The U S Mint Director, Ed Moy's Statements

with the last three posts! Stop minting the cent for circulation!

I would like to see them still minted for collectors though (with a new reverse, of course). At least with them all being NIFC, paying a premium won't seem as ludicrous.

But I won't be too upset if they quit minting them entirely. The Lincoln Cent has had an incredible run so far.

In part of Mr Moy's statements he says "But, you know part of this is just the way the Mint does its accounting and how we allocate our overhead costs"

The old "but you know", I do know that the sales from the LP1&LP2 have made the Mint "Millions" also it all comes from the only people who want the coins, because we/they have an urge to fill holes, "The Collectors"....

So the US mint uses our tax payer dollars to operate and to make a profit. Director Moy explains it like the mint is a private business..lol They never did this before they figured out it was big business in them there coin collectors..lol. At lest that is what is sounds like to me, am I wrong?

A government run entity


case closed

That is what I understand as well, the US Mint is entirely self-sufficient and receives no tax dollars


You might want to try reading the US Mint's annual fiscal report as that would dispel your misconceptions about these "record breaking" numismatic sales. Do you know the source for the vast majority of the Mint's net income? It is certainly not numismatic sales. Seigniorage income from FY2008 amounted to $706.2 million while total numismatic and bullion income amounted to a mere $100.2 million, those numbers are derived from total revenue of $2.8 billion. Numismatic income is up from FY2007 but compares favorably to FY2005 and FY2006 and if not for record-breaking bullion sales, the number would have been much lower for 2008. If the US Mint was a private company, it would rank #710 on the Forbes 1000 list based on their 2008 total revenue.

I would recommend that every collector read the US Mint Annual Report, it is an excellent window into the fiscal operations of the Mint. It is a big PDF download at over 35mb and a long read at 70 pages but here is the United States Mint 2008 Annual Report
I pulled the numbers from a handy chart on page 2

Conder101, I must of been the exception to the exception, I returned 1 of the 2009-silver proof sets, because of the damaged coins, and was refunded my return shipping costs, actually was informed it will be in my hands in 2-3 weeks, They did give me a brief refund of $52.95 for the set and DID NOT refund the shipping cost to return or replace the set they are sending me, they kept the $4.95 original shipping charge and I would guess they applied it to the set they are sending me as the amount they charged me for the replacement set was $52.95.

Bio, I tried to read the site you have posted in your reply, I could not get there, Maybe me I am not sure.
I see you wrote that you have no problem with anything Mr Moy said, I find it hard to believe a collector, who IMO, is also very passionate about knowledge and having the ability to get some of these 2009 coins, would agree with the directors statements, simply put, the Mint finds the time to sell coinage for $8.95 plus $4.95 shipping for the rolls of Lincoln cents, and he states that the mint has it's 1st and foremost job of getting the coinage out to the commerce and business's for use and basically, has no interest or concern for the "collectors" besides the Millions the coins sold to "collectors" made the U S Mint, Also I really am not concerned about the overall Billions of dollars the Mint took in, or where it came from, simply put the words of the director are not "collector friendly" and IMO, He has an opportunity to make changes, I know Congress sets the laws and guidelines, but He could do more to rally on behalf of the millions of people and collectors who have been and will keep on looking to fill holes in albums if we could just find the coins some where.

I see you are an optimist in that you believe we all will be able to get our hands on the illusive 2009 coins,at face, I think we some day will see them, but not as you seem to state, you see more and more.I for one do not like to be in a game when others have an ace up their sleeve, maybe some day on HSN, we will see ALL the coinage we are not able to have, other than paying through the nose from the "special ones."
Why did you go to the 3rd release, to have a part in an historic event and Get Some Rolls of the coins you could not find, for face value, just as I did for the 2nd release. Again it is simply not right, unless the parties involved( the U S Mint, and the powers to be )are making money!!!

Also when things are written they could easily be taken out of context, Please do not misunderstand I am simply, like you, an outspoken person who enjoys life when the playing field is level for ALL!!

Thanks Bio

Conder101, I totally agree, that is what happened. I would also believe the U S Mint has a "volume" discount with the Fed-Ex or who ever, I use to work for the Largest tree company in the world, they had a "very nice" volume discount given to them at Fed-Ex and all who ship in huge bulk.
I also did receive the cost of returning the proof set from the Treasury, I also included insurance and was paid in full.I received another set, although it is nicer than the one I returned, it has some shiny spots on the frosted relief and I figure I tried and am done, soon will be reducing my Mint orders to a bare minimum and hope the quality people come back to work since taking a leave of absence in early 1982!!

Today, not to get off the subject, I read an article that the U S Mint is going broke, since 2003, because they say it costs 1.87 cents to make a cent and to make a nickel it costs them 8.37 cents to produce. They go on to say that Congress is the only entity to change this and there was a bill in 2008 proposing to change the coins composition but never made it to a vote, kind of leaves you to wonder what will the coinage of the next few years be made of, I hope it will last longer than the "melt-away copper plated zinc dispose a coin alloy!!"
They also state they are not having the same"making no money on the other coins" problem.