United States Mint

Program Summary by Budget Activity

Dollars in Thousands

 FY 2012 FY 2013 FY 2014 FY 2012 TO FY 2014

Budget Activity Actual Estimated Estimated $ Change % Change

Manufacturing $3,106,304 $3,525,178 $2,937,540 ($168,764) -5.43%

Total Cost of Operations $3,106,304 $3,525,178 $2,937,540 ($168,764) -5.43%

FTE 1,788 1,844 1,874 86 4.81%

Summary

The United States Mint supports the 

Department of the Treasury’s strategic goal to 

enhance U.S. competitiveness and promote 

international financial stability and balanced 

global growth. 

Since 1996, the United States Mint operations 

have been funded through the Public 

Enterprise Fund (PEF), established by section 

522 of Public Law 104–52 (codified at section

5136 of Title 31, United States Code). The 

United States 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. 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 United States Mint’s key priorities for FY 

2014 include:

 Circulating - Efficiently and effectively 

mint and issue approximately 9.5 billion 

circulating coins in FY 2014 to meet the 

needs of commerce.

 Numismatic Program

Bullion – Mint and issue bullion coins 

while employing precious metal 

purchasing strategies that minimize or 

eliminate the financial risk that can arise 

from adverse market price fluctuations.

Other Numismatic Products - Produce and 

distribute numismatic products in 

sufficient quantities, through appropriate 

channels, and at the lowest prices 

practicable, to make them accessible, 

available, and affordable to people who 

choose to purchase them. Design, strike 

and prepare for presentation Congressional 

Gold Medals and commemorative coins, as 

required by law.

 Protection - Secure the Nation’s gold 

reserves, silver reserves and other assets.

FY 2014 United States Mint estimated total 

revenues are $3,082,000,000, total expenses 

are $2,937,540,000, of which $30,468,000 are 

for capital investments, and net results are 

$144,460,000 in earnings.
US Mint FY 2014 Budget Highlights

Dollars in Thousands

United States Mint FTE Materials Operating & 

Capital Total

FY 2012 Actual 1,788 $2,694,145 $412,159 $3,106,304

FY 2013 Estimated 1,844 $3,120,234 $404,944 $3,525,178

Changes to Base:

Maintaining Current Levels (MCLs): - - $6,129 $6,129

Pay-Raise - - $1,761 $1,761

Non-Pay - - $4,368 $4,368

Efficiency Savings: - ($607,286) ($7,000) ($614,286)

Labor Costs (reduction expected as result of 

VERA/VSIP) - - ($7,000) ($7,000)

Forecast Reduction in Purchase of Metal Raw 

Materials for Bullion in 2014 - ($607,286) - ($607,286)

Subtotal Changes to Base - ($607,286) ($871) ($608,157)

Total FY 2014 Base 1,844 $2,512,948 $404,073 $2,917,021

Program Changes:

Program Increases: 30 $18,519 $2,000 $20,519

Metal labor overhead from increased forecast in 

circulating coin in 2014 30 $18,519 $2,000 $20,519

Total FY 2014 Estimated 1,874 $2,531,467 $406,073 $2,937,540

FY 2014 Budget Adjustments

Maintaining Current Level (MCLs)

Pay-Raise +$1,761,000 / +0 FTE

Estimate for the proposed January 2014 pay 

raise.

Non-Pay +$4,368,000 / +0 FTE

Estimate for non-labor costs such as travel, 

contracts, rent, supplies and equipment.

Efficiency Savings

Forecast Reduction in Purchase of Metal Raw 

Materials for Bullion in 2014 -$607,286,000 / 

+0 FTE

The overall numismatic program, including 

bullion coin programs, experienced increases 

in sales in FY 2010 and FY 2011. Revenue 

for these programs is trending lower in FY 

2012. In FY 2013 and 2014, sales are 

expected to continue to decline. As a result, 

metal purchase projections are down for FY 

2014.

Labor Costs (reduction expected as result of 

VERA/VSIP) -$7,000,000 / +0 FTE

As a result of process improvements, 

efficiency gains and reduced production levels, 

the United States Mint’s staffing levels have 

gradually declined over time. In FY 2013, the 

United States Mint plans to achieve additional 

reductions in staffing and labor costs through 

implementation of voluntary early retirement 

authority and voluntary separation incentive 

program offers, a hiring freeze, and natural 

attrition. In FY 2014, annualized labor 

reductions are expected to be realized from the 

efforts taken in FY 2012 and FY 2013.

Program Increases

Metal labor overhead from increased forecast 

in circulating coin in 2014 +$20,519,000 / 

+30 FTE

Circulating coin production for FY 2013 is 

forecasted at 9.0 billion, a 17-percent increase 

over the original forecast of 7.7 billion. In FY 

2014, the United States Mint is forecasting 

circulating coin production at 9.5 billion, a sixpercent increase over FY 2013. The United 

States Mint plans to meet this projected 

increase in demand by increasing metal 

purchases accordingly, adding 30 temporary 

direct labor manufacturing positions, and 

increasing variable production costs. This 

proposed increase will enable the United 
States Mint to achieve its strategic goal to 

meet the Nation’s need for circulating coins.

Explanation of Budget Activities

Manufacturing ($2,937,540,000 from 

revenue/offsetting collections)

The United States Mint has one budget 

activity: Manufacturing. This budget activity 

supports Treasury’s strategic goal to enhance 

U.S. competitiveness and promote 

international financial stability and balanced 

global growth. This budget activity 

encompasses the bureau’s three major 

programs: circulating coinage, bullion coins, 

and numismatic coin products. The goal owner 

for the Manufacturing budget activity is the 

United States Mint Acting Director, Richard 

Peterson.

Circulating Coinage Program

Circulating coinage includes the one-cent 

(penny), 5-cent (nickel), dime, and quarterdollar coins. The minting of Presidential $1 

Coins for circulation was suspended near the 

end of calendar year 2011. 

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 United States 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 United States Mint will release quarters 

honoring Great Smokey Mountains National 

Park (Tennessee), Shenandoah National Park 

(Virginia), Arches National Park (Utah), Great 

Sand Dunes National Park (Colorado) and 

Everglades National Park (Florida).

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. 

While the minting of Presidential $1 Coins for 

commerce has been suspended, 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 2014 

Presidential $1 Coins honoring Presidents 

Warren G. Harding, Calvin Coolidge, Herbert 

Hoover, and Franklin D. Roosevelt.
In 2013 and 2014, the United States 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 2014, the United States Mint’s total 

estimated budgetary requirements for 

operating, metal and capital investments are 

$2,938 million.

Legislative Proposals

Sec. 122. 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 have also 

reduced the seigniorage realized from other 

circulating coinage denominations from levels 

generated in the past. 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. 

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 for circulation. Approval of 

this proposal would allow the United States 

Mint to mint and issue $1 coins only in 

amounts necessary to meet public demand for 

coins of each particular design.

Cooperative Efforts

For FY 2014, Treasury proposes to remove 

section 113 from the FY 2012 bill which 

requires approval of Congressional committees 

prior to implementing cooperative 

arrangements between the Mint and the 

Bureau of Engraving and Printing 

(BEP). This change would increase 

Treasury’s flexibility to use the Economy Act 

to implement potential cooperative efforts 

such as shared administrative services that 
could reduce unnecessary duplication of effort 

and thus improve cost efficiency at the BEP 

and at the Mint. Treasury would still consult 

with the Committees on any major 

reorganization as required by section 608.

US Mint Performance by Budget Activity

Budget Activity Performance Measure FY 2010 FY 2011 FY 2012 FY 2013 FY 2014

Actual Actual Actual Target Target

Manufacturing Customer Satisfaction Index (%) 86.1 91.7 90.0 90.0 90.0

Manufacturing Numismatic Sales Units (Million 

Units)

N/A N/A 5.6 5.2 5.2

Manufacturing Seigniorage per Dollar Issued ($) .49 .45 .21 .17 .23

Key: DISC - Discontinued and B - Baseline

Description of Performance

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 $0.21 in FY 

2012, above the performance target of $0.17. 

Results exceeded the target because the metals 

prices are lower and volume demanded is 

higher than originally predicted.

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 90.0 percent 

in FY 2012, below the target of 92.0 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 5.6

million in FY 2012. Sales were below the 

target of 7.0 million for two reasons. First, 

sales of 2010 numismatic gold coin products 

in 2011 were atypically high, because of pentup demand after they were not offered in FY 

2010. There was no comparable situation 

early in FY 2012, as the 2011 gold coins were 

sold throughout the previous year. Second, 

annual core numismatic sets went on sale later 

in 2012 than they did in 2011.

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 3.5 recordable injuries and illnesses 

per 100 full-time workers in FY 2012, above 

the 3.24 target but below the industry average 

rate of 7.8 for forging and stamping 

manufacturers.