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 Replies: 14 / Views: 1,193 |
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Bedrock of the Community
 United States
12829 Posts |
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Bedrock of the Community
13014 Posts |
Considering our energy secretary doesn't own a car she fits right in. But in all likely hood this could mean a shift to higher premiums with her background she will probably just view the mint as a business and nothing more. I also wouldnt be surprised if after seeing their books she came out in support of getting rid of the penny and pushed more aggressively for metal composition changes of some other coins.
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Pillar of the Community
United States
1796 Posts |
Uhm... yeah, I cannot find any relevant credentials for this position on her record. I'm a bit... baffled (?) as to what her qualifications are for this nomination.  Well, for all we know she could be a hobbyist. :-) |
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Pillar of the Community
United States
1817 Posts |
That job seems to require negotiation and diplomatic skills interfacing between the personnel at the Mint, a bipartisan Congress and an oftentimes contentious public. Internally s/he needs to have a solid foundation in assembly line/manufacturing processes, business acumen, balancing the needs of management and labor, and resource management. Being a numismatist is probably at the very bottom of a very lengthy list of qualifications. Satisfying the collecting public has not been a high priority of the Mint Director the last few years.
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Bedrock of the Community
 United States
12829 Posts |
Well, the U.S. Mint is a business after all... that much I agree with and respect. And that's why the jury is out for me on this nomination. As a collector I want someone running the show who is in tune with collectors. But I realize also that the mint has to make money to stay in business in order to keep generating products for me to blow my hard-earned cash on. Such the quandary.
I wonder what percentage of the Mint's revenue is generated from numismatics anyway.
Edited by CelticKnot
09/23/2012 04:07 am
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Bedrock of the Community
United States
17884 Posts |
If I remember correctly from the 2011 mint report about 14%. This year it will be much higher because the end of the circulating dollars will mean that the mint will most likely actually lose money on the circulating coins. In that case the profit from numismatic coin sales may be 100% of the mint's profit.
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Pillar of the Community
United States
1027 Posts |
It won't be 100% because the bullion business still pulls in a small percentage profit on a very large volume of sales. The numismatic sales have almost always (in modern times) generated a very large percentage of the mint's profit but have not received the credit deserved for doing so. Hopefully we are getting someone who understands that profit, and not sales, is what makes a business successful.
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Pillar of the Community
United States
2541 Posts |
What a joke. I think one our mods should be Mint Director!
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Pillar of the Community
United States
1116 Posts |
Why should we expect the president to appoint someone who has a background in the area that they are to be supervising the day to day activity of. It's all done by learning on the job. I'm really surprise that the individual who has been overweeing the mint's day to day activity wasn't picked to have the job for the next 5 years. At least he knows where not only the keys are, but where the executive bathroom is located.
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Bedrock of the Community
United States
10038 Posts |
There are two threads with this - and I posted the following on the other one also: I looked at the Bllomberg Businessweek page on her. I know the connection... The sight lists her education data as "There is no Education data available." I wonder if she paid over $1,000,000 to keep her records secret also? ... it made me laugh - I couldn't resist.  Seriously, she has business background - and training on the job seems logical to me. What I don't understand (and am too lazy to look up) is why the office of president nominates people for a private business? |
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Bedrock of the Community
United States
17884 Posts |
Reviewed the mint report, the Numismatic profits for 2011 was 21% of the profits, bullion was 12.5%. So if the seigniorage profits disappear and they make about the same money as last year then numismatic profits will be around 60% of the profits and bullion 40%.
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Bedrock of the Community
13014 Posts |
Has anyone figured out if they will actually make a profit next year without the Presidential dollars padding their numbers? |
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Pillar of the Community
United States
1027 Posts |
I assume you mean a profit on circulating coinage alone. As far as I know, the bullion and numismatic areas of the mint's business have always been profitable. It is getting close to the end of the year but I think we will have to wait to see if the circulating coinage area turns a profit. I believe that bookkeeping arm gets the seigniorage from circulation type coins that are sold as numismatic items. That is, the numismatic books only get the amount above face value. All of that makes it pretty complicated to know the bottom line until the annual report comes out. I expect the mint as a whole to continue to make a profit.
The president picks the director of a private business because the private business is entirely owned by the Federal government.
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Bedrock of the Community
13014 Posts |
Quote:
I assume you mean a profit on circulating coinage alone. Either that or if the collector and bullion profits are enough to off set circulating losses. My guess would be as of now they do still make a profit but a low quarter demand year could quickly change that |
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Moderator
 United States
188440 Posts |
Regardless, the NIFC status of the baby dollars will hurt the bottom line, red or (barely) black.
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Replies: 14 / Views: 1,193 |
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Posted 09/22/2012 1:59 pm
