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 Replies: 15 / Views: 2,363 |
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Pillar of the Community
United States
1191 Posts |
Let's take something as small as the 2014 small cents (see what I did there  ) both P and D with the total montage of 8,146,400,000. Wouldn't it be logical for the mint to have a few million more coins in the vault in case of emergency that are not included in the Red Book? Therefore, doesn't it make the numbers way off from the "true" amount minted? Does the mint still has 1909 S VDB cents that possibly will go into circulation if disaster, like war, strikes and money will be needed? Hope the post makes sense, and please don't be harsh with my logic, it's only a thought after all. Edited by Hello There
10/12/2015 01:03 am
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Forum Dad
 United States
24165 Posts |
You mean like in case 8 billion isn't enough? I don't understand what possible emergency there could be.
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Valued Member
United States
72 Posts |
I don't see any possible reason why they would, but if they did when the design changes any old ones would be melted down.
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Valued Member
United States
214 Posts |
When the metal content changes they would all be melted, but I doubt they would store coins.
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Valued Member
United States
288 Posts |
Just in case you are still wondering, there is zero chance that the mint kept ANY 1909-S VDB, 1914-D or any key date, ever. Prior to the current fiat money world, coins had very close to the intrinsic value of the coin in metal, so they would melt any unissued coins. Now, since 2009 in the US, Non-Circulating Legal Tender (NCLT) and bullion coins have had a percentage held back for possible future release, but I believe the total mintage numbers released are as accurate as they ever were. Other countries may also do the same because of the increased interest in such and the potential to get some of the premiums associated with the secondary market.
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Pillar of the Community
 United States
4593 Posts |
No, the mint delivers coins to the Fed. Coins are monetized upon delivery, and that is how they get 'paid'. The difference between the cost of production and the coin's nominal value is the seigniorage.
-----Burton 50+ year / Life / Emeritus ANA member (joined 12/1/1973) Life member: Numismatics International, CONECA Member: TNA, FtWCC, NETCC, EveryCountry (online) coin club Owned by three cats and a wife of 40+ years (joined 1983) Author: 3rd Edition of the Sample Slabs book, https://www.sampleslabs.info/ |
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Moderator
United States
188770 Posts |
The mint, no. The Fed, maybe. They certainly have enough one dollar coins on hand in case the BEP has to stop making one dollar notes.  |
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Pillar of the Community
United States
932 Posts |
Quote:
They certainly have enough one dollar coins on hand in case the BEP has to stop making one dollar notes.  |
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Rest in Peace
United States
1380 Posts |
Even if either the mint or the Fed held a reserve of coins for emergencies, it would only include post 1968 coins. In the mid sixties their was a huge coinage shortage, so bad that the mint stopped putting mint marks on coins to prevent collecting, all three mint were working around the clock, silver was taken out of coins to prevent hoarding and grocery stores were paying up to 20% premiums on rolled pennies just to have some to give out in change. If the gov't had some coins stashed away, they would have released any they had then, so any in their emergency cache now would be from the 70's or later.
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Pillar of the Community
United States
6130 Posts |
Probably 50-75% of all non-silver (Ike, SBA, Sac, and Prez) dollars are held by the FED. Similar percentages of half dollars are also likely. They had such a surplus after the President dollars that they literally had to build a new warehouse just to hold them. For everything smaller than the half dollar, the FED may have some stockpile, but most of the coinage is either in active circulation or private change jars. |
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Moderator
United States
188770 Posts |
Quote:
If the gov't had some coins stashed away, they would have released any they had then, so any in their emergency cache now would be from the 70's or later. Interesting point.  |
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Pillar of the Community
United States
7390 Posts |
If you're thinking about the situation like the treasury releases of silver dollars that were held for decades as an analogy that was because political pressure with the creation of the bland-Allison act caused many, many more to be coined than needed for commerce
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Bedrock of the Community
United States
17884 Posts |
The mint probably does keep a small reserve supply on hand and at the ed of the year they do have a supply because they strike up a stockpile of the coming years coins to be available for release on Jan 2nd. That way when the Fed orders coins from the mint they have some on hand to send immediately. The Fed doesn't have to wait while the mint strikes the coins for their order.
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Pillar of the Community
 United States
1191 Posts |
Thanks for your feedback. I just asked the question to make conversation :)
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Moderator
United States
188770 Posts |
No bad questions here. |
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Pillar of the Community
United States
4593 Posts |
Actually, striking ahead is OK, see https://www.law.cornell.edu/uscode/text/31/5112Quote:
31 U.S. Code § 5112 - Denominations, specifications, and design of coins
(d)
(1)United States coins shall have the inscription "In God We Trust". The obverse side of each coin shall have the inscription "Liberty". The reverse side of each coin shall have the inscriptions "United States of America" and "E Pluribus Unum" and a designation of the value of the coin. The design on the reverse side of the dollar, half dollar, and quarter dollar is an eagle. Subject to other provisions of this subsection, the obverse of any 5-cent coin issued after December 31, 2005, shall bear the likeness of Thomas Jefferson and the reverse of any such 5-cent coin shall bear an image of the home of Thomas Jefferson at Monticello. The Secretary of the Treasury, in consultation with the Congress, shall select appropriate designs for the obverse and reverse sides of the dollar coin. The coins have an inscription of the year of minting or issuance. However, to prevent or alleviate a shortage of a denomination, the Secretary may inscribe coins of the denomination with the year that was last inscribed on coins of the denomination. -----Burton 50+ year / Life / Emeritus ANA member (joined 12/1/1973) Life member: Numismatics International, CONECA Member: TNA, FtWCC, NETCC, EveryCountry (online) coin club Owned by three cats and a wife of 40+ years (joined 1983) Author: 3rd Edition of the Sample Slabs book, https://www.sampleslabs.info/ |
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Replies: 15 / Views: 2,363 |
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Posted 10/12/2015 02:31 am
