New circulating coin production figures are available from the United States Mint. These figures cover production at the Philadelphia and Denver Mints through the end of June 2012. Additional Presidential Dollars were struck at the Denver Mint to fulfill the growing demand from collectors. America the Beautiful Quarters had a curious downward revision from last month’s figures.
During the month of June 2012, circulating coin production reached 975.59 million. This is up from 819.86 million in the prior month and up from 903.06 million in the year ago period. Nearly all production took place for cents, nickels, and dimes.
A breakdown of production by denomination and mint facility is included below. The first number column represents the total production for June 2012, while the second column represents total production for the year to date.
|2012 US Mint Coin Production Figures|
|June 2012||YTD 2012|
|Lincoln Cent – Denver||321.20 M||1,475.60 M|
|Lincoln Cent – Phil.||310.40 M||1,647.20 M|
|Jefferson Nickel – Denver||70.56 M||323.28 M|
|Jefferson Nickel – Phil.||51.04 M||283.12 M|
|Roosevelt Dime – Denver||101.00 M||445.00 M|
|Roosevelt Dime – Phil.||123.50 M||454.00 M|
|Quarters – Denver||(5.19 M)||63.81 M|
|Quarters – Phil.||0||72.60 M|
|Kennedy Half – Denver||0||1.70 M|
|Kennedy Half – Phil.||0||1.80 M|
|Native Am Dollar – Denver||0||2.80 M|
|Native Am Dollar – Phil.||0||2.80 M|
|Pres Dollar – Denver||3.08 M||15.96 M|
|Pres Dollar – Phil.||0||27.88 M|
Since we are at the halfway point of the year, I thought it would be worthwhile to run a comparison of the circulating coin production figures from the first half of 2012 compared to the figures from the first half of 2011.
|2012 US Mint Coin Production Figures|
|First Half 2012||First Half 2011||Change|
|Lincoln Cent – Denver||1,475.60 M||1,252.94 M||17.77%|
|Lincoln Cent – Phil.||1,647.20 M||1,151.20 M||43.09%|
|Jefferson Nickel – Denver||323.28 M||276.96 M||16.72%|
|Jefferson Nickel – Phil.||283.12 M||211.20 M||34.05%|
|Roosevelt Dime – Denver||445.00 M||393.00 M||13.23%|
|Roosevelt Dime – Phil.||454.00 M||425.00 M||6.82%|
|Quarters – Denver||63.81 M||92.20 M||-30.79%|
|Quarters – Phil.||72.60 M||91.60 M||-20.74%|
|Kennedy Half – Denver||1.70 M||1.70 M||0.00%|
|Kennedy Half – Phil.||1.80 M||1.75 M||2.86%|
|Native Am Dollar – Denver||2.80 M||18.06 M||-84.50%|
|Native Am Dollar – Phil.||2.80 M||9.66 M||-71.01%|
|Pres Dollar – Denver||15.96 M||97.58 M||-83.64%|
|Pres Dollar – Phil.||27.88 M||100.66 M||-72.30%|
|Total||4,817.55 M||4,124.01 M||16.82%|
As can be seen above, production levels for both the cent and nickel have increased by the largest percentages compared to the prior year. The already low production levels for quarters declined further. Production of $1 coins is down significantly since the denomination is no longer being produced for circulation but only to fulfill collector demand.
From the standpoint of seigniorage generation, the shift in coin production is perilous. As I have explored earlier this year, the US Mint is being forced to produce its two most unprofitable denominations in greater numbers, while severely curtailing production of the most profitable denomination. The higher production levels for cents and nickels are driven by orders from Federal Reserve Banks, while the reduced production of $1 coins follows the decision announced by Vice President Biden and Treasury Secretary Geithner.
A breakdown of year to date 2012 coin production by design is indicated below. As mentioned in the past, the US Mint has reserved the right to re-start production of any design within the calendar year.
|2012 US Mint Coin Production by Design|
|El Yunque Quarter||25.00 M||25.80 M||50.80 M|
|Chaco Culture Quarter||22.00 M||22.00 M||44.00 M|
|Acadia Quarter||21.606 M||24.80 M||46.406 M|
|Arthur Dollar||4.06 M||6.02 M||10.08 M|
|Cleveland Dollar||3.78 M||5.46 M||9.24 M|
|Harrison Dollar||4.20 M||5.682 M||9.882 M|
|Cleveland (2) Dollar||3.92 M||10.722 M||14.642 M|
Compared to the prior month, the Denver Acadia Quarters have seen a reduction of 394 thousand. These quarter figures do not tie with the overall production levels in the main table, so some more adjustments may be seen next month.
The Denver Chester Arthur Dollars increased by 1.26 million, the Denver Grover Cleveland first term Dollars rose by 1.12 million, and the Denver Grover Cleveland second term Dollars rose by 700 thousand.