In January, U.S. coin production rebounded to an eight-month high and hurdled the billion level for the first time in three months, manufacturing figures from the United States Mint show.
U.S. Mint production facilities made just over 1.2 billion coins for circulation last month — spread across all possible denominations, jumping 41.8% higher than in December although slipping 4% compared to January 2022.
Here’s how the month ranks against others in the past year:
January 2022 to January 2023 Circulating Coin Production
| Month | Mintages | Rank |
|---|---|---|
| January 2023 | 1,200.46 M | 6 |
| December 2022 | 846.50 M | 13 |
| November 2022 | 906.00 M | 12 |
| October 2022 | 1,177.14 M | 7 |
| September 2022 | 1,003.72 M | 10 |
| August 2022 | 948.06 M | 11 |
| July 2022 | 1,100.62 M | 9 |
| June 2022 | 1,141.60 M | 8 |
| May 2022 | 1,255.32 M | 4 |
| April 2022 | 1,278.88 M | 2 |
| March 2022 | 1,452.58 M | 1 |
| February 2022 | 1,260.12 M | 3 |
| January 2022 | 1,249.84 M | 5 |
Again, Fewer Pennies
The U.S. Mint’s top mission is to manufacture coins in requested quantities to meet public demand. The Mint produces, sells and then delivers circulating coins to Federal Reserve Banks to support its service to commercial banks and other financial institutions.
The Federal Reserve always orders more 1-cent coins than any other denomination even though the latest available data shows that it costs the Mint 2.72 cents to make and distribute each one.
The Mint struck 485.2 million Lincoln cents in January, representing 40.4% of the circulating-quality coins made for the month. This continues a sub-50 trend which began in May. Historically, before then, more than half of the coins produced in any given month were cents. As an example, last year’s high-water mark happened in January when 59.8% of the circulating coins minted were cents.
Month-Over-Month
In month-over-month comparisons for coins used daily by Americans, production totals in January increased:
- 63.9% for Lincoln cents,
- 51.9% for Jefferson nickels,
- 17.9% for Roosevelt dimes, and
- 31.4% for quarters.
Mintages of Native American Dollars and Kennedy Halves
The U.S. Mint also strikes other coins in circulating quality, namely dollars and half dollars. Native American $1 coins are no longer ordered by the Federal Reserve, but they are still made in circulating quality for coin collectors. The same was true for Kennedy half dollars until recently — years 2021 and 2022.
Usually in January, the U.S. Mint produces both denominations to the expected amounts needed for the entire year. That has not been the case for Kennedy halves in each of the two prior years, however, as the Federal Reserve unexpectedly ordered millions more for circulation — roughly 12 million and then 7 million in fiscal years 2021 and 2022, respectively.
It has not been disclosed whether any 2023 Kennedy half dollars will be produced for general circulation. Figures to date have this year’s halves at 2.2 million from each production plant for a total of 4.4 million coins. These compared to production runs in 2022 totaling 4.9 million from Denver and 4.8 million from Philadelphia for 9.7 million coins.
2023 Native American dollar mintages are not expected to change with splits of 1.12 million each from the Denver and Philadelphia Mints for a combined 2.24 million coins. In contrast, the 2022 dollar recorded equal splits of 980,000 from each facility for a total of 1.96 million coins.
On Feb. 6, U.S. Mint started selling rolls, bags and boxes of 2023 Native American dollars. In May, the bureau is expected to offer collectors rolls and bags of circulating 2023 Kennedy halves.
This next table shows 2023 circulating coin mintages by production facility, denomination, and design.
U.S. Mint Circulating Coin Production in January 2023
| Denver | Philadelphia | Total | |
|---|---|---|---|
| Lincoln Cent | 264,800,000 | 220,400,000 | 485,200,000 |
| Jefferson Nickel | 85,920,000 | 67,200,000 | 153,120,000 |
| Roosevelt Dime | 162,500,000 | 147,000,000 | 309,500,000 |
| Quarters | 121,200,000 | 124,800,000 | 246,000,000 |
| Kennedy Half-Dollar | 2,200,000 | 2,200,000 | 4,400,000 |
| Native American $1 Coin | 1,120,000 | 1,120,000 | 2,240,000 |
| Total | 637,740,000 | 562,720,000 | 1,200,460,000 |
In overall production totals for January, the Denver Mint made 637.74 million coins and the Philadelphia Mint made 562.724 million coins for the combined 1,200,460,000 coins, which is 4% fewer than the 1,249,840,000 manufactured in January 2022. If the current production pace stretched through to December, the annual mintage for 2023 would top 14.4 billion coins. The U.S. Mint manufactured over 13.6 billion coins for circulation in 2022.
Lastly, U.S. Mint figures show 246 million quarters were struck in January. These are Bessie Coleman quarters with more yet to be minted. As a part of the Mint’s series of American Women Quarters™, the Bessie Coleman quarter is the sixth issue overall and first of five for 2023. Bessie Coleman quarters started circulating Jan. 3. More recently, on Feb. 14, the Mint released rolls and bags of them for sale to the public.
I’m surprised it doesn’t cause more public consternation that the so-called “Federal Reserve”, an intrinsically private at the very most quasi-governmental organization, can issue directives to the United States Mint. All I can say is “Long live the plutocracy!”
you know, if banks had to pay 2.5 cents for each cent they order, they would stop ordering them pretty quick.
I hadn’t previously thought of that, c_q, so kudos on the illumination! That would be a really clever way to put an end to the cents nonsense, by hitting their bottom line!
Your tax dollars hard at work.
Those who make a living out of spending them don’t contribute anything.
And if people had to pay 2 times the cost to obtain Quarters..oh wait, I did that to get the S rolls. If people paid over 10 times to get the proof sets they would soon stop ordering. Hey, maybe there is a method to the Mint’s madness
I stopped buying the “s”quarters when the mint dictated we “had to” buy the p and d minted rolls as well. Paying a 100% premium for quarters reminds me of that old saying, “a fool and his money…”
Yes, but that applies to anyone who is subject to the Federal Income Tax.
Codicil to above: Not that any of us are given a say about it, as in “pay up or face the consequences.” Extortion, gummint style?
With the Feds you don’t have a choice on taxes…well I guess if you want to go to jail (that used to be the case when laws mattered in this country) or pay an even more extreme penalty…then you do. As far as the coins go, that’s a choice people will make based on their own financial situation and desires. I’ve made the decision not to pay double for “clad” coins.
I think, Craig, we’re getting hit from two sides more than ever these days. The inflation of prices in general is currently running at a record or at least near record pace while the Mint is clearly serious about keeping up with that inflationary rate to protect itself from its own higher expenses. Meanwhile, our own income sources aren’t by any means or standards keeping up with these inflationary forces so we’re consequently compelled to make ever more difficult choices as to what we can or will allot our personal financial resources to. In the final analysis, when it comes… Read more »
After months and months of looking, I’m happy I just landed several Reserve rolls of AWQ from my bank today- Otero Warren and Wong. They look great for business strike. I think MS-69. The best part is I only paid the cost of the quarters.
good job!
thanks!
Good for you, Major D, especially since a well made business strike looks sharp.
I’m going to opt for there being a madness to the Mint’s method.
Hey CQ —
Why don’t they give the Banks a break … like 2 pennies for a nickel?
— Mike
J just started getting more in to paying more in to looking to what I have its amazing once u do I found a lot that’s worth I’m hoping $$$
Best of luck with that…I think.