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Bedrock of the Community
 United States
12804 Posts |
http://news.coinupdate.com/save-act...-coins-4684/While I agree with the sentiment (i.e., cent and nickel go the way of the dodo), there needs to be verbiage to protect interests of collectors. I think we're all in agreement here that even if the cent and nickel are done away with, we'd still like to see them in NIFC sets. I have no problem if Congress says "don't make coins that cost more to mint than face value" as long as there is a provision for coins whose manufacture cost is recouped by sale to collectors.
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Moderator
 Australia
16804 Posts |
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I think we're all in agreement here that even if the cent and nickel are done away with, we'd still like to see them in NIFC sets. Um, why? For me, the whole reason for the existence of a mint set or proof set is to give a representation of the coins made for circulation at that mint in that year. If a mint didn't make any quarters for circulation that year, then the quarter shouldn't be in that mint set, and so forth. Personally, I generally refuse to buy mint sets that contain coins that only exist in mint sets. But I will agree with the writer, that the wording is defective and in theory prevents the issue of bullion and NCLT collector coins. The simple addition of the phrase "for circulation" after "may not mint or issue" would be a start. The process by which a coin's profitability is measured should probably also be explained somewhere, if not in the law itself. Will they have to wait until the Mint's annual report outlines which coins were profitable that year and say "well, none of those this year, then", or are they supposed to keep their finger on the pulse of world metal prices and cause the presses to come to a screeching halt if the metal price spikes? Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
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Pillar of the Community
United States
4901 Posts |
I think it is an extremely poorly worded and doomed bill. Yes, it addresses the cent and nickel but also includes ALL minted coins. So bye, bye, ASE (costs more than a dollar to mint) and, well, ALL commemorative, silver, and gold coins of any kind. The bill was introduced and defeated previously and was supposed to be reworded to address collector coins when it was presented again...didn't happen. Total dumbness... |
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Bedrock of the Community
 United States
12804 Posts |
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Um, why? Personal preference. Currently U.S. mint sets include 5 coins that are NIFC. I suppose it wouldn't be the end of the world if the nickel and cent weren't included but if they dropped all NIFC coins from the sets, they would be pretty boring, especially after the ATB series ends. |
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Pillar of the Community
Russian Federation
5172 Posts |
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But I will agree with the writer, that the wording is defective and in theory prevents the issue of bullion and NCLT collector coins. Not necessarily prevents the issue. Something like the Canadian $20 series would still work. It does forbid all the existing US bullion/NCLT coin series, however. |
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Valued Member
United States
317 Posts |
Reminds me of another bill that created enough $1 coins to build a mountain with and the Fed can't get rid of. I loved their arguments of how it would save lots of money to produce. These people are doing the same thing here by not calculating public sentiment. Looks good on paper but its not practical. This bill doesn't stop at the cent and nickel, it's for ANY coinage that exceeds the cost of producing. So when the dime and quarter cost more to make, we'll just do away with them also.  |
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Pillar of the Community
United States
1748 Posts |
Rather a draconian way to deal with the problem. We simply need a Currency Modernization Act.
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Pillar of the Community
United States
1796 Posts |
Once again, politicians looking to fix a problem that they are not qualified enough to understand.
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Moderator
United States
187446 Posts |
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Um, why? Because they have been doing it with the Kennedy half dollar for the last fourteen years.  |
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Replies: 8 / Views: 2,211 |
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Posted 02/14/2015 07:44 am
