United States Mint

Program Summary by Budget Activity

Summary

In Fiscal Year (FY) 2021, the Mint’s total estimated budgetary requirements for operations, 

metal, and capital investments are $2.55 billion. This budget will support the production of 14 

billion circulating coins, as well as the production of bullion and other numismatic products 

sufficient to meet customer demand. The Mint has one budget activity: manufacturing, which 

encompasses the bureau’s two major programs, circulating coinage and numismatic products 

(including bullion coins, collector coins, and national medals). 

To maintain its reputation as one of the finest mints in the world, the Mint is committed to

operating according to the core values of service, quality, and integrity. The Mint has three 

strategic goals to help fulfill its mission and values: 1) Advancing our circulating mission 

through innovation and technology; 2) Fostering a safe, flexible, diverse and engaged workforce; 

3) Introducing diverse products to new customers and revitalizing the Mint customer base 

through the use of industry-proven marketing approaches. The Mint is currently updating their 

goals and expects to release a new plan in FY 2020. The goals in the plan align with Treasury 

Strategic Goal 1: Boost U.S. Economic Growth and Goal 5: Achieve Operational Excellence. 

Mint operations are funded through the Mint Public Enterprise Fund (PEF), 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, along with 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. The Mint’s key 

priorities for FY 2021 include:

 Circulating - Efficiently and effectively mint and issue approximately 14.0 billion circulating 

coins in FY 2021 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. 

Dollars in Thousands

FY 2019 FY 2020 FY 2021 FY 2020 to 

FY 2021

Budget Activity Actual Estimate Estimate % Change

Manufacturing $1,555,462 $2,537,795 $2,547,197 0.37%

Total Cost of Operations $1,555,462 $2,537,795 $2,547,197 0.37%

Full-time Equivalents (FTE) 1,536 1,671 1,705 2.03%
Budget Highlights

Dollars in Thousands

FTE Materials Operating & 

Capital Total

FY 2020 Original Estimate 1,705 $2,270,000 $458,168 $2,728,168 

Program Changes

Program Decreases: (34) ($190,000) ($7,669) ($197,669)

Metal Due to Forecasted Decrease in Circulating Coin Metal Prices 0 ($30,000) $0 ($30,000)

Metal Due to Forecasted Decrease in Bullion Production 0 ($160,000) $0 ($160,000)

FTE Reduction (34) $0 ($4,097) ($4,097)

Operating Efficiencies 0 $0 ($3,572) ($3,572)

Program Increases: 0 $0 $7,296 $7,296 

FedRAMP Remediation Activities 0 $0 $4,000 $4,000 

Pay Raise (3.1% average pay raise) 0 $0 $3,296 $3,296 

Subtotal Program Changes (34) ($190,000) ($373) ($190,373)

FY 2020 Revised Estimate 1,671 $2,080,000 $457,795 $2,537,795 

Changes to Base

Maintaining Current Levels (MCLs) 0 $0 $10,856 $10,856 

Pay Annualization (2020 3.1% average pay raise) 0 $0 $1,629 $1,629 

Pay Raise (1.0% average pay raise) 0 $0 $1,588 $1,588 

FERS Contribution Increase 0 $0 $2,686 $2,686 

Non-Pay 0 $0 $4,953 $4,953 

Workforce and Succession Planning 34 $0 $4,901 $4,901 

Efficiency Savings 0 $0 (6,355) ($6,355)

Cyber Security 0 $0 ($1,500) ($1,500)

Operating Efficiencies 0 $0 ($4,855) ($4,855)

Subtotal Changes to Base 34 $0 $9,402 $9,402 

FY 2021 Estimate 1,705 $2,080,000 $467,197 $2,547,197 

FY 2021 Budget Adjustments

Adjustment to Estimate

Program Decreases............................................................-$197,669,000 / -34 FTE

Metals Due to Forecasted Increase in Circulating Coin Metal Prices -$30,000,000 / -0 FTE

FY 2020 forecasted circulating coin production will remain constant at 14.0 billion coins for the 

year. However, metal prices are forecasted to decrease. The net result is an overall decrease to 

circulating coin program costs.

Metals Due to Forecasted Decrease in Bullion/Numismatic Production -$160,000,000 / -0 FTE 

FY 2020 forecasted demand for the bullion coin program decreased by 7 percent, causing a 

decrease of $200M in bullion coin program costs. Conversely, numismatic program sales are 

forecasted to increase by 6 percent, causing a nominal increase of $40M in metal costs. The net 

result of the numismatic and bullion program is an overall decrease in program costs.

FTE Reduction -$4,097,000 / -34 FTE

Salary savings will be realized through natural attrition across all directorates.
Operating Efficiencies -$3,572,000 / -0 FTE

The Mint will reduce its operating budget by continuing to monitor costs and implement various 

savings strategies. 

Program Increases................................................................. +$7,296,000 / +0 FTE

FedRAMP Remediation Activities +$4,000,000 / +0 FTE

The Federal Risk Authorization Management Program (FedRAMP) certification is mandatory 

for cloud providers who wish to provide services to the Federal government. PFS (Priority 

Fulfillment Services), the service provider for the Mint’s OMS II system, has identified system 

gaps that are non-compliant with FedRAMP requirements. In an effort to address these gaps, 

funding is needed to provide remediation solutions to bring PFS and the Mint’s OMS II system 

into compliance.

Pay Raise (3.1% in 2020) +$3,296,000 / +0 FTE: 

Funds are required for a 3.1% average pay raise in January 2020.

Maintaining Current Levels (MCLs)..................................................... +$10,856,000 / +0 FTE

Pay Annualization (3.1%) +$1,629,000 / +0 FTE: 

Funds are required for annualization of the January 2020 3.1% average pay raise. 

Pay Raise (1.0% in 2021) +$1,588,000 / +0 FTE: 

Funds are required for a 1.0% average pay raise in January 2021. 

FERS Contribution Increase +$2,686,000 / +0 FTE 

Funds are required for the Federal Employee Retirement System (FERS) contribution rates 

effective FY 2021.

Non-Pay +$4,953,000 / +0 FTE

Funds are required for non-labor expenses such as travel, contracts, rent, supplies, and 

equipment.

Workforce and Succession Planning......................................... +$4,901,000 / +34 FTE

Workforce and Succession Planning +$4,901,000 / +34 FTE

The Mint has implemented initiatives to increase its FTE level. These initiatives include using 

intern programs to transfer knowledge and reduce risks from retirement eligible workforce, fill 

key vacancies more timely, and using flexible hiring authorities to shorten the lengthy hiring 

process where appropriate. 

Efficiency Savings .................................................................................... -$6,355,000 / -0 FTE 

Cyber Security -$1,500,000 / -0 FTE

The cyber security program will reduce contract spending by insourcing some security 

assessment and authorization (SA&A) and audit management functions. Areas of focus include 

supporting FedRAMP activities in the OMS II program, and conducting risk assessments for 

industrial control systems.
Operating Efficiencies -$4,855,000 / -0 FTE

The Mint will continue to fund the operating and capital budgets at levels comparable to prior 

years, and reduce costs through continuous monitoring and implementing cost savings strategies 

as appropriate. These strategies include prioritizing Mint activities to ensure that operating costs 

are maintained.

Legislative Proposals 

Capital Legislative Increase

The Mint’s investments in capital are a critical part of regular manufacturing operations. To 

continue effective coin production, equipment replacements and facility maintenance is 

mandatory. Over time, the legislative limit on the Mint’s capital budget has proven insufficient. 

Rather than upgrading and replacing worn and obsolete equipment as needed, under the current 

funding limit, capital projects must be prioritized and funded based on budget availability. This 

process has caused many needed projects to be postponed to out-years. Continuing to defer 

replacement of equipment presses, for example, creates the risk of additional downtime due to 

unexpected failures. This could substantially impact production schedules. Deferred replacement 

of presses also creates a cost risk associated with contracting the manufacturer to make 

emergency repairs. As such, the Mint’s need for capital investments becomes more critical each 

year. The current limitation of $30 million for circulating and protection capital is below the 

amount needed to meet capital investment requirements. 

The bureau has identified an urgent need to increase its legislative limit by $20 million. This 

will raise the current limit from $30 million to $50 million beginning in FY 2021. The increased 

capital limit will allow the Mint to execute a comprehensive capital investment strategy that 

focuses on safety, equipment replacements, protection, and facility improvements (see additional 

details in Section III).

Alternative Metal Composition 

This proposal would give the Secretary the authority to prescribe the compositions of the 5-cent, 

dime, and quarter-dollar coins, provided that the new metal compositions do not affect the 

Electromagnetic Signature (EMS), the color, and weight of the coins. By authorizing the 

Secretary the flexibility and agility to implement small changes to the copper-nickel circulating 

coin metal compositions, the Mint could realize incremental material savings with little or no 

impact to the vending industry and general public.

New Proposal: Circulating Commemorative Coin Redesign

Estimated revenue: Approximately $8 billion over the life of the program, depending on program 

specifics

Circulating commemorative coin programs are very popular and generate significant revenue for 

the United States Mint and ultimately the general fund of the Treasury. To better advance the 

hobby of collecting coins and medals, the Mint requires authority for circulating commemorative 

programs that are shorter term in nature; are based on subject matter that will drive the program 

through sustainable, recognizable, and relatable themes; and that can appeal to a broad range of 

Americans and attract new collectors, especially youth.
The proposed Circulating Commemorative Coin Redesign Act (CCCRA) proposes new 

circulating and numismatic programs. In particular, the CCCRA would introduce a new quarter 

and half dollar program following the current America the Beautiful (AtB) Quarters Program, 

which will end in 2021. Because the AtB Quarters Program is scheduled to be discontinued in 

2021, authorizing new circulating commemorative coin programs will contribute to the longevity 

and long-term growth of the Mint, serve the public interest, and deliver increased revenue to the 

Mint and the Department of the Treasury General Fund that otherwise may not be realized.

The Mint is proposing a new series of themes for circulating coins as a compelling way to 

engage young collectors and grow the Mint’s circulating and numismatic revenue. The themes 

proposed are quarter dollars and half dollars that represent historical milestones. 

Performance Highlights 

FY 2017 FY 2018 FY 2019 FY 2020 FY 2021

Budget Activity Performance Measure Actual Actual Actual Target Target 

Manufacturing Customer Satisfaction Index (%) 91.7 93.6 93.6 90.0 90.0

Manufacturing Numismatic Sales Units (Million 

Units) 3.9 3.3 4.3 3.8 3.0

Manufacturing Safety Incident Recordable Rate 1.96 1.90 1.45 2.32 2.25

Manufacturing Seigniorage per Dollar Issued ($) 0.45 0.37 0.40 0.36 0.36

Description of Performance

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 metric is a quantitative 

score summarizing the survey’s results into one consolidated value. This metric gauges 

performance results in the effort to achieve the Mint’s internal strategic plan goal, “Improve 

mission critical activities and governance,” and the Mint’s internal strategic objective linked to 

this goal, “Drive a customer-centric organization.” This also aligns with the Treasury 

Department strategic objective linked to this goal, “5.3 Customer Value and Experience.”

In FY 2019, the CSI was 93.6 percent, exceeding its 90.0 percent target. The Mint was able to 

exceed its target by providing high-quality products, adding innovative features, and improving 

the Mint’s customer loyalty program. The Mint anticipates that the CSI will remain steady and,

thus, has set the target at 90.0 percent for FY 2020 and FY 2021.

Numismatic Sales Units

The numismatic sales unit metric measures public demand for coin products sold from 

numismatic operations. This metric also measures performance results achieving the Mint’s 

internal strategic plan goal, “Improve mission critical activities and governance” and the Mint’s 

internal strategic objective linked to this goal, “Drive a customer-centric organization.” This 

also aligns with the Treasury Department strategic objective linked to this goal, “5.3 Customer 

Value and Experience.”
Numismatics product sales for FY 2019 totaled 4.3 million units, exceeding the 3.9 million 

target. The Mint’s numismatic unit sales grew substantially in FY 2019, driven by the popular 

Apollo 11 program, but the environment for numismatic sales overall remains challenging. The 

performance target for numismatic sales units is 3.8 million for FY 2020 and 3.0 million for FY 

2021. Targets are representative of the programs for that year. Therefore, targets vary year over 

year. To meet these targets, the Mint will continue to provide high-quality products and maintain 

outstanding customer service, and deepen engagement with coin collectors.

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, or medical treatment. The safety incident recordable rate indicates 

performance results in the effort to achieve the Mint’s internal strategic plan goal, “Foster a safe, 

flexible, diverse, and engaged workforce,” and the corresponding Mint internal strategic 

objective linked to this goal, “Continue to cultivate a safe working environment.” These also 

align with the Treasury Strategic Goal “5.1 Workforce Management.”

In FY 2019, the total recordable case rate reached 1.45, well below the Mint’s 2.39 FY 2019

target, and significantly below the most recent industry average rate of 4.9 for comparable 

private sector manufacturing operations. During FY 2019, the Mint continued implementing and 

updating risk management guidelines to prioritize resources and mitigate risks in advance of 

injuries or catastrophic events at each plant. Mint facility leadership and employees continue to 

interact on a daily basis on the importance of safety. The performance targets for the safety 

incident recordable rate are 2.32 for FY 2020 and 2.25 for FY 2021.

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 circulating coins shipped to the FRBs. Seigniorage 

is the difference between the face value and cost of producing circulating coinage. It measures 

the cost effectiveness of minting and issuing the United States’ circulating coinage. It also 

measures performance results in achieving the Mint’s internal strategic plan goal, “Improve 

mission critical activities and governance,” as well as the Mint’s internal strategic objective 

linked to the goal, “Improve mission critical activities and governance.” This also aligns with 

the Treasury Strategic Goal “1.3 Trusted Currency and Services.” At the end of FY 2019, 

Seigniorage per Dollar Issued was $0.40, above the FY 2019 performance target of $0.36. The 

FY 2019 increase is a result of lower metal costs for all denominations. The Seigniorage per 

Dollar Issued performance targets are set at $0.36 for both FY 2020 and FY 2021.