Demand for US Circulating Coins Falls in 2023

In its recently published Annual Report for the 2023 fiscal year (FY), the United States Mint reported a 12.1% fall in revenue to $4.68 billion. The cost of goods sold decreased by 11.7% to $4,08.7 million, but selling, general and administration expenses increased by 11.9% compared with 2022. Total seigniorage and net income before protection expenses decreased by 23.8% to $397.3 million compared with FY2022 due to decreased circulating and numismatic revenue.

The United States Mint, established in 1792, is the world’s largest coin manufacturer. Since 1996 it has operated under the Public Enterprise Fund (PEF), enabling it to operate without an annual appropriation. The Mint generates revenue from the sale of circulation coins to the Federal Reserve Banks (FRBs), numismatic products to the public, and bullion coins to authorised purchasers. Revenue in excess of amounts required by the PEF is transferred to the United Stated Treasury (Treasury) General Fund.