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Where Are The 2020 US Mint Sets? Time To Release Hoards Of Dollar Coins?

 
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Author Previous TopicReplies: 12 / Views: 677Next Topic  
Pillar of the Community
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4691 Posts
 Posted 07/13/2020  08:09 am Show Profile   Bookmark this topic Add TheForce to your friends list Get a Link to this Message
Are they a victim of the alleged coin shortage? I was gonna get a set or two because of the likely low mintages for this year.

Is now the time to release the hoards of dollar coins from government vaults?
Pillar of the Community
United States
1153 Posts
 Posted 07/13/2020  08:32 am  Show Profile   Bookmark this reply Add CollegeBarbers to your friends list Get a Link to this Reply
The Mint Set was originally scheduled for release in May, but that was postponed because of the pandemic. Currently the product calendar says TBD, but a print catalog I received in the mail said the Mint Set is to be released in the fall.

Quote:
Are they a victim of the alleged coin shortage?

The coins included in the Mint Set are different from regular-issue coins, so the release date's postponement is likely unrelated. According to a press release about last year's set:

Quote:
The United States Mint strikes its uncirculated coins on dedicated presses that use greater force than those used to produce circulating coins. This technique results in a sharp, intricately detailed image.
Pillar of the Community
United States
1770 Posts
 Posted 07/13/2020  12:37 pm  Show Profile   Bookmark this reply Add Alpha2814 to your friends list Get a Link to this Reply

Quote:
The coins included in the Mint Set are different from regular-issue coins, so the release date's postponement is likely unrelated.

Considering shortages in circulation and decreased production at the Mint due to shutdowns, I'd think the priority is on meeting public demand before these specialized sets.
Working on: Indian quarter eagles, Chinese pandas, and San Francisco tokens; upgrading my Peace dollar and US Type sets

"Fear is the enemy of will. Will is what makes you take action; fear is what stops you, and makes you weak."
-- Sinestro to (my avatar) Hal Jordan, "Green Lantern" (2011)
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88550 Posts
 Posted 07/13/2020  2:07 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
The coins included in the Mint Set are different from regular-issue coins, so the release date's postponement is likely unrelated.

Quote:
I'd think the priority is on meeting public demand before these specialized sets.
I believe the only relation would be staffing needs to run the machines, so it makes sense that the sets get lower priority.
Pillar of the Community
United States
4691 Posts
 Posted 07/13/2020  6:45 pm  Show Profile   Bookmark this reply Add TheForce to your friends list Get a Link to this Reply
Tons and tons of dollar coins in vaults they could unleash...
Bedrock of the Community
United States
16757 Posts
 Posted 07/13/2020  11:11 pm  Show Profile   Bookmark this reply Add Conder101 to your friends list Get a Link to this Reply

Quote:
Tons and tons of dollar coins in vaults they could unleash..

And all it takes for that to happen is for the public to ask their banks to get them for them. They aren't stockpiled because the government is hoarding them, they are there because no one asks for them. There is a STEADY trickle of them going out to large cities with major Mass Transit systems, about 6 million coins a month.And at that rate the stockpile will be depleted in somewhere between 16 and 27 years. That is what happened with the SBA dollars and why they had to strike 1999 SBA's. The stockpile was going to be depleted before the 2000 Sac dollars were to be issued.
Gary Schmidt
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United States
4691 Posts
 Posted 07/14/2020  11:41 am  Show Profile   Bookmark this reply Add TheForce to your friends list Get a Link to this Reply
If this shortage is a thing, the treasury should just send these dollar coins to financial institutions and get them out there. Though I don't really know how much help dumping these into circulation will help with the current situation.

Now might be the time to eliminate the penny. Canada has successfully done so.
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United States
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 Posted 07/14/2020  12:24 pm  Show Profile   Bookmark this reply Add Alpha2814 to your friends list Get a Link to this Reply
The shortage is among fractions of a dollar. Releasing dollar coins won't solve that, unless there's also a shortage of paper dollars (which I haven't heard about).

But yeah, this is the perfect time to reevaluate our approach to coins in general.
Working on: Indian quarter eagles, Chinese pandas, and San Francisco tokens; upgrading my Peace dollar and US Type sets

"Fear is the enemy of will. Will is what makes you take action; fear is what stops you, and makes you weak."
-- Sinestro to (my avatar) Hal Jordan, "Green Lantern" (2011)
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 Posted 07/14/2020  12:58 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
unless there's also a shortage of paper dollars (which I haven't heard about)
Kill the dollar bill. Those vaults would empty rather quickly.
Bedrock of the Community
United States
16757 Posts
 Posted 07/16/2020  01:30 am  Show Profile   Bookmark this reply Add Conder101 to your friends list Get a Link to this Reply

Quote:
If this shortage is a thing, the treasury should just send these dollar coins to financial institutions and get them out there

So are you suggesting that the Treasury should just give all of these coins to the banks for free?
Gary Schmidt
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United States
4691 Posts
 Posted 07/26/2020  10:08 am  Show Profile   Bookmark this reply Add TheForce to your friends list Get a Link to this Reply
Might be a good time to reevaluate the penny.
Bedrock of the Community
United States
16757 Posts
 Posted 07/26/2020  6:20 pm  Show Profile   Bookmark this reply Add Conder101 to your friends list Get a Link to this Reply
That is true, by dropping the cent rounding would make transactions easier on the coin supply and would free up something like 60% of the mints capacity to make other coins. The cent has been a "one way" coin for years and this restriction in the return flow of coins just makes that problem worse.
Gary Schmidt
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