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APPENDIX IV

RELATED GAO PRODUCTS

APPENDIX IV

Future of the Penny: Options for Congressional Consideration (GAO/T-GGD-96-153, July 16, 1996).

Federal Reserve System: Current and Future Challenges Require Systemwide
Attention (GAO/GGD-96-128, June 17, 1996).

U.S. Mint: Commemorative Coins Could be More Profitable (GAO/GGD-96-113, August 7, 1996).

A Dollar Coin Could Save Millions (GAO/T-GGD-95-203, July 13, 1995).

1-Dollar Coin: Reintroduction Could Save Millions if It Replaced the 1-Dollar Note (GAO/T-GGD-95-146, May 3, 1995).

1-Dollar Coin: Reintroduction Could Save Millions If Properly Managed (GAO/GGD-9356, Mar. 11, 1993).

A New Dollar Coin Has Budgetary Savings Potential But Questionable Acceptability (GAO/T-GGD-90-50, June 20, 1990).

Limited Public Demand for New Dollar Coin or Elimination of Penny (GAO/T-GGD-9043, May 23, 1990).

National Coinage Proposals: Limited Public Demand for New Dollar Coin or
Elimination of Pennies (GAO/GGD-90-88, May 23, 1990).

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Mr. Chairman and Members of the Subcommittee:

We are pleased to be here today to discuss our preliminary findings regarding an allegation about the U.S. Mint's Atlanta Olympic Commemorative Coin Program (Olympic Coin Program). The allegation claims that the Olympic Coin Program has lost approximately $24.7 million, while the Mint has previously reported losses of only about $2 million. You asked in April that we review the allegation to determine whether it is

true.

We have not yet completed our work, and accordingly, caution that our results are only preliminary. Also, it is important to note that we are using figures provided by the Mint's financial management and cost accounting system. The reliability of that system has been criticized extensively over the past several years. The Mint has acknowledged this problem and has stated that it is developing a new system that is designed to integrate its finance, marketing, and manufacturing functions. Accordingly, we caution that figures we are citing today may not necessarily be accurate.

THE OLYMPIC PROGRAM

The Mint has two lines of manufacturing business. It manufactures circulating coins,

which reportedly constituted 78 percent of its fiscal year 1996 revenues. The remaining

22 percent consisted of the manufacture of numismatic products for collectors including medals, proof coins, uncirculated coins, gold and silver bullion coins, and several commemorative coin programs, including the Olympic Coin Program.

The Olympic Coin Program is one of the largest and most complex commemorative coin programs ever managed by the Mint. The Mint was authorized to design a total of 32 Olympic Program coins and manufacture not more than approximately 18 million coins', which later was reduced to not more than 13.3 million coins2. According to Mint records, it has produced 4.1 million Olympic coins, of which 1.8 million remain unsold.

The Olympic Coin Act provides that no coins shall be minted after December 31, 1996, but there is no date by which sales shall end. Mint officials informed us that the Mint is attempting to sell its remaining Olympic Program coins. For example, officials said that the Mint's fall sales catalog will include Olympic Program coins, and that the Mint is negotiating a bulk sale to the U.S. Olympic Committee for the coins' use as contributor gifts.

'Doug Barnard, Jr.- 1996 Atlanta Centennial Olympic Games Commemorative Coin Act, Public Law 102-390, October 6, 1992.

Public Law 104-74, December 26, 1995.

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