United States Mint

Program Summary by Budget Activity

Dollars in Thousands

 FY 2014 FY 2015 FY 2016 FY 2015 TO FY 2016

Budget Activity Actual Estimated Estimated $ Change % Change

Manufacturing $2,861,632 $3,591,431 $3,595,307 $3,876 0.11%

Total Cost of Operations $2,861,632 $3,591,431 $3,595,307 $3,876 0.11%

FTE1 1,661 1,874 1,774 (100) -5.34%

1

Aligns FTE with historical usage levels and production requirements

Summary

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); and, create a culture of 

service through relentless pursuit of customer 

value (5.4).

Since FY 1996, the United States Mint has 

been operating under the United States Mint’s 

Public Enterprise Fund (PEF). As authorized 

by Public Law 104-52 (31 U.S.C. § 5136), the 

PEF makes amounts available without further 

appropriation. Proceeds from the sales of 

circulating coins to the Federal Reserve Banks 

and numismatic items to the public are the 

source of funding for operations. Both

operating expenses and capital investments are 

associated with the production of circulating 

and numismatic coins and coin-related 

products. Revenues in excess of amounts 

required by the PEF are transferred to the 

United States Treasury General Fund. 

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 continuing 

its 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. This review 

includes alternative metals, the United States 

Mint facilities, and consumer behavior and 

preferences. Treasury expects to announce the 

results of its review this fiscal year.

The United States Mint’s key priorities for 

FY 2016 include:

• Circulating - Efficiently and effectively 

mint and issue circulating coins in 

FY 2016 to meet the needs of commerce.

• Numismatic Program

Bullion Products – Mint and issue bullion 

coins to meet customer demand efficiently 

and effectively.

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 presentation Congressional 

Gold Medals.

• Protection - Secure the Nation’s gold 

reserves, silver reserves and other assets.

FY 2016 United States Mint estimated total 

revenues are $3,839,982,000, total expenses 

are $3,595,307,000, of which $30,468,000 are 

for capital investments, and net results are 

$244,675,000 in earnings.
US Mint FY 2016 Budget Highlights

Dollars in Thousands

United States Mint FTE Materials Operating & 

Capital Total

FY 2015 Estimated 1,874 $3,168,200 $423,231 $3,591,431

Changes to Base:

Maintaining Current Levels (MCLs): - - $7,233 $7,233

Pay-Raise - - $2,040 $2,040

Pay Annualization - - $522 $522

FERS Contribution Increase - - $711 $711

Non-Pay - - $3,960 $3,960

Efficiency Savings: (100) - ($6,257) ($6,257)

Reduction - Reduce Operating Costs (100) - ($6,257) ($6,257)

Subtotal Changes to Base (100) - $976 $976

Total FY 2016 Base 1,774 $3,168,200 $424,207 $3,592,407

Program Changes:

Program Increases: - $2,900 - $2,900

Metal Due to Forecast Increase in Circulating Coin 

Production - $2,900 - $2,900

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

FY 2016 Budget Adjustments

Adjustments to Estimates

Maintaining Current Level (MCLs)

Pay-Raise +$2,040,000 / +0 FTE

Funds are required for the proposed January 

2016 pay-raise.

Pay Annualization +$522,000 / +0 FTE

Funds are required for annualization of the 

proposed January 2014 pay-raise.

FERS Contribution Increase +$711,000 / 

+0 FTE

Funds are required for increases in agency 

contributions to the Federal Employee 

Retirement System based on updated actuarial 

estimates.

Non-Pay +$3,960,000 / +0 FTE

Funds are required for inflation adjustments in 

non-labor costs such as travel, contracts, rent, 

supplies, and equipment.

Efficiency Savings

Reduction - Reduce Operating Costs 

-$6,257,000 / -100 FTE

The Mint will reduce its operating budget by 

continuing to monitor costs and implement 

various savings strategies. These strategies 

will be across all departments within the Mint. 

In addition, salary savings will be realized 

through position management control efforts.

Program Increases

Metal Due to Forecast Increase in 

Circulating Coin Production +$2,900,000 / 

+0 FTE

The Mint forecasts that demand for circulating 

coins will remain strong in FY 2015 and 2016. 

To meet the growth in demand, a $2.9 million 

increase for metal purchases is required.

Explanation of Budget Activities

Manufacturing ($3,595,307,000 from 

revenue/offsetting collections)

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. 

Circulating Coinage Program

Circulating coinage includes the penny, nickel, 

dime, and quarter-dollar coins. 

The United States Mint delivers circulating 

coinage to the Federal Reserve Banks 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 2016, 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 Coin Program

The United States 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 markets 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 United States 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, and commemorative coins 

and medals. 

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). The Mint will release in 2016

Presidential $1 Coins honoring Presidents 

Richard M. Nixon,Gerald R. Ford, and Ronald 

W. Reagan. 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).

In FY 2016, the Mint’s total estimated 

budgetary requirements for operating, metal 

and capital investments are $3,595 million.

Legislative Proposals

Mint proposes three legislative changes, two 

of which are from the FY 2015 President’s 

Budget. The proposals are: the Coinage

Materials Modernization Act (CMMA), 

Eliminate the 20 percent requirement in the 

Native American $1 Coin Act, and the Silver 

Proof Set Coin Composition proposal.
US Mint Performance by Budget Activity

Budget Activity Performance Measure FY 2012 FY 2013 FY 2014 FY 2015 FY 2016

Actual Actual Actual Target Target

Manufacturing Customer Satisfaction Index (%) 90.0 92.6 89.8 90.0 90.0

Manufacturing Numismatic Sales Units (Million 

Units)

5.6 5.51 5.7 5.6 5.6

Manufacturing Safety Incident Recordable Rate 3.5 2.9 3.31 2.96 2.96

Manufacturing Seigniorage per Dollar Issued ($) .21 .24 .37 .24 .24

Description of Performance

Customer Satisfaction Index (CSI)

The Mint conducts a quarterly Customer 

Satisfaction Measure Tracking Survey among 

a random sample of active numismatic 

customers. The survey is intended to capture 

customer satisfaction with the United States 

Mint’s service and product quality. The CSI is 

a quantitative score of survey results. The 

United States Mint’s CSI reached 89.8 percent 

in FY 2014, below the target of 90.0 percent. 

Numismatic Sales Units

The numismatic sales units metric indicates 

the number of coin products sold to the public 

from numismatic operations. It quantifies the 

demand for the Nation’s official numismatic 

products. Numismatic sales units totaled 5.7

million in FY 2014, exceeding the target of 5.4

million units. . The increase mainly resulted 

from the sale of new products, such as the 

National Baseball Hall of Fame 

Commemorative Coins and the 50th

Anniversary Kennedy Half-Dollar products.

Safety Incident Recordable Rate

Safety incident recordable rate is the number 

of injuries and illnesses meeting the 

Occupational Health and Safety 

Administration recording criteria per 100 fulltime workers. The safety incident recordable

rate was 3.31 recordable injuries and illnesses 

per 100 full-time workers in FY 2014, above 

the 3.05 target but below the industry average 

rate of 6.8 for forging and stamping 

manufacturers.

Seigniorage per Dollar Issued

Seigniorage is the financial return on 

circulated coinage shipped to the FRB and the 

public. It measures the cost-effectiveness of 

the United States’ circulating coinage. 

Seigniorage per dollar issued was $0.37 in 

FY 2014, above the performance target of 

$0.24. Results exceeded the target mainly due 

to increased FRB demand, lower costs than 

forecast for metals and reduced general and 

administrative expenses.