Department of the Treasury 

United States Mint 

Congressional Budget 

Justification and Annual 

Performance Plan and Report 

FY 2023 

 
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 ....................................................................... 6

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

D – Appropriations Language and Explanation of Changes ...................................................... 9

Section II – Annual Performance Plan and Report ................................................................... 9

A – Strategic Alignment ............................................................................................................. 9

B – Budget and Performance by Budget Activity .................................................................... 11

2.1.1 – Manufacturing Resources and Measures ...................................................................... 11

Section III – Additional Information ........................................................................................ 13

A – Summary of Capital Investments ....................................................................................... 13

 
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) 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. 

Circulating 

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

coin orders. Circulating coin production for FY 2022 and FY 2023 is forecasted at 13.3 billion 

and 14.5 billion coins, respectively. This level reflects a 10 percent decrease for FY 2022 and a 

1.4 percent decrease for FY 2023 in shipments of all coin denominations, as compared to 14.7 

billion in FY 2021. Circulating revenue is forecasted at $1.084 billion in FY 2022 and $1.237 

billion in FY 2023. FY 2021 unit costs increased for all denominations except the half dollar 

compared to last year. The penny’s unit cost rose by 19.3 percent, the nickel’s unit cost rose by 

14.8 percent, the dime’s unit cost rose by 17.7 percent, and the quarter-dollar’s unit cost rose by 

11.7 percent. The unit cost for both pennies (2.10 cents) and nickels (8.52 cents) remained above 

face value for the 16th 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 2021, bullion demand increased to 37.5 million ounces from the 

24.7 million ounces sold in FY 2020. Demand for bullion is forecasted at 20.8 million ounces 

for both FY 2022 and FY 2023. Bullion revenue is forecasted to be $2.0 billion in FY 2022 and 

$1.95 billion in FY 2023. 

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. FY 2021 numismatic 

revenue was up 66.6 percent compared to FY 2020. Numismatic revenue was $577.4 million, a 

$230.8 million increase. The 2021 American Eagle One Ounce Silver Proof and the 2021 United 

States Mint Proof Set were the most popular sellers (in terms of units) this year, selling a 

combined 1,216 thousand units. Sales for these products were 63.8 percent higher than they were 

last year. Gold and platinum numismatic products generated the largest share of revenue (57.2 

percent) during FY 2021 compared to the other numismatic products. This category generated 

$330.0 million in numismatic revenue compared to $247.4 million revenue generated by the 

other categories. Total units increased by 20.9 percent from 3.4 million in FY 2020 to 3.7 million 

in FY 2021. FY 2022 and FY 2023 numismatic revenues are projected to be $448.6 million and 

$339.6 million, respectively, based on projected demand for numismatic products of 3.5 million 

units in FY 2022 and decreasing to 3.0 million units in FY 2023. 
MINT - 5 

1.1 – Resource Detail Table 

 

Dollars in Thousands

Budgetary Resources

FTE AMOUNT FTE AMOUNT FTE AMOUNT FTE FTE AMOUNT

Revenue/Offsetting Collections 

Other Income

Circulating 0 $1,044,021 0 $1,084,008 0 $1,237,350 NA 14.15%

Bullion/Numismatic 0 $4,376,121 0 $2,450,268 0 $2,295,065 NA -6.33%

Total Revenue/Offsetting Collections 0 $5,420,142 0 $3,534,276 0 $3,532,415 NA -0.05%

Expenses/Obligations

Manufacturing

Circulating 846 $968,868 933 $1,014,902 933 $1,178,132 0.00% 16.08%

Bullion/Numismatic 720 $4,061,107 772 $2,396,348 772 $2,219,013 0.00% -7.40%

Total Expenses/Obligations 1,566 $5,029,975 1,705 $3,411,250 1,705 $3,397,145 0.00% -0.41%

Net Results 1,566 $390,167 1,705 $123,026 1,705 $135,270 0.00% 9.95%

Coin Shipments (Units In Millions/Coins) FY 2021 FY 2022 FY 2023

Circulating:

One Cent 7,613 6,500 6,925 

5-Cent 1,736 1,442 1,502 

Dime 3,066 2,581 2,843 

Quarter 2,274 2,717 3,158 

Half-Dollar 12 - - 

Dollar - - 

Total Circulating 14,701 13,240 14,428 

FY 2021 FY 2022 FY 2023

Budget Category Actual Revised Estimate Estimate

Administrative Operating Costs $406,001 $451,250 $467,145

Capital Investments $60,105 $70,000 $70,000

Metals and Materials Costs $4,563,869 $2,890,000 $2,860,000

Total Budgetary Resources $5,029,975 $3,411,250 $3,397,145

% Change

3.5%

0.0%

-1.0%

-0.4%

Note: Includes circulating coinage and protective service capital investments which shall not exceed $50,000. The remaining $20,000 is allocated for Numismatic capital investments, 

which are outside of the legislative limit. 

% Change

6.5%

4.1%

10.2%

16.2%

0.0%

0.0%

9.0%

FY 2021 FY 2022 FY 2023 FY 2022 to FY 2023

Actual Revised Estimate Estimate % Change
MINT - 6 

1.2 – Budget Adjustments Table 

C – Budget Increases and Decreases Description 

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 

We anticipate 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% in FY21 and anticipates an increase of 6% 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. 

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 
MINT - 7 

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. 
MINT - 8 

1.3 – Object Classification (Schedule O) Obligations 

Dollars in Thousands

Object Classification

FY 2021 

Actual 

Obligations 

FY 2022 

Estimated 

Obligations

FY 2023

Estimated 

Obligations

11.1 - Full-time permanent 141,810 170,097 180,712

11.3 - Other than full-time permanent 278 161 161

11.5 - Other personnel compensation 17,577 15,700 15,700

11.9 - Personnel Compensation (Total) 159,665 185,958 196,573

12.1 - Personnel benefits 58,565 56,347 57,474

13.0 - Benefits for former personnel 114 1,019 1,019

Total Personnel and Compensation Benefits $218,344 $243,324 $255,066

21.0 - Travel and transportation of persons 403 2,663 2,663

22.0 - Transportation of things 41,870 33,803 33,803

23.2 - Rental payments to others 15,731 14,000 14,000

23.3 - Communication, utilities, and misc charges 14,656 18,960 18,960

24.0 - Printing and reproduction 751 3,366 3,366

25.1 - Advisory and assistance services 55,231 52,621 52,647

25.2 - Other services 20,346 21,063 21,701

25.3 - Other purchases of goods & serv frm Govt accounts 22,471 20,586 21,586

25.4 - Operation and maintenance of facilities 8,616 9,375 9,675

25.5 - Research and development contracts 0 900 900

25.6 - Medical care 1,290 900 1,000

25.7 - Operation and maintenance of equip 9,098 7,059 7,349

26.0 - Supplies and materials 18,090 19,050 20,550

26.0 - Raw Materials 4,541,624 2,890,000 2,860,000

31.0 - Equipment 42,003 60,266 60,566

32.0 - Land and structures 19,451 13,314 13,314

Total Non-Personnel 4,811,631 3,167,926 3,142,080

Total Obligations $5,029,975 $3,411,250 $3,397,145

Full-time Equivalents (FTE) 1,566 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 under such 

section 5136 for circulating coinage and protective 

service capital investments of the United States Mint shall 

not exceed $50,000,000. 

 

 

Section II – Annual Performance Plan and Report 

A – Strategic Alignment 

This year, the Mint is working to align budget activities and performance measures to the new 

objectives in the Treasury FY 2022 – 2026 Strategic Plan. This work will include benchmarking 

performance and may result in changes to performance measures in the FY 2024 budget. 

Strategic Alignment to Treasury’s new strategic plan 

Goal 2: Enhance National Security 

 Strategic Objective 2.1: Cyber Resiliency of Financial Systems and Institutions (Support) 

Goal 3: Protect Financial Stability and Resiliency 

Strategic Objective 3.3: Financial Innovation (Support) 

Goal 4: Combat Climate Change 

 Strategic Objective 4.4: Sustainable Treasury Operations (Support) 

Goal 5: Modernize Treasury Operations 

 Strategic Objective 5.1: Recruit and Retain a Diverse and Inclusive Workforce (Support) 

 Strategic Objective 5.2: Future Work Routines (Support) 

 Strategic Objective 5.3: Better Use of Data (Support) 

 Strategic Objective 5.4: Customer Experience Practices (Support) 

Circulating Coinage Program 

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

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. 
MINT - 10 

The America the Beautiful Quarters Program ended in FY 2021, bringing to a close one of the 

nation’s most successful coin programs. To continue the Mint’s tradition of celebrating 

America’s history through circulating coins, the Circulating Collectible Coin Redesign Act was 

passed into law January 2021, granting the Mint authority to change the designs of circulating 

coins – specifically, quarter-dollars. Beginning in FY 2022, the Mint will introduce 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 right, abolition, government, humanities, science, and the arts. The first women to 

be honored include Maya Angelou, Dr. Sally Ride, Wilma Mankiller, Nina Otero-Warren and 

Anna May Wong. 

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 of the Treasury 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, 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. 

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 started the American Innovation $1 Coin Program (Public Law 115-197) in 

2018. 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, 
MINT - 11 

assuming all legal requirements have been met. Recipient organizations must use the proceeds 

for the purposes specified in the enabling legislation. In 2022, the Mint has authorization to mint 

commemorative coins commemorating National Purple Heart Hall of Honor (Public Law 116-

247) and Negro Leagues Baseball Centennial (Public Law 116-209). Currently, the Mint does 

not have authorization for any commemorative coins in FY 2023. 

B – Budget and Performance by Budget Activity 

2.1.1 – Manufacturing Resources and Measures 

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

Performance Measure 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

Manufacturing Budget and Performance 

($3,397,145,000 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, 

“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. 

Dollars in Thousands

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

Actual Actual Actual Actual Actual Revised Estimate Estimate

Expenses/Obligations $2,203,909 $1,424,770 $1,555,462 $3,462,361 $5,029,975 $3,411,250 $3,397,145

$2,203,909 $1,424,770 $1,555,462 $3,462,361 $5,029,975 $3,411,250 $3,397,145

1,645 1,545 1,536 1,539 1,566 1,705 1,705

 Resource Level 

Budget Activity Total

FTE 
MINT - 12 

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 
MINT - 13 

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%. On time delivery 

for FY 2021 was 100%. The performance target for circulating on-time delivery is set at 97.5% 

for both FY 2022 and FY 2023. 

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 
MINT - 14 

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.