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 Replies: 19 / Views: 2,768 |
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Pillar of the Community
United States
5611 Posts |
The subject turns to US coin topics as United States Mint Director Ed Moy, is interviewed on the floor of the World's Fair of Money by Numismatic News Editor Dave Harper. The availability of the 2009 Lincoln pennies is explained. "This is a matter of partnership, working with the Federal Reserve," Moy explains the lack of availability for the collector of the new pennies. "Ultimately, our tasks are to make coins for demand in everyday economic and commercial transactions. And the bottom line is, our economy is not doing too well. Harper asks Moy about the new Mint program to purchase two-roll sets of the pennies - one roll containing 50 coins from the Mint in Denver and one roll from the Mint in Philadelphia, for $8.95 "Some of the people have complained that to buy a two-roll set, because they can't get them through banks they end up buying them through us, were expensive," Moy said, acknowledging the publics concern over the price. "But, you know part of this is just the way the Mint does its accounting and how we allocate our overhead costs. And so, the reason why you are seeing so much of it in a penny is the pennies just have low face value. But it still costs us the same amount of design and packaging and all the internal sales and general administrative expenses to do a roll as it does for us to do the Ultra High Relief." I really believe it is time for a collector friendly Mint Director, Can you say Red Herring. "Our U S Mint" is justifying the reason we can NOT get the 2009 Cents at cost from the banks..    Any comments? |
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Bedrock of the Community
United States
12437 Posts |
Simply put, the US Mint is not responsible for the distribution of coinage and currency, that job falls to the Federal Reserve so I have no problems with what Director Moy said. The CoinStar effect has caused the Fed to be flooded with old change that people are cashing in so there is less of a demand for newly produced coins. The Fed is only concerned with economic demand as collector demand for business strike coins is irrelevant to the Fed's mission. The cents will be available at banks eventually, I have seen many more of the LP1 and LP2 in the past month than I have seen all year so far, it is just a matter of time.
Edited by biokemist6
08/17/2009 12:05 pm
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Pillar of the Community
United States
3294 Posts |
I read that statement and come to the conclusion that if pennies are so expensive to make that you need to sell them for 9x face, you should stop making them.
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Bedrock of the Community
United States
10284 Posts |
 2009 is the perfect time to stop. Just because the mint director said that does not mean there isn't some politics involved, which means there is money involved, and misuse of money and politics. So ..... What else is new in with politics in 2009? Government is not stupid, they know exactly what they are doing with coin collectors and they are getting their cut. We should all just go back to old fashioned coin collecting, focus on good older semi key and key dates, and have fun collecting the highest grade coins we can find or afford and boycott the manipulated marketing of modern coins and commemoratives. But only after I get my satin finish examples and my 2009 D nickel.  Edited by TNG
08/17/2009 1:05 pm
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Pillar of the Community
United States
1116 Posts |
Quote:
I read that statement and come to the conclusion that if pennies are so expensive to make that you need to sell them for 9x face, you should stop making them. I totally agree with this there is just no need to make them any more they could save a lot of money if they stop. which leads to. Quote:
Government is not stupid, they know exactly what they are doing with coin collectors and they are getting their cut.
as long as we keep on buying at these prices and they make a huge profit they will keep on making them |
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Moderator
 United States
188213 Posts |
with the last three posts! Stop minting the cent for circulation! I would like to see them still minted for collectors though (with a new reverse, of course). At least with them all being NIFC, paying a premium won't seem as ludicrous.  But I won't be too upset if they quit minting them entirely. The Lincoln Cent has had an incredible run so far.  |
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Pillar of the Community
 United States
5611 Posts |
Would it be a far fetched idea to think the U S Mint will be selling the 2009 Nickel and Dimes, Why stop milking the cow, when you know there is more to be had.
I also believe the LP1 and LP2, and LP3, will NOT be available at any bank near you soon, the politics of the topic are not equatable with being fair to others...
ALL in favor of making a coin with Mr Moy's face on the obverse, because of all his contributions to the U S Mints overall well being!!
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Pillar of the Community
United States
5611 Posts |
In part of Mr Moy's statements he says "But, you know part of this is just the way the Mint does its accounting and how we allocate our overhead costs"
The old "but you know", I do know that the sales from the LP1&LP2 have made the Mint "Millions" also it all comes from the only people who want the coins, because we/they have an urge to fill holes, "The Collectors"....
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Pillar of the Community
United States
3098 Posts |
Plus, it doesn't take account for the senioriage of just regular coins and those that people store away.
All that profit from stamping 25c coins on 3c pieces of metal goes towards the Treas, but as it goes through congress, somehow loses its ultimate direction of running the mint.
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Valued Member
United States
207 Posts |
So the US mint uses our tax payer dollars to operate and to make a profit. Director Moy explains it like the mint is a private business..lol They never did this before they figured out it was big business in them there coin collectors..lol. At lest that is what is sounds like to me, am I wrong?
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Pillar of the Community
United States
5611 Posts |
If as Mr Moy states, "Ultimately, our tasks are to make coins for demand in everyday economic and commercial transactions. And the bottom line is, our economy is not doing too well." I do think that all the record breaking sales and the profits being made by OUR U S Mint, due to the collectors buying up more than ever, would bring a sense of thinking"maybe we should be some-what more assisting to all of those collecting coins and re-think the way things are done, like sell the 2009-P&D strikes to the collecting public for a nominal fee, this way I know seems like a fix all, but the Mint would be making more$$$$, we as a group would be happy we are not left for the Gouging E-Bay sellers, and all would be fine in Kansas( Eaglefoot), LOL. I know the feds are directly responsible to distribute the coinage for the needed commerce for everyday transactions but you would think some-one would help us, the small Minority out, and let the coins be had, at face value...... PS: Also did any-one else hear the idea about producing a coin with the Mint director's face on the Obverse, save the Planchets and lets get some ASE'S out to meet the public demand, as the law states! |
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Valued Member
United States
187 Posts |
A government run entity
case closed
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Bedrock of the Community
United States
17884 Posts |
Quote:
All that profit from stamping 25c coins on 3c pieces of metal goes towards the Treas, but as it goes through congress, somehow loses its ultimate direction of running the mint. Actually the cost of running the mint is deducted before the balance is turned over to the Treasury. The Mint does pay its own way and doesn't receive appropriations from Congress anymore. At least that is my understanding. Quote:
I do think that all the record breaking sales and the profits being made by OUR U S Mint, due to the collectors buying up more than ever, would bring a sense of thinking"maybe we should be some-what more assisting to all of those collecting coins and re-think the way things are done, like sell the 2009-P&D strikes to the collecting public for a nominal fee, this way I know seems like a fix all, but the Mint would be making more$$$$, we as a group would be happy we are not left for the Gouging E-Bay sellers, and all would be fine in Kansas The Mint would probably make a lot more money and could reduce their prices if they would fix their shipping costs. Believe it or not the Mint loses a TON of money on shipping. Say you order three items and they don't get shipped to gether an after they arrive you return one for replacement. You pay (rounded figures) $5 for shipping. The Mint pays shipping on three package ($15), Reimburses return shipping for one ($5) and then pays shipping to send the replacement ($5). The Mint has now paid $25 for shipping that you paid $5 for. A loss of $20. The problenm is that such losses fororders seem to be the rule rather than the exception. Solution, don't ship multiple item orders until ALL of the items are available. Of course the collectors are not going to be happy with that either. Remember no matter what the Mint does, the collectors are NEVER going to be satisfied. |
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Bedrock of the Community
United States
12437 Posts |
Quote:
The Mint does pay its own way and doesn't receive appropriations from Congress anymore. That is what I understand as well, the US Mint is entirely self-sufficient and receives no tax dollars Quote:
I do think that all the record breaking sales and the profits being made by OUR U S Mint, due to the collectors buying up more than ever... You might want to try reading the US Mint's annual fiscal report as that would dispel your misconceptions about these "record breaking" numismatic sales. Do you know the source for the vast majority of the Mint's net income? It is certainly not numismatic sales. Seigniorage income from FY2008 amounted to $706.2 million while total numismatic and bullion income amounted to a mere $100.2 million, those numbers are derived from total revenue of $2.8 billion. Numismatic income is up from FY2007 but compares favorably to FY2005 and FY2006 and if not for record-breaking bullion sales, the number would have been much lower for 2008. If the US Mint was a private company, it would rank #710 on the Forbes 1000 list based on their 2008 total revenue. I would recommend that every collector read the US Mint Annual Report, it is an excellent window into the fiscal operations of the Mint. It is a big PDF download at over 35mb and a long read at 70 pages but here is the United States Mint 2008 Annual ReportI pulled the numbers from a handy chart on page 2  Edited by biokemist6
08/19/2009 4:04 pm
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Pillar of the Community
United States
3098 Posts |
Quote:
That is what I understand as well, the US Mint is entirely self-sufficient and receives no tax dollars Really? I never knew that. Well perhaps congress can do something. Is the RCM privatized? |
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Pillar of the Community
United States
5611 Posts |
Conder101, I must of been the exception to the exception, I returned 1 of the 2009-silver proof sets, because of the damaged coins, and was refunded my return shipping costs, actually was informed it will be in my hands in 2-3 weeks, They did give me a brief refund of $52.95 for the set and DID NOT refund the shipping cost to return or replace the set they are sending me, they kept the $4.95 original shipping charge and I would guess they applied it to the set they are sending me as the amount they charged me for the replacement set was $52.95.
Bio, I tried to read the site you have posted in your reply, I could not get there, Maybe me I am not sure.
I see you wrote that you have no problem with anything Mr Moy said, I find it hard to believe a collector, who IMO, is also very passionate about knowledge and having the ability to get some of these 2009 coins, would agree with the directors statements, simply put, the Mint finds the time to sell coinage for $8.95 plus $4.95 shipping for the rolls of Lincoln cents, and he states that the mint has it's 1st and foremost job of getting the coinage out to the commerce and business's for use and basically, has no interest or concern for the "collectors" besides the Millions the coins sold to "collectors" made the U S Mint, Also I really am not concerned about the overall Billions of dollars the Mint took in, or where it came from, simply put the words of the director are not "collector friendly" and IMO, He has an opportunity to make changes, I know Congress sets the laws and guidelines, but He could do more to rally on behalf of the millions of people and collectors who have been and will keep on looking to fill holes in albums if we could just find the coins some where.
I see you are an optimist in that you believe we all will be able to get our hands on the illusive 2009 coins,at face, I think we some day will see them, but not as you seem to state, you see more and more.I for one do not like to be in a game when others have an ace up their sleeve, maybe some day on HSN, we will see ALL the coinage we are not able to have, other than paying through the nose from the "special ones."
Why did you go to the 3rd release, to have a part in an historic event and Get Some Rolls of the coins you could not find, for face value, just as I did for the 2nd release. Again it is simply not right, unless the parties involved( the U S Mint, and the powers to be )are making money!!!
Also when things are written they could easily be taken out of context, Please do not misunderstand I am simply, like you, an outspoken person who enjoys life when the playing field is level for ALL!!
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Replies: 19 / Views: 2,768 |
Posted 08/17/2009 12:22 pm
