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 2008-03-21 monographic deposited born digital 58 p. GA 1.13:GAO-08-401 https://www.govinfo.gov/app/details/GAOREPORTS-GAO-08-401 P0b002ee18037f17f f:d08401 DGPO 2010-08-12 2011-03-28 GAOREPORTS-GAO-08-401 machine generated eng fdlp REPORT GAOREPORTS-GAO-08-401 GAO-08-401 Bank reserves Cost analysis Credit unions Currency and coinage Federal reserve banks Financial institutions Insured commercial banks Inventory control Inventory control systems Metals Monetary policies Money supply National banks Needs assessment Prices and pricing Savings and loan associations Strategic planning Program goals or objectives Supply and demand Other Written Product A81366 Federal Reserve Banks fulfill the coin demand of the nation's depository institutions--which include commercial banks, savings and loan associations, and credit unions--by ordering new coins from the U.S. Mint and managing coins held in inventory at the Reserve Banks and in coin terminals. Reliably estimating the demand for coins and efficiently managing the inventory of circulated coins is important to ensure that depository institutions have enough coins to meet the public's demand and to avoid unnecessary coin production costs. Since late 2006, rising metal prices have driven the costs of producing pennies and nickels above the face values of the coins. This report addresses (1) the Reserve Banks' process for ordering and distributing coins to the nation's depository institutions and (2) the extent to which this process meets depository institutions' demand for coins. GAO interviewed officials responsible for coin distribution at each of the 12 Reserve Banks and met with representatives of 4 large operators of Federal Reserve coin terminals, 2 banking associations, the U.S. Mint, and the nation's largest coin recycling company. GAO also analyzed Reserve Bank data for fiscal years 1993 through 2007. Federal Reserve and U.S. Mint officials generally agreed with GAO's findings in the report and provided technical comments, which were incorporated as appropriate. https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-08-401/html/GAOREPORTS-GAO-08-401.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-08-401/pdf/GAOREPORTS-GAO-08-401.pdf GAO-08-401 https://www.govinfo.gov/app/details/GAOREPORTS-GAO-08-401 Other Written Product GAO-08-401; U.S. Coins: The Federal Reserve Banks Are Fulfilling Coin Demand, but Optimal Inventory Ranges Are Undefined; Bank reserves Cost analysis Credit unions Currency and coinage Federal reserve banks Financial institutions Insured commercial banks Inventory control Inventory control systems Metals Monetary policies Money supply National banks Needs assessment Prices and pricing Savings and loan associations Strategic planning Program goals or objectives Supply and demand