Billions In Stored Coins? Should Mint Make Major Production Cuts?

Sadly, we will probably be cashless before they ever fix the problem.

The earliest Pres dollars had "In God We Trust" on the edge of the coins, and many people didn't realize this and thought that the words had been omitted from the coins. The words were moved to the obverse of later Pres dollars to clear up the confusion.

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Yes, I've heard that term used for them, also. I guess the words "godless" and "atheist" are pretty much synonymous.

Mr Pink
I think we're cut from the same cloth. I share your views, especially as regards dead presidents. Indeed, I'd like to get away from all historical figures. They've been around forever (Honest Abe, 110 years young), seem kind of uninspired (what IS that thing on the back of the dime?), and it sure would be nice to have some new designs. The annual quarters series shows the mint can do it.

Well if you want it to be a circulating coin, and you want to make sure it isn't hoarded and melted down when silver goes up, you will need to keep the amount of silver in the coin small enough that the price of silver could quadruple before they would be worth more as metal than as money. Congratulations you now have a silver dollar half the size of the old Three Cent Silver piece.



The law required the coins be made and the banks could order boxes of each new coin as they came out and did so at the request of the collectors. The coins went out, and then they came back to the banks. No one asked for the older coins just the new ones. So the older coins wound up being sent back to the Fed and never ordered by the banks. So the coins kept going out, then coming back, and being stored because they had nothing else they could do with them. Finally the Fed said they just weren't going to order anymore from the Mint. But the mint still had to make them, collectors bought them and what they didn't want flowed back to the banks and then the Fed. For awhile before the fed stopped ordering them the mint tried to get them into circulation by letting anyone order boxes of the coins from the mint at face value, and the mint paid to ship the coins to them. What happened were LARGE orders for coins being paid for by credit card, then when the coins arrive they were taken straight to the bank and deposited. The people then paid off their cards and pocketed the cash back or flyer miles, and the coins got shipped back to the Fed and stored.



They don't. The silver eagles were the governments way to sell off the strategic stockpile of silver. The stockpile was depleted around 1998 and ever since then the government has had to go out an buy silver in the marketplace to make into silver eagles to sell at just over spot to the distributors. The government probably makes more money on the relatively small mintage of proof and burnished ASE's than they do on the tens of million of bullion ASE's.

No. I think they need to reexamine the acceptable criteria which they use to remove them from circulation. The problem arose, one which most likely got overlooked in 1964 (test striking for the 1965 change over in composition), because nickel-clad lasts years. Decades. Unlike silver and copper. An au 1964 quarter could have circulated for say, three years, and still have very nice detail. I routinely pull early to mid-nineties from change with the same detail.

They've made nearly half a trillion of them since they should have been abolished.

That's a rounding error on a Biblical scale.

It's not just the waste of mining, striking, and transporting them but the millions of manhours wasted counting and handling them.