United States Mint 

Program Summary by Budget Activity 

Summary 

In Fiscal Year (FY) 2023, the Mint’s total estimated budgetary requirements for operations, 

metal, and capital investments are $3.4 billion. This budget will support the production of 14.5 

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) Foster 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. 

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 2023 include: 

 Circulating - Efficiently and effectively mint and issue approximately 14.5 billion circulating 

coins in FY 2023 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 2021 FY 2022 FY 2023 FY 2022 to 

FY 2023

Budget Activity Actual Revised Estimate Estimate % Change

Manufacturing $5,029,975 $3,411,250 $3,397,145 -0.41%

Total Cost of Operations $5,029,975 $3,411,250 $3,397,145 -0.41%

Full-time Equivalents (FTE) 1,566 1,705 1,705 0.00%
Budget Highlights 

FY 2023 Budget Adjustments 

Adjustment to Estimate 

Program Increases............................................................. +$98,652,000 / +34 FTE

Metal due to Forecasted Increase in Bullion and Numismatic Production +$80,000,000 / +0 FTE 

FY 2022 forecasted bullion coin production is projected to remain flat but metal prices are 

anticipated to increase, which will increase bullion coin program costs overall. 

Order Management Services +$3,103,000 / +0 FTE 

The Mint anticipates an increase of approximately $3.1 million for operating and maintenance 

costs for labor rate, digital media, and software to improve system functionality and customer 

experience. 

Numismatic Capital Increase +$9,500,000 / +0 FTE 

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

effective coin production, equipment replacements and facility maintenance is 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 an HVAC renovation at the San Francisco Mint. 

FTE Increase +$4,749,000 / +34 FTE 

The Mint has identified 19 new FTEs needed to support cyber security and data network efforts, 

anti-counterfeiting efforts, evidence-building activities, and numismatic and bullion programs. 

In addition, the Mint increased its actual FTE 5 percent in FY21 and anticipates an increase of 6 

Dollars in Thousands

FTE Materials Operating & 

Capital Total

FY 2022 President's Budget 1,671 $2,810,000 $502,598 $3,312,598 

Program Changes

Program Increases: 34 $80,000 $18,652 $98,652 

Metal Due to Forecasted Increase in Bullion and Numismatic Production 0 $80,000 $0 $80,000 

Order Management Services 0 $0 $3,103 $3,103 

Numismatic Capital Increase 0 $0 $9,500 $9,500 

FTE Increase 34 $0 $4,749 $4,749 

Launching American Women Quarters Program 0 $0 $1,300 $1,300 

Subtotal Program Changes 34 $80,000 $18,652 $98,652 

FY 2022 Revised Estimate 1,705 $2,890,000 $521,250 $3,411,250 

Changes to Base

Maintaining Current Levels (MCLs) 0 $0 $15,895 $15,895 

Pay Annualization (2.7%) 0 $0 $1,610 $1,610 

Pay Raise (4.6%) 0 $0 $9,004 $9,004 

Non-Pay (2%) 0 $0 $5,280 $5,280 

FY 2023 Current Services 1,705 $2,890,000 $537,145 $3,427,145 

Program Changes

Program Decreases 0 ($100,000) $0 ($100,000)

Metal due to forecasted decrease in Bullion and Numismatic production 0 ($100,000) $0 ($100,000)

Program Increases 0 $70,000 $0 $70,000 

Metal due to forecasted increase in circulating production 0 $70,000 $0 $70,000 

Subtotal Program Changes 0 ($30,000) $0 ($30,000)

Total FY 2023 Estimate 1,705 $2,860,000 $537,145 $3,397,145 
percent in FY 2022 to return to the 1705 FTE level in past years. The higher level increase will 

be made possible by additional hiring authorities for cyber and production. 

Launching American Women Quarters Program +$1,300,000 / +0 FTE 

The new quarters program was launched in FY 2022. These costs will support our efforts to 

inform the public of the program by investing in various media platforms, marketing, and 

education.

 

Maintaining Current Levels (MCLs)..................................................... +$15,895,000 / +0 FTE

Pay Annualization (2.7%) +$1,610,000 / +0 FTE 

Funds are required for annualization of the January 2022 2.7% average pay raise. 

Pay Raise (4.6%) +$9,004,000 / +0 FTE 

Funds are required for a 4.6% average pay raise in January 2023. 

Non-Pay +$5,280,000 / +0 FTE 

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

and equipment. 

Program Decreases............................................................. -$100,000,000 / -0 FTE

Metal due to Forecasted Decrease in Bullion/Numismatic Production -$100,000,000 / -0 FTE 

FY 2023 forecasted demand for the bullion coin program is anticipated to return to more historic 

levels. The result is a decrease of $50 million in bullion metal costs. Concurrently, numismatic 

program sales are also forecasted to decline causing a decrease of $50 million in metal costs. 

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

Program Increases............................................................. +$70,000,000 / +0 FTE

Metal due to Forecasted Increase in Circulation Production +$70,000,000 / +0 FTE 

FY 2023 forecasted circulating coin production is projected to increase. In conjunction, 

circulating metal prices are also projected to increase. This results in an overall increase in the 

circulating coin program. 

Legislative Proposals 

The Mint has not legislative proposals. 

Performance Highlights 

Performance Measure FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2021 FY 2022 FY 2023

Actual Actual Actual Actual Actual Target Target Target

Circulating On‐Time Delivery 100 100 100 100 100 97.5 97.5 97.5

Customer Satisfaction Index (%) 91.7 93.6 93.6 91.7 84.5 90 84.5 85

Numismatic Sales Units (Million

Units)

3.9 3.3 4.3 3.4 3.7 3.6 3.5 3.0

Safety Incident Recordable Rate 1.96 1.9 1.45 1.29 0.71 2.30 2.26 2.19

Seigniorage per Dollar Issued ($) 0.45 0.37 0.4 0.47 0.37 0.41 0.33 0.33
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, 

“Revitalization of products and customer base,” and the Mint’s internal strategic objective linked 

to this goal, “Integrated marketing plan”, which includes metrics for performance, customer 

engagement and customer satisfaction to evaluate the health of the Mint’s sales and marketing 

program. 

In FY 2021, the CSI was 84.5 percent, failing to reach its 90.0 percent target. The Mint fell short 

of the target due to COVID-19 as the call center and distribution warehouse experienced labor 

shortages and high labor turnover, impeding fulfillment of phone call and shipping volumes. 

The Mint has set the target for this metric at 84.5 percent for FY 2022 and at 85.0 percent for 

FY 2023. The Mint is implementing new and exciting technology to our marketing services to 

help meet these targets. This technology will enable more and better customer engagement and 

allow us to connect with a broader audience across multiple channels. 

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, “Revitalization of products and customer base” and the Mint’s 

internal strategic objective linked to this goal, “Increasing brand awareness.” 

Numismatics product sales for FY 2021 totaled nearly 3.7 million units, slightly over its 3.6 

million units target. However, the environment for numismatic sales overall remains uncertain. 

A shortage of silver blanks is challenging the Mint’s ability to manufacture enough units to fully 

meet customer demand for its most popular products. The performance target for numismatic 

sales units is 3.5 million for FY 2022 and 3.0 million for FY 2023. Targets are representative of 

anticipated results for the various numismatic product programs for that year. Therefore, targets 

tend to 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.” 

In FY 2021, the total recordable case rate reached 0.71, well below the Mint’s FY 2021 target of 

2.30, and 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 2021, 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 2.26 for FY 2022 and 2.19 for FY 2023. 

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,” as well as the Mint’s internal strategic objective linked to the goal, 

“Utilize research, analysis, and technology for enhancement of circulating coin output and 

input.” 

At the end of FY 2021, Seigniorage per Dollar Issued was $0.37, well below the FY 2021 

performance target of $0.41, the result of a decrease in circulating units shipped. FY 2022 and 

FY 2023 target decreases are a result of projected decreases in production volumes, as well as 

increases in base metals costs for all denominations, as spot market prices are expected to 

escalate. The Seigniorage per Dollar Issued performance targets are set at $0.33 for both 

FY 2022 and FY 2023. 

Circulating On-time Delivery 

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

on time to the Federal Reserve Banks. Each month, the FRB provides 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 the Oracle 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 percent. On time 

delivery for FY 2021 was 100 percent. The performance targets for circulating on-time delivery 

is set at 97.5 percent for both FY 2022 and FY 2023.