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No More Dead Presidents As Mint Stops Coin Production
In continuing efforts to save governmental money (and waste) the Washington Post is reporting that the United States Mint will cease production of Dollar coins (with each carrying a deceased President's likenesses). More than 40% of the coins have been returned to the Fed because no one wants them. Who needs real money when 1s and 0s are all that counts nowadays?
White House cutting production of presidential dollar coins; will save taxpayers $50 million
The presidential dollar coin is falling victim to Washington’s cost cutting efforts.
The Obama administration is stopping nearly all production of the coins, which carry the likeness of every deceased President. The effort will save taxpayers $50 million a year in production and storage costs.
In 2005, Congress mandated that the United States Mint issue the coins. But the White House says more than 40 percent of the coins are returned to the Federal Reserve because nobody wants to use them.
Instead of producing 70-80 million coins per deceased president, the Mint will now only produce as many as collectors want.
The announcement is part of the White House campaign to cut back on government waste.
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Worse case scenairio, they otta fit nicely in a 12 guage.
++++++++++++++++++++++++++++++++++++1
That's what I keep saying
http://www.corbins.com/swaging.htm
The nickel is probably going to be reformulated using a different alloy sometime in the not too distant future.
Have you noticed that they keep changing the design on the nickel and quarter? I suspect that this is intended to get people used to changes in these coins, so that people will not be so upset when they reformulate them.
Tell them what Kyle Bass told his bank to tell the Fed when they asked the same question: "I just like nickels."
They used to be worth 7 when nickel was up..now they're about 5.5. I just tell the tellers I put sets together for collectors...no more questions!
22LR ammo will be the new pennies
9mm new nickels
40 S&W new dimes
and so forth
Whats the exchange rate for 7.62x39?
.
Are there any limits at those prices???????
Instead of zinc discs or paper rectangles, we should just use Ben Bernanke's feces as currency.
City where dog poo turns to gold
http://www.bbc.co.uk/news/world-asia-16085792
Dollar coins were always bs. And they aren't exactly made of precious metals--the damn things tarnished up really fast. The whole thing was shoved down our throats and it was a huge government boondoggle. I hear strippers particularly didn't like them.
If I was a stripper I would be a bit nervous about accepting those.
For obvious reasons.
pods
@ Aerojet
Yet another flippin idiot who cannot realise that a metal coin is intrinsically worth more than paper.
I've had enough of you effin idiots who cannot differentiate between paper and metal.
I thought you lot were well educated. Clearly their is some dumbing down going on.
You'll be pleased to know that this is my last comment on this thread.
Who needs real money when 1s and 0s are all that counts nowadays?
In modern finance we use cubits, they can be 0 or 1 at the same time depending on the observer - and they are entangled.
I'll trade a Mickey Mantle for a Chester A. Arthur coin anyday.
Those dollar coins looked kind of cheap, like play money.
Now if we could only get rid of the penny.
Most money is play money.
The slippery slope in this instance is when Joe & Jane citizen don't have any currency to hold in their hands it might dawn on them that 'value' isn't actually related to 'money', and that it's all just numbers on paper, or on screen I suppose.
Anything that's not gold or silver is play money...Even the US Constitution says so.
if they were 100% copper people would be buying them for $2.00
They should have minted these, and issued an updated set for Obama.
http://www.youtube.com/watch?v=alAbt987F3A
A world history professor of mine once taught that the stability and soundness of ancient empires could be correlated with the quality of their coinage. Interesting to see how the US coins have deteriorated in quality over the last 40 years or so, and the downward slide of modern coin quality over the last 5 years or so has been amazing. Ever see the new pennies? Can scratch the copper coating right off it with your fingernail.
Maybe that's why some folks are long fingernails.
http://www.longnails.com/nailspicsmenu.html
The down side of this is that when these coins are minted, costing prolly about 12 cents metal+labor, the other 88 cents goes to the gubmint bottom line, it's called "seigniorage", unlike $1 note printed which needs interest paid by Uncle Sam, to the "not so Federal" Reserve. Assholes shoulda pushed more to get use, cause that's less taxes to you and me, fellow 'Mericans, just sayin'.
The treasury should mandate that they will only print and release cash dollars in a 50/50 mix of coins and bills. If people refuse to use the coins then the bills will wear out faster. If people try to spend the coins faster to get rid of them they will be the only currency to circulate. The dollar coin is inherently superior to the dollar bill.
How I will miss those conversations with the public school drop out drone manning the parking lot booth trying to explain that a guy named "Millard Fillmore" used to be the President of the U.S.A.
Protip: It turns out that mentioning that Fillmore was the Whig Party candidate isn't much of an aid-to-memory.
American are fools -- if they only knew.
U.S. Mint coins are the only U.S. sovereign money created for Americans. Using U.S. Mint coins actually pays DOWN the U.S. debt, unlike the credit, and green linen issued by the private banking corporations and borrowed by the government which increases the debt. The private FED bank pays us full face value for all U.S. Mint coins, including dollars. The U.S. Mint creates and sells coins under authorization of the Public Enterprise Fund (PEF), Public Law 104-52 (codified 31 U.S.C. § 5136). (US Code - Cornell)
"The FED is merely the fiat drug dealer to a government addicted to spending and false promises." Michael Krieger
Endorsing your cash pays down the debt too.
Dupe.
Can you elaborate?
I've been seeing signed bills lately, and was wondering why.
I ran across the dollar coins in use in Ecuador (who is using the US Dollar, currently). I bought some stamps, one time, from a stamp machine and got the dollar coins in change. I turned around and spent them at a big box retailer and the cashier had no idea what they were.
I ran across the dollar coins in use in Ecuador (who is using the US Dollar, currently). I bought some stamps, one time, from a stamp machine and got the dollar coins in change. I turned around and spent them at a big box retailer and the cashier had no idea what they were.
1. How it costs $50mil to make money is beyond me, so is it really saving?
2. The white house wants to spend $622bil on what is more or less the next war-- war on US citizens and their rights.
Hope and change indeed.
If the Treasury had HALF a brain, they would stop printing dollar bills.They wear out so fast it's pitifull.
Dollar coins would last 50-60yrs, one time cost..............done.
Use them, or do without.Any millions per year we can save we need to do it.
They already have a 100 million dollars plus of these minted.(maybe that's a billion),, I forget.
slut
Even if no one wants them, I have to wonder how much those presidential dollar coins are going to be worth in 50 years. Nothings makes something more valuable than scarcity. http://whitman.com/Inventory/Detail/2013-Red-Book-U-S--Coins-Spiral