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Exclusive interview with Kristie McNally, acting US Mint Director

JohnFJohnF Posts: 340 ✭✭✭✭✭
in U.S. Coin Forum

Jeff and I had the privilege of speaking with Ms. McNally earlier this week. She was extremely easy to talk to. Clearly the Mint has to be very careful with the information (and timing) they release but I thought she did an excellent job answering our questions. Hope ya'll enjoy.

https://youtu.be/xDQkuLTyNVE?si=P3FTW9nzSHzkue7t

John Feigenbaum
Whitman Brands: President/CEO (www.greysheet.com; www.whitman.com)
PNG: Executive Director (www.pngdealers.org)
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Comments

  • cinque1543cinque1543 Posts: 237 ✭✭✭

    The U.S. Mint person said the Mint does not receive an appropriation. Does that mean they are expected to fund their own operations by making a profit each year?

  • ProofCollectionProofCollection Posts: 7,005 ✭✭✭✭✭

    More privy marks next year she said!

    @cinque1543 said:
    The U.S. Mint person said the Mint does not receive an appropriation. Does that mean they are expected to fund their own operations by making a profit each year?

    Mostly. Technically they just need to break even.

    http://ProofCollection.Net

  • cinque1543cinque1543 Posts: 237 ✭✭✭

    On circulated coinage, if the Mint can make a dime for 6 cents (for example), then sell it to the Treasury of 10 cents, I guess they have a guaranteed mark-up. Is that how it works?

  • cinque1543cinque1543 Posts: 237 ✭✭✭

    Regarding the general decline in demand for circulating coinage:

    In 2024, for the first time, the UK Treasury did not order any new coins to be minted. Here is an article on how the Royal Mint is trying to reinvent itself.

    Finland plans to completely close its mint this year due to lack of demand for coinage.

    IMHO, at some point the U.S. Mint will face similar challenges.

  • JohnFJohnF Posts: 340 ✭✭✭✭✭

    @cinque1543 said:
    The U.S. Mint person said the Mint does not receive an appropriation. Does that mean they are expected to fund their own operations by making a profit each year?

    My understanding is the US Mint is self-sufficient and would have to go to Congress for an appropriation, which hasn't been done since the 18th century.

    John Feigenbaum
    Whitman Brands: President/CEO (www.greysheet.com; www.whitman.com)
    PNG: Executive Director (www.pngdealers.org)
  • JohnFJohnF Posts: 340 ✭✭✭✭✭

    @cinque1543 said:
    On circulated coinage, if the Mint can make a dime for 6 cents (for example), then sell it to the Treasury of 10 cents, I guess they have a guaranteed mark-up. Is that how it works?

    I also think that's how it works. The difference between cost to produce and face value is called "seigniorage" so it makes perfect sense to make high denom coins with a relatively low cost. You lose money making pennies and nickels (cost ~13.7 cents). Not sure what dimes costs. here Anyone know?

    John Feigenbaum
    Whitman Brands: President/CEO (www.greysheet.com; www.whitman.com)
    PNG: Executive Director (www.pngdealers.org)
  • BLUEJAYWAYBLUEJAYWAY Posts: 10,113 ✭✭✭✭✭

    Takes money to make money.

    Successful transactions:Tookybandit. "Everyone is equal, some are more equal than others".
  • MsMorrisineMsMorrisine Posts: 35,938 ✭✭✭✭✭
    edited August 15, 2025 9:31PM

    @JohnF said:
    I also think that's how it works. The difference between cost to produce and face value is called "seigniorage" so it makes perfect sense to make high denom coins with a relatively low cost. You lose money making pennies and nickels (cost ~13.7 cents). Not sure what dimes costs. here Anyone know?

    https://www.usmint.gov/content/dam/usmint/reports/2024-annual-report.pd

    look no further than the us mint annual reports (their fiscal year ends in sept)

    report page 12:
    dime: 5.76 cents

    and from report page 6:

    Established in 1792, the Mint is the world’s largest coin manufacturer. Since Fiscal Year (FY) 1996, the Mint has operated under the Public Enterprise Fund (PEF) (31 U.S.C. § 5136). The PEF enables the Mint to operate without an annual appropriation. The Mint generates revenue through the sale of circulating coins to the Federal Reserve Banks (FRBs), numismatic products to the public, and bullion coins to authorized purchasers. Revenue in excess of amounts required by the PEF is transferred to the United States Treasury (Treasury) General Fund

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • jmlanzafjmlanzaf Posts: 36,726 ✭✭✭✭✭

    @cinque1543 said:
    The U.S. Mint person said the Mint does not receive an appropriation. Does that mean they are expected to fund their own operations by making a profit each year?

    Yes. Not hard since they make their own money... unless all they made were cents and nickels.

  • jmlanzafjmlanzaf Posts: 36,726 ✭✭✭✭✭

    @cinque1543 said:
    Regarding the general decline in demand for circulating coinage:

    In 2024, for the first time, the UK Treasury did not order any new coins to be minted. Here is an article on how the Royal Mint is trying to reinvent itself.

    Finland plans to completely close its mint this year due to lack of demand for coinage.

    IMHO, at some point the U.S. Mint will face similar challenges.

    At some point, all money is digital.

  • oldabeintxoldabeintx Posts: 2,454 ✭✭✭✭✭
    edited August 16, 2025 7:51PM

    Would like to have heard more from the guest, not so much from the hosts.

  • oldabeintxoldabeintx Posts: 2,454 ✭✭✭✭✭

    I question whether clad proof sets are mandated by congress.

  • ProofCollectionProofCollection Posts: 7,005 ✭✭✭✭✭
    edited August 16, 2025 8:00PM

    @oldabeintx said:
    I question whether clad proof sets are mandated by congress.

    You win a prize. From Google AI:

    The US Mint is not legally required to produce annual sets of coins; this is a product offered at the discretion of the Treasury Department, according to the U.S. Mint. While the Mint is mandated to produce circulating coinage to meet public demand, the production of special sets like proof sets, silver proof sets, and uncirculated sets is a separate activity authorized by the Treasury and is not mandated by law.

    http://ProofCollection.Net

  • MsMorrisineMsMorrisine Posts: 35,938 ✭✭✭✭✭

    @ProofCollection said:

    @oldabeintx said:
    I question whether clad proof sets are mandated by congress.

    You win a prize. From Google AI:

    AI makes mistakes

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • oldabeintxoldabeintx Posts: 2,454 ✭✭✭✭✭

    That’s very interesting, thanks. I was unaware that any “numismatic” coins were mandated. Guess I shouldn’t have doubted the Acting Director.

  • cinque1543cinque1543 Posts: 237 ✭✭✭

    @oldabeintx said:
    Would like to have heard more from the guest, not so much from the hosts.

    I agree. It was less an interview and more about what the hosts wanted to say.

  • cinque1543cinque1543 Posts: 237 ✭✭✭

    @JohnF said:
    Thanks for the feedback. I am relatively new to this podcast format (career 1: coin dealer; career 2: publisher; career 3: journalist) and I always find it hard to watch myself. I enjoy it, but I have little experience so Jeff and I try to improve with each episode. I will add that Jeff and I had never once met or spoken with the Acting Director, so interviewing someone I don't know was a first.

    Thank you for sharing this. I appreciate your candor.

  • OAKSTAROAKSTAR Posts: 8,222 ✭✭✭✭✭

    @JohnF - It's not easy putting these Podcasts together. You guys do a great job! 👏 👍

    Disclaimer: I'm not a dealer, trader, grader, investor or professional numismatist. I'm just a hobbyist. (To protect me but mostly you! 🤣 )

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