CoinNews.net PR: U.S. Mint Produces 11.38 Billion Coins for Circulation in 2023, Lowest Since 2012
Some interesting mintage statistics for all the Mint followers out there.
U.S. Mint Produces 11.38 Billion Coins for Circulation in 2023, Lowest Since 2012
By Mike Unser -
January 19, 2024
In 2023, United States Mint data showed that the rate of producing coins for circulation continued to decrease for the third year in a row, with the annual output reaching its lowest point in more than a decade.
U.S. minting facilities shipped just over 11.38 billion coins to Federal Reserve Banks for circulation release during the calendar year, marking a drop of 16.4% from the 13.62 billion coins struck in 2022. The annual level was the lowest since 2012 when the U.S. Mint produced 9.34 billion coins for circulation.
The primary mission of the U.S. Mint is to manufacture coins in response to public demand. The Mint produces, sells, and subsequently delivers circulating coins to Federal Reserve Banks and their coin terminals to support their services to commercial banks and other financial institutions.
Minting facilities in Philadelphia and Denver are responsible for manufacturing all U.S. coins for commerce. In 2023, the Philadelphia Mint produced 5,731,670,000 coins, while the Denver Mint made 5,650,000,000 coins.
Mintage of 2023 Cents Lowest for Year Since 2010
Even though it costs the Mint 2.72 cents to make and distribute each 1-cent coin, the Federal Reserve always orders more of them than any other denomination.
Last year, more than 4.5 billion cents were struck, marking the lowest annual amount since 4 billion were minted in 2010. These cents account for 39.7% of the total combined coin production for 2023. In 2022, over 6.3 billion cents were struck, representing 46.7% of the combined production total. Going back another year, in 2021, the Mint manufactured over 7.9 billion cents for 54.6% of all coins minted for circulation. Historically, the year 2021 is the most typical in terms of the ratio of cents to overall production.