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unusual new offering from the mint

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Unfortunately, its NOT our tax dollars at work as the US Mint is self supporting and receives zero tax dollars to operate and produce coins.

 

Correct, The mint actually makes a considerable profit. The profit that the mint makes gets put towards the national debt.

 

The only thing that the mint looses money on is cents and nickels.

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So, someone who uses a points/bonus type CC can order these coins at face, deposit them immediately upon receipt and gain added value via their credit card?

 

I don't see how this Mint program is going to work well for the Mint.

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This is just the governments way to try to get rid of millions and millions of these "golden dollars" that are made of pot metal that nobody wants. I guess they think they can use collectors to distribute them, since they have failed miserably in the last 10 years. The big waste of tax dollars is our legislators ignoring the wishes of the people and forcing the mint to make coins no one wants.

 

MM

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I can see how the MINT would loose money on this. The whole reason for it is to try to get these coins circulating because it has been proven that over the lifetime it would be cheaper to make these then the dollar bills.

 

I am thinking that they are hoping we will use the coins to make every day purchases not just take them to the bank.

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Unfortunately, its NOT our tax dollars at work as the US Mint is self supporting and receives zero tax dollars to operate and produce coins.

 

Correct, The mint actually makes a considerable profit. The profit that the mint makes gets put towards the national debt.

 

The only thing that the mint looses money on is cents and nickels.

Olde news. Cost of copper and zinc dropped and the costs to make the cent dropped to par at the end of 2008. The cost of nickels (which are actually 75 percent copper) were 1.7 cents over face value.

 

There has been no report from 2009 probably because the costs dropped and the headline value that the Mint is now earning seigniorage on these coins does not exist.

 

In this case, the US Mint is selling $1 coins at face value with free shipping. Shipping costs $4.95. According to the US Mint's 2001 Annual report, these coins cost $0.183 each (not adjusted for inflation) to make. This means it cost the US Mint $45.75 to strike 250 coins--a profit of $204.25 for each box. Even if they pay for postage and the service costs of the roll and box for shipping, the Mint will still make over $190 per box!

 

By law, the seigniorage is deposited in the US Mint Public Enterprise Fund. A specific amount of the Public Enterprise Fund is authorized by congress to be withdrawn by the US Mint for its operations. After the appropriations are made, the US Mint releases the PEF to the Department of the Treasury and most of the left over money is deposited in the general fund. Treasury usually holds back 10-15 percent for "emergency purposes." According to the US Mint's 2008 Annual Report, $735 million dollars of seigniorage was deposited into the general fund.

 

The US Mint also reported that it delivered $1,294.5 million in circulating coinage to the Federal Reserve in FY2008 averaging 55-cents profit from every one dollar worth of coins delivered or about $711 million. The balance of the $24 million profit comes from numismatic sales.

 

The Public Enterprise Fund has been around in its present form since 1971. After several fits and starts, it was improved in 1981 and then again in 1986. Under this bit of governance, the US Mint showed a profit in 1974, but not by much. But 1987 was considered the watershed year since it allowed the US Mint to start to pay off the bonds that were used to start the PEF. By 1989, the US Mint paid off the original seed money that started the PEF and became fully self supporting. By 1993, the law was changed again to remove the automatic deposit of money from the general funds into the account and required the Treasury to deposit overages into the general fund.

 

That's probably more than you want to know, but I felt it was necessary.

 

Scott

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The Mint wants these coins to sit in your collection/vault/safe instead of their's. I hope they would circulate more freely but that does not seem likely until the demise of the $1 bill.

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think they lost money on most of the gold coins they sold over the years now that gold is where it s at.Also they don't count retirement health and other cost goverments don't make profit never have never will

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think they lost money on most of the gold coins they sold over the years now that gold is where it s at.

They lost money on gold they sold years ago because gold is high now? Huh? Under that kind of logic you should never sell anything because thy will be worth more in the future. But of course you shouldn't sell it then because it will be worth more even further in the future. So you should never sell anything at any time.

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Unfortunately, its NOT our tax dollars at work as the US Mint is self supporting and receives zero tax dollars to operate and produce coins.

 

Correct, The mint actually makes a considerable profit. The profit that the mint makes gets put towards the national debt.

 

The only thing that the mint looses money on is cents and nickels.

Olde news. Cost of copper and zinc dropped and the costs to make the cent dropped to par at the end of 2008. The cost of nickels (which are actually 75 percent copper) were 1.7 cents over face value.

 

Scott

 

All I know is what an employee of the Denver mint told me back in September of '09. (shrug)

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think they lost money on most of the gold coins they sold over the years now that gold is where it s at.

They lost money on gold they sold years ago because gold is high now? Huh? Under that kind of logic you should never sell anything because thy will be worth more in the future. But of course you shouldn't sell it then because it will be worth more even further in the future. So you should never sell anything at any time.

 

:signfunny:

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think they lost money on most of the gold coins they sold over the years now that gold is where it s at.

They lost money on gold they sold years ago because gold is high now? Huh? Under that kind of logic you should never sell anything because thy will be worth more in the future. But of course you shouldn't sell it then because it will be worth more even further in the future. So you should never sell anything at any time.

 

I sold my body once on a 72-hour trial basis, and the buyer paid me twice as much to take it back.

 

Chris

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Unfortunately, its NOT our tax dollars at work as the US Mint is self supporting and receives zero tax dollars to operate and produce coins.

 

Correct, The mint actually makes a considerable profit. The profit that the mint makes gets put towards the national debt.

 

The only thing that the mint looses money on is cents and nickels.

Olde news. Cost of copper and zinc dropped and the costs to make the cent dropped to par at the end of 2008. The cost of nickels (which are actually 75 percent copper) were 1.7 cents over face value.

 

There has been no report from 2009 probably because the costs dropped and the headline value that the Mint is now earning seigniorage on these coins does not exist.

 

In this case, the US Mint is selling $1 coins at face value with free shipping. Shipping costs $4.95. According to the US Mint's 2001 Annual report, these coins cost $0.183 each (not adjusted for inflation) to make. This means it cost the US Mint $45.75 to strike 250 coins--a profit of $204.25 for each box. Even if they pay for postage and the service costs of the roll and box for shipping, the Mint will still make over $190 per box!

 

By law, the seigniorage is deposited in the US Mint Public Enterprise Fund. A specific amount of the Public Enterprise Fund is authorized by congress to be withdrawn by the US Mint for its operations. After the appropriations are made, the US Mint releases the PEF to the Department of the Treasury and most of the left over money is deposited in the general fund. Treasury usually holds back 10-15 percent for "emergency purposes." According to the US Mint's 2008 Annual Report, $735 million dollars of seigniorage was deposited into the general fund.

 

The US Mint also reported that it delivered $1,294.5 million in circulating coinage to the Federal Reserve in FY2008 averaging 55-cents profit from every one dollar worth of coins delivered or about $711 million. The balance of the $24 million profit comes from numismatic sales.

 

The Public Enterprise Fund has been around in its present form since 1971. After several fits and starts, it was improved in 1981 and then again in 1986. Under this bit of governance, the US Mint showed a profit in 1974, but not by much. But 1987 was considered the watershed year since it allowed the US Mint to start to pay off the bonds that were used to start the PEF. By 1989, the US Mint paid off the original seed money that started the PEF and became fully self supporting. By 1993, the law was changed again to remove the automatic deposit of money from the general funds into the account and required the Treasury to deposit overages into the general fund.

 

That's probably more than you want to know, but I felt it was necessary.

 

Scott

 

On the contrary, I find it interesting!

 

Chris

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I consider it a waste of time. The public has displayed a lopsided preference for the paper version which is why these coins do not circulate. This is unlikely to change until the government does what it usually does, remove choice to force people to change their behaviour.

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It's a wealth redistribution program. It moves the coins from the vaults at the mint to the vaults at the federal reserve after they are cashed in. Even the ones that are spent will most likely be deposited and removed from circulation in short order.

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worked for me i buy it and rent it out I haven't worked during this century . How about you ? Haven't sold many coins just bought $1000.00 face value Mercurys from apmex for the grand kids .That will puts them off the market for 16yrs

 

 

The ones who make the real money on the new dollars are the TV con men -coin dealers -and grading companys

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One positive thing I can say about this deal is that it beats the offer I've seen on the back of some "U.S. Today" newspapers. They are offering two rolls of "golden dollars" (Sacagawea "golden" dollars) in faux gold boxes that are shaped like the gold ingots in Fort Knox. The price is at "cost," only $125 plus shipping. They have a bunch of armered trucks around and armed guards to deliver these "treausres" to the shipping point, which looks like it's somewhere in New York City.

 

It's the usual rip-off deal from the usual "coin barker" suspects who are ready to relieve those who have more money than brains. It's hard to find out in the sales pitch that these "golden dollars" in their "golden boxes" don't have one milligram of gold in them. :mad:rantrant

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