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US Mint Begins Production of 2012 Presidential Dollars

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Pillar of the Community

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 Posted 02/10/2012  5:50 pm Show Profile Bookmark this topic Add TheDanMan to your friends list Get a Link to this Message

http://news.coinupdate.com/us-mint-...ollars-1212/


Quote:
During the month of January 2012, the United States Mint began production of the 2012 Presidential $1 Coins, striking a total of 1.68 million coins combined across the Philadelphia and Denver mint facilities. The initial production level represents a sharp decline from the year ago period of January 2011 when the Mint struck 72.66 million Presidential Dollars.

The substantially reduced production level follows the decision of the Treasury Department to suspend production of the series for circulation, with the US Mint striking only the limited number of coins need to satisfy demand from collectors.

During the first five years of the program from 2007 to 2011, the Mint had produced a total of 2,376,250,000 Presidential Dollars for circulation. Production levels had remained at unusually high levels in large part due to a requirement that Federal Reserve Banks make each of the four different designs released annually available to depository institutions during an introductory period. Since a large proportion of the $1 coins were not ordered or ultimately redeposited, this led to a build up of about 1.4 billion $1 coins held in storage at Federal Reserve Banks.

When the suspension was announced, the Treasury Department indicated savings of $50 million in production and storage costs annually. Opponents of the suspension have argued that the potential costs savings from eliminating the $1 bill and fully transitioning to $1 coins would be far greater, citing a report from the Government Accountability Office projecting savings of $5.5 billion over 30 years.

Going forward, the limited number of Presidential Dollars produced by the United States Mint will not be distributed to the channels of circulation. Rather the coins are expected to be made available within rolls, bags, and boxes priced at a premium to face value and sold directly by the United States Mint.

The coins produced last month likely feature Chester A. Arthur, the 21st President of the United States. Prior to the announcement of the suspension, these coins were expected to be released into circulation on February 16, 2012. The United States Mint has not yet announced when they will begin sales of the rolls, bags, boxes, and other products containing the coins.

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21596 Posts
 Posted 02/10/2012  6:09 pm  Show Profile Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
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 Posted 02/10/2012  6:16 pm  Show Profile Bookmark this reply Add Penny4Me to your friends list Get a Link to this Reply
sounds like these 2012 will be rare...The coins produced last month likely feature Chester A. Arthur, the 21st President of the United States. Prior to the announcement of the suspension, these coins were expected to be released into circulation on February 16, 2012.
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United States
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 Posted 02/10/2012  6:17 pm  Show Profile Bookmark this reply Add littleboy to your friends list Get a Link to this Reply
I think these presidential dollars may bring a premium in the future if the dollar note gets discontinued. That will allow dollar coins to circulate well and probably bring a lot more collectors to the series. The low mintage coins may be scarce enough to be worth more than face once the demand is higher. (when I say a premium, I mean several times face...not hundreds of dollars)
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 Posted 02/10/2012  6:39 pm  Show Profile Bookmark this reply Add biggfredd to your friends list Get a Link to this Reply

Quote:
During the first five years of the program from 2007 to 2011, the Mint had produced a total of 2,376,250,000 Presidential Dollars for circulation...Since a large proportion of the $1 coins were not ordered or ultimately redeposited, this led to a build up of about 1.4 billion $1 coins held in storage at Federal Reserve Banks.


So we're lead to believe these are "unpopular" except with collectors.

1.4 billion that have been used is roughly double the total mintage of Morgan and Peace dollars over their 58-year run.
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United States
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 Posted 02/10/2012  6:44 pm  Show Profile Bookmark this reply Add biggfredd to your friends list Get a Link to this Reply
I foresee a future where the mint no longer makes anything for circulation, just for sale to collectors. It costs something like 8ยข to make a brass buck, why should the mint get more than face value for rolls of them?
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United States
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 Posted 02/10/2012  8:16 pm  Show Profile Check matchbox's eCrater Listings Bookmark this reply Add matchbox to your friends list Get a Link to this Reply
Wow, only 1.6 million coins minted for both mints. Those will be rare like Kennedy halves. I'll still be getting them. It's what they should have done from the beginning; mint them as NIFC for collectors only and if they were popular then they could have minted more.

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 Posted 02/10/2012  8:54 pm  Show Profile Bookmark this reply Add Kingcoin to your friends list Get a Link to this Reply
Intresting
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 Posted 02/11/2012  12:05 am  Show Profile Bookmark this reply Add cc99999 to your friends list Get a Link to this Reply
if everyone hoards these things- how much premium are they likely to get. sure that's not a ton of units- but 1.4 million of each coin that never gets into circulation and is sold to collectors- is roughly the same as the typical proof run- and they don't appreciate that well.
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 Posted 02/11/2012  03:15 am  Show Profile Bookmark this reply Add DivChaser to your friends list Get a Link to this Reply
Those are some sweet mutton chops! Might be interesting to see what coins are out there that have the best sideburns, that would be a great folder idea!
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 Posted 02/11/2012  11:05 am  Show Profile Bookmark this reply Add Conder101 to your friends list Get a Link to this Reply
That 1.4 million is just this months production. I would expect it to go a little higher before they switch to the next resident. I would expect to see a mintage of around 2.5 to 3 million of each coin. That is about how many they have sold in rolls, bags and mint sets in previous years.
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 Posted 02/11/2012  9:22 pm  Show Profile Bookmark this reply Add everything to your friends list Get a Link to this Reply
These things are going the way of the half dollar.
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 Posted 02/13/2012  11:21 am  Show Profile Bookmark this reply Add eaglefoot to your friends list Get a Link to this Reply
Rolls of these, or the hoarding of these, will be a big "let-down" IMO.
Low mintage or not.
And I can't think of ANY "low mintage" business strike Kennedy's that I'm going to retire off of any time soon either ! .....

I've been told many times before......"low mintage" does not necessarily mean or equal "value" or "premiums" on coins, esp. in the Ultra Modern era.
Still "collectible" though ?.......yes, of course, and absolutely ! ...
But I advise not to look at the 2012 Presidential Dollars with "dollars" in your eyes while dripping with saliva ! .....
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 Posted 02/13/2012  11:35 am  Show Profile Check The_Duke's eBay Listings Check The_Duke's eCrater Listings Bookmark this reply Add The_Duke to your friends list Get a Link to this Reply
Too bad it wasn't a popular president(no offense to Chester A. Arthur) then you might see a better premium.
The_Duke
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United States
12917 Posts
 Posted 02/13/2012  11:58 am  Show Profile Bookmark this reply Add just carl to your friends list Get a Link to this Reply
All the banks around me have finally stopped asking people if they want those. Most have asked the Fed to stop sending them something that just sits.
just carl
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United States
1006 Posts
 Posted 02/13/2012  12:00 pm  Show Profile Check matchbox's eCrater Listings Bookmark this reply Add matchbox to your friends list Get a Link to this Reply
^Can banks still order them in or do you have to get them directly from the mint now?
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