In May, United States Mint maintained its upward production trend, striking coins for circulation at an accelerated rate for the fourth consecutive month, resulting in the highest monthly output recorded in 14 months.
The U.S. Mint produced over 1.4 billion coins, including cents, nickels, dimes, quarters, and half dollars, representing increases of 13.4% from April and 12.9% from May 2022. This marks the fifth straight month in which the 1 billion production level has been exceeded.
Here’s how the month ranks against others in the past year:
May 2022 to May 2023 Circulating Coin Production
| Month | Mintages | Rank |
|---|---|---|
| May 2023 | 1,417.78 M | 1 |
| April 2023 | 1,250.32 M | 3 |
| March 2023 | 1,187.94 M | 5 |
| February 2023 | 1,054.16 M | 9 |
| January 2023 | 1,200.46 M | 4 |
| December 2022 | 846.50 M | 13 |
| November 2022 | 906.00 M | 12 |
| October 2022 | 1,177.14 M | 6 |
| September 2022 | 1,003.72 M | 10 |
| August 2022 | 948.06 M | 11 |
| July 2022 | 1,100.62 M | 8 |
| June 2022 | 1,141.60 M | 7 |
| May 2022 | 1,255.32 M | 2 |
Fewer Pennies
The main mission of the U.S. Mint is to manufacture coins in response to public demand. The Mint produces, sells and then delivers circulating coins to Federal Reserve Banks to support their service to commercial banks and other financial institutions.
Despite the fact that it costs the Mint 2.72 cents to make and distribute each 1-cent coin, the Federal Reserve always orders more of them than any other denomination.
In May, the Mint struck 528 million Lincoln cents, which accounted for 37.2% of the circulating-quality coins made for the month. This continues a trend that began in May 2022, when the percentage of cents produced in a given month fell below 50%. Historically, before then, more than half of the coins produced in a given month were cents. For instance, in January of last year, 59.8% of the circulating coins minted were cents, which contrasts with the current situation.
Month-Over-Month
In month-over-month comparisons for coins used daily by Americans, production totals in May increased by:
- 9.6% for Lincoln cents,
- 10% for Jefferson nickels,
- 14% for Roosevelt dimes, and
- 21.4% for quarters.
Mintages of Native American Dollars and Kennedy Halves
In addition to cents, nickels, dimes, and quarters, the U.S. Mint also produces dollars and half dollars in circulating quality. While the Federal Reserve no longer orders Native American $1 coins, they are still minted in circulating quality for coin collectors. This was also true for Kennedy half dollars until recently, specifically in 2021 and 2022.
Typically, in January, the U.S. Mint produces both denominations in the expected amounts needed for the entire year. However, this remains the case only for Native American dollars, as Kennedy halves saw their mintages increase in multiple months in 2021, 2022, and 2023.
In the past two fiscal years (2021 and 2022), the Federal Reserve unexpectedly ordered millions more Kennedy half dollars for circulation, with amounts of about 12 million and 7 million, respectively. It’s unclear whether any 2023 Kennedy half dollars will be produced for general circulation, but the total struck increased by 1.7 million in May, 2.5 million in April, 2.2 million in March, and 4.4 million in January. As of now, the combined total of halves is 10.8 million, with an equal mix of 5.4 million from Denver and 5.4 million from Philadelphia. This is in comparison to the 2022 production runs, which totaled 4.9 million from Denver and 4.8 million from Philadelphia, for a total of 9.7 million coins.
The mintages of Native American dollars have remained unchanged since January, with splits of 1.12 million from the Denver Mint and 1.12 million from the Philadelphia Mint, for a combined total of 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. On May 15, the bureau started offering collectors rolls and bags of circulating 2023 Kennedy halves.
This next table shows May 2023 circulating coin mintages by production facility and denomination.
U.S. Mint Circulating Coin Production in May 2023
| Denver | Philadelphia | Total | |
|---|---|---|---|
| Lincoln Cent | 264,000,000 | 264,000,000 | 528,000,000 |
| Jefferson Nickel | 85,200,000 | 84,480,000 | 169,680,000 |
| Roosevelt Dime | 188,000,000 | 190,000,000 | 378,000,000 |
| Quarters | 167,200,000 | 173,200,000 | 340,400,000 |
| Kennedy Half-Dollar | 0 | 1,700,000 | 1,700,000 |
| Native American $1 Coin | 0 | 0 | 0 |
| Total | 704,400,000 | 713,380,000 | 1,417,780,000 |
Regarding overall production totals for May, the Denver Mint struck 704.4 million coins, while the Philadelphia Mint made 713.38 million coins, resulting in a combined production of 1,417,780,000 coins.
Year-to-date, the Denver Mint has struck 3,162,560,000 coins, and the Philadelphia Mint has made 2,948,100,000 coins, for a total production of 6,110,660,000 coins. This figure is 5.9% lower than the 6,496,740,000 coins manufactured during the same period in 2022.
If the current production pace were to continue through December, the annual mintage for 2023 would exceed 14.6 billion coins. In comparison, the U.S. Mint produced over 13.6 billion coins for circulation in 2022.
This next table lists coin production totals by denomination and by U.S. Mint facility:
YTD 2023 Circulating Coin Production by Denomination
| 1 ¢ | 5 ¢ | 10 ¢ | 25 ¢ | 50 ¢ | N.A. $1 | Total: | |
|---|---|---|---|---|---|---|---|
| Denver | 1215.6M | 398.64M | 850M | 691.8M | 5.4M | 1.12M | 3162.56M |
| Philadelphia | 1106.4M | 361.68M | 791.5M | 682M | 5.4M | 1.12M | 2948.1M |
| Total | 2322M | 760.32M | 1641.5M | 1373.8M | 10.8M | 2.24M | 6110.66M |
2023 Quarter Mintages
In addition to the 2023 Native American dollar with its one-year-only design, the U.S. Mint through May released the first two of five issues for 2023 from their four-year program of American Women Quarters™. These two issues represent the sixth and seventh overall in the series, and each one features a unique design.
The Bessie Coleman quarter, the first quarter design for this year, began circulating on Jan. 3. On February 14, the Mint made rolls and bags of the quarter available for purchase by the public. According to the latest figures from the Mint, a total of 619.2 million Bessie Coleman quarters were minted, with 317.2 million coming from Denver and 302 million from Philadelphia. This is the highest mintage total for any quarter in the series to date.
Out of the total production year-to-date, 754.6 million quarters have not yet been officially assigned a design by the U.S. Mint. These are likely to be the majority of the Edith Kanakaʻole quarters that will be produced. Kanakaʻole quarters started circulating on March 27 and are available for purchase in rolls and bags from the U.S. Mint.
As an FYI, the third issue of this year’s quarters, honoring Eleanor Roosevelt, was launched on June 6.
I still haven’t seen a 2023 dated cent yet in my area (a new record – the previous record holder was April 22, 2010 for the 2010 dated cent) and I’m near enough New York City to see its skyline. My local bank has been telling me there’s a cent shortage yet production would seem to indicate otherwise so I wonder where these cents have been going?
Also, good if Kennedy halves are being issued for circulation, even if only in token numbers. It’s about time that denomination gets used again!
So check this out, Vachon, Kaiser, Seth and others that this may or may not have occurred to or perhaps, not even “Privy”? Since the discovery was made in NY I think(?), getting or finding cents, that were minted in Philly, should prove challenging to say the least! They are being boarded and sorted and there are huge premiums on getting your hands on them. Up to $20 a roll for Philly! $100+ per coin! “if” you have and or find the right one! Heck, there is even a listing on eBay, with a hefty price tag of $30,000! Are… Read more »
Your post Kaiser, sparked some thoughts about, collecting, numismatics, hoarding, accumulating and other ways people try to enjoy the hobby. My interest came from my father collecting and purchasing for my brother and I as we were growing up. He kept it all fairly hush hush and didn’t share or encourage us to take up the hobby or follow along. Assuredly he had his reasons, anything from, the ole’ “loose lips sink ships, to perhaps his lack of patience with us, maybe it was “his escape”? My personal additions to the collection my dad started for me began in 2008.… Read more »
Indeed Kaiser Wilhelm and I can’t say thank you enough for providing me an opportunity to share, learn and grow! Yes Grow! I’m not a fan of being set in one’s ways no matter how long, one may have been beating there head against a wall or smacking themselves in the head with a hammer! LOL not saying I don’t do both daily often many times, but I keep trying and always tend to think; “We are never done learning about ourselves, Life and of course precious metals and coins! I’m just glad you responded with 2 posts to my… Read more »
Allegedly there are three 2023 cent errors out there, a small “v” to the right of the VDB, a double die obverse and an obverse die break on the top of Lincoln’s head. Whether these amount to anything remains to be seen.
No wonder, there’s a number of errors on 2023 Lincoln cents, from an extra v to double die reverses. I’ll have to check mine. I may have two or three coins.
Kaiser & Vachon, Some figures show that the average USA household has about $100 in loose coins in piggy banks/coin jars/coffee cans/under couch cushions etc. Most of those coins are Lincoln 1-cent coins produced by the U.S. Mint at a loss in profit since about 2006. That is about $10 billion just sitting around doing nothing & causing the Mint to have to continue to produce them until or unless the USA Congress passes legislation to stop the 1-cent coin production permanently (like Canada did successfully in 2012). If people would just turn in all the 1-cent coins in their… Read more »
Kaiser,
Maybe some enterprising “Robinhood” superhero could sneak into homes like Santa Claus & relieve every household in the USA of their piggy bank stash of “non-circulating” cents & turn them over to the Federal Reserve to put back into circulation – but in the good old USA, his ass would be shot multiple times by the armed piggy bank owners no doubt. So much for trying to provide a community service! Lol.
NumisdudeTX
‘Pat Sajak & Vanna White, I want to buy a letter “V” please!”
These were first found in circulation back in February supposedly, so people are still finding them in change. One of the top USA error coin specialists has said with all the numismatic study he has done on the ones he has seen, that they were almost assuredly done on purpose by a U.S. Mint employee(s). – probably on their lunch or coffee break! Thanks for the errors…
NumisdudeTX
Kaiser,
I say we should thank those wayward “rascles” at the U.S. Mint for stimulating the hobby, as we scramble to find these error 1-cent coins in circulation. But, of course, they risk getting fired for such an innovative, but illegal act… especially if their “fun at work project” is captured on security cameras – “Smile, you’re on Candid Camera”! Lol.
NumisdudeTX
Take the 1913 Liberty nickels. How does the mint produce only 5 coins? That’s not the only one either. I’ve never considered them authentic.
I looked at my 2023 Lincoln Cents and found no little v or other irregularities. People who are hoarding these pennies need a penny for their thoughts.