Department of the Treasury 

United States Mint 

Congressional Budget 

Justification and Annual 

Performance Plan and Report 

FY 2024 

 
MINT - 2 

Table of Contents

Section I – Budget Request........................................................................................................... 3

A – Mission Statement ................................................................................................................ 3

B – Summary of the Request ...................................................................................................... 3

1.1 – Resource Detail Table ................................................................................................... 5

1.2 – Budget Adjustments Table ................................................................................................. 6

C – Budget Increases and Decreases Description ....................................................................... 7

1.3 – Object Classification (Schedule O) Obligations ................................................................ 8

E – Legislative Proposals ............................................................................................................ 9

Section II – Annual Performance Plan and Report ................................................................. 10

A – Strategic Alignment ........................................................................................................... 10

B – Budget and Performance by Budget Activity .................................................................... 12

2.1.1 – Manufacturing Resources and Measures ...................................................................... 12

A – Summary of Capital Investments ....................................................................................... 14

 
MINT - 3 

Section I – Budget Request 

A – Mission Statement 

To enable America’s economic growth and stability by protecting assets entrusted to us and 

manufacturing coins and medals to facilitate national commerce. 

B – Summary of the Request 

In Fiscal Year (FY) 2024, the United States Mint’s (Mint) total estimated budgetary 

requirements for operations, metal, and capital investments are $4.7 billion. This budget will 

support the production of 14.4 billion circulating coins, as well as the production of bullion coins 

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) Advance our circulating mission through 

innovation and technology; 2) Foster a safe, flexible, diverse, and engaged workforce; and 3) 

Introduce diverse products to new customers while simultaneously expanding the current Mint 

customer base through the use of industry-proven marketing approaches. 

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 

(FRBs), 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. 

Circulating Coins 

This activity funds the minting and issuance of circulating coins to the FRBs in amounts that the 

Secretary of the Treasury (Secretary) determines are necessary to meet the needs of the United 

States. Circulating coin production projections are based on current economic data and forecasts 

of FRB coin orders. Circulating coin production for FY 2023 and FY 2024 is forecasted at 14.4 

billion coins each year. This level reflects a 19.0 percent increase from FY2022 for FY 2023 in 

shipments of all coin denominations, as compared to 12.1 billion coins shipped in FY 2022. 

Circulating revenue is forecasted at $1.190 billion in FY 2023 and FY 2024. FY 2022 unit costs 

increased for all denominations compared to FY 2021. The penny’s unit cost rose by 29.5 

percent, the nickel’s unit cost rose by 22.2 percent, the dime’s unit cost rose by 14.6 percent, and 

the quarter-dollar’s unit cost rose by 15.4 percent. The unit cost for both pennies (2.72 cents) 

and nickels (10.41 cents) remained above face value for the 17th consecutive fiscal year. The 

annual appropriations bill includes a statutory cap on Mint expenditures on circulating and 

protection capital investments. The cap for 2024 is $50 million 
MINT - 4 

Numismatic Program 

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

premium products to collectors and those who desire quality versions of coinage. Numismatic 

products are priced to cover metal and production costs. 

Bullion Coins 

The bullion coin program provides the public a means to acquire precious metal coins as part of 

an investment portfolio. In FY 2022, bullion ounces sold decreased to 17.7 million ounces 

compared to the 37.5 million ounces sold in FY 2021. Demand for bullion is forecasted at 38.6 

million ounces for both FY 2023 and FY 2024. Bullion revenue is forecasted to be $3.4 billion 

each year in FY 2023 and FY 2024. 

Numismatic (Collector Coins and Medals) 

The numismatic program funds the manufacturing of numismatic items, which include 

collectible coins and sets, medals, bullion coins, and other products for sale to collectors and 

other members of the public who desire high-quality or investment-grade versions of the Nation's 

coinage. FY 2022 numismatic revenue was $559.4 million, down 3.1 percent ($18.0 million) 

compared to FY 2021. The 2021 Morgan Silver Dollar and the 2022 American Eagle One 

Ounce Silver Proof were the most popular sellers (in terms of units) in FY 2022, selling a 

combined 1,574.6 thousand units. The 2022 American Eagle One Ounce Silver Proof and the 

2022 United States Mint Proof Set unit sales were less than the 2021 versions. Gold and 

platinum numismatic products generated $226.4 million, the largest share (40.5 percent) of 

revenue during FY 2022. This is compared to $333.0 million revenue generated by the other 

categories. Although the annual recurring sets category recorded an $18.0 million net loss in FY 

2022, numismatic net margin in FY 2022 was positive, increasing to 23.1 percent from 18.4 

percent in FY 2021. FY 2023 and FY 2024 numismatic revenues are projected to be $339.6 

million each year, based on projected demand for numismatic products of 3.5 million units each 

year, in FY 2023 and FY 2024. 
MINT - 5 

1.1 – Resource Detail Table

Dollars in Thousands

Budgetary Resources

FTE AMOUNT FTE AMOUNT FTE AMOUNT FTE FTE AMOUNT

Revenue/Offsetting Collections 

Circulating 0 $1,020,700 0 $1,190,000 0 $1,190,000 NA 0.00%

Bullion/Numismatic 0 $4,306,900 0 $3,767,800 0 $3,767,800 NA 0.00%

Total Revenue/Offsetting Collections 0 $5,327,600 0 $4,957,800 0 $4,957,800 NA 0.00%

Expenses/Obligations

Circulating 873 $997,408 933 $1,085,536 933 $1,117,947 0.00% 2.99%

Bullion/Numismatic 714 $4,208,620 772 $3,590,646 772 $3,566,775 0.00% -0.66%

Total Expenses/Obligations 1,587 $5,206,028 1,705 $4,676,182 1,705 $4,684,722 0.00% 0.18%

Net Results 1,587 $121,572 1,705 $281,618 1,705 $273,078 0.00% -3.03%

Coin Shipments (Units In Millions/Coins) FY 2022 FY 2023 FY 2024

Circulating:

One Cent 5,387 6,000 6,000 

5-Cent 1,442 2,300 2,300 

Dime 2,849 3,400 3,400 

Quarter 2,426 2,700 2,700 

Half-Dollar 7 - - 

Dollar - - - 

Total Circulating 12,111 14,400 14,400 

FY 2022 FY 2023 FY 2024

Budget Category Actual Revised Estimate Estimate

Administrative Operating Costs 439,275 $519,982 $528,522

Capital Investments $68,903 $78,500 $78,500

Metals and Materials Costs $4,697,850 $4,077,700 $4,077,700

Total Budgetary Resources $5,206,028 $4,676,182 $4,684,722

% Change

1.6%

0.0%

0.0%

0.2%

% Change

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

FY 2022 FY 2023 FY 2024 FY 2023 to FY 2024

Actual Revised Estimate Estimate % Change
MINT - 6 

1.2 – Budget Adjustments Table 

Dollars in Thousands 

 FTE Materials Operating 

& Capital Total 

FY 2023 President's Budget 1,705 $2,860,000 $537,145 $3,397,145 

Program Changes 

Program Increases: 0 $1,217,700 $61,337 $1,279,037 

Metal Due to Forecasted Increase in Bullion and Numismatic 

Production 0 $1,217,700 $0 $1,217,700 

ARC Services (Procurement Insight Tool plus Inflation) 0 $0 $3,247 $3,247 

Catalogs and Other Direct Mail 0 $0 $2,238 $2,238 

Advertising 0 $0 $3,680 $3,680 

Numismatic Capital Increase 0 $0 $8,500 $8,500 

IT Services 0 $0 $9,089 $9,089 

Enterprise Sales and Marketing 0 $0 $17,223 $17,223 

Operating Cost 0 $0 $17,360 $17,360 

Subtotal Program Changes 0 $1,217,700 $61,337 $1,279,037 

FY 2023 Revised Estimate 1,705 $4,077,700 $598,482 $4,676,182 

Changes to Base 

Maintaining Current Levels (MCLs) 0 $0 $19,910 $19,910 

Pay Annualization (4.6%) 0 $0 $2,950 $2,950 

Pay Raise (5.2%) 0 $0 $10,121 $10,121 

Non-Pay (2%) 0 $0 $6,839 $6,839 

FY 2024 Current Services 1,705 $4,077,700 $618,392 $4,696,092 

Program Changes 

Program Decreases 0 $0 ($11,370) ($11,370) 

ARC Services (Procurement Insight Tool plus Inflation) 0 $0 ($1,500) ($1,500) 

Enterprise Sales and Marketing 0 $0 ($9,870) ($9,870) 

Subtotal Program Changes 0 $0 ($11,370) ($11,370) 

FY 2024 Estimate 1,705 $4,077,700 $607,022 $4,684,722 

 
MINT - 7 

C – Budget Increases and Decreases Description 

Program Increases.......................................................... +$1,279,037,000 / +0 FTE

Metal due to Forecasted Increase in Bullion Demand +$1,217,700,000 / +0 FTE 

FY 2023 forecasted bullion coin demand is projected to remain at the elevated levels experienced 

in FY 2022, and metal prices are also anticipated to remain high. 

ARC Services +$3,247,000 / +0 FTE 

The bureau is looking to add the Insight Tool to its Administrative Resource Center (ARC) 

contract for enhanced procurement activities. The tool will provide more robust analytics, 

reporting, and dashboard capabilities. Increases in operating costs and labor rates are also 

anticipated in the ARC service agreement. 

Catalogs and Direct Mail +$2,238,000 / +0 FTE 

This funding will assist with efforts to expand the customer base. An increase in mailings of 

catalogs and other direct mail pieces are targeted to draw additional customers as various 

audiences are reached. 

Advertising +$3,680,000 / +0 FTE 

In accordance with the Treasury Strategic Plan and the President’s Management Agenda, 

customer experience is important to the Mint. It will be further enhanced through digital 

advertising and increased information with a goal of customer acquisition. 

Numismatic Capital Increase +$8,500,000 / +0 FTE 

Investments in capital are a critical part of regular manufacturing operations. To continue 

effective coin production, equipment replacements and facility maintenance are mandatory. An 

increase to numismatic capital investments is required to effectively support equipment and 

facility maintenance needs that have been deferred in prior years, including a proof press 

overhaul as well as an HVAC renovation at the San Francisco Mint. 

IT Services +$9,089,000 / +0 FTE 

This funding is for costs related to information technology systems’ cyber security ($3.7M), 

application development ($700K), enterprise architecture ($1.2M), and infrastructure operations 

($3.5M). 

Enterprise Sales and Marketing +$17,223,000 / +0 FTE 

The Mint’s current Order Management System services contract is in its final year. The increase 

would support contract transition from the current vendor. Support includes reporting, project 

plans, meetings, testing plans, data migration, and project management. Onboarding activities of 

the new vendor include discovery, design, execution, testing, and training.

Operating Costs +$17,360,000 / +0 FTE 

Several of the Mint’s service and utility contracts are experiencing significant increases in costs. 

Higher fuel prices and shortages of goods have resulted in increased utility costs and have caused 

many vendors to cover these costs by passing them on to the customer. Some of these contracts 

include: all utilities – steam, electricity, gas and water; building and equipment maintenance; 

janitorial services; and production supplies. 
MINT - 8 

Maintaining Current Levels (MCLs)..................................................... +$19,910,000 / +0 FTE

Pay Annualization (4.6%) +$2,950,000 / +0 FTE 

Funds are required for annualization of the January 2023 4.6 percent average pay raise. 

Pay Raise (5.2%) +$10,121,000 / +0 FTE 

Funds are required for a 5.2 percent average pay raise in January 2024. 

Non-Pay (2.0%) +$6,839,000 / +0 FTE 

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

and equipment. 

Program Decreases............................................................. -$11,370,000 / -0 FTE

ARC Services -$1,500,000 / -0 FTE 

Implementation of the Procurement Insight Tool will be completed in FY 2023. These costs are 

being reduced from the base; however, related maintenance costs remain. 

Enterprise Sales and Marketing -$9,870,000 / -0 FTE 

The costs associated with this contract are anticipated to be reduced since much of the transition 

expense will occur in FY 2023. As the new system will include various improvements and 

capabilities, budget year and out year costs will continue to reflect this requirement. 

1.3 – Object Classification (Schedule O) Obligations 

Dollars in Thousands 

Object Classification 

FY 2022 

Actuals 

FY 2023 

Revised Estimate 

FY 2024 

Estimate 

11.1 - Full-time permanent 142,591 172,895 185,904 

11.3 - Other than full-time permanent 141 161 161 

11.5 - Other personnel compensation 17,320 14,480 14,480 

11.9 - Personnel Compensation (Total) 160,053 187,536 200,545 

12.1 - Personnel benefits 58,321 68,721 68,721 

13.0 - Benefits for former personnel 150 300 300 

Total Personnel and Compensation Benefits $218,524 $256,557 $269,566 

21.0 - Travel and transportation of persons 976 2,719 2,719 

22.0 - Transportation of things 35,847 28,243 28,243 

23.2 - Rental payments to others 11,351 14,000 14,000 

23.3 - Communication, utilities, and misc charges 14,818 21,095 21,095 

24.0 - Printing and reproduction 1,135 3,139 3,139 

25.1 - Advisory and assistance services 62,325 92,871 82,843 

25.2 - Other services 21,163 22,601 22,601 

25.3 - Other purchases of goods & serv frm Govt accounts 23,780 23,833 23,833 

25.4 - Operation and maintenance of facilities 11,124 11,067 13,567 

25.5 - Research and development contracts 0 0 0 

25.6 - Medical care 1,794 1,969 1,969 

25.7 - Operation and maintenance of equip 13,733 15,880 18,939 

26.0 - Supplies and materials 19,866 22,371 22,371 

26.0 - Raw Materials 4,697,850 4,077,700 4,077,700 

31.0 - Equipment 51,071 67,127 67,127 

32.0 - Land and structures 20,670 15,010 15,010 

Total Non-Personnel 4,987,503 4,419,625 4,415,156 

Total Obligations $5,206,028 $4,676,182 $4,684,722 

 

Full-time Equivalents (FTE) 1,587 1,705 1,705 
MINT - 9 

D – Appropriations Language and Explanation of Changes 

Appropriations Language Explanation of Changes 

DEPARTMENT OF THE TREASURY 

United States Mint 

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 for costs 

associated with the production of circulating coins, 

numismatic coins, and protective services, including both 

operating expenses and capital investments: Provided, 

That the aggregate amount of new liabilities and 

obligations incurred during fiscal year [2023] 2024 under 

such section 5136 for circulating coinage and protective 

service capital investments of the United States Mint shall 

not exceed $50,000,000. (Department of the Treasury 

Appropriations Act, 2023.) 

 

 

E – Legislative Proposals 

Alternative metal compositions for circulating coins 

The Coin Modernization, Oversight, and Continuity Act of 2010 (Public Law 111-302) (Act) 

authorized the Department of the Treasury to conduct research and development activities with 

regard to alternative metallic materials for circulating coins. The Act also requires a biennial 

report to Congress that includes information on the production costs for circulating coins, 

recommendations for changes to coin composition, and recommendations for changes to coin 

production. The budget proposes legislation enabling changes to coin metal composition if they: 

a) reduce cost; b) are seamless; and c) have as minimal an adverse impact as possible on 

stakeholders and the public. Two alternative compositions to the current cupronickel alloy used 

in nickels, dimes, quarters, and half dollars are currently under consideration at the Mint for 

movement: 80/20 composition, which has been fully tested; and, a leaner potentially seamless 

alternative, C99750T-M, which is still in development. 

While the Mint continues its extensive research, it recommends this proposal to give the 

Secretary the authority to prescribe the metal compositions of circulating coins under certain 

conditions. Currently, the metal composition of each coin is prescribed by statute. A revision to 

current law that would authorize the Secretary to have flexibility and agility to implement small 

changes to the circulating coin metal compositions could result in incremental material savings 

for the Mint with little or no impact to stakeholders, including the vending industry and general 

public. 
MINT - 10 

Section II – Annual Performance Plan and Report 

A – Strategic Alignment 

U.S. Mint FY22-26 Strategic Plan Treasury FY22-26 Strategic Plan

Goal Objective Goal Objective

1: Advance Circulating Mission 

Through Innovation & 

Technology

 

1.1 Coin Design and 

Process 

Improvement 

2: Enhance National 

Security 

2.1: Cyber Resilience of Financial 

Systems and Institutions

3: Protect Financial 

Stability 

and 

Resiliency 

3.3: Financial Innovation

5: Modernize Treasury 

Operations 

5.4: Customer Experience 

Practices

1.2 Combat Climate 

Change 

4: Combat Climate 

Change 

4.4: Sustainable

Treasury Operations

1.3 Innovation 

3: Protect Financial 

Stability and 

Resiliency 3.3: Financial Innovation

5: Modernize Treasury 

Operations 5.3: Better Use of Data

2: Foster a Safe & Engaged 

Workforce

2.1 Safety 

5: Modernize Treasury 

Operations 

5.2: Future Work

 Routines

2.2 Diversity, Equity, 

Inclusion, and 

Accessibility 

5.1: Recruit and Retain a Diverse 

and Inclusive Workforce

2.3 Capacity 

5.2: Future Work

 Routines

3: Revitalize Products and 

Customer Base 3.1 Customer Experience 

5: Modernize Treasury 

Operations 

5.4: Customer

Experience 

Practices

Circulating Coinage Program

Circulating coinage includes the minting and issuing of pennies, nickels, dimes, quarter dollars, 

and half dollars. The Mint delivers circulating coinage to the 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. 

In FY 2022, the Mint introduced the first in a series of new quarter-dollar designs – the 

American Women QuartersTM Program. This program will run through 2025 and will present 

five new designs each year featuring prominent American women who have made an impact in 

American history in a variety of fields, including women’s suffrage, civil rights, government, 

humanities, science, and the arts. The first women to be honored included Maya Angelou, Dr. 

Sally Ride, Wilma Mankiller, Nina Otero-Warren and Anna May Wong. Honorees in 2023 

include Bessie Coleman, Edith Kanaka’ole, Eleanor Roosevelt, Jovita Idar, and Maria Tallchief. 

Honorees in 2024 will include Patsy Takemoto Mink; Dr. Mary Edwards Walker; Pauli Murray; 

Zitkala-Ša (meaning “Red Bird"), also known as Gertrude Simmons Bonnin; and Celia 

Cruz (Celia Caridad Cruz Alfonso). 

 
MINT - 11 

Numismatic Program 

The Mint’s numismatic program provides high-quality versions of circulating coinage, precious 

metal coins, commemorative coins, and national 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 discretion in determining product specifications. 

Bullion Coins 

The Mint produces and issues gold, silver, platinum, and palladium bullion coins to authorized 

purchasers through the American Eagle and American Buffalo Coin Programs. The authorized 

purchasers agree to maintain an open, two-way 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 will continue to mint and issue $1 coins commemorating 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 

addition, the Mint initiated the American Innovation $1 Coin Program in 2018 in accordance 

with Public Law 115-197. This is a multi-year $1 coin series to honor innovation and innovators 

for each of the 50 states, the District of Columbia, and the five U.S. territories – Puerto Rico, 

Guam, American Samoa, the United States Virgin Islands, and the Commonwealth of the 

Northern Mariana Islands. Four new $1 coins with distinctive reverse designs will be released 

each year through 2032, in the order the States ratified the Constitution of the United States or 

were admitted to the Union. Once a coin is issued for each state, coins will be released for the 

District of Columbia and the territories. 

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. The Mint does not have authorization for 

any commemorative coins in 2023. However, two commemorative coin programs have been 

authorized for 2024: the Harriet Tubman Bicentennial Commemorative Coin program (Public 

Law 117-163) and the Greatest Generation Commemorative Coin program (Public Law 117-

162). 
MINT - 12 

B – Budget and Performance by Budget Activity 

2.1.1 – Manufacturing Resources and Measures 

Manufacturing Budget and Performance

($4,684,722,000 from offsetting collections) The Mint will mint and issue circulating coins and 

produce numismatic products, including bullion, to meet demand. 

Description of Performance: 

Several key performance measures are used to gauge the bureau’s progress in achieving its 

strategic goals and to assess its Manufacturing Budget Activity 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 to “Revitalize 

products and customer base” and the Mint’s internal strategic objective linked to this goal, 

“Customer experience.” 

In FY 2022, the CSI was 80.2 percent, which failed to reach its 84.5 percent target. The Mint 

fell short of the target as a result of operational changes necessitated by the COVID-19 pandemic 

and related causes, and the trend continued in FY 2022. Warehouse and fulfillment operations 

continue to suffer due to both social distancing requirements and several COVID-19 outbreaks. 

These constraints have been exacerbated by serious labor shortages, and continue to negatively 

impact time-to-deliver metrics. 

Additionally, the Mint is still experiencing a shortage of silver blanks, making it impossible to 

fully meet consumer demand for some of its most popular products. As a result, the Mint has 

experienced a large spike in call volume and email traffic from customers. This shortage 

remains outside of the Mint’s control, and will likely continue to hinder attempts to improve 

Dollars in Thousands

FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

Actual Actual Actual Actual Actual Revised Estimate Estimate

Expenses/Obligations $1,424,770 $1,555,462 $3,462,361 $5,029,975 $5,206,028 $4,676,182 $4,684,722

Budget Activity Total $1,424,770 $1,555,462 $3,462,361 $5,029,975 $5,206,028 $4,676,182 $4,684,722

1,545 1,536 1,539 1,566 1,587 1,705 1,705

 Resource Level

Full-time Equivalents (FTE)

FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2022 FY 2023 FY 2024

Actual Actual Actual Actual Actual Target Target Target

Seigniorage per Dollar Issued ($) 0.37 0.40 0.47 0.37 0.30 0.33 0.34 0.34

Safety Incident Recordable Rate 1.90 1.45 2.29 0.71 1.29 2.26 2.10 2.04

Customer Satisfaction (%) 93.6 93.6 91.7 84.5 80.2 84.5 84.5 84.5

Numismatic Sales Units (million units) 3.3 4.3 3.4 3.7 4.7 3.5 3.5 3.5

Circulating Ship Complete on Time (%) 100 100 100 100 100 97.5 97.5 97.5

Performance Measure
MINT - 13 

customer satisfaction in FY 2023. As we work to address these challenges, the Mint proposes 

the CSI target of 84.5 remains for both FY 2023 and FY 2024. 

Numismatic Sales Units 

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

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

internal strategic plan goal to “Revitalize products and customer base.” The Mint’s numismatic 

products include annual proof and uncirculated sets, gold coins, silver coins, and products 

derived through legislation such as commemorative coins. The degree of popularity of 

commemorative coins and other coin programs featuring unique gold, silver, platinum, and 

palladium coins can at times strongly impact the comparability of year-over-year sales results. 

Numismatic product sales for FY 2022 totaled 4.7 million units, exceeding its 3.5 million unit 

target primarily as a result of the delivery of the 2021 Morgan and Peace products in November 

2021, along with the residual impact of the American Eagle gold and silver redesign and 

continued strong demand for silver products across all programs. In FY 2023, the Mint expects 

muted demand for numismatic products. While the extension of the popular Morgan and Peace 

program is expected to generate substantial interest, economic headwinds and inflation, 

combined with price increases (driven by increased costs for most inputs), may depress overall 

demand. The Mint proposes a target of 3.5 million numismatic sales units for both FY 2023 and 

FY 2024, which is in line with pre-COVID trends and represents a return to normal sales levels. 

Safety Incident Recordable Rate 

The safety incident recordable rate is the number of injuries and illnesses meeting the 

Occupational Safety and Health Administration (OSHA) 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 to 

“Foster a safe, flexible, diverse, and engaged workforce.” 

In FY 2022, the total recordable case rate reached 1.29, well below the Mint’s FY 2021 target of 

2.26, and still significantly below the most recently published industry average rate of 5.2 

published in 2015 by the U.S. Bureau of Labor Statistics for the comparable Non-Automotive 

Metal Stamping industry. During FY 2022, 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 regarding the importance of safety. The performance targets for the safety incident 

recordable rate are 2.10 for FY 2023 and 2.04 for FY 2024. 

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, “Advancing 

the circulating mission through innovation and technology.” At the end of FY 2022, Seigniorage 
MINT - 14 

per Dollar Issued was $0.30, slightly below the FY 2022 performance target of $0.33 as a result 

of a decrease in circulating units shipped. FY 2023 and FY 2024 target increases are a result of 

projected increases in production volumes. Circulating shipments are expected to increase by 

nearly 14 percent to 14.4 billion coins in FY 2023. The seigniorage per dollar issued 

performance targets are set at $0.34 for both FY 2023 and FY 2024. 

Circulating On-time Delivery 

Circulating On time Delivery is the percentage total of scheduled circulating coin orders shipped 

on time to the FRBs. Each month, the FRB provides the Mint a report detailing the next month's 

requirements for coinage. Based on this report, the Mint establishes a shipment schedule that is 

captured in its manufacturing system. Changes to the schedule are only made when the FRB 

provides formal documentation of a requested adjustment to scheduled orders. The Mint will 

continue to respond to FRB orders as needed, as well as make every effort to have the 

appropriate amount of coinage available to accommodate timely shipments. Performance over 

the past few years has consistently averaged around 100%. On time delivery for FY 2022 was 

100 percent. The Mint is proposing performance targets for circulating on-time delivery remain 

at 97.5 percent for both FY 2023 and FY 2024. 

Section III – Additional Information 

A – Summary of Capital Investments 

The Mint’s capital investment requirements are predominantly for manufacturing-type 

equipment. Capital investments, along with its operating expenses, are paid out of the Mint’s 

PEF. Current annual appropriations legislation caps the aggregate amount of new liabilities and 

obligations incurred during a fiscal year for capital investments in circulating coinage operations 

and protective service at $50 million. 

The Mint's manufacturing capital investment projects focus on safety, equipment replacement, 

protection, and facility improvements. 

In addition, the Mint’s capital investments encompass a robust information technology (IT) 

portfolio of investments and programs that modernize and secure the bureau’s infrastructure. 

The bureau’s governance structures ensure that the IT portfolio is managed in accordance with 

cost, schedule, risk, and performance goals, and that expected results and benefits are achieved. 

Enterprise architecture reviews assess and reinforce alignment to the bureau’s strategic plan and 

the strategic enterprise direction of the Department of the Treasury. 

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’s maintenance is scheduled and performed regularly to keep the 

manufacturing equipment operating at optimal levels. 

A summary of capital investment resources, including major information technology and nontechnology investments, can be found at: 

https://www.treasury.gov/about/budget-performance/Pages/summary-of-capitalinvestments.aspx.