Save II Act Would Prohibit "non-Cost Effective" Coins And Cu

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Author	Replies: 6 / Views: 1,520
TheForce Pillar of the Community United States 4867 Posts	Posted 09/30/2013 08:10 am http://news.coinupdate.com/save-ii-...rrency-2168/ Report this Post to the Staff

TheForce Pillar of the Community United States 4867 Posts	Posted 09/30/2013 10:09 am Would like to see this act take effect. Other major world economies have already done away with cents and haven't fallen off the map. Seems like one has to fight tooth and nail in the US to get anything done. Report this Post to the Staff
jbuck Moderator United States 187862 Posts	Posted 09/30/2013 3:22 pm Like, Like, Like! Go here... http://www.govtrack.us/congress/bills/113/hr3146# Click on the What Can I Do button and follow the directions. Coin Collector Since 1978 Avatar Old Avatar 7070 Eisenhower Australia Canada World CCF Members on eBay CCF eBay Search Engine Report this Post to the Staff
Bizybackson Pillar of the Community United States 1817 Posts	Posted 10/01/2013 09:56 am If you read the wording carefully, it would pretty much end most numismatic sales of the US Mint and possibly end the precious metal bullion program as well. All of these coins have denominations that are far, far below the cost to obtain, produce and market each coin. The legislation seems to only apply to circulating coinage, but theoretically numismatic and bullion coins could circulate at their face values. As in life, be careful what you wish for. Report this Post to the Staff
Foxwoods Man Pillar of the Community United States 4901 Posts	Posted 10/01/2013 10:45 am Quote: Prognosis 0% chance of getting past committee. 0% chance of being enacted. Only 11% of bills made it past committee and only about 3% were enacted in 2011â€"2013. Report this Post to the Staff
jbuck Moderator United States 187862 Posts	Posted 10/01/2013 1:31 pm Quote: If you read the wording carefully, it would pretty much end most numismatic sales of the US Mint and possibly end the precious metal bullion program as well... This bill amends Section 5111 of title 31 to add... (e) Prohibition on Certain Minting- Notwithstanding any other provision of this subchapter, the Secretary may not mint or issue any coin that costs more to produce than the denomination of the coin (including labor, materials, dies, use of machinery, overhead expenses, marketing, and shipping).(emphasis mine). It does not remove or cancel (a)(3), The Secretary of the Treasury -- may prepare and distribute numismatic items; Then again, we are dealing with the government, well known to snatch defeat from the jaws of victory. Coin Collector Since 1978 Avatar Old Avatar 7070 Eisenhower Australia Canada World CCF Members on eBay CCF eBay Search Engine Report this Post to the Staff
Conder101 Bedrock of the Community United States 17884 Posts	Posted 10/01/2013 9:36 pm Quote: In the most recent fiscal year, across all denominations the total value of coins shipped to the Federal Reserve was $493.3 million which cost $387.4 million to produce, resulting in seigniorage of $105.9 million. Something like $75 million of that seigniorage came from the President and NA dollars struck in the last quarter of 2011 (Which was the first quarter of fiscal year 2012). There is no dollar coin production in the 2013 fiscal year so that $75 million won't be there in the next report. When the 2012 mint report came out I worked the figures and if it hadn't been for the dollar coins the seigniorage profit would have been about $16 million not $105 million. This years mint report should be interesting. Report this Post to the Staff
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Save II Act Would Prohibit "Non-Cost Effective" Coins And Cu