United States Mint

Program Summary by Budget Activity

Dollars in Thousands

 FY 2015 FY 2016 FY 2016 FY 2016 TO FY 2017

Budget Activity Actual Estimated Estimated $ Change % Change

Manufacturing $2,937,553 $2,896,207 $2,956,207 $60,000 2.0%

Total Cost of Operations $2,937,553 $2,896,207 $2,956,207 $60,000 2.0%

FTE 1,651 1,874 1,874 0 0.0%

Summary

The United States Mint (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); promote efficient use of resources 

through shared services, strategic sourcing, 

streamlined business processes, and 

accountability (5.3); and create a culture of 

service through relentless pursuit of customer 

value (5.4).

The Mint operates 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 coinrelated products. Revenues in excess of 

amounts required by the PEF are transferred to 

the Treasury General Fund. 

The Mint’s key priorities for FY 2017 include:

• Circulating - Efficiently and effectively 

mint and issue approximately 16.9 billion 

circulating coins in FY 2017 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.

FY 2017 United States Mint estimated total 

revenues are $3,443,193,000, total expenses 

are $2,956,207,000, of which $40,500,000 are 

for capital investments, and net results are 

$486,986,000 in earnings.
Mint FY 2017 Budget Highlights

Dollars in Thousands

United States Mint FTE Materials Operating & 

Capital Total

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

Changes to Base:

Maintaining Current Levels (MCLs): - - $6,791 $6,791

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

Pay Annualization $691 $691

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

Efficiency Savings: - - ($6,791) ($6,791)

Reduction – Absord MCLs - - ($6,791) ($6,791)

Subtotal Changes to Base - - $0 $0

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

Program Changes:

Program Increases:

Circulating and Protection Capital Limitation 

Increase - - $10,000 $10,000

Metal due to Forecast Increase in Circulating Coin 

Production - $40,000 - $40,000

Metal Due to Forecast Increase in 

Numismatic/Bullion Production - $10,000 - $10.000

Subtotal FY 2017 Program Changes $50,000 $10,000 $60,000

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

FY 2017 Budget Adjustments

Adjustments to Estimates

Maintaining Current Level (MCLs)

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 

proposed January 2016 pay-raise.

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

Funds are required for inflation adjustments in 

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

supplies, and equipment.

Efficiency Savings

Operating 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.

Program Increases

Circulating and Protection Capital 

LimitationIincrease +$10,000,000 / +0 FTE

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 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 

numismatic coin production cost will 

experience a slight growth of $20 million and 

the FY 2017 bullion coin production cost will 

be $10 million lower than the FY 2016 

projected level. The net effect is $10 million 

increase in required metal purchases. 

Explanation of Budget Activities

Manufacturing ($2,956,207,000 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, collector 

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 2017, the 

Mint will release quarters honoring Effigy 

Mounds National Moument (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 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. 

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 Coin (Public Law 114-30).

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 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 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 2017, the Mint’s total estimated 

budgetary requirements for operating, metal 

and capital investments are $2,956 million.

Legislative Proposals

Mint repeats a proposal from the FY 2016

President’s Budget, to eliminate the 20 percent 

requirement in the Native American $1 Coin 

Act.

Mint Performance by Budget Activity

Budget Activity Performance Measure FY 2013 FY 2014 FY 2015 FY 2016 FY 2017

Actual Actual Actual Target Target

Manufacturing Customer Satisfaction Index (%) 92.6 89.8 89.5 90.0 90.0

Manufacturing Numismatic Sales Units (Million Units) 5.51 5.7 5.4 4.6 4.1

Manufacturing Safety Incident Recordable Rate 2.9 3.31 3.42 2.96 2.96

Manufacturing Seigniorage per Dollar Issued ($) .24 .37 .49 .47 .46

Key: DISC - Discontinued

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 Mint’s service 

and product quality. The CSI is a quantitative 

score of survey results. The Mint’s CSI 

reached 89.5 percent in FY 2015, below the 

target of 90.0 percent. 

Numismatic Sales Units

The numismatic sales units metric measures

the public demand for coin products sold from 

numismatic operations. It quantifies the 

demand for the Nation’s official numismatic 

products. Numismatic sales units totaled 5.4

million in FY 2015, falling short of the 5.6

million target. The decrease mainly resulted 

from lower customer demand.

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 3.42 recordable injuries and illnesses 

per 100 full-time workers in FY 2015, above 

the 2.96 target but below the industry average 

rate of 5.9 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 $0.49 in 

FY 2015, above the performance target of 

$0.24. Results exceeded the target mainly due 

to a 57 percent increase in FRB orders for 

circulating quarter-dollar coins above forecast

along with lower metals costs and reduced 

general and administrative costs.