U.S. coin production blasted off with more coins struck in January than in any month since 2007, data from the United States Mint shows.
Coining presses at U.S. Mint facilities in Denver and Philadelphia pounded out more than 1.4 billion in pennies, nickels, dimes and quarters, marking increases of 406.9% from December and 18.4% from a year ago.
For perspective, December is traditionally a soft production month as the U.S. Mint changes gears for the coming year. January is typically a top month. The following table offers monthly production totals and rankings over the past year.
2013 – 2014 January Coin Production Figures / Mintages
|January 2014||1,449.38 M||1|
|December 2013||285.96 M||13|
|November 2013||991.14 M||9|
|October 2013||1,220.38 M||4|
|September 2013||1,099.34 M||6|
|August 2013||724.91 M||12|
|July 2013||1,225.96 M||2|
|June 2013||1,070.12 M||8|
|May 2013||1,084.36 M||7|
|April 2013||1,117.23 M||5|
|March 2013||932.56 M||11|
|February 2013||939.98 M||10|
|January 2013||1,223.68 M||3|
It’s not the Mint that decides how many coins to produce for circulation. Federal Reserve Banks order coins from the United States Mint based on usage trends and orders they receive from financial institutions around the country.
Never missing a beat, the demand for pennies is always highest among denominations. The U.S. Mint in January struck 843.6 million Lincoln cents, which is 58.2% of all the circulating-quality coins produced for the month. That level, give or take a few percentage points, will appear throughout the year. We love our pennies, even though it costs 1.83 cents to produce and distribute each one.
In year-over-year comparisons for coins used every day by Americans, coin production totals:
- Jumped 25% for Lincoln cents,
- Fell 8.6% for Jefferson nickels,
- Climbed 8.7% for Roosevelt dimes, and
- Surged 20.8% for America the Beautiful Quarters
Presidential $1 Coins, Native American $1 Coins and Kennedy half-dollars are no longer ordered by Federal Reserve Banks but the Mint strikes them in circulating-quality for coin collectors and continues to offer their totals. Those and January production figures for the other coins are listed in the following table.
US Mint Circulating Coin Production in January 2014
|2013 ATB Quarters||137,400,000||79,400,000||216,800,000|
|Kennedy Half Dollars||2,100,000||2,500,000||4,600,000|
|Native American $1s||5,600,000||3,080,000||8,680,000|
U.S. Mint plants in Philadelphia and Denver manufacture all of America’s circulating coins for commerce. In January, the Philadelphia Mint struck 661.72 million coins and the Denver Mint produced 787.66 million coins.
While unlikely, especially with typical low December totals and other monthly slowdowns mixed in, if the production pace stretches through to the end of the year, 2014 annual mintages would near 17.4 billion coins. Such a level has not been recorded since over 19.4 billion coins were minted for circulation in 2001.
Hypothetical question: What would happen if just for one year the mints did not mint any coins for regular circulation? Considering the astronomical number of coins circulating in the U.S. now, will most likely still be in circulation for 20 years or more to come. The Government could take the money spent on coin production and re-allocate it to much more needed areas that can actually help the American Citizens.
Just my opinion.
The ripple effect would cause a lot of instability in, not only the job market but also in commerce. Not only does the coinage stack up in coin operated machines but also in the desk drawers, and kids banks and collections also a lot of coins are lost.
Credit cards are already the preferred method of payment. If coinage totally disappeared from the world nobody would even care or notice.
Agreed Boz, US coin production could be suspended for periods and the economy wouldn’t miss a beat, Perhaps one year don’t mint pennies (forever for that matter), another year, suspend nickels etc. Mint only the collector market (we pay a premium for the coins). I live and work for weeks on end without using a single paper bill, or handling a single coin, the economy hasn’t skipped a beat.
Why have a poverty mentality? Why should we stop producing coins? Coins will always be used; always have, always will, credit cards will not stop that. Credit cards have been around for almost 50 years, but more coins are produced now than ever. We are the greatest nation God has ever made, let us make coins, to say we should stop to save a few bucks is a poverty mentality, instead of thanking God for providing the money to make the coins and thanking Him for His blessing upon us that will never end.
?? After creating a Universe with billions of galaxies, trillions of stars, and who knows how many planets, God also cares about little pieces of metal that’re used for buying things?
Oh, well. I read somewhere that almost half the American public believes God involves Himself (or maybe Herself) in the outcome of the Super Bowl.
I thought Santa gave us the coins…. same thing I guess
no need to stop coin production, just reduce the number from billions to millions. We are paying to store these excess coins. less not forget ” render to Caesar the things that are Caesar’s.”
Time to get rid of pennies like Australia did.