United States Mint

FY 2016

President’s Budget

February 2, 2015
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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...................................................................................................... 8

2B – Appropriations Language and Explanation of Changes..................................................... 9

2C – Legislative Proposals.......................................................................................................... 9

Section 3 – Budget and Performance Plan ............................................................................... 11

3A – Manufacturing.................................................................................................................. 11

3.1.1 – Manufacturing Budget and Performance Plan.............................................................. 14

Section 4 – Supplemental Information...................................................................................... 15

4A – Summary of Capital Investments..................................................................................... 15
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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 2014 FY 2015 FY 2016 FY 2015 to FY 2016

Budgetary Resources Actual Estimated Estimated $ Change % Change

FTE AMOUNT FTE AMOUNT FTE AMOUNT FTE AMOUNT FTE AMOUNT

Revenue/Offsetting Collections

Other Income

Circulating 0 783,034 0 787,500 0 798,600 0 11,100 .00 1.41%

Bullion/Numismatic 0 2,318,847 0 3,041,382 0 3,041,382 0 0 .00 N/A

Total Revenue/Offsetting Collections 0 3,101,881 0 3,828,882 0 3,839,982 0 11,100 .00 0.29%

Expenses/Obligations

Manufacturing

Circulating 947 493,928 1,068 574,629 1,011 575,249 (57) 620 -5.34% 0.108%

Bullion/Numismatic 714 2,367,705 806 3,016,802 763 3,012,058 (43) 3,256 -5.33% 0.108%

Total Expenses/Obligations 1,661 2,861,633 1,874 3,591,431 1,774 3,595,307 (100)1 3,876 -5.34% 0.108%

Net Results 0 240,248 0 237,451 0 244,675 0 7,695 .00 3.24% 1 Aligns FTE with historical usage levels and production requirements

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 

Coin Shipments (Units In Millions/Coins) FY 2014 FY 2015 FY 2016

Circulating:

One Cent 7,920 7,250 7260 -8.46%

5-Cent 1,211 1,200 1190 -0.91%

Dime 2,223 2,050 2040 -7.78%

Quarter 1,683 1,800 1850 6.95%

Half-Dollar 0 0 0 0.00%

Dollar 0 0 0 0.00%

Total Circulating 13,037 12,300 12,340 0.33%

FY 2014 FY 2015 FY 2016

Budget Category Actual Estimated Estimated

Administrative Operating Costs $384,782 $392,763 $393,739

Capital Investments $29,234 $30,468 $30,468

Metals and Materials Costs $2,447,617 $3,168,200 $3,171,100

Total Resources $2,861,633 $3,591,431 $3,595,307
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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).

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 2016 Priorities

• Circulating Program - Efficiently and effectively mint and issue circulating coins in FY 2016

to meet the needs of the United States.

• Numismatic Program:

1. Bullion Products – Efficiently and effectively mint and issue bullion coins to meet 

customer demand. 

2. 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. 

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

Context

Since 1996, the Mint operations have been 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. Seigniorage, which is the net income from circulating operations, 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 available to fund other Federal 

Government operations and programs. 

The Mint’s budget receipts 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 2016) 

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 2016 circulating coin production projections depend on economic data and forecasts of 

FRB coin orders. A notable increase in quarter-dollar coin shipments increases 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 dime and quarter-dollar coins has fully offset the losses the 

Mint incurred from minting and issuing pennies and nickels. Although metal prices for these 

denominations have declined, this situation is expected to continue in FY 2016. 

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.

Numismatic Program

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

premium products to collectors and those who desire high 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 

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 2014, the compounded effect of decreased bullion demand and reduced prices of gold and 

silver (reductions of 16 percent and 25 percent, respectively) resulted in a decrease in revenues 

from $3.2 billion to $1.8 billion, a 44 percent reduction from FY 2013. In FY 2015, bullion 

demand is expected to increase to 52.7 million ounces from the 36.8 million ounces budgeted in 

FY 2014, and remain flat in FY 2016. The main driver of this is a large projected increase in 

investor demand for American Eagle Silver bullion coins, which increased 46% from 35.0 

million ounces in the FY 2014 budget to 51.0 million ounces in the FY 2015 budget. Calendar 

year 2014 demand for American Eagle silver bullion coins hit a Mint record of 44.0 million 

coins. Demand for American Eagle silver coins continues to be very high. FY 2015 forecasted 

gold and silver prices are, respectively, 1 percent and 9 percent higher than FY 2014 average 
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prices. As a result, bullion revenue is forecasted at $2.6 billion in FY 2015 and expected to 

remain at that level in FY 2016.

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 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 2014 revenue decreased by two percent to $504 million from $512 million in FY 2013, 

driven by 16 percent and 25 percent decreases, respectively, in gold and silver spot prices. In 

FY 2015 and FY 2016, numismatic revenues are projected to be $479 million. 

In FY 2015, the Mint will conduct a digital marketing campaign targeted to expand its customer 

base and increase numismatic unit sales. Based on extensive research and analysis, the Mint 

developed a marketing program that will reach new audiences and generate additional interest in 

numismatic products, resulting in new sales and potentially increased returns to the Treasury 

General Fund.
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Section 2 – Budget Adjustments and Appropriation Language

2.1 – Budget Adjustments Table

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 (100) $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 (100)1 $3,171,100 $424,207 $3,595,307 1

Aligns FTE with historical usage levels and production requirements

2A – Budget Increases and Decreases Description

Maintaining Current Levels (MCLs) ......................................................+$7,233,000 / +0 FTE

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 2015 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 ...................................................................................-$6,257,000 / -100 FTE

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 ....................................................................................+$2,900,000 / +0 FTE

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, 

with forecasts at 12.3 billion coins in FY 2015. To meet the growth in demand, a $2.9 million 

increase for metal purchases is required.
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2.2 – Operating Levels Table

Dollars in Thousands

United States Mint FY 2014 FY 2015 FY 2016

Object Classification Actual Estimated Estimated

11.1 - Full-time permanent 125,605 146,569 144,656

11.3 - Other than full-time permanent 1,256 161 161

11.5 - Other personnel compensation 12,683 10,060 9,902

11.9 - Personnel Compensation (Total) 139,544 156,790 154,719

12.0 - Personnel benefits 44,347 50,919 56,845

13.0 - Benefits for former personnel -2601 1,019 1,019

Total Personnel and Compensation Benefits $183,631 $208,728 $212,583

21.0 - Travel and transportation of persons 1,603 1,897 1,866

22.0 - Transportation of things 29,504 27,319 26,877

23.1 - Rental payments to GSA 463 278 275

23.2 - Rental payments to others 13,115 14,662 14,425

23.3 - Communication, utilities, and misc charges 13,814 14,431 14,197

24.0 - Printing and reproduction 869 1,582 1,556

25.1 - Advisory and assistance services 80,037 34,347 33,889

25.2 - Other services 18,810 38,318 37,696

25.3 - Other purchases of goods & serv frm Govt accounts 19,049 20,764 20,427

25.4 - Operation and maintenance of facilities 4,567 3,250 3,197

25.5 - Research and development contracts 3,508 1,947 1,920

25.7 - Operation and maintenance of equip 7,486 8,048 7,917

26.0 - Supplies and materials 13,746 14,954 14,712

26.7 - Raw Materials 2,439,431 3,168,200 3,171,100

31.0 - Equipment 26,634 20,848 20,812

32.0 - Land and structures 5,356 11,858 11,858

42.0 - Insurance claims and indemnities 10 0 0

Total Non-Personnel 2,678,002 3,382,703 3,382,724

Total Budgetary Resources $2,861,633 $3,591,431 $3,595,307

Budget Activities:

Manufacturing 2,861,633 3,591,431 3,595,307

Total Budgetary Resources $2,861,633 $3,591,431 $3,595,307

FTE2 1,661 1,874 1,774 1

Includes an adjustment related to prior year activity

2 Aligns FTE with historical usage levels and production requirements
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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 [2015] 2016 under such section 5136 for 

circulating coinage and protective service capital investments of the 

United States Mint shall not exceed $20,000,000.

2C – Legislative Proposals

Coinage Materials Modernization Act (CMMA)

The Coin Modernization, Oversight and Continuity Act (Public Law 111-302), which was signed 

into law on December 14, 2010, provides the Secretary research and development authority; it 

does not give the Secretary the flexibility and agility to approve coinage materials that would 

result in significant long- and short-term savings to the taxpayers. Requiring legislation for each 

change in coin composition will greatly slow the process. As metal prices are extremely volatile, 

the delay incurred by proposing and passing legislation could result in the new compositions 

being outdated by the time of their enactment.

Commodity metal prices have been at levels sufficient for production costs to exceed the face 

value of pennies and nickels since FY 2006. These same metal prices may also reduce the 

seigniorage from other circulating coinage denominations.

The Mint is proposing legislative changes that would modernize the Nation’s coinage materials 

for the first time since 1965. Specifically, these changes would amend 31 U.S.C. § 5112(a)-(c) 

to grant the Secretary the same authority he currently possesses with respect to the $1 coin—that 

is, the authority to prescribe the weights and compositions of all circulating coins, and to provide 

the Secretary flexibility to change the composition of coins to more cost-effective materials.

The proposed amendments would allow the Secretary to explore, analyze, and approve new, less 

expensive materials for all circulating coins based on factors that he determines to be 

appropriate. Such factors may include physical, chemical, metallurgical and technical 

characteristics; material, fabrication, minting, and distribution costs; material availability and 

sources of raw materials; coinability; durability; effects on sorting, handling, packaging and 

vending machines; risks to the environment and public safety; appearance; resistance to 

counterfeiting; and commercial and public acceptance.

Sec. 122. Section 5112 of title 31, United States Code, is amended as follows—

(a) in subsection (a)(2) by striking "and weighs 11.34 grams";

(b) in subsection (a)(3) by striking "and weighs 5.67 grams";
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(c) in subsection (a)(4) by striking "and weighs 2.268 grams";

(d) in subsection (a)(5) by striking "and weighs 5 grams";

(e) in subsection (a)(6) by striking "except as provided under subsection (c) of this section," 

and "and weighs 3.11 grams";

(f) in subsection (b) by striking the first, second, third, fourth, sixth, seventh, and eighth 

sentences, and by striking "metallic,"; and

(g) in subsection (c) by amending the subsection to read as follows—

a. "The Secretary shall prescribe the weight and the composition of the dollar, halfdollar, quarter-dollar, dime, 5-cent, and one-cent coins. In prescribing the weight 

and the composition of the dollar, half-dollar, quarter-dollar, dime, 5-cent and one 

cent coins, the Secretary shall consider such factors that the Secretary considers, in 

the Secretary's sole discretion, to be appropriate."

(h) in subsection (r)(5) by inserting "for circulation" after both instances of "minted and 

issued."

(i) in subsection (t)(6)(B) by striking "90 percent silver and 10 percent copper" and 

inserting "no less than 90 percent silver."

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

This legislative proposal also 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 for circulation. 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 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.

Sec. 123. Section 5113(a) of title 31, United States Code, is amended by—

(a) striking "and" after "quarter dollar" and inserting after the word "dime" ", 5-cent, and 

one-cent"; and

(b) striking the second and third sentences.

Silver Proof Set Coin Composition

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 would improve 

efficiency in the process of manufacturing silver proof sets and lower the Mint’s production costs 

for these products. This translates into savings that would be passed on to the customer. 

Sec. 124. 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 "no less than 90 percent silver."
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Section 3 – Budget and Performance Plan

3A – Manufacturing

($3,595,307,000 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 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 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 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). 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).

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. 
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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 2015, the Mint will release Presidential $1 Coins honoring Presidents Harry S. Truman, 

Dwight D. Eisenhower, John F. Kennedy, and Lyndon B. Johnson. In 2016, the Mint will 

release 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).

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 2015 the Mint is scheduled to mint 

two commemorative coins: one to commemorate the 75th anniversary of the establishment of 

the March of Dimes Foundation and the other to commemorate the 225th anniversary of the 

establishment of the United States Marshals Service. In FY 2016, the Mint has authorization to 

mint one commemorative coin through the Mark Twain Commemorative Coin Act (Public Law 

112-201). 

Total Budgetary Requirements (all programs)

In FY 2016, the United States Mint’s total estimated budgetary requirements for operating, 

metal, and capital investments are $3,595 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 Mint’s 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.”

The FY 2014 seigniorage per dollar issued was $0.37, above the performance target of $0.24. 

Performance results exceeded the target mainly because of a 23 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, 

have also contributed to the higher performance. 

FY 2015 and FY 2016 seigniorage per dollar issued and overall seigniorage are expected to 

remain flat when compared to the original FY 2014 target. The performance target for 

seigniorage per dollar issued is $0.24 for FY 2015 and for FY 2016.
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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.” 

In FY 2014, the CSI reached 89.8 percent, slightly below the target of 90.0 percent.

The performance target for CSI is 90.0 percent for FY 2015 and for FY 2016. The Mint plans to

improve on the level of customer satisfaction, as the bureau implemented a new order 

management system on October 1, 2014. The new system replaced an outdated system that 

could not support the modern functionality necessary to serve today’s numismatic customers 

efficiently and effectively. The new system aims to provide improved functionality and customer 

service capabilities, and its scope will cover the entire Mint numismatic program.

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 2014 total recordable case rate was 3.31, which is above the 3.05 target but well below 

the industry average rate of 6.8 for metal stamping manufacturers. Material handling injuries 

(slips, trips, and falls) accounted for the majority of reported incidents for the fiscal year.

The performance target for safety incident recordable rate is 2.96 for FY 2015 and for FY 2016. 

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

reinforce a culture of operating safely for all its employees, and recently appointed an executive 

corporate safety officer. The Mint will track facility-specific data to gain a more detailed 

understanding of the drivers of recordable safety incidents.

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 2014, the Mint sold 5.7 million units. The increase compared to plan was driven by an

808,000 unit increase in the commemorative coin product category, resulting from National 

Baseball Hall of Fame Commemorative Coin Program product sales.

Numismatic product sales for FY 2014 were 5.7 million units, which exceeded the target level of 

5.4 million units. The increase was based on the sales of new products, such as the National 

Baseball Hall of Fame Commemorative Coins and the 50th Anniversary Kennedy Half-Dollar 

products. 
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A performance target for numismatic product sales has been established at 5.6 million units for 

FY 2015 and FY 2016. The Mint will continue improvement 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 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016

Actual Actual Actual Actual Actual Actual Estimated Estimated

 Expenses/Obligations $2,215,903 $3,624,483 $4,623,384 $3,806,838 $3,525,178 $2,861,632 $3,591,431 $3,595,307

Budget Activity Total $2,215,903 $3,624,483 $4,623,384 $3,806,838 $3,525,178 $2,861,632 $3,591,431 $3,595,307

Measure FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016

Actual Actual Actual Actual Actual Actual Target Target

Customer Satisfaction Index 

(%)

88.3 86.1 91.7 90.0 92.6 89.8 90.0 90.0

Numismatic Sales Units 

(Million Units)

N/A N/A 7.3 5.6 5.51 5.7 5.6 5.6

Safety Incident Recordable 

Rate

N/A 2.29 2.74 3.5 2.9 3.31 2.96 2.96

Seigniorage per Dollar Issued 

($)

.55 .49 .45 .21 .24 .37 .24 .24

Key: DISC - Discontinued and B - Baseline
Mint - 15

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 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. 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.ry of Capital 

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 2014 FY 2015 FY 2016

Category Estimated Estimated Estimated

Non-IT Investments $28,743,000 $28,343,000 $28,343,000

IT Investments $1,725,000 $2,125,000 $2,125,000

Total Investments $30,468,000 $30,468,000 $30,468,000