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Question. How Many US Coins Are "Illegal" To Own?

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bobby131313's Avatar
United States
24163 Posts
 Posted 11/09/2006  09:37 am  Show Profile   Bookmark this reply Add bobby131313 to your friends list Get a Link to this Reply
quote:
in that case the mint should have kept their mouths shut and just taken the coiins and destroyed them.


You can't blame the crime on the victim, it just doesn't work.

Bedrock of the Community
biokemist6's Avatar
United States
12437 Posts
 Posted 11/09/2006  11:19 am  Show Profile   Bookmark this reply Add biokemist6 to your friends list Get a Link to this Reply
quote:
Originally posted by just carl

OUR Mint making coins with OUR tax money



Actually, the Mint receives no tax revenue- it is entirely self sufficient. The US Mint is just about the only government entity that turns a profit (last year ~$700 million)- through seignorage and numismatic sales profits. After expenses, the Mint profit is returned to the Treasury and pumped back into general revenue.
Bedrock of the Community
United States
20753 Posts
 Posted 11/09/2006  12:00 pm  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply
quote:
Originally posted by biokemist6

quote:
Originally posted by just carl

OUR Mint making coins with OUR tax money



Actually, the Mint receives no tax revenue- it is entirely self sufficient. The US Mint is just about the only government entity that turns a profit (last year ~$700 million)- through seignorage and numismatic sales profits. After expenses, the Mint profit is returned to the Treasury and pumped back into general revenue.


However, there is a slight bit, very slight bit, of expendarues not listed in the Mints profit margin. Please check on such things as Utility bills for the Mints offices and other structiures. Now there is the maintenance of said sturctures such as window cleaning, furnace maintenance, landscaping, etc. Of course someone pays for the movement of the currency and coins in trucks, cars, trains, boats, planes. The delivery of metals used in the production of coins. Then there is the small item of salaries for all such employees, their medical and life insurance premiums. What about office equipment such as desks, filing cabinets, paper, pens, chairs, etc. The list goes on and on and on.
If YOU own a factory that produced, say brooms, YOU would be the one paying for all of the above mentioned items and a lot more. ALL profits from your broom sales would go for such expendatures. Not just for the wood and brissels at the end of the broom. Please check on WHO is responsible for these expendatures with the Mint.
Just my opinion of course.
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mishap-coins's Avatar
United States
344 Posts
 Posted 11/09/2006  12:09 pm  Show Profile   Bookmark this reply Add mishap-coins to your friends list Get a Link to this Reply
My opinion is we will never really know the exact amount of all the illegal coins that are out there among us!
Some of them have even been encapsulated by grading services, unknown to them at the time.Some have since been cracked out of their holders and destroyed. I really do not think the amount will ever be truly counted. The amount of money made in that illegal buisness is alot higher than most will ever know. There is always some one who wishes they had a 10,000 pound press that would just make clipped planchets. Is amazing that any truly deformed coin found today on any 2006 coins will most likely be 99% that it come from an insider of the U S Mint or one of the distrubution centers or counterfieted..

And what does one do with a coin they happen to find that is an illegal coin ?



Here is a couple of sites to read about illegal coins !

http://www.pcgs.com/articles/article1673.chtml


http://www.secretservice.gov/money_coins.shtml

Not to mention all the illegal paper monies.

Edited by mishap-coins
11/09/2006 12:12 pm
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