How much does it cost to produce currency and coin?

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).

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

Back to Top
Last Update: May 30, 2023