Drops in 2009
By Numismatic News
of American Eagle gold and silver bullion coins
in fiscal year 2009 masked declines in the
Mint’s numismatic sales program and circulating
In the year ending Sept. 30, 2009, the Mint in
its annual report said that overall sales
reached $2.91 billion, up from $2.80 billion in
the prior fiscal year and $2.64 billion in
fiscal year 2007.
However, seigniorage and net income declined to
$501.6 million from $806.4 million.
Seigniorage is the difference between the face
amount of a coin and the cost of its
manufacture. On average, the Mint makes 55 cents
for every dollar of face value in coins that it
produces, but this amount swings from a negative
sum for the cent and nickel to positive sums for
the dime through dollar coins.
The proportion of coins shipped in fiscal 2009
saw the dollar coin component jump to 58.9
percent from 36.7 percent in the prior fiscal
The face value of coins shipped in fiscal 2009
totaled $777.6 million, down 39.9 percent from
the prior year. The decline in seigniorage was
39.4 percent to $427.8. The slightly smaller
drop was due to a drop in the price of metals
during the year.
Numismatic program sales dropped 21 percent to
$440 million from the prior year’s $557.2
million. Profit from the numismatic program
dropped 63.6 percent to $21.8 million.
Seigniorage on these numismatic coins sold
dropped by 14.2 percent from the prior year to
During the year the Mint pared the number of
numismatic offerings from 550 individual
products to 186.
Bullion coin sales soared 78.6 percent to
$1,694.8 billion. Profit rose by 83.7 percent to
$32.7 million. The Mint work’ on a two-percent
profit margin for bullion coins.
Overall, the total amount of money transferred
by the Mint to the U.S. Treasury was $475
million in 2009, down from $750 million in 2008
and $825 million in 2007.
Despite falling metal prices that took the
metallic values of the cent and nickel below
face value during the year, production and
overhead costs kept the Mint’s cost per coin
well above face value.
The cent cost 1.61 cents to mint in 2009 while
the nickel cost 6.05 cents. The dime cost 5.7
cents to make, the quarter, 11.25 cents and the
dollar cost 30 cents. So few half dollars were
struck in 2009 that the Mint made no calculation
Part of the reason overhead had such a great
impact on production is that coinage numbers
fell so dramatically in 2009. The costs are
distributed over fewer coins, thereby raising
the individual coin’s cost.
The Mint’s shipments to the Federal Reserve
dropped by nearly half from fiscal year 2008,
from 10 billion pieces to 5.2 billion.
Mintage totals in calendar year 2009, which
ended Dec. 31, dropped by two-thirds.)
The annual report revealed that the Mint had
1.06 million customers in the fiscal year.