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 Replies: 13 / Views: 1,640 |
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Valued Member
United States
92 Posts |
Yesterday I was reading somewhere on here about ideas for changing the medal content of coins and or their size/shape.Eliminating paper 1's adding 2's etc.I found it interesting but had to leave so I signed out,my problem is I don't know where I was or how to find it.
Any help would be appreciated.
How can I get the topics that interest me into My CCF topics so I just click on them and they appear? Please use simple explanations without abbreviations so this simpleton will know what you're trying to teach me. Thank you gasman96
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Valued Member
United States
310 Posts |
This is the topic https://goccf.com/t/79758as for finding topics, there is a little star on posts "bookmark topic" I believe if you click that you can save the topic. Not sure as I haven't used the function. |
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Bedrock of the Community
Australia
21786 Posts |
There seems to me to be three main trends in coin design / manufacture worldwide.
1)The tendency to withdraw from issue the lowest denomination and introduce a highest denomination to replace a lowest value note,
2)The tendency to make lower face value coins from plated steel blanks.
3) The tendency to replace some denominations with coins of the same face value, but of smaller size and less weight.
Has any mint in the world thought of introducing injection moulded plastic coins? That has certainly happened with plastic (Mylar) banknotes, because they last much longer.
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Pillar of the Community
Thailand
1509 Posts |
"Has any mint in the world thought of introducing injection moulded plastic coins?"
Ooh, countrfeiter's paradise. Any Tom, Dick or Harriet that already has that type of machinery would be able to produce. At least with metal coins there is some work involved (just ask those Chinese manufacturers).
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Bedrock of the Community
Australia
21786 Posts |
I really don't think it would be worth counterfeiting a 1 cent coin.
Besides, it would save the U.S. Mint having to bother!
How much does it cost the U.S. taxpayer to produce a 1 cent coin, which would include all costs?
Purchase of the metal, manufacturing of blanks, striking of the coins, die manufacture, coin experimentation and research, distribution, purchase and maintenance of machinery, maintenance of buildings, salaries, insurances, waste disposal, and compliance with the Law to name a few.
And let's not forget time at the checkout in the handling of 1 cent coins to pay for State taxes.
Edited by sel_69l
01/29/2011 9:27 pm
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Pillar of the Community
United States
3077 Posts |
just my thinking when we finally declare the US bankrupt we will need to change all of our coinage maybe return to a gold or silver standard I would like to see the dollar become a silver coin about the size of a dime
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Valued Member
Canada
311 Posts |
Gasman96. If you click on your own name the last few threads that you have viewed will come up. This can be helpful to find where you have been.
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Bedrock of the Community
United States
20753 Posts |
Quote:
Posted Yesterday 8:28 pm
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"Has any mint in the world thought of introducing injection moulded plastic coins?"
Ooh, countrfeiter's paradise. Any Tom, Dick or Harriet that already has that type of machinery would be able to produce. At least with metal coins there is some work involved (just ask those Chinese manufacturers).
Yes that would really be something to see. Counterfeiters would go broke since little kids would be buying molds via the internet and making as much money as possible. There would be plastic modeling material on almost every possible web site. I'm for changing all our coinage into Chocolate. Either spend it or eat it. |
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Pillar of the Community
Canada
3692 Posts |
I thought the point of a gold/silver standard was to prevent counterfeiting. A coin under .925 or .900 will fool you for a while, but after that you start to wonder where the money is going. You can't magically make these metals appear the way you can manufacture paper or plastic.
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Valued Member
United States
183 Posts |
I would rather see denominations change than composition. A coin many consider worthless already would just become more worthless if made of plastic. It is foolish for the government to spend more producing a coin than the supposed value, especially when creating them for commerce in the first place. Nickel and penny should be eliminated as circulating coins. Anyone have a statistic on proportion of transactions being electronic? Why carry around and spend time on something with so little value when there is a better technology to handle it. If anything, I would rather some brainpower be spent on developing an effective US Mint electronic transaction technology that would not result in significant transaction costs like Paypal or what credit card companies charge merchants for processing transactions. 100 years ago 1 cent may have been worth carrying, but now isn't that more comparable to 10c? Collector coins are another story -- they are sold at a premium that should in theory at a minimum pay for cost to produce...ready to be attacked by all the penny lovers on this forum :)
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Bedrock of the Community
United States
17884 Posts |
Quote:
How much does it cost the U.S. taxpayer to produce a 1 cent coin, which would include all costs? It costs them exactly nothing. The mint is not funded with tax dollars, it is self funding so it doesn't cost the taxpayers anything. Quote:
Purchase of the metal, manufacturing of blanks, striking of the coins, die manufacture, coin experimentation and research, distribution, purchase and maintenance of machinery, maintenance of buildings, salaries, insurances, waste disposal, and compliance with the Law to name a few. Now if we are talking about what it cost the min to make a cent that is a different matter. According to the mins annual report each cent costs 1.7 cents to produce and initially distribute. Each five cent piece costs 9.8 cents to produce and distribute. The mint takes a loos on both coins, but offsets this loss with the profits made on th other denominations. Many people have said why bother changing if they are still making a net profit, but if other say why not make changes or dump the losers and make MORE net profit. Quote:
And let's not forget time at the checkout in the handling of 1 cent coins to pay for State taxes. Now you are talking costs to the consumer directly or costs to the merchant. On that I have no figures |
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Bedrock of the Community
United States
20753 Posts |
Quote:
It costs them exactly nothing. The mint is not funded with tax dollars, it is self funding so it doesn't cost the taxpayers anything.
HMMMM. Now I wonder just how those Mint employees get their health insurance, life insurance. pay checks, retirement funds? And just who pays for the maintenance on those Mint buildings, pays for shipping of metals to the Mint. If that place is self funding, coins would be a real lot to make to incoude phone billsk fax machines, printing papaer for those fax and copier machines, water bills, gas bills, electric bills, printers and computers for office items. And then replaceing all such machines as they require either repairs or replacements. And of course there is the security systems, security guards, air conditioning, Heating, filers for those. Of course paper clips, pens, pencils, erasers, note pads and on and on and on are all paid for with the prices of coins? And this list is far, far from complete. If you ever owned a buisness and that was in a building you owned, you would see all those things coming at you all the time. And you would have to add the cost of all that to your products. And as I said this list could go on and on and on. If you know anyone that does own a buisness, ask them just who pays for all of the above. And where does all the money come from for all that too. Edited by just carl
01/31/2011 6:17 pm
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Moderator
 United States
187702 Posts |
http://www.usmint.gov/about_the_min...nnual_reportThe Mint's budget, which includes all of the overhead just carl has mentioned, shows it is entirely funded by the sale of coins, whether it was to the Federal Reserve (seigniorage) or to collectors, and a surplus is regularly transferred into the General Fund.
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Valued Member
United States
310 Posts |
What jbuck said, it's all in the annual report. Not only is the mint self funding, It's excess profit is sent to the Treasury to pay national debt :) They do make more than enough of on other denominations to take a loss on pennies and nickel. Not to mention they make nearly %75 of their profit off of bullion sales currently.
They make roughly 4.3 cent on a dime, 12.2 cents on a quarter, and 68.5 cents on the dollar coin.
They make I believe %1.9 percent on the bullion value after production costs.
They lose 0.7 cents per penny and 4.2 cents per nickel.
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Replies: 13 / Views: 1,640 |
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Posted 01/29/2011 8:13 pm
