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 Replies: 14 / Views: 1,511 |
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Valued Member
United States
65 Posts |
Below is a link to an interesting post covering a number of different topics, including the future of the cent, possible new coin compositions, and a possible new quarter series after ATB (a sports theme?). It also contains what I thought was a good quote: "One of the important things about our coinage, which sometimes we forget in day-to-day commerce, is that this is something that we as societies, as countries, took up on this planet two and a half thousand years ago, and in many ways there are images of leaders and images of concepts from the ancient times that only exist because they were incorporated as a coinage theme. So we should always be artistically mindful about the legacy that we leave when we produce things, because we're not just stamping out pieces of metal. We are leaving a statement for all time about who we were and what we are. So the artistic element must be factored into our coinage and engraving programs." https://www.coinworld.com/news/us-c...p-heads.html |
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Pillar of the Community
United States
2023 Posts |
Thanks for that link -- very interesting throughout. I'm curious about this line: "[Mint director] Ryder assigned the recent decline in numismatic customers to the lack of funds allocated by the Mint for international advertising, in addition to the glut of commemorative coins, for which Congress holds responsibility." There are only two commemorative series each year, in up to three different metals/denominations. Is 6 coins a year really a glut? Mintages have been low, at least for the gold pieces recently, so I'm wondering where this is coming from. In a manner of speaking, the State Quarters and ATB series could be seen as "commemoratives", along with the Presidential dollars and upcoming Innovations series. With so many of those, especially the quarters being circulating pieces, would that detract attention from the true commemoratives, especially if they aren't being advertised as Ryder suggested? |
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Bedrock of the Community
13014 Posts |
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There are only two commemorative series each year, in up to three different metals/denominations. Is 6 coins a year really a glut? Mintages have been low, at least for the gold pieces recently, so I'm wondering where this is coming from. Sounds like pr spin to me. They can't just come out and say our designs are inferior to what is being produced internationally and those buyers would rather spend their money elsewhere. There is an element of truth in that congress does share some of the blame with some of the commemorative themes that have been chosen. Things like boys town really had no chance of being popular internationally. That said the design selection process needs improvement if they want to increase sales especially internationally. Too often are the easiest designs chosen or repeated on the different commemorative while the international mints go for artistry with their work. Thankfully it sounds like at least some have realized that and maybe their will be an improvement in the future |
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Moderator
 United States
188213 Posts |
Wow, a lot to unpack here! Thank you for sharing. Quote:
Many of the representatives' questions focused on the merits of a cashless society, and the impact of cashless transaction platforms, such as debit and credit cards or Venmo, on public demand for coins and paper money. Seems we are not alone in discussing this.  Quote:
Director Olijar argued for the merits of a society with coins or paper money by pointing out that more than 45 million Americans are "underbanked," meaning that they either do not use or have very few of their assets in banks and similar financial institutions. These "underbanked" people are unable to access cashless methods of exchange, necessitating the continued existence of physical currency. It is interesting to see a government official argue for cash, if only to save their jobs, which is probably more important than the big brother benefits of cashless. |
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Moderator
United States
188213 Posts |
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The cent is, for the moment, safe. Booooo!  Quote:
In response to questions from Rep. Moore about the impracticality of the nickel and from Rep. Sherman who described the cent as "litter," Director Ryder responded that the Mint has no plans to do away with it. The production cost and fiscal impracticality of having a 1-cent coin have been a topic of public interest, according to the committee, but Ryder explained that "It's not my decision to abolish the penny. I'll comply with regulations if and when [such regulations are passed]. It doesn't seem that the American population wants to get rid of the penny." In other words, it is up to Congress. My dream that the Mint will just stop filling the Fed's orders will never happen.  |
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Moderator
United States
188213 Posts |
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In response to congressional concern about the cost of manufacturing all coins and paper money, Ryder explained that the Mint is seeking lower-cost alternatives to current metal compositions. Ryder mentioned the possibility of a 77 percent copper, 20 percent nickel, and 3 percent zinc composition, as well as a "50/50" composition. Interesting. I guess they feel if they can increase the already generous seigniorage from the other coins they can absorb more of the losses on the cent. Just get rid of the cent already. Stop being ignorant.   Quote:
T.V. Johnson, the U.S. Mint's chief of Corporate Communications, later explained that the "50/50" composition referred to an alloy of 50.75 percent copper, 33 percent zinc, 14 percent nickel, and 2.4 percent manganese, for use in manufacturing the 5-, 10-, and 25-cent coins, to reduce costs by substantially reducing the amount of nickel the coins require. I assume these combinations are tweaked to help the vending industry more than anything; trying to emulate the signatures and weights of existing coinage. |
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Pillar of the Community
United States
3323 Posts |
Yeah, let's start putting a high percentage of zinc in everything so that ALL our coins will rot. Sheesh!
Edit: added a couple of words...
"Nummi rari mira sunt, si sumptus ferre potes." - Christophorus filius Scotiae
Edited by Bump111
10/02/2018 4:54 pm
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Rest in Peace
United States
4078 Posts |
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Valued Member
United States
220 Posts |
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Yeah, let's start putting a high percentage of zinc in everything so that ALL our coins will rot. Sheesh! Some day they'll make our coins from rusty scrap iron if it means saving a few measly bucks  |
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Pillar of the Community
United States
2233 Posts |
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Yeah, let's start putting a high percentage of zinc in everything so that ALL our coins will rot.  Quote:
Some day they'll make our coins from rusty scrap iron if it means saving a few measly bucks Then we'll all have to get tetanus shots if we manage to scrape the coins on our surface |
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Bedrock of the Community
United States
17884 Posts |
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Ryder assigned the recent decline in numismatic customers to the lack of funds allocated by the Mint for international advertising, Blowing smoke as international sales of Mint Numismatic products has never been more than a very small percentage of good produced. Quote:
My dream that the Mint will just stop filling the Fed's orders will never happen. It can't happen. As long as the coin is authorized, if the Fed orders them the mint has to produce them. If the Fed stopped ordering them the cent would go away. Or if Congress rescinds their authorization they will go away. That's the only ways to get rid of them. Quote:
in addition to the glut of commemorative coins, for which Congress holds responsibility." It's not just the commemoratives, it is all the other stuff the mint produces and all the different variations of finish and packaging. When I started collecting the mint offered a mint set and a proof set, total cost under $10. (adjusted for inflation call it $120) Today to get one of everything will cost you in the mid five figures annually. There are so many coins and variations coming out that collectors are getting disgusted and either leaving or turning to the secondary market, just as happened with stamp collecting as they exploded the number of designs and variations. |
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Pillar of the Community
United States
2233 Posts |
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There are so many coins and variations coming out that collectors are getting disgusted and either leaving or turning to the secondary market, just as happened with stamp collecting as they exploded the number of designs and variations. Every day I'm thankful that our commemorative coin program isn't as wild as the one our northern neighbor carries out... |
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Valued Member
United States
424 Posts |
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"One of the important things about our coinage, which sometimes we forget in day-to-day commerce, is that this is something that we as societies, as countries, took up on this planet two and a half thousand years ago, and in many ways there are images of leaders and images of concepts from the ancient times that only exist because they were incorporated as a coinage theme." Two and a half thousand years? We're lucky if our Zincoln cents last two and a half years. |
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Bedrock of the Community
United States
20753 Posts |
I never read what those government people pretend to come up with. I'll just wait to see what reallllllllly happens.
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Moderator
United States
188213 Posts |
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It can't happen. As long as the coin is authorized, if the Fed orders them the mint has to produce them. If the Fed stopped ordering them the cent would go away. Or if Congress rescinds their authorization they will go away. That's the only ways to get rid of them. I said it was a dream.  Just the illusion that the Mint would be so bold was enough to sustain me. Thinking they might misplace an order because they knew it was a waste of resources. But now I know they do not have it in them. |
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Replies: 14 / Views: 1,511 |
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Posted 10/02/2018 1:38 pm
