United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 2004-04-23 monographic deposited born digital 45 p. GA 1.13:GAO-04-283 https://www.govinfo.gov/app/details/GAOREPORTS-GAO-04-283 P0b002ee18038ffd9 f:d04283 DGPO 2010-08-12 2011-03-23 GAOREPORTS-GAO-04-283 machine generated eng fdlp REPORT GAOREPORTS-GAO-04-283 GAO-04-283 Accounting procedures Budget receipts Cost accounting Currency and coinage Federal procurement Financial statements Profits Reporting requirements Other Written Product A09834

The government produces billions of coins and currency notes each year. Coins are made by the U.S. Mint and issued by the Treasury Department. Currency notes are made by the Bureau of Engraving and Printing and issued by the Federal Reserve System (Fed). The Fed buys coins from the Mint at face value but pays the Bureau only the costs of printing currency. Coins on the books of the Fed are assets that are issued by the Mint, and notes are liabilities of the Federal Reserve Banks. In recent years congressional hearings have highlighted the confusion over differences in the budgetary and accounting treatment of coins and currency. In addition, the Treasury Inspector General and others have reported problems with Mint and Bureau operations. GAO was asked to review (1) how the costs and earnings from coins and currency are budgeted and accounted for and (2) whether any operational problems at the Mint and Bureau need further action. https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-04-283/html/GAOREPORTS-GAO-04-283.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-04-283/pdf/GAOREPORTS-GAO-04-283.pdf GAO-04-283 https://www.govinfo.gov/app/details/GAOREPORTS-GAO-04-283 Other Written Product GAO-04-283; Coins and Currency: How the Costs and Earnings Associated with Producing Coins and Currency Are Budgeted and Accounted For; Accounting procedures Budget receipts Cost accounting Currency and coinage Federal procurement Financial statements Profits Reporting requirements Title 31 Section 5136 Title 31 Section 5142 31 U.S.C. 5136 31 U.S.C. 5142 Title 1731 Section 5134 1731 U.S.C. 5134