| Author |
 Replies: 10 / Views: 1,816 |
|
|
Valued Member
United States
327 Posts |
I've been a Lincoln Cent collector for several decades now. I remember my dad taking me to the local coin shop. I was buying Lincolns back when dealers thought it was cool to polish the face of the penny so they looked nice and pink. I mention this little story for a reason. Sometimes lessons are learned easily and sometimes the lesson can be expensive. I've read many threads about collectors here trying to find 2010 Lincolns and even still searching for 2009 Lincolns. We are more than halfway through the year now and still the Lincolns are scarce. It should be no surprise to any of you that the US Mint are selling these rolls on their site for the bargain price of $8.95 for two rolls. I wonder how long it will take for me to break even. I mean, it's certainly a great deal for the mint at 800% markup! This chaps my hide for one simple reason. We pay the taxes to for them to make the coin in the first place! Just my .02 John |
|
|
|
Valued Member
United States
393 Posts |
Your rant is kind of weak. The mints should do much better.
|
|
Pillar of the Community
United States
2335 Posts |
As much as we all would like to think the mint exists to service collector that's not it's primary purpose........it's primary purpose is to supply coinage to facilitate commerce.
|
|
Pillar of the Community
United States
6326 Posts |
Well, I think it comes down to "distribution" really. A lot of Federal Reserve banks, are just full of coinage, and so they do need any. When regular banks are full and over-ridden with coinage, they won't order any from them. There is a lot of coinage just loaded to the brim, waiting to be released/ordered for circulation....it just takes time, given the economy and circumstances we're currently in nationally.
And I'm not saying that the 2010 Cent is a low mintage by any means, but with coinage in general, a "lower than normal" mintage, would also make finding them, rather scarce. (ie., the 2009 Dimes/Nickels).
Mintage numbers may be going down for many denominations in the near future.
But, I think it will just take time......more than usual....before the 2010 Lincoln begins showing up regularly. It was non-existent here where I live for quite some time too, and then started popping up, mostly through searching boxes.....but in daily change as well.
It seems to have dried up again.....but I expect a "return-flow" any time now.
Edited by eaglefoot
06/23/2010 08:40 am
|
|
Valued Member
United States
62 Posts |
The dollar coins are a deal though. 250 for $250. No shipping and handling fees.
|
|
Pillar of the Community
United States
2120 Posts |
you can actually make free money off of that. If you have one of those 4% cash back rewards credit cards, you buy the dollars at face, get $10 in rewards, wash rinse repeat.
Lol, not saying you should do this... but you could really stick it to the credit card companies!
|
|
Valued Member
United States
172 Posts |
TO ianmprice: The Mint caught on to that. Now the dollar coin program is treated as a cash advance charge and you won't get any rewards from it from your credit card.
|
|
Bedrock of the Community
United States
12437 Posts |
Quote:
We pay the taxes to for them to make the coin in the first place! No we do not, the US Mint receives no tax dollars at all. The US Mint is one of the very few government agencies that turns a profit. Part of that profit is derived from numismatic and bullion sales but the majority is from seigniorage*. Approximately $750 million is added annually to general Treasury funds by the US Mint. Also, the US Mint is not responsible for distributing the nation's coinage, their sole purpose is production. The Federal Reserve has that responsibility but the problem right now is the "Coinstar effect" flooding the supply chain due to recession. Many people are turning in their change jars and piggy banks which is causing a surge in coinage supplies, hence there is no large need for new coinage. The mintages of the past couple years clearly spell that out with the lowest mintages seen since the 1950s. As for the two roll sets, that is not something that most people can get from a bank- anywhere. That set has a P roll and a D roll, your local bank would only have one or the other if they had coins on hand. The only other way to get a roll set is to go on ebay or trade with another collector and those two options do not work for everyone. * profit that is derived from the difference between the production costs of a coin and its face valueEdited by biokemist6
06/23/2010 12:31 pm
|
|
Valued Member
United States
70 Posts |
I live in southern Illinois and the 2010-D are all over the place. Try to be patience they will be there soon.
|
|
Valued Member
United States
103 Posts |
live in Atlanta and they are everywhere in change. It depends a lot on where you live and the local economy.
|
|
New Member
United States
19 Posts |
I triend to get rolls of cents at a bank and they told me I needed to have an account, so I went to a check cashing place n without problem I got my rolls . Although some checks cashed places may change you some change for the service still many wont.
OH and I WAS surprices when the rolls were all brand new 2010 pennies, I have never seen a penny that shinny until now. so I kept the rolls and I almost like to forget that uncerculated coins coins comee from the bank.
|
| |
Replies: 10 / Views: 1,816 |
|
Posted 06/23/2010 08:27 am
