Department of the Treasury

United States Mint

Congressional Budget 

Justification and Annual 

Performance Report and Plan

FY 2020
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........................................................................................................ 4

1.2 – Budget Adjustments Table................................................................................................. 5

C – Budget Increases and Decreases Description....................................................................... 5

1.3 – Operating Levels Table...................................................................................................... 6

D – Appropriations Language and Explanation of Changes ...................................................... 7

E – Legislative Proposals............................................................................................................ 7

Section II – Annual Performance Plan and Report................................................................... 8

A – Strategic Alignment ............................................................................................................. 8

B – Budget and Performance by Budget Activity ...................................................................... 9

2.1.1 – Manufacturing Resources and Measures........................................................................ 9

Section III – Additional Information ........................................................................................ 11

A – Summary of Capital Investments....................................................................................... 11
Mint - 3

Section I – Budget Request

A – Mission Statement

The United States Mint (Mint) enables 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) 2020, the Mint’s total estimated budgetary requirements for operations, 

metal, and capital investments are $2.73 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) foster a safe, flexible, diverse, and 

engaged workforce; 2) improve mission critical activities and governance; and 3) integrate 

technology into operations and support lines. These goals 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.

Circulating

Circulating coin production projections are based on current economic data and forecasts of FRB 

coin orders. Circulating coin production for FY 2019 and FY 2020 is forecasted at 14.0 billion 

coins for each year. This level reflects a two percent increase for FY 2019 and FY 2020 in 

shipments of all coin denominations as compared to 13.7 billion in FY 2018. Circulating 

financial performance continues to be adversely affected by rising production costs. FY 2018 

unit costs increased for all denominations compared to the prior year. The unit cost for both 

pennies (2.06 cents) and nickels (7.53 cents) remained above face value for the thirteenth 

consecutive fiscal year.

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.
Mint - 4

Bullion Coins 

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

an investment portfolio. In FY 2018, bullion demand declined to 15.3 million ounces from the 

24.7 million ounces sold in FY 2017. Demand for bullion is forecasted at 29.6 million ounces in 

FY 2019 and 31.7 million ounces in FY 2020. Bullion revenue is forecasted to be $2.0 billion in 

both FY 2019 and FY 2020.

Numismatic (Collector Coins and Medals)

The numismatic program provides high-quality versions of circulating coinage, precious metal 

coins, commemorative coins, and national medals for sale to the public. Numismatic revenue 

decreased by 24 percent from $388 million in FY 2017 to $293 million in FY 2018. The 

decrease was driven primarily by lower customer demand for numismatic products. Total units 

decreased by 14 percent from 3.9 million in FY 2017 down to 3.3 million in FY 2018. FY 2019

and FY 2020 numismatic revenues are projected to be $286 million and $229 million, 

respectively, based on projected demand for numismatic products of 3.9 million in FY 2019 and 

3.0 million in FY 2020.

1.1 – Resource Detail Table 
Mint - 5

1.2 – Budget Adjustments Table

C – Budget Increases and Decreases Description

FY 2019 Revised Estimated Resources.....................................-$349,706,000 / -0 FTE

Metals Due to Forecasted Increase in Circulating Coin Metal Prices +$40,000,000 / +0 FTE

FY 2019 forecasted circulating coin production has decreased by 4 percent (from 14.5 billion to 

14.0 billion); however, metal prices are forecasted to increase from originally- planned levels 

(zinc +20 percent; copper +16 percent; nickel +5 percent). The net result is an overall increase 

to the circulating coin program cost.

Metals Due to Forecasted Decrease in Bullion/Numismatic Production -$390,000,000 / -0 FTE 

FY 2019 forecasted demand for the numismatic and bullion coin programs has decreased by -5

percent and -20 percent, respectively.

Mint/BEP OMS II Consolidation +$294,000 / +0 FTE

Mint will streamline its E-Commerce infrastructure and services platform to migrate BEP’s 

online numismatic sales and marketing presence.

FY 2020 Budget Increases and Decreases Description......................-$2,818,000 / -0 FTE

Maintaining Current Levels (MCLs) – Non-Pay +$4,571,000 / +0 FTE

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

equipment.

Operating Efficiencies -$7,389,000 / -0 FTE 

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

savings strategies. 
Mint - 6

Program Decreases .................................................................-$30,000,000 / -0 FTE

Metal due to forecasted decrease in numismatic production -$30,000,000 / -0 FTE

Demand for the numismatic coin program is forecasted to decrease from FY 2019 to FY 2020 

(3.6 to 2.7 million units). 

Program Increases ........................................................+$140,416,000 / +0 FTE

Metal due to forecasted increase in bullion production +$140,000,000/ +0 FTE

Forecasted demand for the bullion coins will increase slightly from FY 2019 to FY 2020 (29.6 to 

31.7 million ounces). This increase, coupled with forecasted increases in metal prices, will result 

in an increase in overall production costs for the bullion coin program.

Operations and Maintenance (O&M) of Prior-year Enterprise-wide Cybersecurity Investments

+$416,000 / +0 FTE 

The request includes funding to support O&M for prior year Cybersecurity Enhancement 

Account investments. O&M will be funded by Treasury Bureaus through Treasury Franchise 

Fund billing. This increase represents the bureau’s portion of the $17.5 million O&M total. 

1.3 – Operating Levels Table
Mint - 7

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 2020 under 

such section 5136 for circulating coinage and protective service 

capital investments of the United States Mint shall not exceed 

$30,000,000.

Note.—A full-year 2019 appropriation for this account was not 

enacted at the time the budget was prepared; therefore, the budget 

assumes this account is operating under the Continuing 

Appropriations Act, 2019 (Division C of P.L. 115–245, as 

amended). The amounts included for 2019 reflect the annualized 

level provided by the continuing resolution.

E – Legislative Proposals

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.
Mint - 8

Section II – Annual Performance Plan and Report

A – Strategic Alignment

The Mint aligns with the following Department of the Treasury FY 2018-2022 strategic plan 

goals: 

• Goal 1: Boost U.S. Economic Growth

o Objective 1.3 Trusted Currency and Services: Deliver trusted currency and services 

that enable citizens and businesses to participate in the economy.

• Goal 5: Achieve Operational Excellence 

o Objective 5.1 Workforce Management: Deliver trusted currency and services that 

enable citizens and businesses to participate in the economy.

o Objective 5.2 Treasury Infrastructure: Better enable mission delivery by improving the 

reliability, security, and resiliency of Treasury’s infrastructure. 

o Objective 5.3 Delivering customer value: Improve customer value by increasing the 

quality and lowering the cost of Treasury’s products and services. 

Circulating Coinage Program

Circulating coinage includes the minting and issuing of pennies, 5-cents, dimes, and quarterdollars. 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.

The Mint will continue to mint and issue circulating quarter-dollar coins honoring America’s 

national parks and other national sites, in accordance with the America the Beautiful National 

Parks Quarter Dollar Coin Act of 2008 (Public Law 110-456). In 2019, the Mint will release 

quarters honoring Lowell National Historical Park (Massachusetts), American Memorial Park 

(Commonwealth of the Northern Mariana Islands), War in the Pacific National Historical Park 

(Guam), San Antonio Missions National Historical Park (Texas), and Frank Church River of No 

Return Wilderness (Idaho). In 2020, the Mint will release quarters honoring National Park of 

American Samoa (American Samoa), Weir Farm National Historic Site (Connecticut), Salt River 

Bay National Historical Park and Ecological Preserve (U.S. Virgin Islands), Marsh-BillingsRockefeller National Historical Park (Vermont), and Tallgrass Prairie National Preserve 

(Kansas). In 2021, the program will end with one final quarter honoring Tuskegee Airmen 

National Historic Site (Alabama).

Numismatic Program

Bullion Coins 

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

purchasers through the American Eagle, American Buffalo, and America the Beautiful Silver 

Bullion 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.
Mint - 9

Other Numismatic Products 

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 of the Treasury discretion in determining product specifications. 

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 American Innovation $1 Coin Program (Public Law 115-197) will begin in 2019. 

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 

U.S. Virgin Islands, and 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. In 2019, the Mint has authorization to mint 

commemorative coins for two programs: the Apollo 11 50th Anniversary Commemorative Coin 

(Public Law 114-282) and the American Legion 100th Anniversary Commemorative Coin 

(Public Law 115-65).

B – Budget and Performance by Budget Activity

2.1.1 – Manufacturing Resources and Measures

Manufacturing Budget and Performance

($2,728,168,000 from offsetting collections) The Mint will mint and issue circulating coins and 

produce numismatic products, including bullion, to meet demand.
Mint - 10

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, “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.”

In FY 2018, the CSI was 93.6 percent, exceeding its 90.0 percent target. The Mint anticipates

that the CSI will remain steady and thus, has set the target at 90.0 percent for both FY 2019 and 

FY 2020.

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.”

Numismatics product sales for FY 2018 totaled 3.3 million units, falling short of the 3.5 million 

target. The greatest contributors to the decline in sales were lower American Eagle product sales

and lower-than-anticipated demand for the Breast Cancer Commemorative Coin. Continuing 

weakness in core product sales and the discontinuation of the Presidential Coin sets also 

contributed to the decline in sales, but which were somewhat mitigated by strong demand for 

special products. The performance target for numismatic sales units is 3.9 for FY 2019 and 3.0 

for FY 2020. To meet these targets, the Mint will continue to provide high-quality products and 

maintain outstanding customer service, and deepen engagement with coincollectors.

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.”
Mint - 11

In FY 2018, the total recordable case rate reached 1.90, well below the Mint’s 2.46 FY 2018 

target, and significantly below the most recent industry average rate of 5.2 published in 2015 by 

the U.S. Bureau of Labor Statistics for the Non-Automotive Metal Stamping industry. During 

FY 2018, the Mint continued implementing and updating risk management guidelines to 

prioritize resources, mitigating 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 2.39 for FY 2019 and 

2.32 for FY 2020.

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 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 goverence.” This also aligns with the Treasury 

Strategic Goal “1.3 Trusted Currency and Services.”

At the end of FY 2018, Seigniorage per Dollar Issued was $0.37, below the FY 2018 

performance target of $0.43. The FY 2018 shortfall resulted from a 2.8 percent decrease in 

circulating shipment volumes combined with a 24.5 percent increase in the cost of metal.

The United States Mint expects production volumes to remain steady and per-unit metal prices to 

increase as market prices are expected to escalate in FY 2019. The Seigniorage per Dollar 

Issued performance targets are set at $0.36 for both FY 2019 and FY 2020.

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. 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. 

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.
Mint - 12

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 has no deferred maintenance for its equipment. 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:

http://www.treasury.gov/about/budget-performance/Pages/summary-of-capital-investments.aspx

This website also contains a digital copy of this document.