How much does it cost to produce currency and coin?
Currency
Each year, the Federal Reserve Board projects the likely demand for new currency, and places an order with the Department of the Treasury's Bureau of Engraving and Printing, which produces U.S. currency and charges the Board for the cost of production. The 2023 currency operating budget is $931.4 million. The table below provides details on the variable printing costs of Federal Reserve notes for each denomination. The currency budget includes $265.5 million to reimburse for all variable printing costs. The variable costs represent the paper, ink, labor, and direct overhead costs to print each note.
| Denomination | Variable Printing Costs |
|---|
| $1 and $2 | 2.8 cents per note |
| $5 | 4.8 cents per note |
| $10 | 4.8 cents per note |
| $20 | 5.3 cents per note |
| $50 | 5.2 cents per note |
| $100 | 8.6 cents per note |
The currency budget also includes $587.0 million to reimburse for fixed printing costs, which includes indirect manufacturing overhead and support, general and administrative, research and development, and prepress and engraving. Further details about the production costs for Federal Reserve notes are presented in the 2023 Currency Budget (PDF).
Coin
Annual coin production is determined by the U.S. Mint. Reserve Banks influence this process by providing the Mint with monthly coin orders and a 12-month, rolling coin-order forecast. Reserve Banks purchase coin at face value from the Mint. Further details about coins can be found on the Mint's website.
Related Information
Currency Print Order
U.S. Mint
FAQs
It costs 10 cents to strike a single dollar coin. A dollar coin has an estimated lifespan of 30 years, while the lifespan of the dollar bill is likely 6.6 years. It costs 5.4 cents to produce that dollar bill.
How much does a coin cost to produce? ›
Mint a pretty penny. The mint's 2022 annual report revealed that it costs 2.72 cents to make 1 penny and 10.41 cents to make a nickel. In comparison, coins like dimes, quarters and the half-dollar cost less to produce and distribute than their face value.
How much does it cost to make a new currency? ›
The new currency budget (Off-site) for 2018 is $861.7 million, and reflects the following costs per denomination: $1 and $2 notes -- 5.6 cents per note. $5 notes -- 11.0 cents per note. $10 notes -- 11.7 cents per note.
How much does it cost to produce a dollar coin? ›
A dollar coin costs about 10 cents to mint, and lasts about 30 years.
How much does it take to make a $100 bill? ›
Every $100 bill comes with a production cost of 8.6 cents, according to the Federal Reserve. Print costs cover essentials such as paper, ink, labor and overhead costs to print. The $100 bill is the most expensive U.S. currency to print because of its security features. Printing cost of a $1 bill is just 2.8 cents each.
How much does it cost to print 1 dollar? ›
The dollar bill costs only 5.4 cents to make
But the dollar bill is also the least expensive to produce, costing only 5.4 cents per note — the same cost to produce a $2 bill, according to the Federal Reserve. The $50 bill is the most expensive at 19.4 cents a bill. The $100 bill costs only 15.5 cents per note.
Are pennies going away in 2024? ›
The U.S. Mint has no plans to discontinue the penny, and such a move would require congressional approval.
Does it cost 2 cents to make a penny? ›
Every year, the U.S. government produces billions of new pennies. Even though a penny is worth only 1 cent, each penny costs about 2 cents to produce.
How much does it cost to make a $2 bill? ›
At first glance, it seems simple enough: The Federal Reserve's website pegs the latest production cost of the $1 bill at just 2.8 cents. Coincidentally, the $2 bill also costs the same 2.8 cents to make.
Can I start my own currency? ›
Under 18 U.S. § 486, it's a criminal offense to make or pass any metal coins "intended for use as current money, whether in the resemblance of coins of the United States or of foreign countries, or of original design." An offense is punishable with up to 5 years in prison, a fine, or both.
To produce a $1 bill, it cost 7.7 cents per note. $5 bill costs 15.5 cents per note, $10 bill costs 15.9 cents per note. The $20 and $50 both costs16. 1 cents per note, and the $100 bill costs a staggering 19.6 cents per note.
Can I order $2 bills from my bank? ›
While the note is less common, $2 bills are still being printed (108.3 million entered circulation in 2022) and count as legal tender. You can even pick them up at a bank, though it'll likely only feature the design that took to the presses in 1976.
Who are the people on the back of a $2 bill? ›
Who's on a 2 dollar bill? The front of the $2 bill features a portrait of Thomas Jefferson, a founding father and the third U.S. President. The iconic painting "The Signing of the Declaration of Independence" by John Trumbull graces the back.
Are $2 bills still made? ›
Today, the general public is still largely unfamiliar with the notes because they are not widely circulated and continue to be hoarded. The common misconception that the $2 note is no longer being produced also remains, though $2 notes have been printed since 1862, except for a 10-year hiatus between 1966 and 1976.
Can I get 50 cent pieces at the bank? ›
Modern-date half dollars can be purchased in proof sets, mint sets, rolls, and bags from the U.S. Mint, and existing inventory circulation pieces can be obtained or ordered through most U.S. banks and credit unions. All collector issues since 2001 have had much lower mintages than in previous years.
How much does it cost to make a dollar with pennies? ›
The dollar is the United States' 100-cent coin. It takes 100 pennies to equal a dollar!
Are coins cheaper to produce than bills? ›
Coins are usually cheaper than paper notes (bills) because they last longer. But $1 bills are lasting longer than ever—and we estimate it's cheaper to stick with them. However, changing the metals in coins could save money without affecting how coins look or work.
Who manufactures coins and currency? ›
U.S currency is produced by the Bureau of Engraving and Printing and U.S. coins are produced by the U.S. Mint.
How much does it cost the U.S. Mint to make coins? ›
Production Cost Update for 2020 through 2022
FY 2022 unit costs are higher than those reported in our 2020 biennial report. The unit costs for FY 2022 are as shown in Table 2: pennies, 2.72 cents; nickels, 10.41 cents; dimes, 5.03 cents; and quarters, 11.09 cents.
