Mint data for Jan-July 2009 is out.
1cent: 1.6464 B
5cents: 86.64 M
10cents: 146.0 M
25cents: 379.12 M
50cents: 3.4 M
1dollar: 322.98 M (including 51.1 Native dollars)
Isolating the July data from the Jan-June totals:
1cent: 272.0 M
5cents: 6.96 M
10cents: none
25cents: 13.0 M
50cents: none
1dollar: 29.4 M (all Presidents)
2009 nickel production has resumed. July had the strongest showing of nickels since April, though levels are still down 80% from last year. Dimes still have not resumed production.
The 13 million quarters in July is the second lowest month for quarters since my records began in June 2006. It's not often that dollar coin production trumps quarter production, but this is one of those times.
Thursday, August 27, 2009
BEP: July 2009
BEP data for July 2009:
(http://www.bep.treas.gov/section.cfm/2/431/651)
$1 = 236.8 M
$2 = none
$5 = none
$10 = none
$20 = 51.2 M
$50 = none
$100 = 150.4 M
Total notes = 438.4 M
Average value per note = $37.18
Fewest $1 notes since March 2009.
Third consecutive month without $5 notes, the longest period in my records back to 2002.
Fourth consecutive month without $10 notes.
Fewest $20 and $100 notes since January 2009.
Fewest total notes since December 2007.
The BEP has been on a $100 note printing bender this fiscal year, the likes of which have not been seen in this decade. $100 note production for 2009 is already 70% higher than the average annual production from FY2003-FY2008, with two more months of FY09 to go. Why the surge? Here are my theories:
- Foreign demand for the physical greenback is up as citizens of developing nations flee to the security of the USD. Remember, Panama, Ecuador, and El Salvador officially use the dollar, and hyperinflated Zimbabwe is de facto on the USD too. This could also be the work of increased demand from currency market speculators.
- The BEP has quietly updated the note's design, and is ramping up a print run of the new notes. A $100 note redesign was announced in late 2007, comparable to the colorization of the $5, $10, $20, and $50 notes in recent years. Yet no formal proclamation has yet been made, no curtain pulled back on a colorized $100.
- In a steep recession, with credit markets locked up, many Americans have given up on their credit cards, and are resorting to cash transactions. (On second thought, this theory doesn't work. If more transactions were in cash, we'd see a corresponding increase in smaller bills and coins, which isn't happening.)
- People are nervous about the future economy, and are hoarding $100 bills.
- Plain old-fashioned inflation. People simply need larger bills than they used to, and some critical point has been passed where banks are giving out $100 notes in place of several $20s.
(http://www.bep.treas.gov/section.cfm/2/431/651)
$1 = 236.8 M
$2 = none
$5 = none
$10 = none
$20 = 51.2 M
$50 = none
$100 = 150.4 M
Total notes = 438.4 M
Average value per note = $37.18
Fewest $1 notes since March 2009.
Third consecutive month without $5 notes, the longest period in my records back to 2002.
Fourth consecutive month without $10 notes.
Fewest $20 and $100 notes since January 2009.
Fewest total notes since December 2007.
The BEP has been on a $100 note printing bender this fiscal year, the likes of which have not been seen in this decade. $100 note production for 2009 is already 70% higher than the average annual production from FY2003-FY2008, with two more months of FY09 to go. Why the surge? Here are my theories:
- Foreign demand for the physical greenback is up as citizens of developing nations flee to the security of the USD. Remember, Panama, Ecuador, and El Salvador officially use the dollar, and hyperinflated Zimbabwe is de facto on the USD too. This could also be the work of increased demand from currency market speculators.
- The BEP has quietly updated the note's design, and is ramping up a print run of the new notes. A $100 note redesign was announced in late 2007, comparable to the colorization of the $5, $10, $20, and $50 notes in recent years. Yet no formal proclamation has yet been made, no curtain pulled back on a colorized $100.
- In a steep recession, with credit markets locked up, many Americans have given up on their credit cards, and are resorting to cash transactions. (On second thought, this theory doesn't work. If more transactions were in cash, we'd see a corresponding increase in smaller bills and coins, which isn't happening.)
- People are nervous about the future economy, and are hoarding $100 bills.
- Plain old-fashioned inflation. People simply need larger bills than they used to, and some critical point has been passed where banks are giving out $100 notes in place of several $20s.
Sunday, August 2, 2009
Mint: June 2009
Jan-June 2009 totals for the US Mint:
1cent: 1,374.4 Million
5cents: 79.68 M
10cents: 146.0 M
25cents: 366.12 M
50cents: 3.4 M
1dollar: 293.58 M (including 51.1 Native dollars)
Isolating the June numbers:
1cent: 228.8 M
5cents: 480,000
10cents: none
25cents: 69.2 M
50cents: none
1dollar: 55.3 M (all presidents)
This marks the first meager production of 2009 nickels since April 23, when nickel and dime production was indefinitely halted. Dime production has not yet resumed.
P and D mintmarks for nickels are at parity, while P dimes outnumber Ds by two to one.
By quantity so far, dollars are the third-most minted coin of 2009.
If my predictions hold for the rest of the year, 2009 could be the lowest cent mintage since 1966, the lowest nickel mintage since 1951, the lowest dime mintage since 1955, the lowest quarter production since 1977, and overall the lowest Mint output since 1963.
1cent: 1,374.4 Million
5cents: 79.68 M
10cents: 146.0 M
25cents: 366.12 M
50cents: 3.4 M
1dollar: 293.58 M (including 51.1 Native dollars)
Isolating the June numbers:
1cent: 228.8 M
5cents: 480,000
10cents: none
25cents: 69.2 M
50cents: none
1dollar: 55.3 M (all presidents)
This marks the first meager production of 2009 nickels since April 23, when nickel and dime production was indefinitely halted. Dime production has not yet resumed.
P and D mintmarks for nickels are at parity, while P dimes outnumber Ds by two to one.
By quantity so far, dollars are the third-most minted coin of 2009.
If my predictions hold for the rest of the year, 2009 could be the lowest cent mintage since 1966, the lowest nickel mintage since 1951, the lowest dime mintage since 1955, the lowest quarter production since 1977, and overall the lowest Mint output since 1963.
Mint: May 2009
Mint data is here for Jan-May 2009 coin production:
1cent: 1.1456 B
5cents: 79.2 M
10cents: 146.0 M
25cents: 296.92 M
50cents: 3.4 M
1dollar: 238.28 M (including 51.1 Native dollars)
Isolating the May numbers:
1cent: 281.2 M
5cents: none
10cents: none
25cents: 39.8 M
50cents: none
1dollar: 31.92 M
Average face value per coin: $0.127
The Mint followed through with their April 23 announcement to indefinitely suspend the mintage of nickels and dimes. Neither denomination were produced in May. This leaves cents, quarters, and dollars as the only coins still being produced. Incidentally, these are also the only denominations with non-permanent designs.
1cent: 1.1456 B
5cents: 79.2 M
10cents: 146.0 M
25cents: 296.92 M
50cents: 3.4 M
1dollar: 238.28 M (including 51.1 Native dollars)
Isolating the May numbers:
1cent: 281.2 M
5cents: none
10cents: none
25cents: 39.8 M
50cents: none
1dollar: 31.92 M
Average face value per coin: $0.127
The Mint followed through with their April 23 announcement to indefinitely suspend the mintage of nickels and dimes. Neither denomination were produced in May. This leaves cents, quarters, and dollars as the only coins still being produced. Incidentally, these are also the only denominations with non-permanent designs.
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