United States Mint
 

FY 2015
 

President’s Budget
 
Table of Contents
 

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

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

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

1B – Vision, Priorities and Context ............................................................................................ 4

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 ...................................................................................................... 9

2B – Appropriations Language and Explanation of Changes................................................... 10

2C – Legislative Proposals........................................................................................................ 10

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

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

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

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

4A – Summary of Capital Investments ..................................................................................... 16

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Dollars in Thousands 

United States Mint FY 2013 FY 2014 FY 2015 FY 2014 to FY 2015 

Budgetary Resources Actual Estimated Estimated $ Change % Change 

FTE AMOUNT FTE AMOUNT FTE AMOUNT FTE AMOUNT FTE AMOUNT 

Revenue/Offsetting Collections 

Restoration of Sequestration 

Reduction* 

0 24,297 0 (24,297) -100.00% 

Other Income 

Circulating 578,022 616,203 646,000 29,797 4.84% 

Bullion/Numismatic 3,757,047 3,399,237 3,141,513 (257,724) -7.58% 

Total Revenue/Offsetting Collections 0 4,335,069 0 4,039,737 0 3,787,513 0 (252,224) .00 -6.24% 

Expenses/Obligations 

Manufacturing 

Circulating 972 623,796 1,065 578,604 1,065 584,354 0 5,750 N/A 0.99% 

Bullion/Numismatic 733 3,534,807 809 3,313,169 809 2,987,097 0 (326,072) N/A -9.84% 

Total Expenses/Obligations 1,705 4,158,603 1,874 3,891,773 1,874 3,571,451 0 (320,322) N/A -8.23% 

Rescissions/Cancellations 

Sequestration Reduction (24,297) 0 0 0 N/A 

Total Rescissions/Cancellations 0 (24,297) 0 0 0 0 0 0 .00 N/A 

Net Results 0 4,359,366 0 4,039,737 0 3,787,513 0 (252,224) .00 6.24% 

*Although shown as unavailable in the appendix, these funds are available in FY 2014. 

Coin Shipme nts (Units In M illions/Coins) FY 2013 FY 2014 FY 2015 

Circulating: 

One Cent 6,610 6,250 6,300 0.80% 

5-Cent 1,123 1,100 1,100 0.00% 

Dime 1,901 1,855 1,855 0.00% 

Quarter 1,062 1,350 1,370 1.48% 

Half-Dollar 0 0 0 0.00% 

Dollar 0 0 0 0.00% 

Total Circulating 10,696 10,555 10,625 0.66% 

FY 2013 FY 2014 FY 2015 

Budge t Cate gory Actual Estimate d Estimate d 

A dministrative Operating Costs $370,408 $446,405 $386,683 

Capital Investments $28,464 $30,468 $30,468 

Metals and Materials Costs $3,759,731 $3,414,900 $3,154,300 

Total Re sources $4,158,603 $3,891,773 $3,571,451 

 

 

(Dollars in Thousands)

FTE AMOUNT FTE AMOUNT FTE AMOUNT FTE AMOUNT

Budgetary Resources:

Revenue / Offsetting Collections

Circulating $578,022 $616,203 $646,000 4.84%

Numismatic 3,757,047 3,399,237 3,141,513 -7.58%

Restoration of Sequestration Reduction - 24,297 - -100.00%

Total Revenue / Offsetting Collections $4,335,069 $4,039,737 $3,787,513 -6.24%

Expenses/Obligations

Manufactuirng

Circulating 972 623,796 1,065 578,604 1,065 584,354 0.00% 0.99%

Numismatic 733 3,534,807 809 3,313,169 809 2,987,097 0.00% -9.84%

Total Expenses / Obligations 1,705 $4,158,603 1,874 $3,891,773 1,874 $3,571,451 0.00% -8.23%

Net Results $176,466 $147,964 $216,062 46.02%

Actual Estimated Estimated to FY 2015

% Change

FY 2013 FY 2014 FY 2015 FY 2014

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 

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1B – Vision, Priorities and Context 

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

numismatic products (including bullion coins and national medals) in the most cost effective and 

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

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

world’s largest coin manufacturer with facilities in California, Colorado, Kentucky, New York, 

Pennsylvania, and Washington, D.C. The Mint supports the Department of the Treasury’s 

strategic goals to promote domestic economic growth and stability and create a 21st century 

approach to government by improving efficiency, effectiveness, and customer interaction. 

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 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 2015 Priorities 

•	 Circulating Program - Efficiently and effectively mint and issue approximately 10.6 billion 

circulating coins in FY 2015 to meet the needs of the United States. 

•	 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 and strike Congressional 

Gold Medals. 

•	 Protection - Secure the Nation’s gold reserves, silver reserves, and other assets. 

Context 

Since 1996, the Mint operations have been funded through the United States Mint Public 

Enterprise Fund (PEF), as codified at 31 U.S.C. § 5136. The Mint generates collections 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. Collections 

determined to be in excess of the amount required by the PEF are transferred to the United States 

Treasury General Fund as non-budget amounts or budget receipts. Non-budget amounts are 

seigniorage, the net income from circulating operations, which in the Federal budget is used to 

reduce the government’s need to borrow. This results in a reduction in interest on the Federal 

debt from the borrowing that seigniorage displaces. The net income from numismatic program 

operations, including bullion coin program operations, is recorded as budget receipts in the 

Federal budget, and is available to be used to fund Federal Government operations and programs. 

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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 adjust as the necessary resources are 

engaged to fulfill prevailing demand. The vast majority (approximately 88 percent in FY 2015) 

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. 

Circulating 

The FY 2015 circulating coin production projections are based on current economic data and 

forecasts of FRB coin orders. Circulating coin production for FY 2015 is forecasted at 10.6 

billion coins. The Mint anticipates a 29 percent increase in quarter-dollar coin shipments of 1.37 

billion in FY 2015 as compared to 1.06 billion in FY 2013. This should increase the amount of 

seigniorage generated by this denomination. 

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 dimes and quarters has fully offset the losses the Mint 

incurred from minting and issuing pennies and nickels. This situation is expected to continue in 

FY 2015. 

In FY 2015, the US Mint will assess the future of currency as it relates to coinage, including the 

penny. The production and circulation of currency in the United States have been largely 

unchanged for decades, despite the growth in electronic financial transactions. Treasury is 

undertaking a comprehensive review of U.S. currency, including a review of both the production 

and use of coins, in order to efficiently promote commerce in the 21st century. These studies 

will analyze alternative metals, Mint facilities, and consumer behavior and preferences, and will 

result in the development of alternative options for the penny and the nickel. 

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 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 

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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. 

Bullion coin demand reached historic highs of 45.3 million ounces sold in FY 2011, but declined 

to 34.9 million ounces in FY 2012 from the unprecedented high level. In FY 2013, bullion coin 

demand rebounded and reached an all-time record of 45.9 million ounces – surpassing FY 2011 

demand. Gold bullion coin revenues were $1.96 billion in FY 2013, up three percent from $1.90 

billion compared to FY 2011. Budget estimates assume gold demand will be nearly 1.1 million 

ounces in FY 2014 and experience a slight decline to 975 thousand ounces in FY 2015. Silver 

demand is anticipated to be 36 million ounces in FY 2014 and a slight decline to 34 million 

ounces in FY 2015. 

The Mint, as the world’s largest producer of gold and silver bullion coins, employs precious 

metal purchasing strategies that minimize or eliminate the financial risk that can arise from 

adverse market price fluctuations. 

Numismatic (Collector) Coins 

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. A main objective of this program is to increase our customer base and foster sales while 

controlling costs and keeping prices as low as possible. 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 2013 revenue increased by six percent to $512 million from $481 million in FY 2012, driven 

by a 34 percent increase in gold and platinum coin products. In FY 2014 numismatic revenues 

are projected to be $402 million. In FY 2015 numismatic revenue is forecast at $444 million, a 

10 percent increase over FY 2014. Gold and platinum coin products are the largest contributor 

to the increase in revenue. 

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Dollars in Thousands 

United States Mint FTE Materials Operating &

Capital Total 

FY 2014 Estimated 1,874 $3,414,900 $476,873 $3,891,773 

Changes to Base: 

Maintaining Current Levels (MCLs): - - $8,078 $8,078 

Pay-Raise - - $2,343 $2,343 

FERS Contribution Increase - - $2,220 $2,220 

Non-Pay - - $3,515 $3,515 

Non-Recurring Costs: - - ($63,000) ($63,000) 

Mint Organizational Facilities Study - - ($1,000) ($1,000) 

OMS II Investment (Prior Year Element) - - ($60,000) ($60,000) 

Public Coin Usage Study - - ($1,000) ($1,000) 

R&D Reduced Requirements - - ($1,000) ($1,000) 

Efficiency Savings: - - ($4,800) ($4,800) 

OMS II Savings - - ($4,800) ($4,800) 

Subtotal Changes to Base 

Total FY 2015 Base 

Program Changes: 

-

1,874 

-

$3,414,900 

($59,722) 

$417,151 

($59,722) 

$3,832,051 

Program Decreases: - ($264,100) - ($264,100) 

Forecast Reduction in Required Purchase of Metal

Raw Materials - ($264,100) - ($264,100) 

Program Increases: - $3,500 - $3,500 

Metal Due to Forecast Increase in Circulating Coin

Production - $3,500 - $3,500 

Total FY 2015 Estimated 1,874 $3,154,300 $417,151 $3,571,451 

 

 

 

 

 

Section 2 – Budget Adjustments and Appropriation Language 

2.1 – Budget Adjustments Table 

2A – Budget Increases and Decreases Description 

Maintaining Current Levels (MCLs) ...................................................... +$8,078,000 / +0 FTE
 

Pay-Raise +$2,343,000 / +0 FTE 

Funds are required for the proposed January 2015 pay- raise and the annualization of the 2014 

pay-raise. 

FERS Contribution Increase +$2,220,000 / +0 FTE 

This increase is to fully fund a 1.3 percent increase in the FERS retirement system as determined 

by the Office of Personnel Management’s (OPM) actuaries. 

Non-Pay +$3,515,000 / +0 FTE 

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

Non-Recurring Costs ............................................................................... -$63,000,000 / +0 FTE
 

Mint Organizational Facilities Study -$1,000,000 / +0 FTE 

The Mint will execute an independent study to evaluate its optimal organization and facility 

structure. The study will be completed in FY 2014. No FY 2015 funding is required for the 

non-recurring item. 

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Public Coin Usage Study -$1,000,000 / +0 FTE 

The Mint will perform a study on the public’s use of coins and its impact on the Mint’s longterm strategy. The study will be concluded in FY 2014. As such, there will not be a need to 

renew the funding for studies in FY 2015. 

OMS II Investment (Prior Year Element) -$60,000,000 / +0 FTE 

The Mint is replacing an obsolete, at-risk order management system with an improved order 

management system that has increased functionality, efficiency, and customer service 

capabilities. Investment in the order management system is accomplished in FY 2014 and is a 

one-time cost with only operating and maintenance costs in the out-years, which are absorbed in 

the Mint’s annual budgets. As a result, the investment amount is reduced from the Mint’s budget 

base in FY 2015. 

R&D Reduced Requirements -$1,000,000 / +0 FTE 

The Mint anticipates reduced R&D expenditures in FY 2015. The R&D center will be 

established and recommendations for the next generation of circulating coinage will have been 

developed. 

Efficiency Savings ...................................................................................... -$4,800,000 / +0 FTE
 

OMS II Savings -$4,800,000 / +0 FTE 

Implementation of the new order management system is projected to reduce costs for the Mint 

and provide customers with an experience that keeps pace with advancements in both technology 

and functionality in the retail industry. Lower operational and maintenance costs are expected to 

result in savings from this system implementation. 

Program Decreases ................................................................................ -$264,100,000 / +0 FTE
 

Forecast Reduction in Required Purchase of Metal Raw Materials -$264,100,000 / +0 FTE 

The overall numismatic program, including bullion coin programs, experienced increases in sales 

in FYs 2013 and 2014. Sales projections for the bullion program are expected to decline slightly 

in FY 2015. As a result, metal purchases for bullion coinage production are projected to be 

lower in FY 2015 compared to FY 2014. 

Program Increases .................................................................................... +$3,500,000 / +0 FTE
 

Metal Due to Forecast Increase in Circulating Coin Production +$3,500,000 / +0 FTE 

The Mint forecasts that demand for circulating coins will continue to increase in FY 2015. In 

FYs 2014 and 2015, the Mint forecasts coin demand to increase to 10.6 billion coins annually. 

To meet the growth in demand, the Mint will need a $3.5 million increase for metal purchases. 

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United States Mint FY 2013 FY 2014 FY 2015 

Object Classification Actual Estimated Estimated 

11.1 - Full-time permanent 137,974 145,277 146,569 

11.3 - Other than full-time permanent 1,416 161 161 

11.5 - Other personnel compensation 11,003 9,951 10,060 

11.9 - Personnel Compensation (Total) 150,393 155,389 156,790 

12.0 - Personnel benefits 47,104 48,171 50,919 

13.0 - Benefits for former personnel 1,038 1,019 1,019 

Total Personnel and Compensation Benefits $198,535 $204,579 $208,728 

21.0 - Travel and transportation of persons 1,355 1,864 1,897 

22.0 - Transportation of things 32,291 26,846 27,319 

23.1 - Rental payments to GSA 453 272 278 

23.2 - Rental payments to others 13,037 14,414 14,662 

23.3 - Communication, utilities, and misc charges 10,815 14,181 14,431 

24.0 - Printing and reproduction 1,158 1,555 1,582 

25.1 - Advisory and assistance services 37,083 94,118 28,267 

25.2 - Other services 22,689 37,627 38,318 

25.3 - Other purchases of goods & serv frm Govt accounts 20,178 20,396 20,764 

25.4 - Operation and maintenance of facilities 4,402 4,250 3,250 

25.5 - Research and development contracts 1,925 1,898 1,947 

25.7 - Operation and maintenance of equip 7,764 7,511 8,048 

26.0 - Supplies and materials 15,026 14,695 14,954 

26.7 - Raw Materials 3,759,731 3,414,900 3,154,300 

31.0 - Equipment 1,714 2,199 2,238 

32.0 - Land and structures 28,464 30,468 30,468 

42.0 - Insurance claims and indemnities 1,983 0 0 

Total Non-Personnel 3,960,068 3,687,194 3,362,723 

Total Budgetary Resources $4,158,603 $3,891,773 $3,571,451 

Budget Activities: 

Manufacturing 4,158,603 3,891,773 3,571,451 

Total Budgetary Resources $4,158,603 $3,891,773 $3,571,451 

FTE 1,705 1,874 1,874 

*There are some variances between this chart and the FY 2015 President’s Budget Appendix for BOCs 26, 26.7, 31 and 32. These figures are 

more up-to-date than the budget appendix. 

2.2 – Operating Levels Table 

Dollars in Thousands 

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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 

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 2015 under such 

section 5136 for circulating coinage and protective service 

capital investments of the United States Mint shall not exceed 

[$19,000,000] $20,000,000. 

2C – Legislative Proposals 

Silver Proof Set Coin Composition 

As previously included in the Mint’s FY 2013 President’s Budget, the bureau recommends 

pursuing a change to the law such that the coins in silver proof sets would be required to be no 

less than 90 percent silver. Under current law, the half-dollar, quarter-dollar, and dime coins in 

silver proof sets “shall be made of an alloy of 90 percent silver and 10 percent copper.” Allowing 

the Mint to have flexibility in this composition improves efficiency in the process of 

manufacturing silver proof sets and lowers the Mint’s production costs for these products. This 

translates into savings that would be passed on to the customer, as well as efficiency gains that 

may result in production cost savings. 

Sec. 123. (a) Section 5112(t)(6)(B) of Title 31, United States Code, is amended by striking "90 

percent silver and 10 percent copper" and inserting in its place "no less than 90 percent silver." 

(b) Section 5132(a)(2)(B)(i) of Title 31, United States Code, is amended by striking "90 

percent silver and 10 percent copper" and inserting in its place "no less than 90 percent silver." 

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 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 

demand for new Presidential $1 Coins comes only through the Mint’s numismatic sales channels. 

Numismatic demand for new Native American $1 Coins is significantly lower than numismatic 

demand for Presidential $1 Coins, making it impracticable for the Mint to comply with the 20-

percent requirement. Limiting the 20 percent requirement to circulating coins, as proposed, 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. It also prevents the Mint from having 

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to manufacture and store excessive inventories of Native American $1 Coins, which would only 

serve to increase costs to numismatic customers. 

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 

($3,571,451,000 from expenses/obligations): 

The Mint has one budget activity: manufacturing. This budget activity encompasses the 

bureau’s two major programs: circulating coinage and numismatic coin products including 

bullion coins and national medals. The owner of the manufacturing budget activity is the Mint’s 

Deputy Director, Richard A. Peterson. 

Circulating Coinage Program 

Circulating coinage includes the penny, nickel, dime, and quarter-dollar coins. 

The Mint delivers circulating coinage to the FRBs at face value for subsequent distribution to the 

commercial banking system as required to transact commerce. 

The Mint will continue to mint and issue 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 2014, the Mint will release quarters honoring 

Great Smoky Mountains National Park (Tennessee), Shenandoah National Park (Virginia), 

Arches National Park (Utah), Great Sand Dunes National Park (Colorado), and Everglades 

National Park (Florida). In 2015, the Mint will release quarters honoring Homestead National 

Monument of America (Nebraska), Kisatchie National Forest (Louisiana), Blue Ridge Parkway 

(North Carolina), Bombay Hook National Wildlife Refuge (Delaware), and Saratoga National 

Historical Park (New York). 

Numismatic Program 

Bullion Coins 

The Mint produces bullion coins under American Eagle, American Buffalo, and America the 

Beautiful Silver Bullion Coin Programs to fulfill investor demand. Bullion coins are largely 

bought by precious metal dealers and sold to consumers who desire precious metals as part of an 

investment portfolio. The 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 produces and distributes numismatic products, including proof and uncirculated 

versions of coins, 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 numismatic program includes the 

American Eagle Program, the American Buffalo Program, the America the Beautiful Quarters 

Program, the Presidential and Native American $1 Coin Programs, recurring programs, 

commemorative coins, and medals. 

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The Mint will continue to mint and issue numismatic versions of $1 coins honoring the Nation’s 

past Presidents in accordance with the Presidential $1 Coin Act of 2005 (Public Law 109-145). 

In 2014, the Mint will release Presidential $1 Coins honoring Presidents Warren G. Harding, 

Calvin Coolidge, Herbert Hoover, and Franklin D. Roosevelt. The Mint will release in 2015 

Presidential $1 Coins honoring Presidents Harry S. Truman, Dwight D. Eisenhower, John F. 

Kennedy, and Lyndon B. Johnson. The Mint will also continue to mint and issue $1 coins 

celebrating 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. 

Total Budgetary Requirements (all programs) 

In FY 2015, the Mint’s total estimated budgetary requirements for operating, metal, and capital 

investments are $3,571 million. 

Description of Performance: 

The Mint uses several key performance measures to gauge progress 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.” This 

performance measure supports Treasury’s strategic objective 1.4, “Facilitate commerce by 

providing trusted and secure United States currency and financial products and services for use 

by the public.” 

The FY 2013 seigniorage per dollar issued was $0.24, above the performance target of $0.17. 

Performance results exceeded the target mainly due to increased FRB demand for quarter-dollars 

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

administrative expenses. 

The performance target for seigniorage per dollar issued is $0.24 for both FY 2014 and FY 2015. 

This estimate is based on expected production costs, including an increase in projected metal 

prices for copper, nickel, and zinc compared to FY 2013. 

The Mint will maintain a focus on achieving greater efficiency by identifying Lean Six Sigma 

process improvements in coinage production and inventory management. 

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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 and product quality. 

The CSI is a quantitative score of survey results. The Mint’s strategic goal for this program is to 

“Responsibly expand the numismatic program.” This performance measure supports Treasury’s 

strategic objective 5.4, “Create a culture of service through relentless pursuit of customer value.” 

Customers rated the Mint favorably at 92.6 percent in FY 2013, above the target of 90.0 percent. 

The CSI has improved for six consecutive quarters. Key drivers contributing to the CSI results 

were customers’ satisfaction with new special collectible coin sets and new functionality and 

design in the Mint’s on-line product catalogue. 

The performance target for CSI is 90.0 percent for both FY 2014 and FY 2015. The Mint plans 

to achieve these performance targets by modernizing its order management system. The new 

system will provide improved functionality and customer service capabilities. 

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.” 

The FY 2013 total recordable case rate was 2.90, below the 3.14 target and below the industry 

average rate of 7.8 (according to the Bureau of Labor Statistics) for forging and stamping 

manufacturers. Material handling injuries (strains and sprains) accounted for the majority of 

reported incidents for the year. 

The performance target for safety incident recordable rate is 3.05 for both FY 2014 and FY 2015. 

To help achieve these targets, the Mint created management safety steering teams to continually 

reinforce a culture of operating safely for all its employees. The Mint will track facility-specific 

leading metrics for internal use to gain a more detailed understanding of the drivers of recordable 

safety incidents. 

Numismatic Sales Units 

The numismatic sales units 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. 

The Mint sold 5.5 million units in FY 2013, exceeding the target of 5.2 million units. The 

increase mainly resulted from strong Presidential $1 Coin product sales above forecast by 23 

percent; silver coin product sales, above forecast by 26 percent; and gold and platinum coin 

product sales, which were 78 percent above forecast. 

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(Dollars in Thousands) 

Manufacturing Budget Activity 

Resource Level FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 

Actual Actual Actual Actual Actual Actual Estimated Estimated 

Expenses/Obligations $2,014,698 $2,282,497 $3,670,761 $4,674,890 $3,106,304 $4,158,643 $3,891,773 $3,571,451 

Budget Activity Total $2,014,698 $2,282,497 $3,670,761 $4,674,890 $3,106,304 $4,158,643 $3,891,773 $3,571,451 

Measure FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 

Actual Actual Actual Actual Actual Actual Target Target 

Customer Satisfaction Index N/A 88.3 86.1 91.7 90.0 92.6 90.0 90.0 

(%) 

Numismatic Sales Units N/A N/A N/A 7.3 5.6 5.5 5.4 5.6 

(Million Units) 

Safety Incident Recordable N/A N/A 2.29 2.74 3.5 2.9 3.05 3.05 

Rate 

Seigniorage per Dollar Issued N/A .55 .49 .45 .21 .24 .24 .24 

($) 

Key: DISC - Discontinued and B - Baseline 

For FY 2014 and 2015, performance targets have been established at 5.4 million units and 5.6 

million units respectively. 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 

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 Summary of Capital Investments 

Capital IT/Non-IT Summary FY 2013 FY 2014 FY 2015 

Category Estimated Estimated Estimate d 

No n -IT In v es t men t s $27,809,000 $28,343,000 $29,168,000
 

IT In v e s t me n t s $2,215,000 $2,125,000 $1,300,000
 

Total Investme nts $30,024,000 $30,468,000 $30,468,000 

 

Section 4 – Supplemental Information 

4A – Summary of Capital Investments 

The Mint is a manufacturing bureau whose primary mission is to produce coinage to effectively 

enable commerce. 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 manufacturing improvements, 

such as development of new coin designs, automation of packaging lines, and facilities’ safety 

and 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. 42, the 

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

Real Property Profile, the Mint has no deferred maintenance and repairs for its property, plant 

and equipment. Maintenance and repairs are scheduled and performed regularly to keep the 

manufacturing property, plant and 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/budgetperformance/Pages/summary-of-capital-investments.aspx 

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