US Mint Expanding Operations and Hiring

by CoinNews.net on May 28, 2015 · 16 comments

US Mint in Philadelphia, Pennsylvania

US Mint in Philadelphia, Pennsylvania

Demand for U.S. circulating coins is increasing, and the United States Mint is expanding operations as a result. Coin production figures have jumped above at least 1.2 billion each month this year, and most recently hit 1.69 billion new coins in April. That’s the most in a month than any since 2007.

With an almost 1.5 billion monthly average, the agency is on pace to strike over 17.7 billion coins in 2015. Minimally, based on orders and forecasts from the Federal Reserve, the Mint said that it expects to produce more than 14 billion new coins this year — the most since 2007 when 14.4 billion coins were made.

"The Mint manufactures new coins to supplement Federal Reserve Bank coin inventories. Each month the Federal Reserve places orders for new coins and provides the Mint with a forecast for the next 12 months," the U.S. Mint said in a news statement released Thursday, May 28. "The Mint uses this forecast to adjust its manufacturing plan."

US Mint in Denver, Colorado

US Mint in Denver, Colorado

To keep up with demand, the U.S. Mint is hiring at its plants in Denver and Philadelphia and converting them from two-shift operations to three.

"It is anticipated 46 personnel will be hired in Philadelphia while approximately 40 will be hired in Denver," the U.S. Mint said. "The conversion to three-shift operations is expected to be completed in the mid-June to July timeframe."

The United States Mint has facilities in Washington, D.C.; Philadelphia, Pennsylvania; Denver, Colorado; San Francisco, California; West Point, New York; and Fort Knox, Kentucky. The Philadelphia Mint and Denver Mint are the two facilities that produce U.S. circulating coins.

{ 16 comments… read them below or add one }

eric May 28, 2015 at 1:58 pm

Is experience needed? Or can anyone apply for a job? I live in Brooklyn ny and love the idea of working in the west point mint. … do they offer competitive wages and benefits?

Boz May 28, 2015 at 2:43 pm

I am assuming the requirements and application info is on the mints website?
Probably a ton of current employees are also retiring now or will be soon.

Boz May 28, 2015 at 2:46 pm

usajobs.gov

Looks like some mint police vacancies also.

Richard May 28, 2015 at 3:37 pm

Well, if it’s like past times this could be a good indication that the economy is improving. Interesting that with all the talk about an electronic money system there always seems to be a need for coins and currency. Guess we’ll have something new to collect for a while.

John May 28, 2015 at 8:47 pm

Perks. Are great. You can find change on the floor

David May 28, 2015 at 10:46 pm

Those in the know are aware that U.S. Mint nickels are a bargain to be hoarding because it currently costs the mint around 62% more money to produce a nickel than is worth its face value. That is why billionaire Kyle Bass hoarded a million dollars’ worth of nickels back in 2011. A 5¢ coin is composed of 25% nickel + 75% copper. Eight years ago in May 2007, the price of nickel rose to a record high of $24 per pound. At that time a 5¢ coin was then worth about twice its face value due to its intrinsic metal value alone. President Obama wants the U.S. Mint to debase 5¢ coins with cheaper metals. Proposed cheaper substitutes may be multi-ply steel, zinc, stainless steel or perhaps aluminum. On the other hand the Bureau of Printing & Engraving is very profitable, because it can print a $1 bill costing only 4.9¢ to produce or a $100 bill costing only 12.3¢ to produce. In other words, it is very profitable to print fiat currency whereas it becomes increasingly costly to mint specie due to inflation and the intrinsic costs of the more expensive metals such as nickel, copper and zinc. Canadian coins less than 50¢ in face value are currently minted from multi-ply steel. UK coins less than 20p in face value are currently minted from plated steel. New Zealand coins less than $1 in face value are currently minted from plated steel.

R. L. H. May 28, 2015 at 11:51 pm

What happened with the sale of the March of Dimes three coin set that were supposed to go on sale This Morning 5-28-2015. We were on the site at exactly 03:00 Alaska Standard Time, but they said they were no longer available. Did they sell out that quick?

Kahoola May 29, 2015 at 12:12 am

RLH, if you are talking about the March of Dimes special set, they went on sale on May 5th. They sold out in about a week. Sorry about that.

R. L. H. May 29, 2015 at 3:57 am

Kahoola, There was a notice from the Mint that they were going to have more of the March of Dimes three coin set for sale on the date that I stated Above. I still have the notice from the Mint that they were going to be going on sale on 5-28-15 Between 07:00 – 07:30. We were fortunate to pick up five sets the day they first went on sale. Just received notice on Tuesday This Week that ours were going to be shipped. We had hoped to be able to get a few more to give as Xmas presents This Year. But we missed it it looks like as they must have sold out as soon as they opened. We’ve never seen them open at that hour before that early in the morning.

jim May 29, 2015 at 8:01 am

Might not need to expand mint facilities if they’d just quit making pennies. I guess they didn’t consider that option.

Boz May 29, 2015 at 3:37 pm

I read on another forum that 167 MOD sets were sold at 7.21 AM. They were gone in 60 seconds

Barry May 29, 2015 at 7:35 pm

I’m curious how many of the new coins are just replacing worn coins. Are people hoarding coins or is the economy improving ? @David- dittos- btw, I think they are afraid to change the coin compositions because it may trigger a lack of confidence when people dash to get the existing coins before the less valuable new coins are issued. People would also think about PM’s.

Kahoola May 29, 2015 at 7:51 pm

Thanks RLH. Never heard about that. What did you have to do to get the notification?

R. L. H/ May 29, 2015 at 10:07 pm

Boz, thank you as that’s seems to have been what must have happened. My wife was a D. I. in the military. When she was unable to get on the Mint site to try and score some of the MOD’s she went off. This sweet kind beautiful woman proved once more that she was an old time DI as she seemed to curse under her breathe for at least ten minutes without repeating a profanity.

R. L. H. May 29, 2015 at 10:15 pm

Kahoola, If you will look on the Mints site where they were selling the MOD’s you will see where there is a “remind” me button. That was supposedly where you were reminded that they were going to be on sale between 07:00 – 07:30.
I’m sure if my wife had waited she may have been able to pick up some more of them. As it is she was notified on Tuesday of this week that the five that she ordered had been shipped.
In a way it’s kinda sad that after having them around for several days she will take them down to the bank to put them in a safe deposit bank. A number of years ago we had someone walk off with a number of coins from her collection that she’s had since she was a child. That was over fifty years ago when she started to collect.

RonnieBGood May 30, 2015 at 12:07 pm

Hello collectors,
I too got the notice of the early morning sale. If you selected the “remind me” button on the Mints site for the March of Dimes set you should have received this notice. I believe this was “The Mint’s” way of giving all a fair shot at getting additional sets. Sell out happened very quickly.

FYI on getting the “March of Dimes Set” Graded (due to the Proof Silver Dollar offered/sold separately).
From NGC: “Coins must remain in the sealed US Mint shipping boxes, and the entire unopened package must be sent to NGC for certification. NGC must open these boxes in order for the coins to qualify for the MARCH OF DIMES SET pedigree.” If the box is opened only the Dimes will receive the pedigree.

Leave a Comment