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 Replies: 7 / Views: 1,353 |
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Pillar of the Community
708 Posts |
Okay, the title of this thread was going to be "Question about the Treasury Secretary's authority over issuing denominations of coins and currency" which obviously, would not fit. Anyway, to the topic at hand. As many of us may know, even though $500, $1,000, $5,000 and $10,000 bills are considered "obsolete", and are no longer being printed, the Treasury Secretary still has the authority to order print runs of any of these four denominations of currency, and the Federal Reserve has the authority to order these large denominations if they choose to, and if the Fed does choose to order any or all of these four denominations, the Treasury must order the BEP to do a print run of them. That being said, I have never seen, or ever thought to ask, is the Secretary of the Treasury still authorized to order MINT runs of Half Cent, 2 cent, 3 cent and/or 20 cent coins? And is the Federal Reserve still authorized to order mint runs of any of these coin denominations? I'm just curious. I don't intend to write Congress, the Treasury, Federal Reserve or U.S. Mint about reissuing any of these obsolete coin denominations, although, I am tempted to suggest reissuing the 2 cent coin, arguing that, if they minted 2 cent coins again, the government could save money on minting less pennies, even though they will STILL NOT come out ahead minting 1, 2, and/or 5 cent coins, a 2 cent coin would still cut the Mint's losses a bit, and due to the fact that the Euro has a 2 cent Euro coin, a U.S. 2 cent coin doesn't sound all that ridiculous to me. Edited by Fox
02/17/2014 02:15 am
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Bedrock of the Community
13014 Posts |
Congress controls it. Theyd have to pass a bill giving him the authority to make those again. They couldnt even rerun Ike dollars without a new bill much less those coins. |
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Pillar of the Community
 708 Posts |
Quote:Congress controls it. Theyd have to pass a bill giving him the authority to make those again. They couldnt even rerun Ike dollars without a new bill much less those coins. Wait, I just now thought of this. Wouldn't Congress have to authorize more SBAs or even zinc-plated steel pennies like the 1943 wartime cents, or as another example, Congress would even have to authorize if they wanyed to mint, say, more 2013 or any pre-2014 design coins, such as Prez or Native American dollar coins, right? Like say the mint wanted to mint more ig, I don't know, George Washington President Dollars, with the 2007 date, or even the 2014 date? This is all very interesting. I do not believe Congress, based on what I have read, would have to authorize any new printings of the four large denomination Federal Reserve notes, however, it WAS stated, that the Treasury would "likely" cinsult Congress before doing so. Except if the wanted to print $200, $2,000 or and other denomination bill that was never yet aithorized by the (was it) Federal Reserve Act (I believe)? |
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Bedrock of the Community
13014 Posts |
http://www.law.cornell.edu/uscode/text/31/5112Quote:
Like say the mint wanted to mint more ig, I don't know, George Washington President Dollars, with the 2007 date, or even the 2014 date? Yes that would have to be specifically authorized since it would be a change to the current law regarding the series. Quote:
however, it WAS stated, that the Treasury would "likely" cinsult Congress before doing so. AKA theyd ask for permission and follow whatever they said. Theres no real consultation going on when youre talking to the people that determine if you have a job or not.
Edited by basebal21
02/17/2014 04:00 am
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Pillar of the Community
United States
4901 Posts |
You will have better luck with your half dollar campaign....
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Pillar of the Community
 United States
2448 Posts |
With today's political climate, I don't think you can get congress to agree on anything. Sorry...couldn't help myself.  |
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Valued Member
United States
446 Posts |
Well, Congress can and will agree to raise the debt limit, but that doesn't mean they'll print $200/$500/$1000 bills to pay for it.
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Valued Member
United States
446 Posts |
Quote:That being said, I have never seen, or ever thought to ask, is the Secretary of the Treasury still authorized to order MINT runs of Half Cent, 2 cent, 3 cent and/or 20 cent coins? And is the Federal Reserve still authorized to order mint runs of any of these coin denominations? You mentioned in another thread that you were talking to someone at the Mint about half dollars. If you're going to call him back, you should add these questions to your list and hear what he says. He might (or might not) be able to help. |
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Replies: 7 / Views: 1,353 |
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Posted 02/17/2014 03:46 am
