Posted on 03/08/2011 1:23:43 AM PST by Jet Jaguar
The U.S. Mint has begun the process of research and evaluation, eventually setting the stage for new coin compositions, as well as potentially changing bullion coin allocations.
The U.S. Mint Monday announced it is seeking public input on factors to be considered in research and evaluation for alternative metallic coinage materials to be considered in the production of all circulating coins.
The announcement, which is a result of The Coin Modernization, Oversight and Continuity Act of 2010, is setting the stage for a major overhaul of the metals composition of coins and how the Mint is going to manufacture them.
Basically, the Treasury Secretary and the U.S. Mint are conducting a major re-examination of minting and coinage laws.
For instance, the Mint now has the authority to research and test less expensive alloy alternatives for coins. Currently the Lincoln Penny and the Jefferson nickel cost more to produce than their corresponding face values. The Treasury Secretary is expected to address this situation under the auspices of the new act.
Other changes under the Coin Modernization Act give the U.S. Mint greater flexibility in meeting the demand for gold and silver numismatic items, as well as bullion coins. The Treasury Secretary now has the authority to determine the qualities and quantities of American Eagles, which comprise the bulk of gold and silver bullion coins.
Previously, the qualities and quantities of U.S. bullion coins were closely regulated by Congress.
The act also enables the U.S. Mint to produce proof and/or uncirculated American Eagles coins, even if the Mint is not meeting bullion coin demand. For example, the American Platinum Eagle Coin has not been available in bullion format for more than two years.
In the news release Monday the Mint said it is not "soliciting suggestions or recommendations on specific metallic coinage materials." The Mint is seeking public comment only on the factors to be considered in the research and evaluation of potential new metallic coinage materials.
Comment must be submitted to the U.S. Mint on or before April 4, 2011. Meanwhile, the Mint has reported total February 2011 gold bullion sales of 72,500 ounces with 6,000 gold bullion ounces sold so far this month. Gold bullion sales dropped from 84,000 coins reported during February 2010.
Silver bullion sales totals for February 2011 were reported at 3,240,000 silver ounces, up from the 2,050,000 silver ounces sold during February 2010.
For what it’s worth today vs the cost to print and short life, it’s time to get rid of the dollar bill and go exclusively to dollar coins.
In keeping with the latest government efforts to pay off the national debt, the new currency will be composed of fused sand, mixed with bird sh1t.
Is that why our money smells so bad?
Interesting. Thanks for posting.
LOL!
I am looking forward to a new generation of steel coins and if they rust on you tuff sht
Copper and nickle are soaring and you could melt pennies and nickles and make money
I think it would help if we brought back $500 and $1000 bills. There once was a time when one of those bad boys was enough to buy you a new car, but with inflation it’s not that much.
In fact, $100 bills account for a whopping 75-80% of all paper money produced by the United States.
And I know. You’ll hear the usual excuses about drug dealers and large bills, but I don’t buy that schtick.
No, thank you.
I think counterfeiting would be a major problem if we brought back large denomination bills. Imagine the bulk being reduced by 90%. Terrorists and governments like Iran would have a field day.
Just sold $13 face value of 1964 halves, quarters and dimes for over $300. Gonna dump more of this stuff every week until silver bubble busts.
Let me guess, the new dollar coin will be made out of PVC...
I was thinking of melting down what's left of the GM and Chrysler inventories after they finally go under in 2013.
The US government began counterfeiting silver coins with cheaper replacements in order to fund the Vietnam War with inflation. Our kind masters started counterfeiting pennies a few decades ago ...
as soon as I get an income, I’ll be buying nickels, and holding them until their intrinsic value is 4-5 times their nominal value!
Just as the melt value of ‘real silver’ coins has skyrocketed, the value of ‘real nickels’ may soon start to rise on melt value.
The Chinese are faking boatloads of realistic Morgan dollars and other U.S. silver coins. They’re also faking gold coins. Google it. As much as I’d like to read about a fellow freeper investing in a pickup truck load of nickels, I’d hate to hear they bought a bunch of fake chinese u.s. silver coins.
There is no such thing as a silver bubble.
See my post 101
http://www.freerepublic.com/focus/news/2684672/posts?q=1&;page=101
Removing our motto “In God We Trust” will be the top priority.
coin ping!
They could make them out of the old machine tools from shuttered Midwestern factories.
Should be fairly high quality metal in them.
Too late, that stuff is already in China.
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