total Future Operating Lease Receipts $1,617,840 

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. In the opinion of management, the

ultimate resolution of these actions will not significantly affect the Mint’s financial position or the

results of its operations.

The Chief Counsel of the Mint provided a Legal Representation Letter reflecting the outcome of other 

legal actions, whether individually or in the aggregate, will not have a significant impact on the Mint’s 

financial statements, except for the pending legal action described below. The pending legal case may 

have a material impact on the Mint’s financial statements depending on the outcome of the case. 

Pending Legal Action 

14. FUNDS FROM DEDICATED COLLECTIONS (FORMERLY EARMARKED FUNDS)

Pursuant to 31 U.S.C. § 5136, all receipts from Mint operations and programs, including the production

and sale of numismatic items, the production and sale of circulating coinage at face value to the FRB,

the protection of government assets, and gifts and bequests of property, real or personal shall be

deposited into the PEF and shall be available to fund its operations without fiscal year limitations.

The PEF meets the requirements of funds from dedicated collections as defined in Statement of Federal

Financial Accounting Standards (SFFAS) 43 Funds from Dedicated Collections: Amending SFFAS 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. INTRAGOVERNMENTAL COSTS AND EARNED REVENUE

Intragovernmental costs and earned revenue reflect transactions in which both the buyer and seller are

federal entities. Revenue with the public reflects transactions for goods or services with a non-federal

entity. The purpose for this classification is to enable the federal government to prepare consolidated

financial statements. The following table provides earned revenues, gross cost, and net program revenue:

45 
 

 

 

 

 Total Intragovernmental Costs 

 

 

 Total Public Cost 

 

 

 

 Total Intragovernmental Revenues 

 

 Total Earned Revenue 

 

 

 Total Intragovernmental Costs 

 

 

 Total Public Cost 

 

 

 Total Earned Revenue 

 

 

 

 

 

 Total Intragovernmental Costs 

 

 Other Costs and Expenses (Mutilated and Uncurrent) 8,510 26,118 

 Total Public Cost 

 

 

 Total Earned Revenue 

 

(dollars in thousands)

Numismatic Production and Sales 2015 2014 

Cost:

 Intragovernmental:

 Cost of Goods Sold $ 18,743 $ 18,124

 Selling, General and Administrative 19,518 18,632

 Imputed Costs 5,347 6,086 

 43,608 42,842

 Public:

 Cost of Goods Sold 2,331,927 2,115,540

 Selling, General and Administrative 70,368 72,964 

 2,402,295 2,188,504 

Gross Cost 2,445,903 2,231,346 

Revenue:

 Intragovernmental:

 Rent Revenues 2,919 2,866

 Other Intragovernmental Revenues 15 27 

 2,934 2,893

 Public 2,544,794 2,279,057 

 2,547,728 2,281,950 

Net Program Cost (Revenue) $ (101,825) $ (50,604) 

Numismatic Production and Sales of Circulating Coins 

Cost:

 Intragovernmental:

 Selling, General and Administrative $ 171 $ 264 

 171 264

 Public:

 Cost of Goods Sold 4,813 7,500

 Selling, General and Administrative 615 1,035 

 5,428 8,535 

Gross Cost 5,599 8,799 

Revenue:

 Public 5,599 8,799 

 5,599 8,799 

Net Program Cost (Revenue) $ – $ – 

Circulating Production and Sales 

Cost:

 Intragovernmental:

 Cost of Goods Sold $ 4,027 $ 3,415

 Selling, General and Administrative 13,508 12,279

 Imputed Costs 6,517 7,219 

 24,052 22,913

 Public:

 Cost of Goods Sold 500,995 398,665

 Selling, General and Administrative 39,585 46,235 

 549,090 471,018

 Gross Cost 573,142 493,931

Revenue:

 Other Intragovernmental Revenues 7 31

 Public 573,135 493,900 

 573,142 493,931 

Net Program Cost (Revenue) $ – $ – 

Net Cost (Revenue) Before Protection of Assets $ (101,825) $ (50,604) 

46
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 2015 2014 

 

 

 

 

Protection of Assets 

Cost:

 Intragovernmental:

 Protection Cost $ 7,878 $ 7,965

 Public:

 Protection Cost 32,846 31,597 

Net Cost of Protection of Assets $ 40,724 $ 39,562 

Net Cost (Revenue) from Operations $ (61,101) $ (11,042) 

 

 

 

 

 


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16. EARNED REVENUE AND OTHER FINANCING SOURCE (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 Number 7, Accounting for Revenue and Other Financing Sources and Concepts for Reconciling 

Budgetary and Financial Accounting, limits the amount 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 Source” 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 Statement of Net Costs and Seigniorage from the Statement of Changes in Net 

position for the year ended September 30: 

(dollars in thousands) 2015 2014 

Revenue-FRB $ 573,142 $ 493,931 

Seigniorage-FRB 540,908 289,103 

Total Circulating Coins $ 1,114,050 $ 783,034 

Revenue-with the public $ 5,599 $ 8,799 

Seigniorage-with the public 25,957 28,098 

Total Numismatic sales of Circulating Coins $ 31,556 $ 36,897 

Total Seigniorage $ 566,865 $ 317,201 

17. 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 A apportions budgetary resources by fiscal quarters. 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 2015. 

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 Statement of Budgetary

 Resources 

 

 

 

 

 

(rounded to millions) September 30, 2014 

President’s

United States Mint Public Enterprise Fund Budget

Total Budgetary Resources $ 3,368 $ 3,368 

Status of Budgetary Resources:

 Obligations Incurred $ 2,862 $ 2,862

 Unobligated Balances-available 506 506 

Total Status of Budgetary Resources $ 3,368 $ 3,368 

Net Outlays $ 90 $ 90 

 

 

 

 

 

 Total Apportionment

 Categories of Obligations Incurred

(dollars in thousands) 2015 2014

Category B 

 Total Operating Expenses 

Numismatic Capital 

$2,910,728 

 11,270 

$2,787,590

 10,974

 Circulating and Protection Capital 15,555 18,085 

Category AB

 Order Management System – 44,984 

 $2,937,553 $2,861,633 


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

apportioned under categories B and category AB apportionments. 

18. EXPLANATION OF DIFFERENCES BETWEEN THE STATEMENT OF BUDGETARY

RESOURSES 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 for FY 2015 is expected 

to be published in February 2016 and made available through OMB. Therefore, the analysis presented 

here is for the prior year (FY 2014) “actual” figures published in the President’s budget in February 

2015. The following chart displays the comparison of the FY 2014 SBR and the actual FY 2014 

balances included in the FY 2016 President’s Budget. 

19. 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, 2015 and 2014, the Mint transferred

excess receipts to the Treasury General Fund of $561 million and $272 million, respectively.

20. HEDGING PROGRAM

At September 30, 2015 and 2014, the market value of the silver sold to the trading partner and not

yet sold by the Mint and, therefore, not repurchased from the trading partner, was $218.9 million and

$301.9 million, respectively. At September 30, 2015, the trading partner owed the Mint $3.0 million

in unpaid realized gains, while at September 30, 2014, the trading partner owed the Mint $4.4 million

in unpaid realized gains. In FY 2015, the Mint recorded an unrealized gain of $7.7 million compared

to an unrealized loss of $5.7 million in FY 2014.

48 
 

 

 3,146,648

 1 

 (209,096) (8,151)

 Transfers to the Treasury General Fund Non-Budget

 

 Total Resources Used to Finance Items

 Not Part of the Net Cost of Operations 

(dollars in thousands)

Resources Used to Finance Activities:

 Budgetary Resources Obligated

 Obligations Incurred 

 Less: Spending Authority from

 Offsetting Collections and Recoveries 

 Less: Offsetting Receipts 

Net Obligations 

 Other Resources 

 Transfers to the Treasury General Fund Budget

 Imputed Financing from Costs Absorbed by Others

Other Financing Sources (Seigniorage)

 Net Other Resources Used to Finance Activities

Total Resources Used to Finance Activities

Resources Used to Finance Items Not Part 

of the Net Cost of Operations:

 Change in Budgetary Resources Obligated for Goods,

 Services and Benefits Ordered but Not Yet Provided

 Resources that fund Expenses Recognized in Prior Periods

 Budgetary Offsetting Collections and Receipts That Do Not 

 Affect Net Cost of Operations - Other 

 Resources that Finance the Acquisition

 of Assets or Liquidation of Liabilities

 Other

Total Resources Used to Finance the Net Cost of Operations

 For The Years Ended September 30, 

2015 2014 

$ 2,937,553 $ 2,861,633

 2,869,784

 –

 (11,000) (22,000) 

(550,000) (250,000)

 11,863 13,302

 566,865 317,201

 17,728 58,503 

(191,368) 50,352 

(484) 10,485

 (24) –

(1) –

 702,665 596,218

 (11,597) (22,000) 

690,559 584,703 

 (881,927) (534,351) 

 (5,295)

 

 

Components Requiring or Generating 

Resources in Future Periods

 Increase in Exchange Revenue Receivable from the Public

Total Components of Net Cost of Operations that will 
 

Require or Generate Resources in Future Periods 

Components not Requiring or Generating Resources

 in the Current Period

 Depreciation and Amortization 

 Revaluation of Assets 

Other

Total Components of Net Revenue from Operations

 that will not require or Generate Resources

Total Components of Net Revenue from Operations

 that will not require or Generate Resources

 in the Current Period 

– (1,385)

– (1,385) 
 

25,585

 800,536

 25,288

 5,838

 493,568 

820,826 524,694 

820,826 523,309 

Net Cost (Revenue) from Operations $ (61,101) $ (11,042) 


 


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21. RECONCILIATION OF NET COST OF OPERATIONS (PROPRIETARY) TO BUDGET

22. UNDELIVERED ORDERS AT THE END OF THE PERIOD

Budgetary resources obligated for undelivered orders as of September 30, 2015 and 2014 were

$137,324 and $132,107 respectively.

49 

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REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) 

FOR THE YEARS ENDED SEPTEMBER 30, 2015 AND 2014 

INTRODUCTION 

This section provides the Required Supplementary Information as prescribed by the Office of 

Management and Budget (OMB) Circular A-136, “Financial Reporting Requirements” and Statement 

of Federal Financial Accounting Standards (SFFAS) #29 Heritage Assets and Stewardship Land. 

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 

2015 and 2014, the Mint had no deferred maintenance costs to report on vehicles, buildings, structures, 

and equipment owned by the Mint. There is also no deferred maintenance on heritage assets, which 

includes the Denver, West Point, San Francisco, and Fort Knox buildings. 

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OTHER INFORMATION 

DEPARTMENT OF THE TREASURY UNITED STATES MINT SCHEDULE OF SPENDING 

What Money is Available to Spend? 

Total Resources 

Less Amount Not Agreed to be Spent 

Total Amounts Agreed to be Spent 

How was the Money Spent? 

Personnel Compensation

Personnel Benefits

Benefits for Former Personnel

Travel and transportation of persons

Transportion of things

Rent, Communications, and utilities

Printing and reproduction

Other contractual services

Supplies and materials

Equipment

Land and structures

Insurance claims and indemnities

Interest

Total Amounts Agreed to be Spent 

Who did the Money go to? 

Federal

Non-Federal 

Total Amounts Agreed to be Spent 

For The Years Ended September 30, 

2015 2014 

(dollars in thousands) 

$3,642,387 $3,368,372 

 (704,834) (506,739) 

$2,937,553 $2,861,633 

143,435 139,544 

44,590 44,347 

200 (260) 

1,616 1,603 

34,747 29,504 

27,583 27,393 

1,382 869 

73,808 66,654 

2,578,794 2,519,979 

22,031 26,634 

9,328 5,356 

0 2 

39 8 

$2,937,553 $2,861,633 

57,182 67,032 

2,880,371 2,794,601 

$2,937,553 $2,861,633 

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Independent Auditors’ Report on Internal Control Over Financial Reporting 

Inspector General 

Department of the Treasury 

Principal Deputy Director 

United States Mint: 

We have audited, in accordance with auditing standards generally accepted in the United States of America; the 

standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller 

General of the United States; and Office of Management and Budget (OMB) Bulletin No. 15-02, Audit Requirements 

for Federal Financial Statements, the financial statements of the United States Mint, which comprise the balance 

sheets as of September 30, 2015 and 2014, 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, and have issued our 

report thereon dated December 9, 2015. 

Internal Control Over Financial Reporting 

In planning and performing our audit of the financial statements as of and for the year ended September 30, 2015, 

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

audit procedures that are appropriate in the circumstances for the purpose of expressing our opinion on the financial 

statements, but not for the purpose of expressing an opinion on the effectiveness of the United States Mint’s internal 

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

We did not test all internal controls relevant to operating objectives as broadly defined by the Federal Managers’ 

Financial Integrity Act of 1982. 

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

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

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

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

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

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

to merit attention by those charged with governance. 

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

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

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

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

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Purpose of this Report 

The purpose of this report is solely to describe the scope of our testing of internal control and the result of that 

testing, and not to provide an opinion on the effectiveness of the United States Mint’s internal control. This report is 

an integral part of an audit performed in accordance with Government Auditing Standards in considering the United 

States Mint’s internal control. Accordingly, this communication is not suitable for any other purpose. 

December 9, 2015 

53
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Independent Auditors’ Report on Compliance and Other Matters 

Inspector General 

Department of the Treasury 

Principal Deputy Director 

United States Mint: 

We have audited, in accordance with auditing standards generally accepted in the United States of America; the 

standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller 

General of the United States; and Office of Management and Budget (OMB) Bulletin No. 15-02, Audit Requirements 

for Federal Financial Statements, the financial statements of the United States Mint, which comprise the balance 

sheets as of September 30, 2015 and 2014, 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, and have issued our 

report thereon dated December 9, 2015. 

Compliance and Other Matters 

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

material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, and contracts, noncompliance with which could have a direct and material effect on the determination of financial statement 

amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, 

and accordingly, we do not express such an opinion. The results of our tests of compliance disclosed no instances 

of noncompliance or other matters that are required to be reported herein under Government Auditing Standards or 

OMB Bulletin No. 15-02. 

Purpose of this Report 

The purpose of this report is solely to describe the scope of our testing of compliance and the result of that testing, 

and not to provide an opinion on the United States Mint’s compliance. This report is an integral part of an audit 

performed in accordance with Government Auditing Standards in considering the United States Mint’s compliance. 

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

December 9, 2015 

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APPENDIX I: FY 2015 COIN AND MEDAL PRODUCTS
 

CONGRESSIONAL GOLD MEDALS 

WORLD WAR II MEMBERS OF THE CIVIL AIR PATROL 

CONGRESSIONAL GOLD MEDAL 

Medal Awarded: December 10, 2014 

Description: During the Second World War, civilians with their own 

airplanes were eligible to join the Civil Air Patrol (CAP). An estimated 

100,000 unpaid civilians participated in the CAP and between March 1942 

and August 1943, 40,000 civilian pilots aged 18 to 80 looked for enemy 

submarines and wreckage in the Gulf of Mexico and the Atlantic coasts. 

As a result, submarine attacks moved away from the United States. 

After the CAP was dismissed from coastal missions, the Navy took over 

patrolling the coastline and CAP fliers transitioned to civilian rescue 

operations for natural disasters and other emergencies. In 1946, the CAP 

became an auxiliary of the U.S. Air Force. After it was presented, this 

gold medal was given to the Smithsonian Institution for display. 

THE FIRST SPECIAL SERVICE FORCE 

CONGRESSIONAL GOLD MEDAL 

Medal Awarded: February 2, 2015 

Description: This gold medal honors the only joint American-Canadian 

volunteer unit for special operations in Europe during World War II. Trained 

in Helena, Montana, this highly specialized unit was deployed to the 

Aleutian Islands, Italy, and France and disbanded in 1944. This single gold 

medal was given to the First Special Service Force Association in Helena to 

display. The obverse (heads) highlights the mountaineering, silent landings 

and amphibious combat abilities of the First Special Service Force. The 

reverse (tails) features the First Special Service Force’s insignia, with 

crossed arrows at the bottom of the design, and a banner in the eagle’s 

beak that reads “USA” and “CANADA.” 

JACK NICKLAUS CONGRESSIONAL GOLD MEDAL 

Medal Awarded: March 24, 2015 

Description: Jack Nicklaus, the world-famous golfer, amassed 120 victories 

in professional national and international competitions, and won each major 

championship at least three times. He is the only player to complete a career 

“Grand Slam” on both the regular and senior tours and holds the record 

for most major championships as a senior. He helped design more than 

290 golf courses worldwide, including one specifically for wounded and 

disabled veterans, and was instrumental in the decision to include golf as a 

sport in the 2016 Olympics. In addition to his numerous awards and honors, 

Nicklaus was awarded the Presidential Medal of Freedom in 2005. In his 

personal life, he and his wife have supported various charitable causes for 

children. The Congressional Gold Medal was awarded to him in recognition 

of his service to the United States in promoting excellence, good sportsmanship, and philanthropy. 

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DOOLITTLE TOKYO RAIDERS CONGRESSIONAL GOLD MEDAL 

Medal Awarded: April 15, 2015 

Description: The Doolittle Tokyo Raiders were a group of 80 aircraft 

crewmen who volunteered for a dangerous mission in April 1942. Sixteen 

B-25 bombers took off from the deck of the USS Hornet, led by Lt. Col. 

James Doolittle. They planned to fly over Japan, drop their bombs, and then 

land in a part of China that was still free. Dwindling fuel supplies prevented 

the crews from reaching their rendezvous points, forcing them to ditch their 

aircrafts at sea, bail out, or crash in China. One crew flew to the Soviet 

Union, where they were held as prisoners until they escaped 13 months 

later. The Chinese people helped most of the Doolittle Raiders evade 

capture, but of the 80 men on the mission, eight were captured and four 

executed, two died in the crash and one died on bailout, and 13 died later 

in the war. This raid made Japan shift resources to better defend from future 

attacks, which resulted in an American victory at the Battle of Midway, 

which turned the tide in the Pacific War. This gold medal was given to the 

National Museum of the United States Air Force. 

AMERICAN FIGHTER ACES CONGRESSIONAL GOLD MEDAL 

Medal Awarded: May 20, 2015 

Description: Since World War I, the United States has put more than 60,000 

military fighter pilots in the air, but less than 1,500 of them became Fighter 

Aces. American Fighter Aces are one of the most decorated military groups 

in American history. These fighter pilots have served honorably in a U.S. 

military service and have destroyed five or more confirmed enemy aircraft 

in aerial combat during a war or conflict in which American armed forces 

have participated. They represent every state in the union. This gold medal 

honors their service, and after it was presented to the American Fighter Aces 

it will be displayed at the Smithsonian Institution. 

NATIVE AMERICAN CODE TALKER CONGRESSIONAL GOLD 

MEDALS – CROW NATION, FOND DU LAC BAND OF LAKE 

SUPERIOR CHIPPEWA, AND THE ROSEBUD SIOUX TRIBE 

Medals Awarded: December 4, 2014, June 26, and August 18, 2015 

Under the Code Talkers Recognition Act of 2008, the United States Mint 

was authorized to create 33 Congressional Medals in honor of Native 

Americans who served as code talkers in the U.S. Armed Services during 

World War I and World War II. These Native Americans served in the U.S. 

Armed Forces and transmitted secret coded messages for tactical military 

operations in World War I and World War II. Because the language used by 

the code talkers was not based on a European language or on a mathematical 

progression, enemies were unable to understand any of the transmissions. 

Gold medals were struck for each Native American tribe with a member 

who served as a code talker. Silver duplicate medals were presented to the 

code talkers or their relatives or representatives. Congress awarded 26 

medals last year and three medals in FY 2015. 

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AMERICA THE BEAUTIFUL QUARTERS® PROGRAM 

EVERGLADES NATIONAL PARK – FLORIDA 

Coin Released: November 3, 2014 

Description: With 1.5 million acres of tropical and subtropical habitat, 

Everglades National Park is one of the world’s most diverse ecosystems 

and draws about a million visitors a year. Established as a National Park in 

1934, it has since been designated as an International Biosphere Reserve, a 

Wetland of International Importance and a World Heritage Site. It provides 

important habitat for numerous rare and endangered species like the 

manatee, American crocodile and the elusive Florida panther. The reverse 

design, inspired by the bird population in the Everglades, features an 

anhinga with outstretched wings on a willow tree and a roseate spoonbill. 

Both birds are found throughout the Everglades National Park. 

HOMESTEAD NATIONAL MONUMENT OF AMERICA – 

NEBRASKA 

Coin Released: February 9, 2015 

Description: President Lincoln signed the Homestead Act of 1862, which 

granted a 160-acre parcel of land to anyone willing to settle it, improve 

it, and live on it for five years, provided the settler had not taken up arms 

against the United States and was either 21 years old or the head of a 

family. This language meant that women, former slaves, and immigrants 

were eligible to own land for the first time, and between 1862 and 1934, 

the federal government granted 1.6 million homesteads and distributed 

approximately 10 percent of all land in the United States to private 

ownership. The first land parcel claimed was the Freeman property, in 

Nebraska, which is depicted on the coin along with the three fundamentals 

of survival common to all homesteaders: food, shelter, and water. 

KISATCHIE NATIONAL FOREST – LOUISIANA 

Coin Released: April 20, 2015 

Description: Louisiana’s only national forest is 604,000 acres of bayous, 

bald cypress groves and old growth pine. Wild orchids and carnivorous 

plants make the forest their home, as do Louisiana pine snakes, red-cockaded 

woodpeckers, Louisiana black bears and Louisiana pearlshell mussels. 

Birds winter at the Kisatchie National Forest, making it a popular place 

for birdwatchers and photographers. Designated in 1930, the area is spread 

across seven parishes and is divided into five Ranger Districts. The quarter 

features a wild turkey in flight over blue stem grass with long leaf pine. 

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BLUE RIDGE PARKWAY – NORTH CAROLINA 

Coin Released: June 22, 2015 

Description: Construction on the Blue Ridge Parkway started in September 

1935 as part of President Roosevelt’s New Deal program, which gave jobs 

to the unemployed during the Great Depression. Linking the Shenandoah 

National Park to the edge of the Great Smoky Mountain National Park, the 

Blue Ridge Parkway is 469 miles of scenic road through Virginia and North 

Carolina. Hiking, camping, and fishing are popular activities, and thousands 

of people a year visit the area. The coin shows the road hugging the side of 

a mountain and the North Carolina state flower. 

BOMBAY HOOK NATIONAL WILDLIFE REFUGE – DELAWARE 

Coin Released: September 14, 2015 

Description: Bombay Hook National Wildlife Refuge protects one of the 

largest remaining unaltered expanses of tidal salt marsh in the mid-Atlantic 

region. Located along the coast of Delaware, the 16,000 acre refuge is 

mostly marsh, but also includes freshwater impoundments and upland 

habitats for other wildlife. Bombay Hook was established in 1937 as a link 

in the chain of refuges extending from Canada to the Gulf of Mexico. 

It is primarily a refuge and breeding ground for migrating birds and other 

wildlife. This coin features a great blue heron and a great egret. 

PRESIDENTIAL $1 COIN PROGRAM 

HARRY S. TRUMAN PRESIDENTIAL $1 COIN 

33RD PRESIDENT, 1945-1953 

Coin Released: November 17, 2014 

Description: Harry S. Truman was vice president when President Roosevelt 

died in office. Truman characterized his first year in office as a “year of 

decisions.” He authorized the atomic bombing of Japan, ending World War 

II. During his first term, the United States and the Soviet Union transitioned 

from being allies during the war to being adversaries as the Cold War 

gained momentum. His foreign policy initiatives reflected this: The Truman 

Doctrine, the Marshall Plan, the Berlin airlift, and the Korean War provided 

assistance to countries threatened by communism. Domestically, Truman 

was stymied by a Republican Congress in expanding the New Deal policies 

begun by Roosevelt, but he expanded Social Security and developed a 

full-employment program, a permanent Fair Employment Practices Act, 

and public housing and slum clearance, known as the Fair Deal. He also 

ended segregation in the civil service and armed forces. Truman was 

expected to lose the 1948 election; before all the votes were counted, 

newspapers printed that his opponent, Dewey, won. But Truman’s 

extensive country-wide whistle-stop campaign paid off, and he won the 

election. When Truman retired in 1953, he spent his time writing and 

lecturing. He died in 1972. 

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DWIGHT D. EISENHOWER PRESIDENTIAL $1 COIN 

34TH PRESIDENT, 1953-1961 

Coin Released: April 13, 2015 

Description: A graduate of West Point Academy, five-star general Dwight 

D. Eisenhower spent his career in the military serving under Generals Fox 

Conner, John J. Pershing, Walter Krueger, Douglas MacArthur and George 

Marshall, all of whom helped prepare him for World War II, where he 

commanded the Allied Forces in North Africa in 1942 and planned and 

carried out the invasion of Normandy in 1944. In 1948, he became president 

of Columbia University, but took leave to become the Supreme Commander 

of NATO. With the slogan, “I like Ike,” he was elected President of the 

United States in 1952 by a wide margin. His military background influenced 

his Cold War negotiating with the Soviet Union, and he concentrated on 

maintaining world peace. Domestically, he continued most of the New Deal 

and Fair Deal programs, and supported desegregation, sending troops into 

Little Rock, Arkansas, to ensure states complied with Federal court 

orders, and integrating the Armed Forces. He left office in 1961, retired 

to Pennsylvania, and died in 1969. 

JOHN F. KENNEDY PRESIDENTIAL $1 COIN 

35TH PRESIDENT, 1961-1963 

Coin Released: June 18, 2015 

Description: John F. Kennedy was the youngest man elected president, and 

the youngest to die in office, assassinated in Dallas in 1963. In his inaugural 

address, he asked Americans to “ask not what your country can do for you – 

ask what you can do for your country,” and when the Peace Corps was 

created, people signed up in droves to promote peace in developing 

countries. Domestically, Kennedy is best-known for laying the groundwork 

to end privation and poverty, actively supporting human and civil rights, 

and developing economic programs that launched the longest sustained 

expansion since World War II. His foreign policy was focused on preventing 

the expansion of communism, which included opposing the Soviet Union 

in installing nuclear missiles in Cuba. War was narrowly avoided, and the 

Soviets agreed to recall the missiles. A test ban treaty in 1963 further 

strengthened the uneasy peace between countries with nuclear weapons. 

Kennedy is also associated with the space race. In an address to Congress 

in 1961, he challenged America to put a man on the Moon before the end 

of the decade, a goal realized in July of 1969, when Neil Armstrong and 

Edwin “Buzz” Aldrin became the first men to walk on the Moon. 

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LYNDON B. JOHNSON PRESIDENTIAL $1 COIN 

36TH PRESIDENT, 1963-1969 

Coin Released: August 18, 2015 

Description: Lyndon B. Johnson took the oath of office on the airplane 

carrying John F. Kennedy’s body back to Washington, D.C. Kennedy had 

been working on a number of issues, namely a new civil rights bill and a tax 

cut, which Johnson quickly enacted and which paved the way for Johnson’s 

Great Society program, an idealistic vision of what America could be. 

Under his guidance, Congress passed legislation to improve education; 

fight disease; establish Medicare and Medicaid; reform immigration; 

establish Head Start; promote urban renewal, beautification, and conservation; develop depressed regions and fight against poverty; control and 

prevent crime and delinquency; and ensure all Americans had the right to 

vote. But his presidency was also marked by unrest and unease at home 

and abroad. Racial tension and prolonged conflict in Vietnam divided the 

country. By the spring of 1968, he decided to devote his full efforts to peace 

rather than run for another term. He died at his ranch in the Hill Country 

in Texas of a heart attack in 1973, and today is remembered for the Civil 

Rights Act of 1964, which outlawed discrimination based on race, color, 

religion, sex, or national origin, ended unequal application of voter 

registration requirements and racial segregation in schools, work, 

and public facilities. 

FIRST SPOUSE GOLD BULLION COIN AND BRONZE 

MEDAL PROGRAM 

BESS TRUMAN FIRST SPOUSE GOLD BULLION COIN AND 

BRONZE MEDAL -- FIRST LADY, 1945-1953 

Coin Released: April 16, 2015 

Description: When Harry Truman was elected United States Senator 

in 1934, the family began splitting their time between Independence, 

Missouri, and Washington, D.C. By the time he became president, Bess 

Truman was familiar enough with the Washington social scene to be able to 

quickly resume social events which had been suspended during World War 

II. An incredibly busy and energetic first lady, she directed all social events, 

including formal state receptions, teas, and musicales, and sometimes had 

several engagements in one day. She was a down-to-earth woman who 

answered her own mail and continued her association with various 

charitable and political clubs throughout her tenure as first lady. The 

reverse of her coin features a locomotive wheel moving along railroad 

tracks, representing Mrs. Truman’s support for her husband on his 1948 

whistle stop campaign trip for re-election as president. 

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MAMIE EISENHOWER FIRST SPOUSE GOLD BULLION COIN 

AND BRONZE MEDAL – FIRST LADY, 1953-1961 

Coin Released: May 7, 2015 

Description: As first lady, Mamie Eisenhower entertained unprecedented 

numbers of heads of state and leaders of foreign governments, but in many 

ways, she was a typical Army wife. She estimated once that she had moved 

house 27 times in 37 years, as she and Ike Eisenhower moved around the 

world for his career. The first home they owned was their retirement home 

in Pennsylvania, which they purchased in 1948 but didn’t actually live in 

full-time until they left the White House. The reverse of her coin features 

a woman’s hand holding up a political campaign button with the slogan 

“I Like Mamie,” referring to Ms. Eisenhower’s popularity as first lady, 

her involvement in her husband’s presidential campaigns and the popular 

campaign slogan, “I Like Ike.” 

JACQUELINE KENNEDY FIRST SPOUSE GOLD BULLION COIN 

AND BRONZE MEDAL – FIRST LADY, 1961-1963 

Coin Released: June 2015 

Description: Jacqueline Kennedy is credited with bringing culture to the 

White House. Her first project as first lady was to restore and preserve 

the White House, which at the time was a hodge-podge of miscellaneous 

furniture that did not do justice to the historic home. She realized the White 

House was a symbol not only to Americans but to foreign visitors, and she 

established the White House Fine Arts Committee to showcase American art 

and furniture. Once complete, she led CBS Television on a tour, which 80 

million Americans watched. Always a supporter of the arts, she made sure 

official dinners and events also included artists, actors, singers, dancers, 

writers, poets, and musicians. She accompanied her husband on more 

international trips than any of her predecessors, and her charm, poise, 

attention to detail, and intelligence assisted him in his interactions with 

foreign leaders. She was perhaps the first person to realize how important 

her husband, and his legacy, would be. Even before he was president, she 

encouraged him to write a book (“Profiles in Courage,” for which he won 

a Pulitzer) and when he was assassinated, she orchestrated every detail of 

his funeral service and later, his presidential library. The reverse of this coin 

features the saucer magnolia, planted near the eternal flame at her husband’s 

grave at Arlington National Cemetery. The petals stretch across the globe, 

its tips connecting the points of some of her most notable diplomatic visits. 

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CLAUDIA TAYLOR “LADY BIRD” JOHNSON FIRST SPOUSE 

GOLD BULLION COIN AND BRONZE MEDAL – FIRST LADY, 

1963-1969 

Coin Released: August 2015 

Description: Lady Bird Johnson got her nickname from a family servant, 

who said the little girl was as “pretty as a lady bird.” The name stuck 

throughout her Texas childhood and followed her into adulthood, when 

she graduated from the University of Texas with degrees in history and 

journalism. Initially, she thought she would be a journalist, but after a 

quick courtship, she married Lyndon B. Johnson instead. They moved to 

Washington D.C., where he was a congressman, and she became actively 

involved with politics. When he served in the Pacific during World War II, 

Mrs. Johnson learned to run his office, responding to correspondence and 

taking care of issues in his district. She campaigned with him as he ran for 

vice president, and after Kennedy’s death, she consulted with Mrs. Kennedy 

on many decisions about the White House restoration. Throughout her life 

she supported education, particularly Head Start, but she is best known for 

her beautification efforts in Washington, D.C., and throughout the country, 

establishing the National Wildflower Research Center after she left the 

White House. The reverse of her coin depicts the Jefferson Memorial, 

Washington Monument and flowers in reference to Mrs. Johnson’s efforts 

in the beautification and conservation of America. 

2015 NATIVE AMERICAN $1 COIN 

Coin Released: March 19, 2015 

Description: The 2015 Native American $1 Coin commemorates the 

contributions of the Kahnawake Mohawk and Mohawk Akwesasne 

communities to “high iron” construction work. Starting in 1886, Mohawk 

Ironworkers built prominent landmarks, mostly in New York City. They 

worked on the Empire State Building, the Chrysler Building, the George 

Washington Bridge, and the World Trade Center. The Mohawk Ironworkers 

have a reputation as top-notch workers on high steel who do not fear heights 

or dangerous conditions. The coin shows a Mohawk ironworker reaching 

for an I-beam swinging into position, with rivets on the left and right 

sides of the border, and a high elevation view of the city skyline in 

the background. 

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COMMEMORATIVES 

UNITED STATES MARSHALS 225TH ANNIVERSARY 

Coins Released: January 29, 2015 

Mintage Limits: 100,000 $5 gold coins, 500,000 $1 silver coins 

and 750,000 half-dollar clad coins 

Description: The United States Marshals Service is the oldest federal law 

enforcement agency, formed when President George Washington signed the 

Judiciary Act into law in 1789. It is responsible for protecting the federal 

judiciary, apprehending federal fugitives, managing and selling seized assets 

illegally acquired by criminals, housing and transporting federal prisoners 

and operating the Witness Security Program. But it is perhaps best known 

by the general public for enforcing the law during the 1800s as Americans 

moved West, often into hostile or lawless territory. This commemorative 

coin has three designs. The gold coin features the U.S. Marshals Service 

star and a mountain range. The silver coin shows deputies in pursuit of a 

fugitive and a marshal holding a “wanted” poster. The clad coin has 

contrasting images of the Old West and modern day Deputy U.S. Marshals. 

Sales prices include surcharges of $35 for each gold coin, $10 for each 

silver coin, and $3 for each clad coin. The first $5 million in surcharges 

received from coin sales is authorized to be paid to the U.S. Marshals 

Museum, Inc., for the preservation, maintenance, and display of artifacts 

and documents. The remainder of the surcharge funds will be divided 

among the National Center for Missing and Exploited Children, the Federal 

Law Enforcement Officers Association Foundation, and the National Law 

Enforcement Officers Memorial Fund. 

MARCH OF DIMES SILVER DOLLAR 

Coins Released: March 13, 2015 

Mintage Limit: 500,000 

Description: Authorized by Public Law 112-209, these proof and uncirculated quality silver dollar coins recognize and celebrate the 75th anniversary 

of the establishment of the March of Dimes Foundation. President Franklin 

D. Roosevelt and Dr. Jonas Salk, two leaders in the fight against polio, are 

on the obverse of the coin, and on the reverse, a premature baby held by 

an adult represents the foundation’s dedication to infant health. Sales 

prices include a $10 surcharge, which will be paid to the March of Dimes 

Foundation to help finance research, education, and services to improve 

the health of women, infants, and children. 

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2014 AMERICAN EAGLE PLATINUM PROOF COIN PROGRAM 

Coin Released: October 20, 2014 

Description: In 2009, the Mint introduced a six-year platinum proof coin 

program highlighting the six principles embodied in the Preamble to the 

U.S. Constitution. The reverse designs in the Preamble Series are inspired 

by narratives prepared by the Chief Justice of the United States at the 

request of the United States Mint. In 2014, we produced the final coin in 

the series, which commemorated the principle, “To Secure the Blessings 

of Liberty to Ourselves and our Posterity.” The obverse (heads) depicts the 

“Portrait of Liberty,” which looks to the future in this modern interpretation 

of the Statue of Liberty. The reverse (tails) features a young Lady Liberty 

carrying her torch, symbolizing the hope and promise of America. 

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