April 1, 2011 – September 30, 2012
PROGRAM SUMMARY
The United States Mint’s requirement to issue quarterly financial reports is codified at 31 U.S.C. § 5134 (g)(2). Congress has authorized a total of 64 commemorative coin programs through 2015 to honor people, places, events, and institutions of significance in American history and culture. Surcharges from the sales of these coins are authorized to help fund a variety of organizations and projects that benefit the public at large. United States Mint commemorative coin programs have resulted in $497,185,324 in surcharges collected through the FY 2012 fourth quarter for many worthy recipient organizations.
Commemorative coins are beneficial to both the numismatic community and recipient organizations, but they also highlight our Nation’s history. To ensure that commemorative coin programs reap the benefits of the 1996 reforms (see below), the United States Mint will continue to execute and oversee these programs in a conscientious, prudent, and business-like manner.
FINANCIAL REPORTING
The matching funds criterion established by the Commemorative Coin Reform Act of 1996 (CCRA), as amended by Title II of Public Law 108-15 (April 23, 2003), requires commemorative coin programs to link public funding of special projects to private support by requiring recipient organizations to show receipts of donations from private sources “in an amount that is equal to or greater than the total amount of the proceeds of such surcharge derived from the sale of such numismatic item.” The CCRA makes commemorative coin program recipient organizations partners in bearing the risks of commemorative coin programs, and it ensures that the United States Mint recovers its costs of operating coin programs.
These quarterly interim analyses were prepared using the accrual basis of accounting.
2011 United States Army Commemorative Coin Program
Public Law 110-450, December 1, 2008
Sales of the 2011 United States Army Commemorative Coins began January 31, 2011, and concluded December 16, 2011. The program included gold, silver, and clad proof and uncirculated coins with maximum mintage limits of 100,000 (gold), 500,000 (silver), and 750,000 (clad). Surcharges of $35 per gold coin sold, $10 per silver coin sold, and $5 per clad coin sold were collected and paid to the Army Historical Foundation to help finance the National Museum of the United States Army. One payment in the amount of $2,117,704 was made in the first quarter of FY 2012 and one payment in the amount of $936,576 in the third quarter, for a total of $3,054,280 in surcharges. Over the life of the program, 296,315 coins (25,200 gold, 163,341 silver, 107,774 clad) were sold. As noted in the attached spreadsheet, “Total Selling, General and Administrative” expenses were $2,923,055. Travel expenses are included in that total, which in this case were $0. There were no additional funds expended for marketing. Total coins minted and rejected for this program were:
| Facility | SKU | Product | Total Minted | Total Rejected | Unsold Coins |
|---|---|---|---|---|---|
| WP | ARM1 | Army Gold Proof | 21,168 | 1,702 | 2,289 |
| PH | ARM2 | Army Gold Uncirculated | 8,769 | 277 | 335 |
| PH | ARM3 | Army Silver Proof | 166,874 | 15,477 | 31,407 |
| SF | ARM4 | Army Silver Uncirculated | 60,353 | 6,277 | 10,454 |
| SF | ARM5 | Army Clad Proof | 100,731 | 324 | 32,261 |
| DN | ARM6 | Army Clad Uncirculated | 102,420 | 20,220 | 42,715 |
2011 Medal of Honor Commemorative Coin Program
Public Law 111-91, November 6, 2009
Sales of the 2011 Medal of Honor Commemorative Coins began February 25, 2011, and concluded December 16, 2011. The program included gold and silver proof and uncirculated coins with maximum mintage limits of 100,000 (gold) and 500,000 (silver). Surcharges of $35 per gold coin sold and $10 per silver coin sold were collected and paid to the Congressional Medal of Honor Foundation to finance its educational, scholarship, and outreach programs. One payment in the amount of $1,669,050 was made in the first quarter of FY 2012 and one payment in the amount of $824,920 in the third quarter, for a total of $2,493,970 in surcharges. Over the life of the program, 183,817 coins (26,232 gold and 157,585 silver) were sold. As noted in the attached spreadsheet, “Total Selling, General and Administrative” expenses were $2,194,812. Travel expenses are included in that total, which in this case were $4,926. There were no additional funds expended for marketing. Total coins minted and rejected for this program were:
| Facility | SKU | Product | Total Minted | Total Rejected | Unsold Coins |
|---|---|---|---|---|---|
| WP | MOH1 | Medal of Honor Gold Proof | 24,298 | 5,126 | 502 |
| PH | MOH2 | Medal Of Honor Gold Uncirculated | 9,222 | 585 | 371 |
| PH | MOH3 | Medal Of Honor Silver Proof | 174,241 | 24,898 | 36,370 |
| SF | MOH4 | Medal of Honor Silver Uncirculated | 53,795 | 8,955 |
2011 September 11 National Medal Program*
Public Law 111-221, August 6, 2010
Sales of the 2011 September 11 National Medal began June 20, 2011. The recipient organization, the National September 11 Memorial and Museum at the World Trade Center, will use surcharges from the sale of the medals to support its operations and maintenance following its completion. A total of $1,673,090 has been collected as of June 30, 2012. The program includes a one-ounce silver proof medal with a maximum mintage of 2 million units. As of June 30, 2012, 167,309 medals were sold. Sales will continue through December 2012. As noted in the attached spreadsheet, “Total Selling, General and Administrative” expenses through June 30, 2012, were $1,997,161. Travel expenses are included in that total, which in this case are $2,084. There are no additional funds projected for marketing use. As of September 30, 2012, the total medals minted and rejected for this program are:
| Facility | SKU | Product | Total Minted | Total Rejected | Unsold Coins |
|---|---|---|---|---|---|
| WP | S11 | 9/11 Silver Medal West Point | 141,602 | 15,542 | 23,728 |
| PH | S12 | 9/11 Silver Medal Philadelphia | 95,072 | 13,083 | 16,905 |
*Under 31 U.S.C. § 5134(g), the United States Mint is not required to include updates on this national medal program in the CCRA quarterly report. However, the bureau is providing this information at its discretion in order to keep Senators and Members of Congress informed on program developments.
In 2012, the United States Mint reintroduced special sets with all the 2012 commemorative coin programs. Based on the United States Mint’s prior experience, sales of special sets tend to attract customers outside the traditional coin collecting community, garnering additional sales and appeal for the overall commemorative coin program.
2012 Infantry Soldier Silver Dollar
Public Law 110-357, October 8, 2008
Sales of the 2012 Infantry Soldier Silver Dollar began February 16, 2012. The National Infantry Foundation is the recipient organization. A total of $1,873,220 has been collected as of September 30, 2012. The program includes silver proof and uncirculated coins, with a maximum mintage of 350,000 across all product options. Projected marketing funds are $531,919. The special set for this program is the 2012 Infantry Soldier Silver Dollar Defenders of Freedom Set, which includes a proof silver dollar in special packaging with a replica dog tag on a miniature chain. As of September 30, 2012, 187,322 coins (145,390 proof, 41.932 uncirculated) were sold. Sales will continue through December 2012. As noted in the attached spreadsheet, “Total Selling, General and Administrative” expenses through September 30, 2012, were $1,841,808. Travel expenses are included in that total, which in this case are $4,451. As of September 30, 2012, the total coins minted and rejected for this program are:
| Facility | SKU | Product | Total Minted | Total Rejected | Unsold Coins |
|---|---|---|---|---|---|
| WP | NF1/NF3 | Infantry Silver Proof | 242,926 | 35,000 | 69,156 |
| WP | NF2 | Infantry Silver Uncirculated | 50,313 | 5,211 | 4,769 |
2012 Star-Spangled Banner Commemorative Coin Program
Public Law 111-232, August 16, 2010
Sales of the 2012 Star-Spangled Banner Commemorative Coins began on March 5, 2012. The recipient organization, the Maryland War of 1812 Bicentennial Commission, will use surcharges from the sale of the coins for the purpose of supporting bicentennial activities, educational outreach activities, and preservation and improvement pertaining to the sites and structures relating to the War of 1812. A surcharge total of $2,562,070 has been collected as of September 30, 2012. The program includes gold $5 proof and uncirculated coins with a maximum mintage of 100,000 and silver dollar proof and uncirculated coins with a maximum mintage of 500,000. Projected marketing funds are $557,711. The special sets for this program are the 2012 Star-Spangled Banner Two-Coin Proof Set (one gold proof coin and one silver dollar) and the 2012 Star-Spangled Banner Bicentennial Silver Dollar Set, which includes a proof silver dollar in special packaging. As of September 30, 2012, 204,132 coins (20,830 gold, 183,302 silver) were sold. Sales will continue through December 2012. As noted in the attached spreadsheet, “Total Selling, General and Administrative” expenses through September 30, 2012, were $1,791,029 Travel expenses are included in that total, which in this case are $0. To date, the total coins minted and rejected for this program are:
| Facility | SKU | Product | Total Minted | Total Rejected | Unsold Coins |
|---|---|---|---|---|---|
| WP | SS1/SS5 | Star-Spangled Banner Gold Proof | 23,857 | 1,324 | 5,448 |
| WP | SS2 | Star-Spangled Banner Gold Uncirculated | 6,042 | 537 | 840 |
| PH | SS3/SS5/SS6 | Star-Spangled Banner Silver Proof | 221,746 | 39,199 | 49,695 |
| PH | SS4 | Star-Spangled Banner Silver Uncirculated | 46,573 | 4,406 | 3,535 |
2013 Girl Scouts USA Centennial Commemorative Coin Program
Public Law 111-86, October 29, 2009
The recipient organization, the Girl Scouts of the United States of America, will use surcharges from the sale of the coins to fund program development and implementation. The program will include silver proof and uncirculated coins, with a maximum mintage of 350,000 across all product options. Discussions with the recipient organization are ongoing. At this time, a marketing budget has not been set. The United States Mint conducted focus groups to test public opinion of the commemorative packaging for all programs. Based on these research results, changes to the packaging will be implemented and become the new standard in 2013.
2013 5-Star Generals Commemorative Coin Program
Public Law 111-262, October 8, 2010
The recipient organization, the Command and General Staff College Foundation, will use surcharges from the sale of the coins to help finance its support of the Command and General Staff College. The program will include gold, silver, and clad coins in proof and uncirculated conditions. The gold coins have a maximum mintage of 100,000 across all product options, the silver coins have a maximum mintage of 500,000 across all product options and the clad coins have a maximum mintage of 750,000 across all product options. Discussions with the recipient organization are ongoing. At this time, a marketing budget has not been set.
2014 Civil Rights Act of 1964 Commemorative Coin Program
Public Law 110-451, December 2, 2008
The recipient organization, the United Negro College Fund, will use surcharges from the sale of the coins to provide scholarships and internships for minority students, as well as operating funds and technology enhancement services for its 39 historically black college and university members. The program will include silver proof and uncirculated coins with a maximum mintage of 350,000 across all product options.
2014 National Baseball Hall of Fame Commemorative Coin Act
Public Law 112-152, August 3, 2012
The recipient organization, the National Baseball Hall of Fame, will use surcharges from the sale of the coins to help finance its operations. The program will include gold, silver, and clad quality coins in proof and uncirculated conditions. The gold coins have a maximum mintage of 50,000 across all product options; the silver coins have a maximum mintage of 400,000 across all product options; and the clad coins have a maximum mintage limit of 750,000 across all product options. A marketing budget has not been set. Research and development on the legislatively proposed curved coin and the parameters of the design competition are underway.
2015 United States Marshals Service 225th Anniversary Commemorative Coin Act
Public Law 112-104, April 2, 2012
The recipient organizations, the U.S. Marshals Museum, the National Center for Missing & Exploited Children, the Federal Law Enforcement Officers Association Foundation and the National Law Enforcement Officers Memorial Fund, will use surcharges from the sale of the coins to preserve, maintain and display documents for the U. S. Marshals Museum, find missing children and combat child sexual exploitation, provide financial assistance for surviving family members of Federal law enforcement members killed in the line of duty, provide scholarships to students pursuing a career in the law enforcement field, provide selective grants to charitable organizations and support construction of the National Law Enforcement Museum. The program will include gold, silver proof, and clad coins with a maximum mintage of 1,350,000 across all product options.