US Coin Production Returns to More Normal Levels. Solution to Penny Remains Elusive

The United States Mint continued to manufacture circulating coins at high levels in 2022, albeit fewer than in the two previous years, which had been characterised by coins not circulating through the economy as rapidly as before the pandemic. The drop in volumes produced and revenues for the year marked a return to a more normal pattern of demand.

The US Mint generates revenue through the sales of circulating coins to the Federal Reserve Banks, numismatic products to the public and bullion coins to authorised purchasers. It operates six facilities and employs approximately 1,600 people. Since 1996, it has operated under the Public Enterprise Fund (PEF).

In 2022 the Mint achieved revenues of $5.32 billion, compared with $5.42 billion in 2021, a decrease of 1.7%. The cost of goods sold decreased by 1.4% to $4.62 billion and selling, general, and administrative expenses increased by 6%, resulting in seigniorage of $534 million which was transferred to the Treasury General Fund.