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DOCUMENT RESUME
00268 - [A0590615]
Alternatives to Constructing a Nen Denver fint. LCD-76-458;
B-114877. Dece-aber 6, 1976. Released December 14, 1976. 39 pp. +
5 appernd:Lces.
Report to Sen. William Proxaire, Chairman, Senate Committee on
Banking, Housing and Urban Affairs; by Elmer B. Staats,
Comptroller General.
Issue Area: Facilities and Material Management (700).
Contact: Logistics and Communications Div.
'I-dget Function: General Government: Other General Government
(806).
Organization Concerned: Department cf the TVeasury; Bureau of
the Mint,
Congressional aelevance: Senate Committee on Banking, Housing
and Urban Affairs.
The need for a new Denver Hirt was reviewed following a
request by the Bureau of the Mint for $65 million to construct a
new mint on 'tie basis that coin demnd was increasing. Four
different models werk- used to forecast future coin requirements.
Findings/Ccnciusions: Coin requirements for 1990 range from 17
to 50 billion coins, depending on the forecast mcdel used. TEe
most likely estimate of coin requirements for 1990 is about 41.5
billion coins. About 90 percent of that amount, or 37.6 billion
coins, is pennies. In 1990, it will cost about 10.25 cents to
add one cent into circulation because of projected increases in
demand for copper cents, cent manutacturing and distribution
costs, copper prices, and cent attrition rates. The Bureau's
estimate of construction costs for a new Denver sit may be too
high because: space requirements appear overstated; ccnstruction
cor-ts were based on Philadelphia Hint construction and include
features not needed by the Denver Mint; and escalation for
inflation appears to be duplicated. Recommendations: Facility
changes such as opening the San Francisco Assay Cffice to
production of qeneral circulation coinage, combining functions
and renovating space tc make more space available for coinmaking
machines, and relying on commercial supplies for coinage metals
are suggested as alternatives to the proposed expenditure for a
new mint. (RRS)](ViewImageLocal?handle=hein.gao/gaobaabuk0001&div=1&collection=&method=preview&ext=.png&size=3)