United States Mint

FY 2017

President’s Budget

February 9, 2016
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Table of Contents

Section 1 – Purpose ....................................................................................................................... 3

1A – Mission Statement.............................................................................................................. 3

1.1 – Resource Detail Table........................................................................................................ 3

1B – Vision, Priorities and Context............................................................................................ 3

Section 2 – Budget Adjustments and Appropriation Language............................................... 7

2.1 – Budget Adjustments Table................................................................................................. 7

2A – Budget Increases and Decreases Description..................................................................... 7

2.2 – Operating Levels Table.................................................................................................... 10

2B – Appropriations Language and Explanation of Changes................................................... 11

2C – Legislative Proposals........................................................................................................ 11

Section 3 – Budget and Performance Plan ............................................................................... 12

3A – Manufacturing.................................................................................................................. 12

3.1.1 – Manufacturing Budget and Performance Plan.............................................................. 15

Section 4 – Supplemental Information...................................................................................... 16

4A – Summary of Capital Investments..................................................................................... 16
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Section 1 – Purpose

1A – Mission Statement

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.

1.1 – Resource Detail Table

Dollars in Thousands

United States Mint FY 2015 FY 2016 FY 2017 FY 2016 to FY 2017

Budgetary Resources Actual Estimated Estimated $ Change % Change

FTE AMOUNT FTE AMOUNT FTE AMOUNT FTE AMOUNT FTE AMOUNT

Revenue/Offsetting Collections

Other Income

Circulating 0 1,114,050 0 1,127,500 0 1,162,000 0 34,500 3.0%

Bullion/Numismatic 0 2,579,284 0 2,275,507 0 2,281,193 0 5,686 .2%

Total Revenue/Offsetting Collections 0 3,693,334 0 3,403,007 0 3,443,193 0 40,186 .00000 1.2%

Expenses/Obligations

Manufacturing

Circulating 941 573,142 1,068 753,014 1,068 768,614 57 15,600 2.0%

Bullion/Numismatic 710 2,364,411 806 2,143,193 806 2,187,593 43 44,400 2.0%

Total Expenses/Obligations 1,651 2,937,553 1,874 2,896,207 1,874 2,956,207 100 60,000 2.0%

Net Results 0 755,781 0 506,800 0 486,986 0 -19,814 .00 -4.1%

1B – Vision, Priorities and Context

The United States Mint (Mint) manufactures and distributes domestic circulating coinage, 

bullion coin products, numismatic coinage, and national medals in the most effective and 

efficient manner possible. In addition, the Mint provides security for assets, including the 

government’s reserves of gold and silver bullion, coins, and coinage metals. The Mint supports 

the Department of the Treasury’s strategic objectives to facilitate commerce by providing trusted 

and secure U.S. currency, products, and services for use by the public (1.4); promoting the 

efficient use of resources through shared services, strategic sourcing, streamlined business 

processes, and accountability (5.3); and creating a culture of service through the relentless 

pursuit of customer value (5.4).

 

 

 

 

 

 

Coin Shipments (Units In Millions/Coins) FY 2015 FY 2016 FY 2017

Circulating:

One Cent 9,155 9,250 9,700

5-Cent 1,477 1,400 1,500

Dime 2,874 2,900 2,900

Quarter 2,645 2,700 2,800

Half-Dollar - - -

Dollar - - -

Total Circulating 16,151 16,250 16,900

 

% Change

4.9%

7.1%

0.0%

3.7%

0.0%

0.0%

4.0%

FY 2015 FY 2016 FY 2017

Budget Category Actual Estimated Estimated

Administrative Operating Costs 332,757 $405,739 $405,707

Capital Investments $29,311 $30,468 $40,500

Metals and Materials Costs $2,575,485 $2,460,000 $2,510,000

Total Resources $2,937,553 $2,896,207 $2,956,207

% Change

-0.01%

32.9%

2.0%

2.1%
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Vision

The Mint’s vision is to become the finest mint in the world, through excellence in its people, 

products, customer service, and workplace. The Mint has the following four strategic goals to 

help it fulfill its vision and mission: 1) meet the Nation’s need for circulating coins, 2) meet 

public demand for United States bullion coins, 3) responsibly expand the numismatic program, 

and 4) foster a safe, engaged, and innovative workforce.

FY 2017 Priorities

i. Circulating Program -- Efficiently and effectively mint and issue approximately 16.9 

billion circulating coins in Fiscal Year (FY) 2017 to meet the needs of the United States.

ii. Numismatic Program:

a. Bullion Products – Mint and issue bullion coins to meet customer demand 

efficiently and effectively. 

b. Other Numismatic Products – Produce and distribute numismatic products in 

sufficient quantities, through appropriate channels, to make them accessible,

available, and affordable to people who choose to purchase them. Design, strike, 

and prepare for the presentation of Congressional Gold Medals. 

Context

The Mint operations are funded through the Mint Public Enterprise Fund (PEF), as codified at 31 

U.S.C. § 5136. The Mint generates revenue through the sale of circulating coins to the Federal 

Reserve Banks (FRB), numismatic products to the public, and bullion coins to authorized 

purchasers. All circulating and numismatic operating expenses, and capital investments incurred 

for the Mint’s operations and programs, are paid out of the PEF. By law, all funds in the PEF are 

available without fiscal year limitation. Revenues determined to be in excess of the amount 

required by the PEF are transferred to the United States Treasury General Fund as non-budgetary 

amounts or capital transfers. Non-budget amounts consist of seigniorage (the net income from 

circulating operations) which in the Federal budget is used to reduce the government’s need to 

borrow. The net income from numismatic program operations, including bullion coin program 

operations, is recorded as budgetary offsetting collections in the Federal budget, and is available 

to be used to fund other Federal Government operations and programs. 

The Mint’s budget collections and outlays reflect the demand for, and sales of, circulating coins 

and numismatic products. In accordance with the PEF statute, proceeds from sales provide the 

Mint’s funding source, fully covering budget outlays, which adjusts as the necessary resources 

are engaged to fulfill prevailing demand. The vast majority (approximately 85 percent in 

FY 2017) of planned budget outlays are for procurement of metals and materials for conversion 

into finished goods. Accordingly, each fiscal year’s budget outlays principally reflect the 

production volumes that correspond to prevailing demand, as well as raw material costs driven 

by prices on open commodities markets. The economic environment can significantly affect the 

Mint’s budget outlays by influencing these two external factors.
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Circulating 

The FY 2017 circulating coin production projections are based on current economic data and 

forecasts of FRB coin orders. Circulating coin production for FY 2017 is forecasted at 16.9 

billion coins. This level reflects increases in all coin denomination shipments in FY 2017 as 

compared to 16.2 billion shipped in FY 2015, which was an increase of 24 percent over 

FY 2014. A notable increase in quarter-dollar coin shipments of 57 percent increased the 

amount of seigniorage generated by this denomination in FY 2015.

Circulating financial performance continues to be affected by the costs of the inputs for 

producing the coinage. Since FY 2006, commodity prices for copper, nickel, and zinc have been 

at levels at which costs of the one-cent coins (pennies) and 5-cent coins (nickels) have exceeded 

their face value. The Mint expects the costs of these commodities to remain at levels that result 

in continued losses from issuing pennies and nickels to the FRBs at face value. Positive 

seigniorage from minting and issuing dime and quarter-dollar coins has fully offset the losses the 

Mint incurrs from minting and issuing pennies and nickels. 

Research and development of alternative metallic materials for circulating coinage supports 

Treasury’s progress in the strategic objective to facilitate commerce by providing trusted and 

secure U.S. currency, products, and services for use by the public (1.4). The Coinage 

Modernization, Oversight and Continuity Act of 2010 (Public Law 111-302) requires a biennial 

report to Congress on the Mint’s production costs and analysis of the research into alternatives. 

The final report is due to Congress in December 2016. 

Numismatic Program

The numismatic program, which includes bullion coins, is designed to prepare and distribute 

premium products to collectors and those who desire quality versions of coinage. Numismatic 

products are priced to cover metal and production costs. The Mint has implemented strategies 

such as the implementation of a new order management system to increase the program’s 

efficiency and effectiveness while controlling costs and keeping prices as low as practicable. 

Bullion Coins 

The bullion coin program provides the public a means to acquire precious metal coins from 

authorized purchasers as part of an investment portfolio. Investors purchase bullion coins not 

only for their intrinsic metal value, but also because the United States guarantees each coin’s 

metal weight, content, and purity. The main objective of the bullion coin program is to meet 

demand and ensure that the program recovers its costs. 

In FY 2015, the bullion coin program revenue and net income increased 17 percent. This is the 

result of an increase in demand for both gold and silver bullion products. In FY 2016, bullion 

demand is expected to decline to 43.7 million ounces from the 49.7 million ounces sold in 

FY 2015, and continue to decrease to 40.7 million ounces in FY 2017. FY 2017 gold and silver 

prices are forecasted to increase by four percent and seven percent, respectively. The forecasted 

increase in metal prices will help offset the decrease in forecasted demand. As a result, bullion 

revenue is forecasted at $1.8 billion in FY 2016 and expected to remain at that level in FY 2017.
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The Mint, as the world’s largest producer of gold and silver bullion coins, employs precious 

metal purchasing strategies that minimize the financial risk that can arise from adverse market 

price fluctuations.

Numismatic (Collector Coins and Medals)

The numismatic (collector coins and medals) program provides high-quality versions of 

circulating coinage, precious metal coins, commemorative coins, and medals for sale to the 

public. The priorities for this program are to increase the customer base and foster sales while 

controlling costs and keeping prices as low as practicable. Most of the Mint’s recurring 

products, such as the uncirculated coin sets and proof sets, are required by Federal statute. 

Others, such as commemorative coins and Congressional Gold Medals, are required by 

individual public laws. 

FY 2015 revenue decreased by 10 percent to $453 million from $504 million in FY 2014. The 

decrease was driven primarily by eight percent and 20 percent decreases, respectively, in gold 

and silver prices, as well as a five percent decrease in total units sold, from 5.7 million in 

FY 2014 to 5.4 million in FY 2015. In FY 2016 and FY 2017, the numismatic budget includes a 

maximum sales level of 5.5 million each year. FY 2016 and FY 2017 revenues are projected to 

be $467 million and $482 million, respectively.
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Section 2 – Budget Adjustments and Appropriation Language

The Mint’s FY 2017 budget request includes resource requirements for increased circulating coin 

demand. Circulating coin production for FY 2016 is forecasted at 16.3 billion, a slight increase 

over the 16.2 billion coins shipped in FY 2015. FY 2017 is forecasted to moderately increase to 

16.9 billion.

2.1 – Budget Adjustments Table

Dollars in Thousands

United States Mint FTE Materials Operating & 

Capital Total

FY 2016 Estimate 1,774 $3,171,100 $424,207 $3,595,307

Adjustments to Estimate 100 ($711,100) $12,000 ($699,100)

Labor and Overhead Due to Forecasted Increase in 

Circulating Coin Production

100 $0 $12,000 $12,000

Metal Due to Forecasted Decrease in Numismatic and 

Bullion Coin Production 

0 ($711,100) $0 ($711,100)

FY 2016 Revised Estimate 1,874 $2,460,000 $436,207 $2,896,207

Changes to Base

Maintaining Current Levels (MCLs) 0 $0 $6,791 $6,791

Pay-Raise 0 $0 $2,079 $2,079

Pay Annualization 0 $0 $691 $691

Non-Pay 0 $0 $4,021 $4,021

Efficiency Savings 0 $0 ($6,791) ($6,791)

Absorb MCLs 0 $0 ($6,791) ($6,791)

Subtotal Changes to Base 0 $0 $0 $0

Total FY 2017 Base 1,874 $2,460,000 $436,207 $2,896,207

Program Changes

Program Increases 0 $50,000 $10,000 $60,000

Capital Limit Increase 0 $0 $10,000 $10,000

Metal Due to Forecast Increase in Circulating Coin 

Production

0 $40,000 $0 $40,000

Metal Due to Forecast Increase in Numismatic and 

Bullion Coin Production

0 $10,000 $0 $10,000

Subtotal Program Changes 0 $50,000 $10,000 $60,000

Total FY 2017 Request 1,874 $2,510,000 $446,207 $2,956,207

2A – Budget Increases and Decreases Description

Adjustment to Request ..........................................................................-$699,100,000 / +0 FTE

Labor and Overhead Due to Forecasted Increase in Circulating Coin Production +$12,000,000 

/ +100 FTE 

In FY 2016, the Mint forecasts coin demand to increase to 16.3 billion coins annually. To meet 

the growth in demand, Mint operations require increased resources of $12.0 million for items 

such as labor (direct), freight, utilities, and supplies. As a result of increased coin demand, FTEs 

are returning to the former level of 1,874. Previously, the Mint’s FY 2016 budget identified a 

reduction of 100 FTEs, which was the result of a staffing review that identified reduced 

workforce needs. Subsequently, the significant increase in coin demand has precipitated the 

need to restore FTEs for coin production.
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Metal Due to Forecasted Decrease in Numismatic and Bullion Coin Production -$711,100,000 / 

+0 FTE 

The FY 2016 budget request includes funding adjustments that support current coin demand 

projections. While circulating coin demand has increased, both numismatic and bullion demand 

has decreased. Coupled with the decline in metal prices, specifically precious metal (gold, silver, 

and platinum), the combined result is an overall decrease in metal funding from the FY 2016 

President’s Budget.

Maintaining Current Levels (MCLs) ......................................................+$6,791,000 / +0 FTE

Pay-Raise +$2,079,000 / +0 FTE 

Funds are required for the proposed January 2017 pay-raise.

Pay Annualization +$691,000 / +0 FTE 

Funds are required for annualization of the January 2016 pay-raise.

Non-Pay +$4,021,000 / +0 FTE 

Funds are required for non-labor costs such as travel, contracts, rent, supplies, and equipment.

Efficiency Savings ......................................................................................-$6,791,000 / +0 FTE

Operational Cost Savings -$6,791,000 / +0 FTE 

The Mint will absorb annual inflationary costs within the current operating budget by effective 

cost management across all departments within the Mint. The Mint will continue efforts in 

position management control, such as holding vacant non-direct positions for specific time 

periods, which will generate salary savings. In addition, discretionary spending will be held to 

the FY 2016 level and Mint activities will be prioritized to ensure that operating costs are 

maintained. The Mint is committed to keeping costs down and continues to employ cost savings 

strategies whenever practicable.

Program Increases ..................................................................................+$60,000,000 / +0 FTE

Capital Limit Increase +$10,000,000 / +0 FTE 

The Mint’s investments in capital are a critical part of regular manufacturing operations. As coin 

demand from the FRB increases, the Mint’s need for capital investments becomes more critical. 

The current limitation of $20 million for circulating and protection capital is below the amount 

needed to meet capital investment requirements. 

Capital legislation, which has been in place since FY 2002, regulates the amount of circulating 

and protection capital the Mint can spend annually. During that first fiscal year, the capital limit 

was $43 million. Today, the current limit is reduced to $20 million. 

The legislative limit is linked to the annual depreciation level, which has been the unofficial 

baseline since 2002. Since the capital limit is linked to depreciation, the limit has decreased over 

time as the depreciation level declines. Fewer capital purchases were made in prior years due to 

cost savings efforts during times of low coin demand (2007 – 2010). This in turn caused lower

depreciation levels for capital spending authority. As a result, capital needs during a period of 

high FRB demand are not able to be fully met.
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The bureau has identified an urgent need to increase its legislative limit by $10 million. This 

will raise the current limit from $20 million to $30 million beginning in FY 2017. The increased 

capital limit will allow the Mint to execute a comprehensive capital investment strategy that 

focuses on safety, equipment replacements, protection, and facility improvements.

Metal Due to Forecast Increase in Circulating Coin Production +$40,000,000 / +0 FTE 

The Mint forecasts that demand for circulating coins will remain strong in FY 2016 and 2017, at 

16.3 billion coins and 16.9 billion coins, respectively. To meet the growth in demand, a $40 

million increase for metal purchases is required.

Metal Due to Forecast Increase in Numismatic and Bullion Coin Production +$10,000,000 /

+0 FTE 

The Mint forecasts that the FY 2017 demand for numismatic coins will experience a slight 

growth of $20 million, or seven percent from the FY 2016 projected level. Conversely, bullion 

coin demand is projected to decline with the increase of interest rates expected to take place in 

late FY 2015 or early FY 2016. The Mint forecasts that the FY 2017 bullion coin production 

cost will be $10 million or 0.6 percent lower than the FY 2016 projected level. The net effect of 

the projected increase in numismatic coin production and the decrease in bullion coin production 

is a $10 million increase in required metal purchases.
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2.2 – Operating Levels Table

Dollars in Thousands

United States Mint FY 2015 FY 2016 FY 2017

Object Classification Actual Estimated Estimated

11.1 - Full-time permanent 126,592 149,610 149,610

11.3 - Other than full-time permanent 917 161 161

11.5 - Other personnel compensation 15,540 12,729 12,729

11.9 - Personnel Compensation (Total) 143,049 162,500 162,500

12.0 - Personnel benefits 44,588 52,854 52,854

13.0 - Benefits for former personnel 368 1,019 1,019

Total Personnel and Compensation Benefits $188,004 $216,373 $216,373

21.0 - Travel and transportation of persons 1,589 1,897 2,649

22.0 - Transportation of things 34,959 29,093 29,002

23.1 - Rental payments to GSA 449 449 449

23.2 - Rental payments to others 14,205 14,251 14,196

23.3 - Communication, utilities, and misc charges 12,699 16,903 16,858

24.0 - Printing and reproduction 1,393 1,556 1,550

25.1 - Advisory and assistance services 26,583 33,889 33,762

25.2 - Other services 13,898 37,696 37,555

25.3 - Other purchases of goods & serv frm Govt accounts 19,365 20,427 20,351

25.4 - Operation and maintenance of facilities 6,479 3,197 3,185

25.5 - Research and development contracts 391 1,920 1,913

25.7 - Operation and maintenance of equip 6,968 7,917 7,887

26.0 - Supplies and materials 3,753 17,970 17,928

26.7 - Raw Materials 2,575,485 2,460,000 2,510,000

31.0 - Equipment 22,000 20,812 30,734

32.0 - Land and structures 9,333 11,858 11,815

Total Non-Personnel 2,749,549 2,679,834 2,739,834

Total Budgetary Resources $2,937,553 $2,896,207 $2,956,207

Budget Activities:

Manufacturing $2,937,553 $2,896,207 2,956,207

Total Budgetary Resources $2,937,553 $2,896,207 $2,956,207

FTE 1,651 1,874 1,874
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2B – Appropriations Language and Explanation of Changes

Appropriations Language Explanation of Changes

DEPARTMENT OF THE TREASURY

UNITED STATES MINT PUBLIC ENTERPRISE FUND

Federal Funds

Pursuant to section 5136 of title 31, United States Code, the 

United States Mint is provided funding through the United 

States Mint Public Enterprise Fund (PEF) for costs associated 

with the production of circulating coins, numismatic coins, 

and protective services, including both operating expenses 

and capital investments. The aggregate amount of new 

liabilities and obligations incurred during fiscal year [2016] 

2017 under such section 5136 for circulating coinage and 

protective service capital investments of the United States 

Mint shall not exceed [$20,000,000] $30,000,000.

The increased capital limit 

will allow the Mint to execute 

a comprehensive capital 

strategy that focuses on 

safety, equipment 

replacements, protection, and 

facility improvements.

2C – Legislative Proposals

Eliminate the 20 percent requirement in the Native American $1 Coin Act

This legislative proposal seeks to limit the requirement that the number of $1 coins minted and 

issued in a year with the Sacagawea design on the obverse be not less than 20 percent of the total 

number of $1 coins minted and issued. Approval of this proposal would allow the Mint to mint 

and issue numismatic versions of all $1 coins in amounts necessary to meet public demand for 

coins of each particular design. In late 2011, to address the excessive $1 coin inventories at the 

FRBs, the Secretary of the Treasury suspended the minting of Presidential $1 Coins for 

circulation. As a result, the Mint fulfills all demand for new Presidential $1 Coins through its 

numismatic sales channels. Numismatic demand for new Native American $1 Coins, however, 

is significantly lower than numismatic demand for Presidential $1 Coins, making it impracticable 

for the Mint to comply with the 20 percent requirement. As a consequence, limiting the 20 

percent requirement to circulating coins is sensible at this time because it avoids the need to mint 

and issue Native American $1 Coins in excess of the amounts that numismatic customers 

demand.

Section 5112(r)(5) of Title 31, United States Code, is amended by inserting “for circulation” 

after both instances of “minted and issued.”.
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Section 3 – Budget and Performance Plan

3A – Manufacturing

($2,956,207,000 from expenses/obligations): 

The Mint has one budget activity: Manufacturing. This budget activity supports Treasury’s 

strategic objective to “Facilitate commerce by providing trusted and secure U.S. currency, 

products, and services for use by the public.” This budget activity encompasses the bureau’s two 

major programs: Circulating coinage and numismatic products, including bullion coins, 

collector coins, and national medals. 

Circulating Coinage Program

Circulating coinage includes the minting and issuing of pennies, nickels, dimes, and quarterdollars. The Mint delivers circulating coinage to the FRBs 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 revenues from the sale of 

circulating coins at face value when they are shipped to the FRBs.

The Mint will continue to mint and issue circulating quarter-dollar coins honoring America’s 

national parks and other national sites, in accordance with the America’s Beautiful National 

Parks Quarter Dollar Coin Act of 2008 (Public Law 110-456). In 2016, the Mint will release 

quarters honoring Shawnee National Forest (Illinois), Cumberland Gap National Park 

(Kentucky), Harpers Ferry National Park (West Virginia), Theodore Roosevelt National Park 

(North Dakota), and Fort Moultrie (Fort Sumter National Monument) (South Carolina). In 2017, 

the Mint will release quarters honoring Effigy Mounds National Monument (Iowa), Frederick 

Douglass National Historic Site (District of Columbia), Ozark National Scenic Riverways 

(Missouri), Ellis Island National Monument (Statue of Liberty) (New Jersey), and George 

Rogers Clark National Historical Park (Indiana). 

Numismatic Program

Bullion Coins 

The Mint produces and issues gold, silver, and platinum bullion coins to authorized purchasers 

through the American Eagle, American Buffalo, and America the Beautiful Silver Bullion Coin 

Programs to fulfill investor demand. The authorized purchasers agree to maintain an open, twoway market for these coins, ensuring their availability for consumers who desire them for 

investment portfolios. Demand for bullion coins is greatly influenced by the performance of 

other investment options, such as equities or currency markets, and therefore is highly 

unpredictable. The content and purity of the precious metal in the bullion coins are backed by 

the United States Government.

Other Numismatic Products 

The Mint’s numismatic program provides high-quality versions of circulating coinage, precious 

metal coins, commemorative coins, and medals for sale directly to the public. For some 

numismatic products, authorizing legislation specifies program requirements, such as design 

theme, mintage level, and duration of product availability. Other programs are structured by law 

to grant the Secretary of the Treasury discretion in determining product specifications. 

The Mint will continue to mint and issue numismatic versions of $1 coins honoring the Nation’s 
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past Presidents in accordance with the Presidential $1 Coin Act of 2005 (Public Law 109-145). 

In 2016, the Mint will release Presidential $1 Coins honoring Presidents Richard M. Nixon, 

Gerald R. Ford, and Ronald Reagan. The Presidential $1 Coin Program ends in 2016. The Mint 

will also continue to mint and issue $1 coins commemorating the important contributions made 

by Indian tribes and individual Native Americans to the development and history of the United 

States in accordance with the Native American $1 Coin Act (Public Law 110-82).

Commemorative coins are authorized by law to recognize and honor people, places, events, 

institutions, and other subjects of historic or national significance. Each coin is minted and 

issued by the Mint in a limited quantity and is available only for a limited time. Included in the 

price is a surcharge that is authorized to be paid to the designated recipient organizations, 

assuming all legal requirements have been met. Recipient organizations must use the proceeds 

for the purposes specified in the enabling legislation. In FY 2016, the Mint is scheduled to mint 

commemorative coins in two programs: one to honor the literary and educational legacy of 

Mark Twain and the other to commemorate the 100th anniversary of the establishment of the 

United States National Park Service. In FY 2017, the Mint has authorization to mint two 

commemorative coins: the Lions Club International Commemorative Coin (Public Law 112-

181) and the Boys Town Centennial Commemorative Coins (Public Law 114-30). 

Total Budgetary Requirements (all programs)

In FY 2017, the United States Mint’s total estimated budgetary requirements for operating, 

metal, and capital investments are $2,956 million.

Description of Performance:

The Mint uses several key performance measures to gauge progress in achieving its strategic 

goals and to assess its Manufacturing Budget Activity performance.

Seigniorage per Dollar Issued

Seigniorage per dollar issued is the financial return on circulating operations, calculated as 

seigniorage divided by the total face value of circulated coinage shipped to the FRBs. It 

measures the cost effectiveness of minting and issuing the United States’ circulating coinage. 

The Mint’s strategic goal for this program is “Meet the nation’s need for circulating coins.”

By the end of FY 2015, seigniorage per dollar issued was $0.49, above the FY 2015 performance 

target of $0.24. Performance results are exceeding the target mainly due to a 57 percent increase 

in FRB orders for circulating quarter-dollar coins compared to initial budget estimates. 

Additionally, lower costs than forecast for copper, nickel, and zinc, and reduced general and 

administrative expenses also contributed to the improved performance.

FY 2016 and FY 2017 seigniorage per dollar issued and overall seigniorage are expected to 

increase compared to the original FY 2015 target. This is because projected quarter-dollar coin 

orders, which generate more seigniorage compared to lower-value denominations, are expected 

to increase. The performance target for seigniorage per dollar issued is $0.47 in FY 2016 and 

$.46 in FY 2017.
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Customer Satisfaction Index (CSI)

The Mint conducts a quarterly survey of a random sample of active numismatic customers. The 

survey is intended to capture customer satisfaction with the Mint’s service performance as a coin 

products supplier and with the quality of specific products. The CSI is a single quantitative score 

of the survey results. The Mint’s strategic goal for this program is to “Responsibly expand the 

numismatic program.” 

By the end of FY 2015, the CSI reached 89.5 percent, falling just below the target of 90.0 

percent. There was a drop in the CSI immediately following the conversion to the new order 

management system. The performance target for CSI is 90.0 percent for FY 2016 and 

FY 2017. The Mint anticipates the FY 2016 and 2017 CSI ratings to improve from the FY 2015 

rating as customers became more familiar and comfortable with the new system. 

Safety Incident Recordable Rate

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. It 

measures the occurrence of work-related incidents involving death, lost time and restricted work, 

loss of consciousness, and medical treatment. The Mint’s strategic goal for this is “Foster a safe, 

engaged, productive and valued workforce.”

By the end of FY 2015, the total recordable case rate was 3.42, which is above the 2.96 target but 

significantly below the industry average rate of 5.9 for metal forging and stamping 

manufacturers. 

The performance target for safety incident recordable rate is 2.91 for FY 2016 and 2.82 for

FY 2017. During FY 2015, the Mint set a goal to become world-class in safely operating its 

facilities and optimizing their environmental footprint. To help achieve this goal, the Mint 

established an office of Environmental Safety and Health. During FY 2015, 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.

Numismatic Sales Units

The numismatic sales unit metric measures public demand for coin products sold from 

numismatic operations. The Mint’s strategic goal for this program is to “Responsibly expand the 

numismatic program.” Increased unit sales would demonstrate greater public awareness of, and 

demand for, coin products produced by the Mint. Increases in units sold would also potentially 

reduce product unit costs, as fixed costs would be spread over a greater number of units. 

In FY 2015, the Mint sold 5.4 million units, which is five percent below the fiscal year target of 

5.6 million units. The primary driver for this shortfall was lower customer demand for 

commemorative coins. In FY 2014 the Mint released several popular high-volume products such 

as the National Baseball Hall of Fame Commemorative Coins. Sales volume fell because there 

were no correspondingly popular products sold during FY 2015 to replace the previous year’s 

demand. Demand for annual recurring sets also continues to decline. This also contributed to 

the Mint not meeting its FY 2015 target.
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In FY 2016, a loss in unit sales of two very popular products – The American Eagle Silver (AE) 

dollar coins – is anticipated. The passage of the “Fixing America’s Surface Transportation Act” 

or the “FAST Act” (Public Law 114-94) includes a provision affecting the 2016 AE coin sales. 

Proof and Uncirculated versions of the AE bullion coins issued in 2016 shall have a smooth-edge 

incused with a designation that notes the 30th anniversary of the first issue of the coins. The 

bureau estimates that deliveries of 2016 AE coins will begin in July 2016. The result is that the 

Mint will lose six months of AE coin sales in FY 2016. In addition, the Presidential $1 Coin 

Program and its associated products generate one million unit sales each year. In 2016, the last 

year of this statutory program, the Mint commemorates three Presidents, Nixon, Ford, and 

Reagan; in previous years, four presidents were commemorated. As a result, the Presidential $1

Coin Program is estimated to decline 20 percent in FY 2016.

In FY 2017, the AE coin program is expected rebound to previous sales levels; however, the 

Mint estimates a decline of 850,000 units because of the loss of the presidential dollar coin 

program. 

As a result, this performance target has been established at 4.6 million units for FY 2016 and 4.1 

million units for FY 2017. The Mint will continue efforts in the areas of products, promotion, 

distribution, and systems to achieve responsible growth in numismatic product sales.

3.1.1 – Manufacturing Budget and Performance Plan

Dollars in Thousands

Manufacturing Budget Activity

Resource Level FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017

Actual Actual Actual Actual Actual Actual Estimated Estimated

 Expenses/Obligations $3,624,483 $4,623,384 $3,806,838 $3,525,178 $3,891,773 $2,937,553 $2,896,207 $2,956,207

Budget Activity Total $3,624,483 $4,623,384 $3,806,838 $3,525,178 $3,891,773 $2,937,553 $2,896,207 $2,956,207

Measure FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2015 FY 2016 FY 2017

Actual Actual Actual Actual Actual Actual Target Target Target

Customer 

Satisfaction Index 

(%)

86.1 91.7 90.0 92.6 89.8 89.5 90.0 90.0 90.0

Numismatic Sales 

Units (Million Units)

N/A 7.3 5.6 5.51 5.7 5.4 5.6 4.6 4.1

Safety Incident 

Recordable Rate

2.29 2.74 3.5 2.9 3.31 3.42 2.96 2.96 2.96

Seigniorage per 

Dollar Issued ($)

.49 .45 .21 .24 .37 .47 .24 .47 .46

Key: DISC - Discontinued
Mint - 16

Section 4 – Supplemental Information

4A – Summary of Capital Investments

The Mint is a non-appropriated manufacturing bureau whose primary mission is to produce 

coinage in amounts that the Secretary of the Treasury decides are necessary to meet the needs of 

the United States. Its capital investment requirements are predominantly for manufacturing-type 

equipment. Capital investments, along with its operating expenses, are paid out of its PEF. The 

aggregate amount of new liabilities and obligations incurred during the budget fiscal year for 

capital investments in circulating coinage operations and protective service conforms to a 

legislative limitation for these capital projects. As such, the Mint’s long-range planning process 

is designed to address its capital needs while maintaining spending within legislative limitations.

The Mint's manufacturing capital investment projects focus on safety, equipment replacement, 

protection, and facility improvements.

In addition, the Mint’s capital investments encompass a robust information technology (IT) 

portfolio that focuses on the optimization of formal governance structures to manage IT 

investments and programs in an effort to emphasize reductions in system redundancy and to 

modernize the IT system infrastructure. Enterprise architecture reviews ensure alignment of IT 

investments to the bureau’s strategic plans and the strategic enterprise direction of the 

Department of the Treasury. IT investments are closely monitored for cost, schedule, and 

performance to ensure expected results and benefits are achieved.

In accordance with the Statement of Federal Financial Accounting Standard (SFFAS) No. 6, the 

Condition Index and the Deferred Maintenance assessments for purposes of Federal Real 

Property Profile, the Mint has no deferred maintenance for its equipment. Maintenance is 

scheduled and performed regularly to keep the manufacturing equipment operating at optimal 

levels.

Total Capital Investments Plan

A summary of capital investment resources, including major information technology and nontechnology investments, can be viewed/downloaded at: 

http://www.treasury.gov/about/budget-performance/Pages/summary-of-capital-investments.aspx

This website also contains a digital copy of this document.

Capital IT/Non-IT Summary FY 2015 FY 2016 FY 2017

Category Actuals Estimated Estimated

Non-IT Investments $27,636,582 28,158,000 38,375,000

IT Investments $1,674,650 2,310,000 2,125,000

Total Investments $29,311,232 $30,468,000 $40,500,000