Annual Report of the Director of the United States Mint
IN GOD WE TRUST
a STFC
Photographs of White House on report cover were provided by the White House.
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AUCTION SALE #13 JUNE 11, 2011
Featuring Part 5 of the Q. David Bowers research library, selections from the Myron Xenos library, ANA badges and medals from the estate of Rollie Finner, Selections from a New Mexican library, Original Convention photographs of the American Numismatic Association
from the Chicago Coin Club 40S
DAVID SKLOW FINE NUMISMATIC BOOKS
PO Box 6321 Colorado Springs, CO 80934
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ANNUAL REPORT
of the Director of the United States Mint
David J. Ryder Director of the Mint
Lloyd J. Bentsen Secretary of the Treasury
Fiscal Year
1 9 9 2
Department of the Treasury United States Mint
CONTENTS
FISCAL YEAR 1992
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TABLES
PREPS CEG Liteiae TCM NS circ ecsieeee cocspsatscanigrsssicrcecevscneesavanwaveicese . U.S. coins manufactured for general circulation,
PUR UN W ESAE ot Reece acre rears voc pec envi gird Sy MUDENGRLLO Tai Seven cave verapinerene 3. American Eagle uncirculated bullion coin sales,
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DPM WES Eile NPN acacia esos oes u acs Gea vipat as Sos co wcs Sut cies rue 4. Inventories of U.S. coins, Sept. 30, 1991, and
RMD oA RE Rage eo FT sv cs Sasic dee edad Belaainee sopcacs an vndeovéuee wirasarteanee® 5. Shipments by the U.S. Mint of U.S. coins for general
MU ONT s REMRL NOI 1 iced anud vvsng ned dachsndshes Geestens can xsnsasckn sree 6. Medals produced by the U.S. Mint, fiscal year 1992 ................... 7. Gold transactions of the U.S. Mint, fiscal year 1992,
POERE NON reas aos areas cSeovsts ect Soabsaas«(lssc dels capcean actcbassnedieuugmmbat staal 8. Gold transactions of the U.S. Mint, fiscal year 1992,
GEREN Le ad re ca sah clncop ass sevatvsaad i spmuessh conan dene SIRA TANTS eawtel 9. Summary of silver receipts, issues, and balances of the
Us WH aISCE VORIS: 1994-1992 05, sis tiudscxpscnessstssccienieeaibssecvines 10. Department of Treasury - Silver Bullion Transactions for the
RRA EIEN CSOD soil, LOS eaataps texesaepntnnsaundvasthsacaasnexdscisaesadtonient 11. Information on settlement gains and losses realized and the
Poleted Metals OPESrAated ON, 1992 vii sicas sas ccvccoceessssvescecesssevtsxsmasese 12. Stocks of unrefined and semi-processed gold and silver bullion
Pe ee CITING SO LOO A cee ceece asain ccins7ss-usacseaberrntces ne 13. Analysis of monetary assets and liabilities of the U.S. Mint,
MOI HP ifs ae ha es ng leve balan ai dacac iy s0tshs snc cucospbadauena desi cats
14. Source and application of funds of the United States Mint, Sea TT s eran ac aeee abacatzay sy dev ax sd ueriveilsepbaansevent cir ttvietey 15. Specifications of U.S. coins manufactured in fiscal year 1992 ....
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Mint Operations
Fiscal Year
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MINT OPERATIONS
Fiscal Year 1992 Highlights
e The Mint produced 12.0 billion coins, and shipped 14.8 billion coins to the Federal Reserve Banks for distribution to commercial banks. As a result, Mint inventories decreased by approximately 2.1 billion coins.
e The Mint contributed $325 million to the General Fund of the Treasury during FY92, including $262 million in seigniorage. Proceeds from reimbursable programs were not deposited but were retained as Start-up capital for the new Public Enterprise Fund established by Public Law 102-390.
e The Mount Rushmore Commemorative Coin Program ended in December 1991. More than 1.9 million gold, silver and clad coins were sold during the program, generating total program sales revenues of $62.7 million, including $12.1 million in surcharges.
e The Korean War Memorial Coin Program ended in March 1992. More than 800,000 silver dollar coins were sold during the program, generating total program sales revenues of $22.5 million, including $5.8 million in surcharges.
e The 50th Anniversary of the United Services Organization (USO) Commemorative Coin Program ended April 2, 1992. More than 400,000 silver dollar coins were sold during the program, generating total program sales revenues of $12 million, including $3.1 million in surcharges.
e The 1992 Olympic Commemorative Coin Act (Public Law 101-406) was signed by the President on October 3, 1990. The legislation authorizes the issuance of not more than 500,000 gold, 4 million silver and 6 million clad coins to commemorate the 1992 Olympic Games. Sales began in January 1992. In FY92 more than 1.4 million coins were sold generating sales revenues of $44.4 million, including $8.8 million in surcharges.
e The White House Commemorative Coin Act (Public Law 102-281) was signed by the President on May 13, 1992. The legislation authorizes the issuance of 500,000 silver coins to commemorate the 200th anniversary of the White House. Sales began July 17, 1992 and the program achieved a total sell-out by August 13, 1992 generating total program sales revenues of $13.3 million, including $5 million in sur- charges.
1992 REPORT OF THE DIRECTOR OF THE UNITED STATES MINT
e The Christopher Columbus Quincentenary Commemorative Coin Act (Public Law 102-281) was signed by the President on May 13, 1992. The legislation authorizes the issuance of not more than 500,000 gold, 4 million silver and 6 million clad coins to commemorate the discovery of the Americas. Sales began August 13, 1992. FY92 sales exceeded 630,000 coins, generating revenues of $21.4 million, including $4.5 million in surcharges.
e The sale of the newly authorized “silver” proof sets began in May 1992. More than 1.2 million sets were sold during FY92.
e Sales of American Eagle gold and silver bullion coins continued in FY92. The American Eagle gold bullion coin maintained its status as the best selling gold bullion coin in the United States, and the American Eagle silver bullion coin maintained its status as the number one selling silver bullion coin in the world. Total ounces of gold and silver bullion sold in FY92 were 260,800 and 5,245,000 respectively. In 1992, Arabic numeral dating replaced the previously used Roman numeral dating on American Eagle gold bullion coins.
e During FY92, the U.S. Mint assumed all administrative functions of the U.S. Savings Bonds Division. The United States Mint and U.S. Savings Bonds Division signed an interagency agreement for the Mint to provide all U.S. Savings Bonds Division administrative functions.
MINT OPERATIONS
Facilities and Functions of the United States Mint Fiscal Year 1992
Headquarters Washington, D.C.
COoCOoOODOeoCOO
Policy formulation
Program management Administrative guidance Research and development Marketing operations
ADP operations
Customer services
Order processing
Operates sales center at Union Station
San Francisco Mint San Francisco, California
QO
Q
Manufactures regular proof coin sets
Manufactures uncirculated and proof one-ounce silver bullion coins
Manufactures miniature medals Manufactures silver proof sets
Manufactured Mount Rushmore proof silver dollar and half-dollar coins Manufactured Columbus half-dollar proof coins Manufactured Olympic half-dollar proof coins Packaged and shipped 1991 and 1992 Prestige Sets Maintains Mint museum and operates sales center Houses Mint Data Center Stores Silver Bullion
West Point Mint West Point, New York
Q
Manufactures uncirculated silver one-ounce bullion coins
Q
Manufactures all sizes of uncirculated gold bullion coins
Manufactures proof one- ounce gold bullion coins Manufactured Mount Rushmore proof and uncirculated gold five-dollar coins
Manufactured Columbus five-dollar gold proof and uncirculated coins Manufactured Olympic five-dollar gold proof and uncirculated coins Stores gold and silver bullion
Denver Mint Denver, Colorado
Ooo
Manufactures coins of all denominations for general circulation
Manufactures miniature medals Manufactures souvenir coin sets Manufactures regular uncirculated coin sets Manufactured Mount Rushmore uncirculated half-dollar coins Manufactured Columbus half- dollar and silver dollar
coins
Manufactured Olympic silver dollar uncirculated coins Manufactured White House silver dollar uncirculated
coins
Stores gold and silver bullion Conducts public tours and operates sales center
1992 REPORT OF THE DIRECTOR OF THE UNITED STATES MINT
Philadelphia Mint Philadelphia, Pennsylvania
Q
Q
Performs all engraving for U.S. coins and medals Manufactures all coin and medal dies
Manufactures coins of all denominations for general circulation
Manufactures miniature and multi-strike medals Manufactures souvenir coin sets
Manufactures regular uncirculated coin sets Manufactures half-, quarter-, and tenth-ounce proof gold bullion coins Manufactured Mount Rushmore uncirculated silver dollar coins
Conducts public tours and maintains sales center
U.S. Bullion Depository Fort Knox, Kentucky
Q
Stores gold bullion
MINT OPERATIONS Introduction
The United States Mint was established by an Act of Congress on April 2, 1792, and became an operating bureau of the Department of the Treasury ; in 1873, pursuant to the Coinage Act of 1873.
The chief officer of the United States Mint is the Director of the Mint, who operates with oversight by the Treasurer of the United States. The Director is appointed by the President with the advice and consent of the Senate for a term of five years. Former Deputy Treasurer David J. Ryder was appointed Director of the Mint in September 1992.
Administrative headquarters for the United States Mint is located in Washington, D.C. Coins are manufactured at Mints located in San Francisco, Denver, Philadelphia and West Point. The U.S. Bullion Depository is located in Fort Knox, Kentucky.
Designated functions of the U.S. Mint are:
o Manufacture of all U.S. coins at Mint facilities.
o Protection of Treasury gold and silver assets.
oO Distribution of coins to and between the Federal Reserve banks and branches, which in turn allocate them to commercial banks.
0 Handling of various deposit transactions including inter-Mint transfers of bullion.
o Movement, storage and release of precious metals from custody as authorized.
Functions routinely performed by the Mint on a reimbursable basis include the following:
o Manufacture and sale of gold and silver bullion coins, both proof and uncirculated.
oO Manufacture and sale of annual proof coin sets, “silver” proof coin sets, and uncirculated coin sets, and other numismatic coin sets.
o Manufacture and sale of commemorative coins, as authorized by Congress.
o Manufacture and sale of national and other medals.
oO Manufacture of medals for other Federal agencies when requested and as schedules permit.
Additional functions performed to serve the public include:
o Operation and maintenance of a museum and sales center at the
1992 REPORT OF THE DIRECTOR OF THE UNITED STATES MINT
Old Mint in San Francisco.
o Operation of sales centers and tours at the Denver and Philadelphia Mints.
o Operation of a sales center at Union Station in Washington, D.C.
0 Offering of a limited line of Mint products at the Bureau of Engraving and Printing sales center, Washington, D.C.
o Public sales and presentation of exhibits at coin shows and conventions.
Coinage Activities
Domestic Coinage. Production of domestic coins totalled 12.045 billion in FY92, down 14% from FY91. Coin demand of 14.834 billion represents an increase of 22.1% above the previous year. As aresult, combined Mint/ FRB inventories fell 2.8 billion. Demand increased 18.3% for cents, 34.9% for nickels, 31.5% for dimes, 37.5% for quarters and 6.9% for halves.
The continued close cooperation with the Federal Reserve Board (FRB) and each Federal Reserve bank resulted in maintaining inventories at target levels and in improving the coordination of Mint and FRB planning.
Coinage Strip and Blanks. During FY92, the Mint utilized nearly 88 million pounds of coinage strip and blanks in domestic coinage operations, as shown in the following table.
Coinage Strip and Blanks Utilized in FY92
Denomination/Material Lbs. Utilized
1-cent blanks 49,762,249 5-cent strip 13,889,620 10-cent strip 8,986,979 25-cent strip 13,898,105 50-cent strip 1,194,076 TOTAL 87,731,029
Die Manufacturing. During FY92, 93,235 coinage dies were manufac- tured; a 16.7% decrease from FY91. This decrease occurred primarily because of the reduced demand for circulating coins.
MINT OPERATIONS
Coinage Dies Manufactured
Die Type FY91
Circulation 66,916 5-Coin Proof 29,398 Bullion Coin 5,378 Eisenhower Mount Rushmore USO Korean Olympic White House Columbus TOTAL 111,992
Coinage Costs. Coinage costs decreased, as shown in the table below, in FY92, due to the lower prices paid for coinage metals.
Coinage Costs Per $1,000 Face Value
Total Cost % Change in Denomination FY91 FY92 Total Cost 1-cent $923 $833 - 9.8%
5-cent 804 575 -28.5% 10-cent 194 owes -10.8% 25-cent val 147 -14.0% 50-cent 166 156 - 6.0%
Plans/Improvements
Denver Mint. In May, a contract was awarded to extend the automation of the nickel, dime, and quarter lines to service 11 new Schuler Presses. Completion of this work will result in 21 high-speed presses being fed automatically in the west pressroom of the Denver Mint.
Philadelphia Mint. Based on the success of Denver's automation project, a similar materials handling system project is being initiated at Philadelphia. Initial plans call for the design of the utilities to be relocated in the area of the proposed blanking, annealing and upsetting operation. Asbestos abatement has begun at this facility and all transformers containing PCB’s have been retrofitted. A program for Power Factor
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1992 REPORT OF THE DIRECTOR OF THE UNITED STATES MINT
Correction has been implemented that when completed will yield signifi- cant savings through energy efficiency.
San Francisco Mint. A new “cleanroom” project for the production of proof coins is in the final design stage and should go out for bids in 1993. The widening of the east driveway was completed, enabling the Mint to be more efficient in the loading and unloading of materials from a ground level dock.
West Point. A Long Range Facility Study was initiated to provide for upgrading both the administrative and production areas of this facility.
Special Coin Programs
1991 Mount Rushmore Commemorative Coin Program. Public Law 101-332, authorizing this program, was signed by the President on July 16, 1990. The program was launched on February 15, 1991 and ended on December 31, 1991. Coin sales generated revenue of $62.7 million, including $12.1 million in surcharges which were distributed in the follow- ing manner: 50% to reduce the national debt and 50% to enlarge and renovate the Mount Rushmore National Memorial. Final program sales were as follows:
Final Sales of Mount Rushmore Commemorative Coins
Coins Proof Uncirculated Total
Clad Half-Dollar 753,257 172,754 926,011 Silver One-Dollar 738,419 133,139 871,558 Gold Five-Dollar 111,991 31,959 143,950
TOTAL 1,603,667 337,852 1,941,519
1991 Korean War Memorial Coin Program. Public Law 101-495, authorizing this program, was signed by the President on October 31, 1990. The program began in April 1991 and ended in March 1992. Coin sales generated revenue of $22.5 million, including $5.8 million in sur- charges to be used to build the Korean War Veterans Memorial in the Nation’s Capital. Final program sales were as follows:
Final Sales of Korean War Memorial Silver Dollar Coins
Proof Uncirculated Total
618,488 213,049 831,537
MINT OPERATIONS
1991 USO 50th Anniversary Commemorative Coin Program. Public Law 101-404, authorizing this program, was signed by the President on October 2, 1990. The program began in June 1991 and ended on April 2, 1992. Coin sales generated revenue of $12 million, including $3.1 million in surcharges which were distributed in the following manner: 50% to reduce the national debt and 50% for the USO to fund such programs as airport centers, fleet centers, family and community centers, and celebrity entertainment. Final program sales were as follows:
Final Sales of USO Silver Dollar Commemorative Coins
Uncirculated Total
124,958 446,233
1992 Olympic Commemorative Coin Program. Public Law 101-406, authorizing the minting and issuing of clad half-dollar, silver one-dollar, and gold five-dollar coins, was signed by the President on October 3, 1990.
The gold five-dollar coin has a composition of 90% gold and 10% alloy; the silver one-dollar coin has a composition of 90% silver and 10% copper; and the clad half-dollar is composed of nickel and copper. All three legal tender coins are dated 1992. Maximum mintages authorized by the legislation were: 6,000,000 clad half-dollars, 4,000,000 silver one-dollars, and 500,000 gold five-dollars.
According to the legislation, no coins may be minted after June 30, 1993. The legislation specifies that a surcharge of $35 be included in the price of each gold coin; $7 in the price of each silver coin; and $1 in the price of each clad coin. Surcharges generated from this program are turned over to the U.S. Olympic Committee for the objects and purpose of the committee as established in the Amateur Sports Act of 1978.
The Olympic Coin designs were competitively selected and are emblem- atic of the participation of American athletes in the 1992 Olympic Games. The gold obverse depicts a sprinter in a burst of speed and was designed by artist James C. Sharpe. The reverse, designed by U.S. Mint artist James M. Peed, includes the Olympic rings and the American Bald Eagle. The silver obverse shows an Olympic pitcher firing a strike and was designed by artist John Deecken. The reverse, designed by sculptor Marcel Jovine, has the Olympic rings, olive branches, and stars and stripes. The clad obverse portrays a gymnast in mid-air and was designed by artist William C. Cousins. The reverse, by designer Steven Bieda,
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1992 REPORT OF THE DIRECTOR OF THE UNITED STATES MINT
includes the Latin words “Citius, Altius, Fortius” and pictures an olive branch and an Olympic torch.
The program was launched in January 1992. Promotional efforts in- cluded: direct mail offerings to Mint customers and several rental lists; direct response print advertising and television; bulk discount rate offer- ings both domestically and internationally; telemarketing; offerings in the Mint’s annual catalogue; and over-the-counter sales at Mint facilities, conventions and coin shows across the nation.
Coin sales through September 30, 1992 generated revenue of $44.4 million, including $8.8 million in surcharges. Sales during FY92 were as follows:
Sales of 1992 Olympic Commemorative Coins as of September 30, 1992
Coins Proof Uncirculated Tota Clad Half-Dollar 489,385 155,038 644,423 Silver One-Dollar 478,051 177,868 655,919 Gold Five-Dollar 74,383 27,143 101,526 TOTAL 1,041,819 360,049 1,401,868
1992 White House Commemorative Coin Program. Public Law 102-281, authorizing the minting and issuing of silver dollar coins to commemorate the two hundredth anniversary of the White House, was signed by the President on May 13, 1992. The composition of the silver one-dollar coin is 90% silver and 10% copper. The coins are dated 1792 - 1992.
Legislation mandated that the mintage not exceed 500,000 coins. The price of each coin includes a surcharge of $10 that the White House Endowment Fund will use as a permanent source of support for the White House collection of fine art and historic furnishings, and for maintenance of the historic public rooms of the White House.
The coin’s obverse depicts the graceful lines of the North Portico of the White House and was designed by Mint engraver Edgar Z. Steever, IV. Chester Y. Martin, also a Mint engraver, designed the reverse of the coin which features the bust of James Hoban, the original architect of the White House, in front of the elegant main entrance he designed.
The coins were first offered for sale on July 17, 1992 and sold out by August 13, 1992. Promotional efforts included direct mail to Mint custom- ers, print media direct response advertising and telemarketing.
MINT OPERATIONS
Coin sales through September 30, 1992 generated revenue of $13.3 million, including $5 million in surcharges. Sales during FY92 were as follows:
Sales of White House Silver Dollar Commemorative Coins as of September 30, 1992*
Proof Uncirculated Total
375,144 123,595 498,739
*NOTE: Sales figures are subject to final adjustments; some coins are being held as replacements for lost or damaged coins.
1992 Christopher Columbus Commemorative Coin Program. Public Law 102-281, authorizing the minting and issuing of clad half-dollar coins, silver one-dollar coins and gold five-dollar coins to commemorate the 500th anniversary of the discovery of the Americas, was signed by the President on May 13, 1992.
The gold five-dollar coin is 90% gold and 10% alloy; the silver one-dollar coin is 90% silver and 10% copper; and the clad half-dollar coin is composed of nickel and copper. All three legal tender coins are dated 1492 - 1992. Mintages authorized by the legislation were: 6,000,000 clad half-dollars, 4,000,000 silver one-dollars, and 500,000 gold five-dollars.
According to the legislation, no coins may be issued after June 30, 1993. The legislation specifies that a surcharge of $35 be included in the price of each gold coin; $7 in the price of each silver coin; and $1 in the price of each clad coin. Surcharges generated from this program are deposited in the Christopher Columbus Fellowship Fund which provides funding to those who work in all areas of discovery for the benefit of mankind.
The designs of all three coins, emblematic of the discovery of the Americas, were created by U.S. Mint engravers. The gold obverse bears a portrait of Columbus facing a map of the New World and was designed by James Ferrell. The reverse, designed by Thomas Rogers, shows the Crest of the Admiral of Oceans, an honor bestowed on Columbus. The silver obverse features a full-figure rendering of Columbus beside a globe with his ships above and was designed by John Mercanti. The reverse, designed by Thomas Rogers, is a dramatic split image of the Santa Maria and the U.S. Space Shuttle Discovery—symbolizing discovery then and now. The clad obverse is a scene of Columbus landing in the New World.
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1992 REPORT OF THE DIRECTOR OF THE UNITED STATES MINT
IN GOD WE TRUST
af
White House Silver Dollar Coin
MINT OPERATIONS
Christopher Columbus Half-Dollar Coin
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1992 Olympic Half-Dollar Coin
MINT OPERATIONS
His ships are depicted on the reverse. Both designs are the work of James Ferrell.
The program was launched on August 28, 1992. Promotional efforts include direct mail to Mint customers, direct response print and radio advertising; bulk discount rate offerings both domestically and internation- ally; telemarketing; offerings in the Mint’s annual catalogue; and over-the- counter sales at U.S. Mint facilities, conventions and coin shows across the nation. To further promote the coins, the Mint participated in the 500th anniversary Columbus Day Parade in New York City.
Coin sales through September 30, 1992 generated revenue of $21.4 million, including $4.5 million in surcharges. Sales during FY92 were as follows:
Sales of Christopher Columbus Commemorative Coins as of September 30, 1992
Coins Proof Uncirculated Total
Clad Half-Dollar 223,415 69,922 293,337 Silver One-Dollar 221,915 Df, 179 279,090 Gold Five-Dollar 49.653 15,216 64,869 TOTAL 494,983 142,313 637,296
Silver Proof Coin Sets. On November 15, 1990, the President signed Public Law 101-585 authorizing the issuance of annual silver proof sets. Patterned on the annual five-coin proof sets, the dime, quarter, and half- dollar in these sets are 90% silver and 10% copper instead of copper- nickel clad. The one-cent coin is the standard copper-plated zinc and the nickel coin is 75% copper and 25% nickel. Silver proof sets went on sale for the first time in May 1992. During FY92, 1,200,897 silver proof coin sets were sold.
American Eagle Gold and Silver Bullion Coin Program. First launched in the fall of 1986, the American Eagle Gold and Silver Bullion Coin Program continued throughout FY92. Of particular interest to collectors was the Mint’s decision to begin minting 1992-dated gold Eagles with Arabic numerals replacing the previously used Roman numerals. Sales during FY92 were as follows:
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American Eagle Gold and Silver Bullion Coins FY92 Sales
Denomination Coins Sold Ounces Sold Gold One-Ounce Coins 210,509 210,509 Gold Half-Ounce Coins 42,804 21,402
Gold Quarter-Ounce Coins 50,808 12,702 Gold Tenth-Ounce Coins 162,030 16,203 TOTAL GOLD 466,151 260,816
Silver One-Ounce Coins 5,245,778 5,245,778
American Eagle Gold and Silver Proof Coin Program. For the second year in a row, limited mintages were placed on American Eagle Gold and Silver Bullion Proof Coins. The following limits were set on the 1991-dated coins: 70,000 one-ounce gold coins; 57,000 half-ounce gold coins; 70,000 quarter-ounce gold coins; 110,000 tenth-ounce gold coins; and 700,000 one-ounce silver coins. The mintage figures were maximums for each coin denomination and included those coins utilized in the Four-Coin Proof Gold Set. All sales occurred in FY92.
The tenth-ounce, quarter-ounce, and half-ounce proof gold coins were struck at the Philadelphia Mint. The one-ounce proof gold was struck at the West Point Mint and the one-ounce silver proof at the San Francisco Mint. All coins bear the mint mark of the facility where they were produced. Sales during FY92 were as follows:
Total Sales of 1991 American Eagle Gold and Silver Proof Coins as of the End of the Program
Denomination Coins Sold Ounces Sold Gold One-Ounce Coins 50,410 50,410 Gold Half-Ounce Coins 53,123 26,562 Gold Quarter-Ounce Coins 50,387 12,709 Gold Tenth-Ounce Coins 70,332 7,033
TOTAL GOLD 224,252 96,714
Silver One-Ounce Coins 511,922 511,922
The above totals include 37,687 Four-Coin Gold Proof Sets
MINT OPERATIONS
Proof Coin Set Program. As part of the annual program to provide proof versions of current U.S. circulating coins to collectors, the Mint offered five-coin proof sets for sale throughout FY92.
The term “proof” refers to a manufacturing process used to produce a particularly brilliant, sharply detailed coin. A proof coin is created using burnished blanks and specially prepared dies which impart the “cameo” effect of a frosted relief on a mirrored field. All proof coins are struck at least twice.
The 1991- and 1992-dated regular proof sets contained one each of all denominations struck for circulation — the one-cent through half-dollar — each with the San Francisco “S” mint mark. The 1991 sets, sealed in protective cases, were offered for sale at $11. The ordering period for a combined offering of the 1991 proof sets and the 1991 uncirculated sets commenced in May 1991 and continued until the 1992 sets were offered. The 1992 sets, also sealed in protective cases, initially offered at $11, increased to $12.50 on July 1, 1992. The ordering period for 1992 proof sets commenced in March 1992 and continued throughout the balance of FY92.
Both 1991 proof sets and 1992 proof sets were available by mail order, over-the-counter in the Mint Sales Centers and at various conventions attended by Mint representatives.
The 1991 Prestige Set contained proof coins of all denominations struck for circulation plus the Mount Rushmore silver one-dollar and clad half- dollar coins both with an “S” mint mark. The 1992 Prestige Set contained proof coins of all denominations struck for circulation plus the 1992 Olympic silver one-dollar and clad half-dollar coins both with an “S” mint mark.
During FY92, customers purchased 435,120 proof sets dated 1991 and 2,404,177 proof sets dated 1992. They also purchased 21,597 Prestige Sets dated 1991 and 174,908 Prestige Sets dated 1992.
Uncirculated Coin Set Program. The 1991 and 1992 uncirculated coin sets contained one each of all denominations — one-cent through half- dollar — produced at the Denver and Philadelphia Mints and struck with the official mint mark of each Mint. However, maintaining tradition, the one-cent coin produced by the Philadelphia Mint has no mint mark.
The sets also contained a Mint mark piece from each Mint. A descriptive folder bearing detailed coin specifications accompanied the sets. The uncirculated coin sets were packaged in clear Mylar plastic. The 1991
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1992 REPORT OF THE DIRECTOR OF THE UNITED STATES MINT
sets were offered for sale at $7 each. The 1992 sets were initially offered at $7, but increased to $8 on July 1, 1992.
The ordering period for a combined offering for the 1991 uncirculated coin sets and the 1991 proof coin sets commenced in May 1991 and continued until the 1992 sets were offered. The ordering period for the 1992 uncirculated coin sets commenced in April 1992 and continued through the fiscal year. During FY92, customers purchased 210,649 uncirculated coin sets dated 1991 and 1,327,635 uncirculated coin sets dated 1992.
Souvenir Sets. Two types of Mint Souvenir Sets were available at Mint Sales Centers during FY92. One set contained all five coin denominations — the cent through the half-dollar — produced at the Philadelphia Mint, plus a Philadelphia Mint miniature bronze medal. The other set consisted of the same five denominations struck at the Denver Mint, plus a Denver Mint miniature bronze medal. Each set was priced at $4. In FY92, customers purchased 4,500 of the 1992-dated and 969 of the 1991-dated Philadelphia Mint Souvenir Sets. They also purchased 13,593 of the 1992-dated and 4,295 of the 1991-dated Denver Mint Souvenir Sets. These sets were not offered through the mail but were available only in the respective Mint Sales Centers.
Susan B. Anthony Dollar Souvenir Sets. Sales of souvenir sets containing three uncirculated Susan B. Anthony (SBA) dollars — one each from the Philadelphia, Denver and San Francisco Mints with mint marks — continued in Mint Sales Centers and at conventions attended by Mint staff. The sets of three coins each — one set with coins dated 1979 and one set with coins dated 1980 — were priced at $4 each. Customers purchased 14,322 SBA souvenir sets during FY92. Available by direct mail was a six-piece coin set containing SBA dollars struck at each mint facility for both production years. Customers purchased 14,790 six-piece SBA dollar coin sets during FY92.
MEDALS
National Medals. National medals are selective awards authorized by Congress to commemorate significant historical events of the nation, or to honor those persons whose superior deeds and achievements have enriched our nation, its history, or the world. The legislation generally provides for the award of gold presentation medals. Congress, on occasion, has authorized silver presentation medals and also bronze medals to commemorate certain persons and events. Bronze duplicates and miniature replicas of the gold and silver presentation medals for public sale may also be provided for in the legislation.
MINT OPERATIONS 21
On March 25, 1776, the Continental Congress awarded General George Washington the first Congressional Gold Medal for recapturing Boston from the British in the War for Independence. Since that time through September 30, 1992, there have been 123 Congressional actions autho- . rizing the award of 323 gold medals. During FY92, medals were presented in honor of the following:
@ General Matthew B. Ridgway — Representing President George Bush, General Colin L. Powell, Chairman of the Joint Chiefs of Staff, presented, on behalf of the Congress, a gold medal to General Matthew B. Ridgway, United States Army (Retired), on November 7, 1991, at the General’s home in Pittsburgh, Pennsylvania. The gold medal was in recognition of his distinguished service to the Nation. It was authorized by Public Law 101-510 of November 5, 1990, which also provides for the sale of bronze duplicates by the U.S. Mint. James Ferrell, a sculptor/engraver of the Mint, prepared the obverse design and executed the model. The reverse design was prepared and the model executed by Chester Martin, also a sculptor/ engraver of the Mint.
@ Centennial of Yosemite National Park — In a ceremony on March 19, 1992, the Treasurer of the United States presented Deputy Secretary of the Interior Frank A. Bracken with a specially minted commemorative bronze medal in honor of the Centennial of Yosemite National Park. The medal was authorized by Public Law 101-510 of November 5, 1990. The law also authorizes the U.S. Mint to produce and sell bronze medals commemorating the 100th anniversary of Yosemite National Park. A $2.00 surcharge included in the price of each medal will be used by the National Park Foundation to fund supplemental projects relating to back country trail development and rehabilitation, and the preservation of Sequoia groves within the park. U.S. Mint sculptor/engraver Chester Martin prepared the designs and executed the models for both the obverse and reverse sides of the medal.
e@ Defenders of Pearl Harbor/50th Anniversary of the December 7, 1941 Attack — In October 1991, the Mint commenced the production and shipment of the Defenders of Pearl Harbor/50th Anniversary of the December 7, 1941 Attack bronze commemorative medals (Pearl Harbor Medal) to the State Chairmen of the Pearl Harbor Survivors Association to coordinate presentation ceremonies with their State Congressional delegations. The medals are for presentation to those veterans of the U.S. Armed Forces, or their next of kin, who defended Pearl Harbor and other military installations in Hawaii against attack by the Japanese on Decem- ber 7, 1941. The medal was authorized by Public Law 101-510 of November 5, 1990. James Ferrell, a U.S. Mint sculptor/engraver, de- signed the obverse and reverse of the medal and executed the models.
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1992 REPORT OF THE DIRECTOR OF THE UNITED STATES MINT
The legislation does not provide for the sale of duplicates of the medal. The Speaker of the House and the President pro tempore of the Senate delegated the responsibility for the presentations to the Association. They also designated the Department of Defense as the agent for authorizing shipments of the medals by the Mint and for certifying the eligibility of the recipients. The production, shipment, and presentation of the medals will continue for an indefinite time. As of September 30, 1992, the Department of Defense had authorized the Mint to ship a total of 30,561 medals.
Other Medals. The Mint has legislative authority to strike national medals and other medals with historic significance or of a continuing, traditional nature. Under this authority, medals for U.S. Presidents, Secretaries of the Treasury, Directors of the Mint, and Supreme Court Justices have been produced. Numerous other medals have been issued, such as those depicting historic and federal buildings, including the White House, the Treasury Building, historic Customhouses, and U.S. Mint facilities.
e@ Bicentennial of the United States Mint — On July 7, 1992, the U.S. Mint released for sale to the public bronze medals commemorating the Bicen- tennial of the United States Mint. The designs for the medal were selected from those submitted in a design competition open to all Mint employees. Don Miller, a Police Officer at the Philadelphia Mint, was the winner for the obverse design. Lauren Vaughan, Secretary to the Office of Public Information at Mint Headquarters in Washington, D.C., was the winner for the reverse design. Mr. Miller’s initials appear on the obverse of the medal along with those of former Chief Engraver Frank Gasparro, who executed the original artwork for the design. The reverse has the initials of Mrs. Vaughan and Mint sculptor/engraver Tom Rogers who executed the model.
List Medals. Medals produced for sale to the public by the Mint normally are produced in bronze (90% copper 10% zinc) and often referred to as “list?” medals because they are listed in Mint sales brochures. The brochures, which are free to the public, contain photographs and descrip- tions of products offered (medals, easels, presentation cases and an album for displaying the medals), as well as pricing for both mail order purchase and over-the-counter purchase at Mint Sales Centers. List medals and display devices were also available through the Mint’s Bulk Medal Program. Government agencies, Presidential libraries, historical societies, museums, and a variety of non-profit and commercial enter- prises participate in this program.
Large medals on the list may be up to 3 inches in diameter and require multiple strikes on the medal press to bring up the relief. These medals
MINT OPERATIONS 23
WORLD WAR I COMMANDER KATOPEN
Defenders of Pearl Harbor / 50th Anniversary Medal
Bicentennial of the United States Mint
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1992 REPORT OF THE DIRECTOR OF THE UNITED STATES MINT
are hand-finished and individually packaged. Each large medal comes with a plastic display easel. Smaller medals, such as the 1 1/2-inch and 1 5/16-inch “miniature” sizes, are produced on presses similar to those used for the manufacture of coins. Generally, only one strike is required for these smaller medals. Though not hand-finished like the larger medals, the miniature medals are lacquered to protect their surface from tarnish. The medals are then bulk packaged by machine in individual plastic packages. The following tables provide information on medals produced and sold in FY92.
Medals Produced in Multi-Strike and Single-Strike Classes, FY92
Medal Type Production Multi-strike hand-finished medals 20,371 Single-strike medals 373,898
TOTAL 394,269
Sales of Medals Through Mail Order, Over-the-Counter at Mint Sales Centers and Bulk Programs FY92 Sales
Medal Type Quantity Gross Sales
Multi-strike hand-finished medals 21,243 $400,969 Single-strike medals 360,640 $386,773
Single-strike medals
produced on sales center coin
presses at the Philadelphia,
Denver, and San Francisco
Old Mint 195,824 $159,334 TOTAL 577,707 $947,076
Medals in Process. The following National Medals authorized by Congress were in various stages of design, engraving, or manufacturing, or were available for issuance and presentation in FY92:
@ Spark M. Matsunaga Medal of Peace — Public Law 101-520, approved November 5, 1990, provided for the Treasury Department, U.S. Mint, to design, strike, and deliver to the U.S. Institute of Peace, bronze Spark M.
MINT OPERATIONS
Matsunaga Medal of Peace presentation medals. Each year the Institute may award a medal, or medals, to a person, or persons, who it determines to have contributed in extraordinary ways to peace among nations and peoples of the world. The legislation does not provide for the sale of duplicates of the medal. .
@ Persian Gulf Conflict — Public Law 102-281, approved May 13, 1992, provides for the Secretary of the Treasury to design, strike, and deliver to the Secretary of Defense, Persian Gulf Conflict silver presentation med- als. The Secretary of Defense will arrange for the distribution of the silver medals to be presented to members of the United States Armed Forces who served in a combat zone in connection with the Persian Gulf Conflict, or their next of kin. The Secretary of Defense is also responsible for determining the eligibility of those to be awarded the silver medals. The Secretary of the Treasury may also strike and sell bronze duplicates of the silver presentation medal to the general public at a price sufficient to cover the cost of the bronze duplicates and also the cost of designing and striking the silver medals. The Secretary must ensure that the striking and issuing of the silver medals not result in any net cost to the government. In addition, the Secretary must certify that sufficient funds have been received from the sale of bronze duplicates, or donations from private persons, to cover the cost of all of the silver medals required for distribution by DOD.
The U.S. Mint medals programs are self-supporting. All proceeds from sales, after reimbursement for costs, are deposited to the General Fund of the United States Treasury.
Conventions, Catalogues, and Mint Sales Centers
Conventions and Exhibits. In FY92, Mint exhibits were displayed nationwide at 20 numismatic and trade conventions to sell and promote annual coin sets, commemorative coins, American Eagle bullion coins, medals, and other Mint products. The Mint also promoted its products at state and county fairs'in New York and California.
Mint exhibits were also displayed at major international conventions in Germany, Japan, Hong Kong, Singapore and Switzerland. The American Eagle Gold and Silver Bullion Coins and commemorative issues were featured in the exhibits. In addition, the Mint sold a variety of coins, medals and other items at a booth at the United States Pavilion at the Expo ’92, in Seville, Spain.
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1992 REPORT OF THE DIRECTOR OF THE UNITED STATES MINT
Mint Catalogue. The 1991 Catalogue of Official Coins and Medals of the United States Mint, mailed to Mint customers at the end of FY91, generated $11,167,554 in revenue. It featured Mount Rushmore Anniver- sary Coins, Korean War Memorial Coins, USO 50th Anniversary Coins, 1991-dated annual U.S. Mint Proof and Uncirculated Sets, new National, Presidential and Secretary of the Treasury medals, military bicentennial medals and other numismatic items. The catalogue also featured 1991- dated American Eagle Gold and Silver Proof Coins.
Mint Sales Centers. The Mint continued its sales centers at Union Station and the Visitors Center at the Bureau of Engraving and Printing in Washington, D.C. The Sales Centers offered a select line of Mint products suchas U.S. Mint annual coin sets, the Mount Rushmore, Korea, USO and 1992 Olympic Commemorative Coins, and a selection of Mint medals.
American Eagle Gold and Silver Proof Coins were offered for sale over- the-counter at all Mint Sales Centers in FY92.
A full line of Mint coins, medals, and other numismatic items continue to be sold at the following Mint Sales Centers:
Philadelphia Mint Denver Mint 5th and Arch Streets 320 W. Colfax Avenue Philadelphia, PA 19106 Denver, CO 80204
San Francisco Old Mint 88 Fifth Street San Francisco, CA 94103
General inquiries regarding coins and medals orders are processed by:
United States Mint Customer Service Center 10001 Aerospace Road Lanham, Md. 20706 (301) 436-7400
MINT OPERATIONS TECHNOLOGY IMPROVEMENTS
High Speed Coin Press. Four presses were installed, eight delivered and two ordered in FY92 for the Denver Mint. With the added high speed press capacity, Denver reduced the production operations to two shifts. The retirement of the older presses was delayed to retain the two shift operation capacity at Denver. At the end of FY92, there were fourteen operational high speed presses at the Denver Mint and five at Philadel- phia.
High Speed Blanking Presses. The first high speed blanking press system with feeder, die set and scrap chopper was installed in FY92. The press required extensive acceptance testing which has taken a longer time than expected. A second press with the feeder and one die, ordered for Denver, was put on hold pending successful testing of the first press.
Proof Coining Presses. Three presses in the San Francisco Mint and one each in West Point and Philadelphia were installed. The Mint now has one new manual and twelve new semi-automated proof coining presses operational: Eight at San Francisco, three at West Point, one at Philadel- phia, and one at Denver. Seven presses were ordered for delivery in FY93 as follows: Two for San Francisco, one for West Point, three for Philadelphia, and one for Denver.
Noise Reduction. In FY92, prototype noise enclosures were installed, tested and accepted on two coining presses each at Philadelphia and Denver. Additionally, twelve production enclosures were installed and accepted at Denver. It is anticipated that all major equipment including shakers, riddlers, and counters at Denver will be enclosed by early FY94. Installation of press enclosures at Philadelphia will commence in FY94.
High Efficiency Die Sets. The delivery of eight high efficiency blanking die sets was delayed to early FY93. Two precision feeders, which are required for the new die sets, were installed and are operational. Delivery of the dies was delayed to accommodate changing to a wider strip for an improved strip yield. The die sets incorporate a scrap chopping blade which eliminates the need for a separately powered chopper. Addition- ally, the new die sets will reduce defective cutout blanks.
Tilting Barrel Burnishing. In FY92, a prototype system was designed and built to improve the quality of proof coinage blanks. It will be determined by late FY93 whether the barrel burnishing process improves the quality over the current vibratory methods.
Medal Production Technology. Previously developed techniques for reducing the number of intermediate anneals on 3-inch medals were
27
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1992 REPORT OF THE DIRECTOR OF THE UNITED STATES MINT
successfully implemented in production, further reducing the number required from four to one. This involved tooling design, use of a precision- controlled hydraulic press and procedures for avoiding overload of the dies.
Metric. Plans for use of the metric measurement system in Mint procurements and business practices were developed, as required by Public Law 100-418. As a major purchaser of metal and its fabrication, the Mint can help U.S. industry be more competitive in world markets by purchasing metal and fabrication in metric measures.
Dies. A decarburization process was successfully tested on small batches. This process could prove to be less expensive and more consistent than the gas furnaces now used on those dies which are subject to significant abrasion from cupronickel.
RESEARCH AND DEVELOPMENT
Automated Packaging of Proof Sets. This system is expected to automate the coin insertion to provide more consistent proof sets and reduce packaging costs. In FY91, studies showed positive results and one contractor was asked to submit a proposal. In FY92, the proposal was analyzed and tests were conducted to verify that the pick-up device would not cause smudging and latent discoloration.
Automated Die Marking and Reading. In FY92, it was determined that automated serial number marking and reading is possible, but it depends on factors such as the marking method, depth of marking, reading capability on curved surfaces, die number wear, etc. To minimize uncertainty, the Mint tested dies for die number wear and die life with an undercut groove to protect the die number. It was concluded that the number stayed readable and the die life was not affected.
ADMINISTRATIVE ACTIVITIES
U. S. Savings Bonds Division. During FY92, Treasury’s U.S. Savings Bonds Division and the U.S. Mint signed an interagency agreement for the Mint to provide all administrative functions for the U.S. Savings Bonds Division. The major areas covered by this agreement were Financial Management, Human Resources, Management Services and Procure- ment.
MINT OPERATIONS Human Resources.
e@ During FY92, Mint Headquarters’ and field facilities’ personnel offices adopted the “Human Resources” designation.
e@ Recruiting and Staffing. The Mint hired a total of 464 new employees in FY92. Of these, 114 filled permanent positions and 350 occupied temporary positions. Temporary employees were dispersed among all of the Mint’s facilities to meet the need of its special coin programs.
@ Alternate Work Schedules. In 1992, the Mint successfully implemented a pilot alternate work schedule program at the Philadelphia Mint. Consid- eration was being given to expanding the program Mint-wide.
e@ Performance and Incentive Awards. In FY92, general schedule and prevailing rate employees covered under the performance management system with performance ratings of superior or outstanding received a portion of an awards pool totaling $434,430. Supervisors and managers covered under the performance management and recognition system received performance awards totaling $84,800. The senior executive service bonus pool amounted to $10,130. In addition, five Mint employees received the Albert Gallatin award for distinguished Treasury service.
@ Safety and Occupational Health. The Mint’s safety, environmental hygiene, health physics and workers’ compensation programs produced positive results in FY92. The occurrence rate for new injuries decreased by 14%. Workers’ compensation costs went down by more than $91,000, while over $19,000 in erroneous payments were recovered.
@ Equal Employment Opportunity. In the areas of affirmative employ- ment, the Mint continued employing women, minorities, veterans and individuals with disabilities in all positions as well as in specifically targeted occupations. In comparison to last year, minority employment remained essentially stable, at 52.3%, down only 0.2%, while women reflected a substantial gain of 7.4%, to 28.4%. Women showed an increase in non- traditional blue collar and police officer positions throughout the Mint. In FY92 the overall employment of individuals with disabilities increased slightly from 6.44% to 6.51% — with the most significant factor being the representation of persons with targeted disabilities, such as blindness, deafness and paralysis, rising from 1.29% to 1.56%. Veterans repre- sented 42.3% of the total Mintwide workforce. Efforts continue to increase the number of minorities, women, individuals with disabilities and veter- ans, particularly those with compensable disabilities, in the Mint workforce.
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1992 REPORT OF THE DIRECTOR OF THE UNITED STATES MINT
The close of FY92 reflected the following employment breakdown of the total Mintwide workforce.
Minority and Non-Minority Employment -- FY92
% of Total Category Employees
Minority Men 34.2 Minority Women 18.1 Non-minority Men 37.3 Non-Minority Women 10.4
TOTAL 100
Legislative Initiatives.
During FY92, the Treasury Department and OMB approved draft legisla- tion entitled the “United States Mint Modernization Act of 1992.” Its purpose was to provide for the effective and efficient production, market- ing, sale, and financing of numismatic items of the United States Mint (establishment of a public enterprise fund), to provide a permanent authorization of appropriations for the Mint, to clarify the repair authority for the U.S. Mint in Philadelphia, to establish an annual commemorative coin program, and for other purposes. A Treasury-initiated bill was not introduced because similar reform provisions were attached to H.R. 3654, the 1996 Olympic Commemorative Coin Act. This bill passed the House on June 30, 1992 and the Senate on September 30, 1992.
Coin/Medal Legislation. Numerous coin/medal bills were consolidated into the “1992 White House Commemorative Coin Act,” which was enacted on May 13, 1992 (P.L. 102-
281). The Act included the following programs:
@ 1992 White House Commemorative Coin Program, consisting of 500,000 silver dollars, to be issued in 1992.
@ World Cup USA 1994 Commemorative Coin Act, calling for 750,000 gold coins, 5,000,000 silver dollars, and 5,000,000 clad half dollars.
@ Silver Congressional Medals for Veterans of the Persian Gulf Conflict.
@ Christopher Columbus Quincentenary Coin Program, calling for 500,000
MINT OPERATIONS 37
gold coins, 4,000,000 silver dollars, and 6,000,000 clad coins, to be issued in 1992 through June 1993.
@ James Madison Commemorative Coin Program, consisting of 300,000 gold coins, 900,000 silver dollars and 1,000,000 silver half dollars, to be issued in 1993.
Coin Redesign.
Both the Senate and the House introduced legislation requiring changes to the reverses of our circulating coins (except the dollar coin) within six years, beginning one year after enactment. During FY 1992, the Treasury Department testified before Congress stating that there is no indication, other than some in the coin collecting community, that there is public dissatisfaction with our current coin designs. They are well-accepted, handsome, and timeless designs. If legislation is enacted, it is especially important that ample time be provided to fully consider and create coin designs that will be of lasting quality and which will be as universally accepted as our current designs. While itis possible, over a six-year span, to implement new coin designs as prescribed in the legislation, the Mint needs at least 15 months from enactment to issue the first coin with the new design.
One-Dollar Coin Legislation.
The Senate and the House also introduced bills which call for the production of dollar coins. The House version further provides for the elimination of the dollar bill note. The Treasury Department testified before Congress that it does not endorse either the elimination of the one- dollar bill or the introduction of a one-dollar coin. Research confirms that Americans prefer dollar bills over coins. In the 1990 General Accounting Office (GAO) study which was commissioned by the House Subcommit- tee on Consumer Affairs and Coinage, interviews and focus groups conducted by GAO found that the American public overwhelmingly opposes abolishing the dollar bill and replacing it with a dollar coin. The preference for bills over coins has also been experienced by foreign governments which have been successful in introducing high denomina- tion coins only by forcing the elimination of the corresponding bill on their people.
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1992 REPORT OF THE DIRECTOR OF THE UNITED STATES MINT Automated Information Systems.
e@ Software and hardware were upgraded to support the expanded database and system requirements of the Integrated Financial Manage- ment System.
@ An Historical Archive/Purge sub-system was designed and imple- mented for the San Francisco Numismatic Coin Order System database. In addition, several segmentations of the Mint mailing list were undertaken in support of commemorative coin promotion efforts.
e@ Asecure network was established for access to the financial database at Bureau of Public Debt in Parkersburg, WV, in support of the Mint assuming Savings Bonds Division financial and accounting responsibili- ties. Also, a telephone link was implemented between Savings Bonds Division and Mint Headquarters electronic mail system.
@ The Optical Scanning system hardware and software being used at the Matland Customer Support facility were upgraded. Conversion of. the existing data to the new system was begun.
Procurement.
@ During FY92, 323,233 ounces of gold bullion were purchased in the total dollar amount of $112,095,335 for the American Eagle Bullion Coin Program. All gold purchased in FY92 was domestic, with 100% being newly-mined, that is, refined within the preceding 12 months. Cumulative gold purchased since the program’s inception through FY92 is approxi- mately 5.98 million ounces.
@ Coinage metals for domestic coin production continue to represent a significant portion of the Mint’s procurements. In FY92, the Mint pur- chased a combined total of 83,647,500 pounds of copper, nickel and zinc at a cost of $69,573,216. During FY92, the Mint continued to purchase five-cent strip, clad strip and copper-plated zinc blanks through competi- tive procedures.
Financial and Cash Management.
@ The programming for the interim cost accounting system continued throughout FY92. The interim cost accounting system provides for the automation of cost ledger cards, allocation automation and an automated material flow capability. Also, during FY92, the Mint continued to accom- plish scheduled corrective actions to address system deficiencies identi- fied by Management Controls review. In particular, the Mint completed the
MINT OPERATIONS
scheduled initial implementation of an interim cost accounting system which will provide a more timely and accurate recording of cost informa- tion. The cost accounting system will be operational during FY93.
@ The major aspects of the Mint’s automated system modernization effort proceeded on course during FY92. The first stages of the Mint’s Inte- grated Financial Management System (IFMS) Project were undertaken at the Philadelphia Mint manufacturing facility, the selected pilot site for the new IFMS. The initial stages of the IFMS pilot effort have included a prototype of bar coding technology at the Philadelphia Mint’s numismatic area and the initial implementation of a modern commercial manufactur- ing subsystem in Philadelphia. The IFMS Project Plan calls for the introduction of enhanced cost accounting and other budgetary and financial improvements within the Philadelphia Mint during FY93.
@ The Mint continues its use of the lockbox to accelerate the deposit of coin sales receipts. In the bill paying process, the Mint continues its outstanding performance of only paying late payments amounting to .001% of the total dollar amount of bills paid, while following the provisions of the Prompt Payment Act.
Management (Internal) Controls.
The Mint strengthened controls in the area of bullion accountability by completing Mint-wide silver inventories, implementing a system of monthly physical inventories and data reconciliations, and scheduling additional actions to further tighten controls over assets.
The Mint reported to the Secretary of the Treasury that, overall, its system of management controls provided reasonable assurance that the objec- tives of preventing waste, fraud, and mismanagement were being achieved.
Public Transportation Incentive Program.
Public Law 101-509 allows Federal agencies to participate in State or local government programs that encourage employees to use public transpor- tation. In FY92, the Mint planned and implemented a Public Transporta- tion Incentive (PTI) Program at four of its locations. Under this program, eligible employees receive monthly fare instruments (e.g., bus tokens/ vouchers) for use on public transportation. In August and September 1992, participating Mint facilities held “open seasons” to solicit applica- tions for the PTI Program. Approximately 775 employees applied and were determined to be eligible to receive $21 monthly fare incentives beginning in September or October 1992.
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1992 REPORT OF THE DIRECTOR OF THE UNITED STATES MINT Security.
During FY92, the personnel security program processed 513 background investigation cases and over 2,700 pre-appointment preliminary investi- gations. Background investigations of three employees in sensitive high- risk positions were updated and 120 contractor investigations were processed.
Revenues Deposited. The Mint deposited $325.0 million to the General Fund of the Treasury in FY92, compared to $571.8 million in FY91. Proceeds from Reimbursable Program Sales were not deposited to the General Fund of the Treasury in Fiscal Year 1992. These funds were retained for use as start-up capital for the new Numismatic Public Enterprise Fund as prescribed by Public Law 102-390 dated October 6, 1992. The following is a breakdown of Mint deposits to the General Fund:
Deposits to the General Fund of the Treasury (Millions)
Source FY91 FY92
Seigniorage on U.S. coins: $427.897 $262.618
Proceeds from:
Reimbursable Program Sales $35.647
Profit on Gold Sales $20.163
Profit on GSA Silver Sales $23.139 $1771
Recovery of Mint Manufacturing Expenses $50.610 $ 50.112
Miscellaneous (Amnesty, sale of equipment, etc.)* $14.365 $ 10.286
*Miscellaneous for FY91 and FY92 includes 13.902 and 10.007 million, respectively, in DLA silver payments.
Tables
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TABLES
TABLE 1 - Fiscal Year 1992 Highlights
Coins manufactured:
BE Se ee en ee ie eee Cee: ee 12,000,000 POS Marleen residing chen annsasaiinnngansninnsonstepasakgouninndniaidans teastinshi 0 Numismatic Program Sales:* 1991 Proof Sets (including Prestige Sets) ...............cccsessseesseseeeseeees 456,717 1992 Proof Sets (including Prestige Sets) ...............cesssssesessserseeeees 2,579,085 DIC USPC en 5) eee te Mica teudanecedeanvsddosweceseddeusnatansiatermaneseate ae 1,200,897 AOS WUneirculatach Sets sees eee ae eae vee ee 210,649 phere [Olay fred letreca Re Sp fet See Ane EEE De eee ae ee em, 1,327,635 1991 American Eagle Proof Gold One Ounce Coin ...........cccceeceeeeeees 15,221 1991 American Eagle Proof Gold Half Ounce Coin ...........ccccccecceeseees 15,018 1991 American Eagle Proof Gold Quarter Ounce Coin ................0+ 15,230 1991 American Eagle Proof Gold Tenth Ounce Coin ...........::::c008 24,918 1991 American Eagle Proof Silver One Ounce Coin ............:cc00000 219,014 1991 Mount Rushmore Gold Five-Dollar Proof ..............::cccceceeeeeeeees 4,914 1991 Mount Rushmore Gold Five-Dollar Uncirculated ...............0008 903 1991 Mount Rushmore Silver One-Dollar Proof ............:::cccceceeeeereeees 59,499 1991 Mount Rushmore Silver One-Dollar Uncirculated ................06 6,926 1991 Mount Rushmore Clad Half-Dollar Proof .............ccccceceseeeeeeeeees 65,100 1991 Mount Rushmore Clad Half-Dollar Uncirculated .............:::008 14,188 1991 Korean War Memorial Silver One-Dollar Proof .............::ccccccee 42,327 1991 Korean War Memorial Silver One-Dollar Uncirculated.............. 13,527 1991 USO 50th Anniversary Silver One-Dollar Proof .............:cc0ccee 23,795 1991 USO 50th Anniversary Silver One-Dollar Uncirculated ............. 11,353 1992 Olympic Gold Five-Dollar Proof ...........:cccccsesccesereeesseeeseeeeseeeneees 74,383 1992 Olympic Gold Five-Dollar Uncirculated ...............c:cscceeseeeeteeenees 27,143 1992 Olympic Silver One-Dollar Pro ..............sscsscseresseessessneesesseeees 478,051 1992 Olympic Silver One-Dollar Uncirculated ..............:cceccceeseeeeeees 177,868 1992 Olympic Clad Half-Dollar Proof .........:cessesssersessscssesessenssecanerensess 489,385 1992 Olympic Clad Half-Dollar Uncirculated ............:c:cccseeeseeenteeeenes 155,038 1992 White House Silver One-Dollar Proof ...........ccccccceeeeseeesreeeeeneee 375,144 1992 White House Silver One-Dollar Uncirculated .............:cccccceeeeees 123,595 1992 Christopher Columbus Gold Five-Dollar Proof.............:cccccee 49,653 1992 Christopher Columbus Gold Five-Dollar Uncirculated .............. 15,216 1992 Christopher Columbus Silver One-Dollar Proof .............:c00ce000 221,915 1992 Christopher Columbus Silver One-Dollar Uncirculated ............. 57;1t6 1992 Christopher Columbus Clad Half-Dollar Proof ..............:cccscccees 223,415 1992 Christopher Columbus Clad Half-Dollar Uncirculated ............... 69,922 Deposits to the General Fund of the Treasury ............cccccceseeeseeeteeeneeeneeee $325,019,000 CONNOR GG ie arise ety sth ents etnucisenelh enenanyncineaniteis leon ktasenngdhriciinivninonsets $262,618,000 RelMDursabig PIOGtAM SACS .....s.c5c.scssvsensnsonsssectessntenssaccdeseseensennaasene 202,000 Profit On Sale Of Gold (all PFOGrAMS) ........0..a0-cscnatsenrsecasncseccsansoresnsvons 30,000 PPE ST IE IIo dchickse cocsupcavactumbocaphciasdagh odbdsBieaspev conse vovene nite 1,771,000 Miseallaneolichi wien ain vnrnre hima innit daniimanctie 10,286,000 Recovery of Mint manufacturing ExPeNSes .............:cccceeeseeeteeeneeens 50,112,000 Full-time equivalent workyears UtiliZ@d ............::cccscceseesseceseeeeeeeetseeeteseaeeenes 2,106
~~ Eee
*These are Fiscal Year 1992 sales only — not total program sales.
37
1992 REPORT OF THE DIRECTOR OF THE UNITED STATES MINT
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TABLES 39
TABLE 3 - American Eagle Uncirculated Bullion Coin Sales, Fiscal Year 1992 (in ounces)
Gold: CIO CRON arin creivesssesesssesdeorscnenesicesy 210,509 PE EE CNG aos cise evirrcadesccurviynasnvansions 21,402 eT aT Vk yO) ee 12,702 Dat) je gle) Re heed ann On oe 16,203 ee Fan are genio na perarsecoseacanin rs 260,816 Silver:
Ee CINE Ce 1) atcteicncevtalar vires veccentivenide 5,245,778
TABLE 4 - Inventories of U.S. Coins September 30, 1991 and September 30, 1992
(Millions of Coins) Sept. 30, 1991 Sept. 30, 1992
Federal Federal Denomination Mint Reserve Total Mint Reserve Total
Banks Banks TOMO c.5:<.-024 307.8 96.8 404.6 303.1 87.3 390.4 50 cents.......... 8.5 36.5 45.0 18.5 30.9 49.4 2B COMS...enncic 582.7 1,263.6 1,846.3 449.5 1,054.0 1,503.5 10 cents.......:.. 1,035.4 883.9 1,919.3 640.5 868.6 1,509.1 oye yO Ree ee 664.2 619.8 1,284.0 521.5 576.4 1,097.9 TONS. cc ncscse 2,568.6 2,308.2 4,876.8 1,204.3 1,586.8 VTA | TOTAL 5,167.2 5,208.8 10,376.0 3,137.4 4,204.0 7,341.4
TABLE 5 - Shipments by the U.S. Mint of Coins for General Circulation, Fiscal Year 1992
Denomination Millions of Coins Face Value » Re OTe ee ee 4.7 $4.7 aD |) ee ae 24.6 $12.3 ee) ae a ae 945.3 $236.3 ALO ae lar ebe a epeiein mneneas 1,697.0 $169.7 eR er) ca nvestacesd 1,063.5 $53.2 py Ee ee ee 10,428.3 $104.3
EE ib Bop ancesticninsinns 14,163.4 $580.5
40 1992 REPORT OF THE DIRECTOR OF THE UNITED STATES MINT
TABLE 6 - Medals Produced by the U.S. Mint Fiscal Year 1992
List Manufacturing facility No. Subject of Medals Number of Medals Produced Philadelphia Denver San Francisco Presidential (3") 103 ROMASISOIGTSON ins ctievsseuedss actress ake ee 257 Dike ieee. “as eaters 104 WEITIOS: NIACIGON cicdeciveancitins testers cates dcoevedeeeteAvar’: S/d eS eidetistee etree 113 VEO TONGS cape atess susaineessocacvsseitevess asec 5/1 = amavis eso 115 JAMO ESUIGTICNIENN sncacessssise-actearvssuworarcomteeensai teers Sa aS SEEM 0D VE alee seeren Stee « 125 TNGOGOLS HOOSEVON seria v.cce eesrdetesceressesoe 197 @ TW Waseca eer 135 JOT Fi ROPING iesiscasoncenisiviissssmseadvedSrevondoas 65, | etebonme Citivas 140 Goarald RaROrdise ak 26 Siecsicaser casio 14 Sek) Bete ye" Grane 141 Jimmy: Garter inspsandtacetiancatt 06: - ukinwer owen 143 BOOTS UST ci acae se ty leew istcrasice ison 4344 4 seetandn. ki Total Presidental Series .............cccceeceeeeeeeeeees Boe | Ateceetas? — eeeeraeenes
Secretaries of the Treasury (3")
221 AlBert Gallatin: eteetacccossceecrch aurcressteenssversae AGW fee user ieee Crnemee Total Secretaries of the Treasury Series ......... a eee Directors of the Mint (3") 301 David RITOMMOUSE mies. eee sscercscenceevecsscneo es one AST SW) sinseeres O testeuecaeece ‘otal Diractorsiontine MING. .ccset.cct-ncs aera. 457 @8 ustease-. eee Army (1-9/16" and 3") 406 LEAGOI) DO PIQUE Y: cicsscntoserveicstaageeiancee wanes 236° Auntie © Gaeaente 429 200th Anniversary of the U.S. Army ............... 17430" S:2e” See 430 General Matthew B. Ridgway ..............0cc 246. Oy BiiSicnd® “eee 432 General H. Norman Schwarzkopf ...............006 246s Cd ate _.. batoeenien 434 General Colin kL. Powell csccs.cscate- ttn. tees 215° WM Witaiiwnss > Vee TOLL ATTY <SOMNGS sc coprians cca insereslidessanusersaansinns 2.688 Fo © citi, saaecaeneeee Navy (2-1/4", 2-1/2" and 3") 501 Cantal (Saac Hull ccicse:vusststpce tera pcrasteeteartennecs 15S cc os nerkeinceay |) esteem 510 Captain Ollve@r.PGtry ich carats issnaieamentadl Ce ae meaner ert een 534 200th Anniversary of the U.S. Navy ...........06 SAGS 9s - iisikchamaeln 0 eebatersarsten 535 200th Anniversary of the U.S. Marine Corps 2,879 ———recccccceessee ceeteeeeeeeeeees Total Navy Series 6.666 2c. Swicaa xinienctnes Miscellaneous Medals (3") 666 OMI VV AVI Gitacaeteacte rth: cera: pectareecgeaes ssh cesees ies cece 163 B geeceuisdea Sater 686 Vietnam Veterans National Medal ................... S54 & b B cueaiscin: OC pcmcncs 721 US. Mint 'BiCOnteninial isavssqerccur- sek csterxcuxoasscvecess Tih Os ee cnrectcte” Cuxermiventes 954 U.S. Coast Guard Bicentennial ..................006 LETOAY (OE Ailedsiinresy 8 poked 956 Laurance Spelman Rockefeller .................:00006 38 Meee Be okedetecs: | Pa cGlaecnetes 958 Yosemite National Park Centennial................. 1,602 ©. ae Sete i eects rect Total Miscellaneous Medals (3") .............::0000 5240. 2 J eenieaeee Peotone
Miscellaneous Medals (2-13/16") 635 O'S. Diplomatic M@Gal ccccccevscsunvassesscamanteasceas 15 Oy Nactacteatees aieeon iecnaeaaan
Total Miscellaneous Medals (2-13/16") ............ 155° ieee es teneens
TABLES
41
TABLE 6 - Medals Produced by the U.S. Mint Fiscal Year 1992 (Continued)
List No.
Manufacturing facility
Subject of Medals Number of Medals Produced
Philadelphia Denver San Francisco
Miscellaneous Medals (1-1/2")
General Matthew B. Ridgway ...........:ccccccseeeeeees 2,885 CTE GOI ROWE Gs cos ke acecssnsccsescccsencsntesQecers 2,091 General H. Norman Schwarzkopf ..............c::ececeeeees 2,551 TP PERRIN eM ENS ESCO NSIS tate tons secs u octane <ecusseaeegedaeee es 493 U.S./Netherlands Treaty Bicentennial ...................0. 1,090 CRA NT ae des eee ws cata ay MMi ainis Sie Manioon 1,437 Harry S. Truman Centennial ..............s0ssccssseseseesees 2,989 Vietnam Veterans National Medal .......................06 4,129 RN A OIE acts cyte pnnbsiaatok tapes oxen nee cereere oanans cieaeee 591 U.S. Treasury Department Bicentennial .................. 172 UAL EICENIUOIMG). orcrspscutssrtere meee tccr tesa eset ec yee 21,139 NSE RWIS coe gies ced avcantave se xenciincry oeunect 923 Laurance Spelman Rockefeller .............:ccccceeseeeeeees 3,130 Yosemite National Park Centennial ...................0 10,392 Total Miscellaneous Medals (1-1/2")........ccccceeseeees 54,012 Miniature Presidential (1-5/16")
A NBT seas decent ens reiivsmnatinessoasaane 23,341 SCOTT, PRCEALU He eect coca r terete toe cen Ses ottnkantesvnxssiceeets exacessnese 30 STE MOLRELSS AIT SOM car ccix oot rue caw eessev eave iin sods enene 12,788 AT Aca, Pele EYot Lane tenry be 6) ARE ere oh eer ere 400 mDENITNO RE RIONILOG: spectre eae coae eee cote frdeettnceptneas aka sxaneays 1,720 SHOP ITD GALI PARMRII IN hci Saari Gbvnaenntaniediidlinesassivansate 4,770 PATH We ACK OM oe enceressastreccsstasciciayccdveessocatbenussttes save 460 Martine Vani Burennrscnecventicrtadtnnisaviacnvisc 40 MUIR MORTEM: TRGITIOOUD 10 a ostaataeavaduas'bolgsrsoutasevavevnais 100 OE GUN rs ect carters patetarieesdtiectenandbAi cnphaxvansecvehanieke 40 RI ERFTIEG IK eroON rates ort ee ea haat toc eet eaes toy nik 40 PMCTIOIY. | VION seach tia Ghdshixoihgdekngsaickakenysieoconssheascee¥s 40 Millarcbillrmore caters tiered Nitin enetaiteeieeie 45 FP EATURUE TPIGICG) pcceccec srry settee coerce cave aero se valve dawaspvureas 75 EITIOS SUCHIENEN) genset testa cdincisssavaracewtecesasstssvnsesties 930 PALE O SITIO IN occossremeste tees etnavatrisstusabeerirexdeccearanes 34,817 PATICL EW IOLIT LSU haeeech ene cite ccuacvecsesceresteoe weatrausscaoaecetas 90 ASP POU a ATI ics casontitoaditvnssaancsivncecceecivaabseeiinxsitenine 1,690 PULAPMNT TIC, HR VOG Site isaaesiisisiicdincaceldadiernennesenyons 2,550 DELETES A CAEITIONCL ec ste et atlas cou as siidinacavenmattirenausabexetses 265 GHOSTETACCAITIIUIE piniee sents: tnccusev neater easiest lies 15 CGROVOT ClO VEIAIIC cepuae teen ness aks coatsax-schopsdoatbevecssodeanes 40 BOlamirt HOITIGON «ss siesaiivenessisvecsossessntusipaniasenscsnnesesnie 3,400 WUMREITT CCELIMDY pisexicesuiodicsosivanduatuntesiensteniceashisdvisents 30 TL MGCHICG POR VGC ater. yet iiee oosteen teers seuedaves 30 VTE TNs be el treoei ies teevenves caeevaseexeccerncmeccexsewnentvenseud 1,711 WYCOOW WHIIGOIT tr .cesrceeicensuseetecassettooecasclsanccustouressss 115 WIT Ta, FERIING ec daiivvn sicbvcsierssiltvharneasnasneosnsen Gpanies 120 NT RINNE citssre des cprnincxtniitesnianteran cus tanpennniiissi dices 5,234 Pl emreves CU PACHA ONL vait cca rnuohcenccekaeidepareocasnaysccussssinsvVecets 1,590 PeVEAPARUT iT OOGE VEE yc secuss sess ctces-ndincavtrsatdvensanesbeonseen 70 POEEY TSMR MTIOY Secaspsienensvcbhatnisiwabedieioiasiweaddanssscisasanes 4,034 Dwight D. Eisenhower (1st. term) .........:cccceeeeeeeee 6,263 SN RES roicinvecaned ns anciusenda tess tédieraateveshcdiatee 32,267 Lyndon B. Johnson (2nd term) .........ccccccceeeeeeneenee 4,000
Richard M. Nixon (1St term) .........ccccceeesreeeeeeeeeeenees 15
seen eeeeewenenee
42 1992 REPORT OF THE DIRECTOR OF THE UNITED STATES MINT
TABLE 6 - Medals Produced by the U.S. Mint Fiscal Year 1992 (Continued) List Manufacturing facility No. Subject of Medals Number of Medals Produced
Philadelphia Denver San Francisco Miniature Presidential Cont.
840 SUIS PEs TOTES Wars ccaceueee ei nae deena a eeneee 4,513 DOU «nant 841 RL) ee ic, Mee Rae been alletcimabhly Puptat- san et Per « 2,674 Ts1CC.” | circa 842 FRONTERA CVORLIOLT sicsavivesntsTbvticenigictncxtvesdiresacntvos 15,852 oo) « I eB on 843 ASO CALE seta wis cisneds Soigniten tea teetunss tiene 38,573 Te: 0 desvinngione Total Miniature Presidential (1-5/16") ............ 204,777 40 463.4 _-vievdieventae Miniature Miscellaneous (1-5/16") 667 ONT. VV AVN teesiecsdisis hisses. cuca Mtmetnetertaenen nes 15; 646" es stacks — aeieesssaee 669 FRODGIE.E: IROIIIGOY ncdcavscicseretsvnctioessncaticventsns 2200-08 esr! Tae 701 FITCH HED. MAINTE (dicisti acasasavusircaeyy oven tuveancraatiaeeds BAS qeewetel, ctr 703 EIONVGN MUM ra cee cs secer cs dorecececyrescvacssashaes eevee ere ere ree SAMOS) ciastesetsteee 706 THE White: HOUSE itaievieesavientecereca borers 26,608 “° (RRR | shores 713 TTTSESUGY SUNG icidesispatnnsnanadinotedaarAdieisanm tad 5,069 BATES dnccniemaken Total Miscellaneous (1-5/16") ........ceceeeeee 50,371 2A 185 statist CSTE I Ofel, AN SONOS operas ccesnnnsacasserteaeenvonape 329,531 SABSe cco * Total Miscellaneous (1-5/16") «00.0... cceeeeeee OU 1. 124-185) -Nescee-sovaaan
Grand Total: AliSeriesi cca ere ee ee ee ae 329,531 64.648'%. ssssscansee
TABLES 4
ie)
TABLE 7 - Gold Transactions of the U.S. Mint, fiscal year 1992 (In fine troy ounces)
RECEIPTS AND DISBURSEMENTS OF GOLD BULLION
Balance Receipts Disbursements Balance
on hand (including (includin on hand Institution Sept. 30, 1991 transfers) Total er | Sept. 30, 1992 Philadelphia ......... 165,203.000 115,737.101 280,940.101 114,120.088 166,820.013 San Francisco ...... 51,392.000 52,661.041 104,053.041 83, 133.589 20,919.452 DGNVON fas vates sewsiecs 43,853,921.000 432.498 43,854 353.498 446.328 43,853,907.170 West Point ........... 57,131 ,568.000 376,757.660 57,508,325.660 412,220.125 57,096, 105.535 FOIL IRI Y tiet teva 147,342,026.000 0.000 147,342,026.000 64.310 147,341 ,961.690 Washington........... _599.000 —1,197.299 ——— 1,796,299 — 1,381,757 —__ 414,542 TOM eda 248,544,709.000 546,785.599 249,091 ,494.599 611,366.197 248,480,128.402
DETAILED RECEIPTS OF GOLD BULLION
Surplus Transfers Purchases Bullion from Total
Institution Recoveries Mints Receipts
PPTINEGON DIN Si ccirecadidensvnssscodeastaes 0.000 0.001 115,737.100 115,737.101 SY FOUND aces scdoxwsosner onttssnns 0.000 1.199 52,659.842 52,661.041 EDGHIVEL sate dedtinsstersl soe rcecesatosnciniie 0.000 0.000 432.498 432.498 OUR Sith, At leiatispesenisoxa lence 323,210.907 1,639.464 51,907.289 376,757.660 ELON Aiea icarniuresietn tie 0.000 0.000 0.000 0.000 MUIR M IDO iii ssidlsceise en xsins sassneaseds 0.000 (0.002) 1,197.301 1,197.299 fi RRS Or 323,210.907 1,640.662 221 ,934.030 546,785.599
DETAILED DISBURSEMENTS OF GOLD BULLION
Used In Sold in sweeps, Used in American Eagle operating Numismatic Transfers Total Institution Bullion Coins losses, etc. Coins To Mints Disbursements Philadelphia ......... 83,685.400 2.203 140.188 30,292.297 114,120.088 San Francisco ...... 59,064.417 0.026 27.727 24,041.419 83, 133.589 RIVE i cibliateniss 169.230 0.000 68.461 208.637 446.328 West Point ........... 214,487.450 414.140 30,666.090 166,652.445 412,220.125 Fort KNOX ......c..000 0.000 0.000 0.000 64.310 64.310 Washington........... 571.542 0.000 135.687 674,528 —1,381.757
(ae 357,978,039 416.369 31,038.153 221,933.636 611,366,197
44 1992 REPORT OF THE DIRECTOR OF THE UNITED STATES MINT
TABLE 8 - Gold Transactions of the U.S. Mint, fiscal year 1992 (Valued at $42.2222 per fine troy ounce)
RECEIPTS AND DISBURSEMENTS OF GOLD BULLION
Balance Receipts Disbursements Balance
on hand (including (including on hand Institution Sept. 30, 1991 transfers) Total transfers) Sept. 30, 1992 Philadelphia ........... $6,975,237.00 $4,886,674.79 $11,861,911.79 $4,818,399.81 $7,043,511.98 San Francisco ....... 2,169,886.00 2,223,462.52 4,393,348.52 3,510,083.32 883,265.20 DONWON sraiethinitsd oe 1,851 ,609,026.00 18,254.55 1,851 ,627,280.55 18,844.93 1,851,608,435.62 West Point ............. 2,412,220,479.00 15,907,537.21 2,428,128,016.21 17,404,833.62 2,410,723,182.59 Fort KNOX ..........0000: 6,221,104,477.00 0.14 6,221,104,477.14 2,702.47 6 ,221,101,774.67 Washington............ 25,316.00 50,503.65 75,819.65 58,330.82 17,488.83 Total codatirn een 10,494,104,421.00 23,086,432.86 10,517,190,853.86 25,813,194.97 10,491,377,658.89
(4 ve ; VY Vibe DETAILED RECEIPTS OF GOLD BULLION 7 vy
Surplus Transfers Purchases Bullion from Total
Institution Recoveries Mints Receipts Philadelphia .............csese0 $0.00 $0.08 $4,886,674.71 $4,886,674.79 San Francisco ........cscceeeeees 0.00 49.97 2,223,412.55 2,223,462.52 DQNVEN skies Heth thevesosivesc 0.00 0.00 18,254.55 18,254.55 West Point Atiaaneene: 13,646,675.58 69,221.74 2,191,639.89 15,907,537.21 POM KNOX stoner ras ccres 0.00 0.00 0.14 0.14 WASHINGUON Fonctesnrvvisiessses 0.00 0.12 50,503.53 50,503.65 LOtal vaccine 13,646,675.58 69,271.91 9,370,485.37 23,086,432.86
DETAILED DISBURSEMENTS OF GOLD BULLION
Used In Sold in sweeps, Used in American Eagle operating Numismatic Transfers Total Institution Bullion Coins losses, etc. Coins To Mints Disbursements Philadelphia ........... $3,533,381.77 $92.89 $5,919.13 $1,279,006.02 $4,818,399.81 San Francisco ........ 2,493,829.61 1.10 1,170.73 1,015,081.88 3,510,083.32 DONVER ssizscnaveicens 7,145.26 0.00 2,890.55 8,809.12 18,844.93 West Point.............. 9,056, 131.99 17,486.87 1,294, 789.87 7,036,424.89 17,404,833.62 POMIKNOX rercnrsitrss 0.00 0.00 0.00 2,702.47 2,702.47 Washington ............ 24,131.77 0.00 5,729.12 28,469.93 58,330.82
[Le BROS Ayia 15,114,620.40 17,580.86 1,310,499.40 9,370,494.31 25,813,194.97
TABLES
45
TABLE 9 - Summary of silver receipts, issues, and balances of the U.S. Mint, fiscal years 1934-1992
Item
Balances June 30, 1933: TN NIN aa ieccccdiseninchcerssiseneopvesynenacbucssiinvennseenvas ed a ee
Receipts (July 1, 1933 - Sept. 30, 1992) .......sssssscssesssessessenneensesneenes Silver Purchase Act silver (act of June 19, 1934, oo... cccesesesssseeneees oan actsesnalarunwsnetebciwsibcneesis Nationalized silver (Executive order 6814, Aug. 9, 1934) we Foreign debt silver (title Ill, act of May 12, 1933, .......ccsssesseerseseenne | RR ES Ao cvee ee
SN IED GNTVNOI DOVE oe c ssn ceensnssstbnnnseseacsnsgnesnosnixeersnsssiiveneres’ Executive Proclamation silver (E.P. 2067 of Dec. 21, 1933, ............. oo a EE a eee Act of June 6, 1939 (53 Stat.998) oo... ssessessesssesnsenesseenesneeseesees PE EE BM Us 1090 100) GURL. TSO) scncserctsiconvcscsuenecrnncaysonenanoveonsatanensens
IN NNN ly Ai eae csctscaessoneseonnotonsyatsreanoies ouacoxdpesspvransince 900 fine Statue of Liberty $1 COIN Melted ...........sccsessessessnesseesneeneens 900 fine subsidiary COIN Melted.............sesssesssesseessessessesseessesneessesseses Recoinage bullion from uncurrent silver GOMArs...........scsessesesseseeees Seigniorage accruing from revaluation Of SIIVET...........ssessesseessesneeres Silver bullion for coinage or for sale at $1.29+.........ccssessessseenneennen RIOT TOP TUNTUGITIN NS COMA cso scovnssmnrinctnsnavennesercnnronnesnervvonvnexsesvsé Silver bullion from GSA stockpile (act of Dec. 31, 1970.0...
TR RUISREES, 21) OST Ra ee tere ae eae TR Silver bullion purchased from GSA/DLA (PL 99-61, 7/9/85) 2 ............
a Re nals prettarancliinasbeuastpnchins «cenrioaenssepin iaaaibatbeitnn sie Total silver available fiscal years 1934 through 1992... ........0008
RUMEN LAMY 1; 1Gces = GODL OU, 1902) aotncctnsserosexssousenssveoncansvareesensenese Bee RRC THD 10D, CONT pe idsspovsyscccuscessnavipcoutarsiceuysoaconsodtblavens Silver lend-leased to foreign governments (ACt Of...
Bes MMT AEE 1) pas csnnetese tect esttca chaos acto iotar eins svecanocicencpks a ovengunss SN eet Mistinenieacee ematical din kannap cine Abies Under Green Act (act of July 12, 1943, 57 Stat.520) oo... ccs Under act of July 31, 1946 (60 Stat.750) .....cccssessessessessesnessessees Under Public Law 100-440, sold by Defense Logistics Agency ...... he ase cal dais ac ssietbdoedn ipvaTednin votonastis UNE NCI spscelitesdsintligshanncosivesnvsdercceverentinndbnnivaxinviveraiontviies Melting loSSES—UNCUTFTENE COIN ...........sssssssessessessessecssessensssessessesesesees Silver used for redemption of silver Certificates... Silver transferred to stockpile (act of June 24, 1967, I A a Mila he de spac cAacaahoceanesbecpecsioctben Nic atasaiintnaslnnsaieriecitosisiisnineeblbintal I NN SR DIN Beets tn chat uennidbedesibaspa i sdiedon cus cebisS veers NS POULIN ENS RIMMING Gi sadlesricsencsvrepiavasenesccnsderasansiznionasigtinnsiins
1 For silver clad coin.
Fine Ounces
$13,831,051.05 13,925,.846.32 LL 7.37
2,048,490,530.48 113,032,915.78
301 226,723.50 206,287,208.67
376,686,164.80 4.2 97
404,913,087.97 923,254.18 275,660,797.81 45,936,330.61 0.00 163,844.32 1,011,954.85
25,500,000.00 65,003,232.01
2,056,287,432.74
410,814,344.19
167,380,240.92 138,971,143.85 7,508,683.25 387,619,310.26 1,277,877.18 0.00 553,386,662.70
7 71.61
3,915,327,766.70
Value
$6,588,389.06 19,251,049.27
25,839,438.33
1,027,637,216.75 56,528,353.08
11,367,412.1 1 2,982.01
216,588,371.53 146,693, 123.94 340,919,995.60 704,201,491.07
290,864,877.04 1,193,673.95 390,876,583.90 61,818,618.00 1,179,406,984.67 211,839.12 1,017,845.17
32,969,696.95 84.114.283.50 2,042,474,402.30 3,842,208, 875.38 3,868,048,313.71
1,994,944 ,482.53 191,713,360.44
78,110,778.17 103,749,218.68 9,786,520.86 515,016,899.25 1,056, 124.90 9,535,449.86 715,516,281.00
~213,333,333,18 3,832,762,448.87
35,285,.864.84 3,868,048,313.71
2 Silver purchased from GSA Stockpile to replenish Mint silver used in Statue of Liberty Commemorative Program, other commemorative programs, and the American
Eagle Bullion Coin Program.
3 Silver bullion of the Treasury in custody of the U.S. Mint, amounting to 120,371,251.81 fine ounces valued at $155,631,517.38 was transferred to the U.S. Government Treasury in custody of the Atomic Energy Commission, amounting to 44,628,748.19 fine ounces was transferred to the stockpile during fiscal year 1968 making total transfers of 165,000,000 fine ounces valued at $213,333,333.18. (Strategic and Critical Materials Stockpiling Act, Public Law 520, approved July
23, 1946, 60 Stat.596, 50 U.S.C.98, 98a-g (1951): Public Law 90-29, approved June 24, 1967, 81 Stat.77,31 U.S.C. 322 (supp. 1967).).
1992 REPORT OF THE DIRECTOR OF THE UNITED STATES MINT
TABLE 10 - Department of Treasury
Silver Bullion Transactions for the Year ending September 30, 1992 YTD
FINE TROY
OUNCES
BALANCE, SEPTEMBER 30, 1991:
SVG DUIICNT OPCUOIEIY | s ccasensdadeaviis Rebdickg tess copii tiassaneinniesenrinaseetetetrmaomeetdied 7,168,194.16 Comege Metal FUnd SIVGl dst bicntioonsentiddlaalnanaeneeies 25,868,930.66 Balance held by Mint, September 30, 1991. ...........cccccccecceessseeceeeeeeeeeeeeeees 33,037,124.82
Increases during the year:
SEIS TOCCOA TOU LA ics sesocasseniaiiceriatais-teeramntiphoinaenene eeean 2,000,744.43 CSOT WIT OO orca eats cn scisns cnectnaesivinal dn edc ele be rack aRbeeednmae ionic enety eee 1,543.38 Total: Mereeees GUNG Wie VORN sai esses icccnaseaacvnsteeprvasdexinasetssarvanstwexeenertaeeeaee 2,.002,287.81
Decreases during the year:
RA ON GP LAIN vite ceacas eee care opet a ct iliscse ceva soientcay ce rene tuaigeaatecmnennnrcmmcnaties 483,856.89
Sales to the public:
RCIMMMIEIONC) TEL COT Ter See CHIC HOU NS sate cass ce cnconcakasinhvucassh¥ <asevouatieegummeeeeTtirs 88.38 Zortained in: 1992 ONVMHIC. COI COINS. ccwisssnncgcencctesacracioniienttentan nestle 1,608.71 Contained in Americal Eagle gold COINS .............ccceessesesseeeeeeeeseeeneeeeesenenees 11,712.58 Contained in Mt. Rushmore gold coins snndansciniccmncnmmrnman naar 197.59 Contained in 1968 Olympic Gold. COING vai. ssserniesa nr ccteeeeeane 0.05 Gontalried ‘in Coristitution old Going <x. ssssiakenctasen ercee cerns neem eneniiaes 5.00 Contained in Statue of Liberty gold COINS 0.0... eccceceeteeeeeteeeeeneeeetneeeeenees 0.13 Contained in Golumbus Gold ColnS iss. iviassdasiqnncionsssvmacnseswateionarneaineeraees 0.21 IBSNEd GS $1 1992 OIMINDIC COING 4 2 6: cthcrertrancininnttendemameawnaahones 502,986.17 Issued as $1 Eisenhower Commemorative COINS ............:ccccccesceeseeereeeeeeee 1,215.84 RSs Teea aes Sy 1. AT, PUSTIETIRD Ge IE atic scat. o2 scars cation tastes ncaatnoninpene eran 125,754.57 Issued as $1 Korean War Commemorative COINS ...........ccccccceceeseeeetteeeenneee 74,490.92 Issued 29.$1. Americal Eagle: Coins) ai cssiieesk sonnmasiisverneicnnendievnadirnneverieenes 5,756,580.64 Issued as $1 USO Commemorative COINS ............:cccccccseecteeeeteeeeteeeneeeeneeenes 235,531.03 Pest SS: 1 GSS CNV CCU cas ceecsaneac acon er cxcvenstinenreah sande enmieen Geeta’ 12.96 ISSUIOG BS SIIVGRCOIN SONG. tapshsaseucitcrorsekehisaciessataen en temas eeiciredia 644,805.68 SSLEGICL ASS Sh 1, WUT NUS SOUS OOM Sea neipstasvcssasanessacsonuassinvoneaieameciontsl tin duampecaingie 116,940.23 ISSUOG OS & 1S UITIOUS COINS i coaccesnttssuiiioudtnarantaravicaiumatatnncnaneee sai 174.07 lestigd 5:51) CONGIASE CONN oo aorsie ars oc cccrssssscstcxns eee eee 420.05 issuedsas $1oConstitutionCOinsiccsicexceaveevaseeskcc cess Saker ea re (2.31) Issued as $1 Statue of Liberty (RTS) «.<......ciemei cee Bea (6.18) ISSUOGrAS IMOCEIS = xiv cleee Ses cre oe cttw te vewh ave Coacanaaves moeavevanesucndennwited ceaanernctens rien 21.89
AUTHSP IO CHOESG is caciic cea eas open nncco vv vids csheed a polnge plead ak Sen A 945.92
TOte! GECTEASES GULING The YOM visicsssniecnisinvansssdtovciymvaviinnccoesvantsenes cqdeugeerentenes 7,957,341.02
Balance held by Mint, September 30, 1992 ...............cscssssesesssssssensscseeseeeeeeees 7 71.61
47
TABLES
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0 atten eeeeeeee eee eeeeen eens «= eeeeaeecesecee = teat eneeeeee nn wae op eeeee BuiuioD
Gz9'6 weccecccecesss§ == j§ c0eeeseesesses § éé$$ sovessecseeces Sz9'6 seeee op ecces Bunjaw ‘Age eZUdIG
ZEL‘OL eeeeeeeseeeces 0S9'r S6L 78g'l L eeeee op eee RRR RRR ERR E EE EEE SETTER EE EE EEE EEE EEE SESE ESSERE TESTED ‘Buiuiog
6re'9 eecesesesesess = § eaeeeeseeeesss § seesesesscsses 6re'9 seeee op TTT TTTITITTITITT TTT TTT Titi) Bunjaw “(IN/ND) Aoyre jexo1uoIdND
(1Z€) weeeeeeeeeeees 6r6'6 (v8r) (9¢9‘6) eeeee op Oe RRR EERE EERE EERE EE EEE EEE EE EE EEE HEHE EEE EEE EEE EEE EE EET “‘Buiuiog
(g Ler) eecccccssccess $= §§= $$aseecccecccese § é$covesessescecs (gL¢e‘r) “dpae Te] i ETTTITTTITT ITT TTT Bunjew ‘Aoye pelo jaydiuqudngD
SE 06r eeeeeseceseess = jj eeeseseseseses Se 06r eeeeeeeeesees — seeee op TUTTE TTTTITITITITT TTT TTT “‘Buruiog :(SIBYJO *B BUY OOF) AOj!E PRD JBAIIS
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€r'z19 6r'vzS'l evoeccsecceces (90°'Z16) ececccesssses gj j. — eeese op ToT mr rTrTrrTrrrrrrrrrrrTrrrrrrirrirritirt iii t tt BuiuioD ‘(@ul4 666) e/6e3 J9A\IS
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SO" 1g SO’ 1g Seeeeeeeeesees = seeeseseseeess jg. §§ #j.§§§ $$ se88eseeeeess jj j(.§ — #8888 op TET Pr TTTTTTTTTTTCTCTTCeT err eee ree eee eee errr rrr) Bunjew -UOI|ING JBAIIS
0sSs'0 eesecceecesess == ==§§ = weasececsecces § vaeceevesssecs 0ss'0 eeeee op rrr mr Trrrrrrrrrr rT rrr rere rrr rrr Titer Teter errr rer irri rrr Buiuiod
9792 8z8'E2 ececccsccccsss === sesesescccsess §§§ jq§- «= - seecscesecces ZO Kos aul} MTITITITITITITITITI TIT Bunjeyy -UdI|ING PJOD
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266 ‘UO pajesado sjejaw wesbod pajejas ay] puke pezijeas sesso] pue suleb JuaWwa/JjJas UO UONPUWWOJU] - LL FIGWL
1992 REPORT OF THE DIRECTOR OF THE UNITED STATES MINT
48
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TABLES 49
TABLE 12 - Stocks of unrefined and semiprocessed gold and silver bullion held at the mints, Sept. 30, 1992
(In fine troy ounces) Institution Gold bullion Silver bullion Unrefined Semiprocessed 1 Unrefined Semiprocessed 2 SATIN ROMA aaic cat sas aise a» Soevannndentexcecaensat ci! Hm ——UeaadenintybiaNedsioreae 24,500,005 2 Mirercasnneracanere RIOT FTANCISCO i sessnceveruaeese LEIS MMR Geticetsiwepsintcat CU” Sueusiiuidetbasianaceaets MOTI ch iditet sth inaaitntes Se asters Mepsiahe eye | _ saleasdverandeageso.vie DIQOS >. © sccimamearaititye ( SE ee ‘Vs. 2 Oe See BAA,Ditera - -” Wictincplenkimhanis BIE PONT csscesesnecsvcrsseaxiese 7,645,675.067 2,802,862.578 3,793,833.69 320,207.31 UL ide atio tags Aapesculse 7,645,728.531 2,802,862.578 4.043,765.40 320,207.31 Tonnage (short tons) 262.14 96.10 138.64 10.98 1 Consists of gold contained in gold anodes Under Joint Seal 2,781 ,659.753 Not Under Joint Seal 21,202.825 2,802,862.578
2 Consists of low fine silver bars, 899F & below
1992 REPORT OF THE DIRECTOR OF THE UNITED STATES MINT
50
62'282'OE'8Z1 ‘1 L9'pLL'LOL'L22'9 LO'ZE7'SLL'8SP'2 LS'22Z'SEL'Z86' | Ge’2S6'€2S'08 G2’ L09'Z2p'98e SOnIIGe| [E}O] Tellecoyy 000 }#©§©§©=©~)—sCs XO See'ZeT ZTRlV0eL 8001 See 99ST 60VE JOUJO II 12861 'p89'8E1 00'0 6€°291'1Z8'9P (68°222'2L1'Z1 1 ) 26°9S2'82S' bz 62'1S0'ZOb'6Z1 puny je}aw eBeuiog /7'€18'0E1'S86'01 L9'pLL' LOL'LZ2'9 29°6E8'6 LI'L LP'Z €9°128'Z/S'€60'2 9S°p6S'02Z'SS 6L'282'0L9'E02 puny uoljng sainiavn
62°287'LOE'BZ1' LL L9°pLL'LO1'L22'9 LO'ZE7'8L 1 '8SP'Z LS'22Z'SEL'Z86'L Ge'2S6'€2S'08 G2’ L09'Z2r'98e SJOSSE |E}O] oo }8©FSt™~S# 000~C~*~*~*” 000 0)~=—St~S 00 )8=8Ft—~™ Wor we oo }87F™- AG 49A0 JH SS80x3 v€L19°601' 00°0 00°0 02°629'S| 0S°6p0'29 9°888'1€0'| JOYO | L€°9SZ'0€0'26 00°0 pS°SEz'per'se (2€'222'prb' LL) 89'0S1'8Ze'rz Lv'26S'299'8h 1 “ sadA) |e-jeyaw abeuiog Sz'0L0'2S9'9€ 00°0 Gz'e86'€ €6°p69'PS1'81 L0°291 90'0L1'86r'81 UIOD JOU! S9'06E'LZP'E81 00°0 00'0 OL L9S'190'Z8 000 $S'628'6SE'96 uloo Aueipisqng 00'09¢'rr9'SOE 000 000 00°Sbz‘6rr'9E1 00°P68'661'SS 00°122'r66'E1 1 ulod peo jayoiuoudng L€'019'680'EL 00°0 66° ZS€'2S6' LI 86°828'682 e106 L2°e80'2r8 “UOIIING JBAIIS 8 LES'6SE'L6r'01$ LOPLL'LOL'Lee'9$ = Ea'SS9'22Z'OlL¥'2$ 29°SEb'809'1S8' L$ €0°90€'E88$ ZE'99€'E0'L$ UID PUB UOIIING PjOr) SL3SSV 2661 ‘0€ Ides Kioysodaq UI JUIN JUIN JUIN We}
[BO] xOUY YO4 JUIOd ISOM J8AU8q OISIOUBJ4 UBS eIydjapeyiug
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TABLES
51
TABLE 14 - Source and application of funds of the United States Mint,
Fiscal Year 1992 (in thousands of dollars)
SOURCES OF FUNDS
Salaries and Expenses (specific year funds)
Salaries & Expenses (no year funds)
Coinage Profit Fund (indefinite appropriation for transportation of domestic coin)
Numismatic/Investment Coin Sales
Commemorative Coin Sales
Reimbursements from other government agencies
Seigniorage
DLA Silver
Miscellaneous
TOTAL APPLICATION OF FUNDS
Manufacturing of Coins (Domestic)
Protection of Monetary Metals and Coins
Equipment Acquisition
Research & Development/Expansion & Improvement Distribution of Domestic coinage
Cost of manufacturing numismatic coins
Cost of manufacturing commemorative coins Reimbursable work for other government agencies Reimbursements to Bullion Fund
TOTAL
EXCESS OF BUDGETARY RESOURCES OVER OBLIGATIONS
APPLICATION OF EXCESS RESOURCES
Deposits to the General Fund of the Treasury Unobligated Balances
Lapsed M Year Appropriation
Net Change to Suspense
TOTAL FUNDS APPLIED
$52,638 3,756 3,497
222,718 112,425 592 312,730 10,008 185
718,549
52 1992 REPORT OF THE DIRECTOR OF THE UNITED STATES MINT
TABLE 15 - Specifications of U.S. coins manufactured in fiscal year 1992
Gross Metallic Thickness Denomination Weight Composition Diameter And Edge” mm mm General circulation: BO GOR isssssresctsvetipartecigs 11.340 3-Layered composition: 30.61 2.18 Outer cladding 75% copper, 25% nickel bonded to a core of pure copper. SONG La Sivwintccndiviecnteed 5.670% Sages. DO hiwnanedias 24.26 1.75 TU ase sSice cei sides shia: ss a pe oe De ecbocimscadinesd 17.91 1.35 DIGOINNG asxscrscrseettrcaes 5.000 75% copper, 25% nickel 21.21 1.98 AsCOML geeseea cous featooneerectes 2.500 copper plated onto 99.2% 19.05 1.57 zinc substrate (97.5% zinc, 2.5% copper) Proof: BOICONLS: saueesececsvesecrtrsvereeice 12.500 90% silver, 10% copper 30.61 2.18 DS CONS: rtccusss cress deeteranca ss 5,000 my “op cacsnres DO scceutuatiios 24.26 1.75 Te CIES citindastaceesncibnietosiites 2500 Se ati ob ples A ee 17.91 1:35 Commemorative: ROHAN cake vi crentcnescdecieawacis 8.359 90% gold, 6% silver, 4% copper 21.59 tito REGIONAL Satis cxscnans acegs Newent 0s 26.730 90% silver, 10% copper 38.10 2.84 proof 2.72 uncirc. ECD MGS etalewtcah ta sntcaneiaccdee 11.340 Pure copper clad both 30.61 2.31 proof sides with 75% copper 2.21 uncirc. 25% nickel (97.67% copper, 8.33 nickel) American Eagle Bullion Coins: One-Ounce CONG CU) cakarnsvcnbsmaatens 33.931 91.67% Gold, 3% silver 32.70 2.88 incirc. 5.23% copper 2.98 proof Half-Ounce Cle, EL 4) ne ap eee 16.066 esxcccduaneces (I) dent acca 27.00 2.15 uncirc. 2.21 proof Quarter-Ounce AONE (55) sas seats cha cep <ees $.403.- Guanine Wo ROR, eed <A 22.00 1.78 Tenth-Ounce coe) Re ees Sales?) — -dalaudisoutvadinn DU cniaoannennk 16.50 1.26 One-Ounce SOO CS 1) diesem ceri 31.103 Minimum of 99.9% silver 40.60 2.98 uncirc. and the balance copper 3.06 proof
*All coins have reeded edges except the 5- and 1-cent pieces which have smooth edges.
NOTE: Commemorative coins are Mount Rushmore ($5, $1, and 50 cents) minted under Public Law 101-332, Korean War 38th Anniversary Silver Dollar Coins minted under Public Law 101-495, and USO 50th Anniversary Silver
Dollar Coins minted under Public Law 101-404.
JAMES HOBAN
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