Mint shrinking, aging, customer base has room to grow
- Published: Oct 28, 2016, 7 AM
The demographics of the U.S. Mint's customer base shows that in 2015 the percentage of customers aged 65 and older was nearly double that in 2006.
That factor was revealed during the Mint’s presentation on the demographics of its customer base at its Oct. 13 forum in Philadelphia.
The Mint had demographics for its customer base collated by Naxion, a Philadelphia-based market research company formerly known as National Analysts Worldwide.
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Naxion examined the demographics for Fiscal Years 2006, 2011 and 2015, assessing how they relate to the last U.S. census. (The federal fiscal year runs from Oct. 1 to Sept. 30.)
The age of the Mint's overall customer population has increased over the past decade, statistics show.
In 2006, 15 percent of the Mint’s overall customer base was ages 18 to 44; 56 percent was 45 to 64; and 29 percent was 65 or over.
In 2011, the statistics overall were 14 percent ages 18 to 44; 56 percent 45 to 64; and 30 percent 65 or older.
For 2015 overall, the age demographics were 8 percent ages 18 to 44; 40 percent 45 to 64; and 52 percent 65 or older.
In 2006, the Mint’s customer base was 76 percent male and 24 percent female; in 2011, 81 percent male and 19 percent female; and in 2015, 87 percent male and 13 percent female.
The collector base among U.S. Mint customers still remains predominantly white, with an increase in the number of Hispanic customers in the United States.
In 2006, the overall customer breakdown was 90 percent white, with the remaining categories of Hispanic, Asian, African-American and “Other” comprising the remaining 10 percent.
In 2011, the overall breakdown was 89 percent white, with the remaining customers recorded from the remaining ethnic categories. In 2015, the breakdown was 86 percent white.
U.S. Mint customers overall have also gotten wealthier between 2006 and the present, though the percentage of customers who fall into the lowest category — those making less than $30,000 — has also risen since 2006.
In 2006, 26 percent of U.S. Mint customers reported income of more than $100,000 annually; 41 percent, $50,000 to $100,000; 20 percent, $30,000 to $50,000; and 13 percent, under $30,000.
For 2011, 32 percent reported income over $100,000; 41 percent, $50,000 to $100,000; 16 percent, $30,000 to $50,000; and 11 percent, under $30,000.
For 2015, 36 percent earned more than $100,000; 35 percent, $50,000 to $100,000; 14 percent, $30,000 to $50,000; and 16 percent, under $30,000.
This article was revised and updated on Nov. 1, 2016, with clarification about the data on the two demographics charts accompanying the article. The article originally posted Oct. 28 was based on a misinterpretation that the column marked "US" referenced percentages of U.S. Mint customers in the United States as they pertain to the categories of age, gender, ethnicity and income. In reality, the "US" columns present data in those categories drawn from the last U.S. Census. Coin World regrets the error.
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