No Silver? No Problem: US Mint Would Like To Know If You Will Accept Brass, Steel, Iron Or Tungsten Coins Instead

Tyler Durden's picture

Wonder why the US mint has not sold a single ounce of silver so far in March? Here is a clue:

United States Mint Seeks Public Comment on Factors to be Considered
in Research and Evaluation of Potential New Metallic Coinage Materials

WASHINGTON - The United States Mint today
announced that it is requesting public comment from all interested
persons on factors to be considered in conducting research for
alternative metallic coinage materials for the production of all
circulating coins.

These factors include, but are not limited to,
the effect of new metallic coinage materials on the current suppliers of
coinage materials; the acceptability of new metallic coinage materials,
including physical, chemical, metallurgical and technical
characteristics; metallic material, fabrication, minting, and
distribution costs; metallic material availability and sources of raw
metals; coinability; durability; sorting, handling, packaging and
vending machines; appearance; risks to the environment and public
safety; resistance to counterfeiting; commercial and public acceptance;
and any other factors considered to be appropriate and in the public
interest.

The United States Mint is not soliciting suggestions or
recommendations on specific metallic coinage materials, and any such
suggestions or recommendations will not be considered at this time.  The
United States Mint seeks public comment only on the factors to be
considered in the research and evaluation of potential new metallic
coinage materials.

The recently enacted Coin Modernization,
Oversight, and Continuity Act of 2010 (Public Law 111-302) gives the
United States Mint research and development authority to conduct studies
for alternative metallic coinage materials.  Additionally, the new law
requires the United States Mint to consider certain factors in the
conduct of research, development, and solicitation of input or work in
conjunction with Federal and nonfederal entities, including factors that
the public believes the United States Mint should consider to be
appropriate and in the public interest.

Comments must be submitted on or before April 4, 2011.  Interested parties may submit written comments by any of the following methods:

E-mail: coinmaterials@usmint.treas.gov
Fax: (202) 756-6500
Mail: New Coin Materials Comments
Mail Stop:  Manufacturing 6 North
United States Mint
801 Ninth Street, N.W.
Washington D.C.  20220
Hand Delivery/Courier:  Same as mail address.

For
further information, contact:  Jean Gentry, Deputy Chief Counsel,
United States Mint at (202) 354-7359 (not a toll-free call).

h/t Alexander Gloy

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bonderøven-farm ass's picture

Yup.  Reckon I'll be following Nickel's spot along with silver's...

Long Nickel ........

flacon's picture

You know, that request from the mint is just downright INSULTING! Who the HELL do they think we are?! Keynesian "peasants"?

 

Canada now has stainless steel coins. Ohhhh... they look silvery and shiny, but they are worth less than a common NAIL or a SCREW! 

Broken_Trades's picture

Hell Canada is considering putting in an RFID in the new twonies.

Cant find link, this will have to do...  Yes Canadian Coins are Spying ON YOU lol

http://www.cbc.ca/news/technology/story/2007/01/10/rfid-defence.html

nope-1004's picture

I suggest a new coin made of fools gold with busts of Timmay and Benocide on opposite sides.

Embossed around the periphery:

In Greed We Lust.

 

Good bye America.

 

Rick64's picture

How about some paper coins and Bernanke can print them.

Guy Fawkes Mulder's picture

dear mola rahm:

I gave that a "thumbs down" on YouTube but I give you a + for linking it.

KALI-MA!!

chumbawamba's picture

Notwithstanding the utter absurdity of amending the Constitution to give everyone a free iPod (hooray for Apple) and laptop, I have two replies to this:

1) Why not?  If the choice is between building prisons and bombs or schools and laptops, I'd go with the latter.  Unfortunately, we don't get a choice.  Er, rather we do: it's either go to prison or go drop these bombs on someone.

2) Why not?  Dumber things have been amended before, for example, Prohibition.  At least Doofus McGee is advocating the giving of rights, rather than the taking away.  However, I missed the part in the Bible where God endowed man with iPods and laptops.

I am Chumbawamba.

Guy Fawkes Mulder's picture

Hi chumbawamba. Thanks for asking. And thanks for asking like you did.

1. We should be finding new ways and setting up new paradigms. Constructing homes just because it would give people jobs, or the other examples he gave, is just more of the old failed economic paradigm. The we-either-grow-or-we-collapse paradigm. The consumer buy-it-and-throw-it-away paradigm. The paradigm that sucks up precious resources and will collapse when the resources get too scare.

2. The Constitution was to be a document limiting the powers of the federal government, leaving the states of the republic free to decide their own laws and regulations. Of course, the Constitution has no bearing on the law in practice any more, having been forsaken since the Civil War, eaten up and shat out by a growing Federal Leviathan. I get pissed when I hear politicians talk about the Constitution as if it had bearing. It doesn't have bearing in practice, since the Federal Corporation makes up whatever laws it wants to and is not limited by the Constitution. If you like the idea of giving rights, rather than taking them away, that's not something I object to. I objected to his rhetoric that there should be Santa Claus clauses written into the Constitution that the Federal government is there to give the people what they need, because (a) the Constitution is dead, and (b) the Constitution was supposed to limit the government, not make it into Santa Claus.

Anyway, we're all fucked because of our money system. This Rep Jackson Jr. was talking a bunch of crap that won't help at all. But maybe his heart was in the right place. I highly doubt it though, having listened to him twice.

When I see your name, I think of:

http://www.youtube.com/watch?v=ZFvSUi-QFX4

also this:

http://www.youtube.com/watch?v=BCACbqs64_o

Michael's picture

Audit Fort Knox and other US owned bullion banks and see what is available. Get back to me with the audit results and then we can talk.

CNBC World host #1 just said; Blame Bernanke for flooding the world with money. Why can't we blame Bernanke?

Host #2; You can't blame Bernanke, you have to blame the Banks.

That's what they are talking about right now discussing the price of pancakes.

This is the letter I sent;

Audit Fort Knox and other US owned bullion banks and see what is available. Get back to me with the audit results and then we can talk about what is acceptable. You have 60 days to complete your audit.

 

Broken_Trades's picture

MARC FABER - OIL WILL GO UP NO MATTER WHAT.

http://www.cnbc.com/id/41961949

 

 

Guy Fawkes Mulder's picture

A for effort.

But when even the President of the United States is a just worthless puppet stooge... what weight do you think your words carry?

These words apply to me as well.

BigJim's picture

Hmmm. Tungsten coins... they've finally worked out a way to monetise the 'gold' in Ft Knox.

lawrence1's picture

Good bye America .. I left 8 years ago, but I do want to take my foreign wife to visit the Statue of Liberty ... unfortunately, the only liberty remaining in America.

MarketTruth's picture

As you know, the Statue Of Liberty is actually French, as it was France that supplied it to the USA. Instead, visit France and there is a copy of the State Of Liberty there. Why would you want to visit the USA and get photographed, finger printed, palm printed, etc by USA Homeland Security?

http://en.wikipedia.org/wiki/Replicas_of_the_Statue_of_Liberty

ColonelCooper's picture

If you're into that sort of thing, you can watch her get felt up real good at the airport though. 

chumbawamba's picture

++ keeping with the French theme (ode to myself)

FatFingered's picture

MT,

Your etc is not acceptable here.  Let's see...naked body scanned; retina mapped; genital fondling; cavity searched(one or two, whichever applies) facial biometrics; DNA saliva swabbed; blood, urine, or breath tested for any remnants of drugs...and than etc.

aerojet's picture

The last time I went to it, they had big signs up on "Liberty" Island that said your bags and your person are subject to search at any time.  I was like, WTF?  Really? 

Cyrano de Bivouac's picture

No-pewter or pot metal would be better.

Meme Iamfurst's picture

nope pewter is sky high now, won't work, it has trippled in 6 months to $20 a pound in lots of 500 pounds. 

Pot metal maybe.  Was going to suggest zinc, but as sure as I do it too will jump to the stratasphere before I can finish typing.

I am telling you boys, all this driving up of commodities will sure drive us down the road of a depression as sure as you are reading this.  No business can pass these costs on now, not like this, no business can plan or hire either...is this the plan?  

Your home town is burning down, the money made on this high speculation will not put the town back together once it is ashes, and where will we go then?

Debtless's picture

I'd buy a monster box of rounds made from the bones of the banksters.

masterinchancery's picture

Or maybe the Titanic going down on one side.

sunny's picture

Canada now has stainless steel coins. Ohhhh... they look silvery and shiny, but they are worth less than a common NAIL or a SCREW!

As in...screwed?

sunny

Long-John-Silver's picture

I drill a hole in penny's and use them as flat washers. It's a cheap alternative to buying steel flat washers.

Mossy's picture

Cool. Do you have any idea how much a stout, stainless steel washer costs these days?

SilverIsKing's picture

Who needs Nickel when you have chocolate?  In order to comply with the request, I will suggest chocolate coins wrapped in aluminum foil, better known as Hanukkah Gelt.

http://en.wikipedia.org/wiki/Hanukkah_gelt

You can't eat gold but you can eat these.

mudduck's picture

Chocolate is good,people like chocolate, but not so productive. How about turning those spent reactor fuel rods into an asset instead of a liability, slice em, stamp em and sell em. Make sure it is very clear exactly what they are and bring some Darwinism survival of the semi awake back to society. Make sure some of them are of a large enough face value that you can send em in for political contributions.

malikai's picture

How about the best of both worlds? Caesium 137 + Iodine 131 flavored chocolate coins. I know, I'm a genius. I should be doing "god's work".

Meme Iamfurst's picture

OK< OK  you best my idea of old beer bottle caps.

Why is it that I have this feeling you are already doing the work?

BigJim's picture

Make it radioactive so no one wants to hold onto it for longer than a few uSieverts - that would be one way to increase the 'velocity' of money.

johnQpublic's picture

isn't a nickel already worth 7 cents for the nickel content?

Bobbyrib's picture

My bad it is actually half and half.

A Texan's picture

A nickel is actually only 25% nickel, with the rest being copper.  Here is the read on a nickel's value as of this morning, from the Coinflation site:  

Total Face Value: $.05 Coin Type: 1946-2011 Jefferson Nickel Copper Price:   $4.3067 / pound   Nickel Price:   $12.4046 / pound  

Answer:

Total melt value is $0.07.

(Exact value is $0.069789258080892. $0.034184327190065 worth of nickel, $0.035604930890827 of copper.)

 

Also, take a look at the value of the 1909 through 1982 (well, mid-'82) cents (95% copper): 

Total Face Value: $.01 Coin Type: 1909-1982 Lincoln Copper Cent Copper Price:   $4.3067 / pound   Zinc Price:   $1.0770 / pound

Total melt value is $0.03.

(Exact value is $0.028421154084204. $0.028051938217853 worth of copper, $0.00036921586635057 of zinc.)

 

The only problem is that you have to sort through the cents to find what is real money and what is a token.  I order pennies from my bank in $25 boxes and sort through 2 or so per week while watching crap on TV.  I don't bother to weigh the '82s, but keep them separate (I'll sell them someday to someone who will separate them), keeping the pre-'82s in empty food containers.  Let's just say that I've got several.  Roughly 1 in 7 are pre-'82s, and I usually find about 1 in 500 are Wheatbacks (pre-'59).  I've found one as old as 1910 and some in the '20s, but most of the Wheaties are in the '40s and '50s.

 

 

CrazyCooter's picture

I have posted this to ZH forums several times, but just in case no one else saw this coming ....

Per HR 6162 (already signed by the big O), the language "the Secretary shall mint and issue, in quantities sufficient to meet public demand" has been changed to "the Secretary shall mint and issue, in qualities and quantities that the Secretary determines are sufficient to meet public demand".

My read of this is that Tim Geithner will be able to set coin production volume and purity, specifically Silver Eagle production, at whatever level he sees fit.

Public comment is not necessary, per the black letter of (the new) law.

Regards,

Cooter

flacon's picture

Well... looks like we have the Roman Emperors back from the dead. That is exactly what they did - change the "quality" of the coin. 

 

How The Roman Empire Secretly Debased Their Silver Coins. Is the Federal

Reserve Repeating History?(VIDEO)

http://hubpages.com/hub/How-Nero-Secretly-Debased-Roman-Currency-Is-the-Federal-Reserve-Repeating-HistoryVIDEO

 

 

Bay of Pigs's picture

Yes, and it is sheer lunacy to think it will work. It won't. History says so...

luk427's picture

They already did the Rome thing back in the sixties when they removed the silver.Now the money has depreciated soo much their resorting to junk metal. $20.00 dollars of 1932-1964 quarters (80pcs @ 90% silver) is worth $518.09 at todays spot price. Thats how much value paper money has lost.  http://www.coinflation.com/coins/silver_coin_calculator.html

Yen Cross's picture

I pay attention! Keep posting Crazyness! You are fun and smart!

akak's picture

Having a yen for some meth tonight?

Dr. Porkchop's picture

They've changed the matrix again.