Subject:
[USMA:48360] Fw: Re: USA $1 Coins
From:
"John M. Steele" <[email protected]>
Date:
Thu, 12 Aug 2010 02:54:12 -0700 (PDT)
To:
U.S. Metric Association <[email protected]>
OK, $1 coin lovers, such a deal I have for you. It is time to "fish or cut bait." No more
"can't find 'em" excuses. I learned of this deal through another discussion forum:
http://catalog.usmint.gov/webapp/wcs/stores/servlet/CategoryDisplay?langId=-1&storeId=10001&catalogId=10001&identifier=8100
The US Mint will sell you $250 in $1 coins (circulation grade) AT PAR. They
will absorb the credit card fees, shipping and handling, and deliver to your
door. They are obviously taking a small loss on each to move inventory.
Scammers have used the program to earn air miles and credit card points and
immediately deposit the coins at their bank. So the Mint has had to add some
limitations, you can only buy $1000 worth every 10 days, and you have to
promise that you understand you are not supposed to abuse the program. (Please
keep in mind that $1000 weighs 8.1 kg plus the weight of shipping materials.)
That limit is considerably faster than I use cash, although, frankly, I prefer
bills and larger denominations.
Actually, the USMint is still making out BIG TIME, even with the free shipping
on the coins, as it only costs about 7-8¢ each for them to make the coins. As
soon as the dies begin to spearate from the newly struck coins, they go on the
Federal books at $1 each, for a 92-93¢/coin profit (called 'seigniorage', a
GREAT spelling-bee word!). Subtract the shipping and the Feds are still
making nearly 90¢/coin.
As for that 'abuse', I would just flag those purchases such that they will not
be eligible for those CC bonuses.
As for quantities of metal in one's pocket, ask those who live in places where
high-value coins are the norm. The quantity of metal in pockets and coin
purses is usually less, because there is more of a tendency to SPEND lower
coins, along with the higher ones, in normal daily small-time commerce, rather
than to just accumulate them as here in the USA.
70 years ago (1940), the USA still used the same slate of coins and banknotes
as today - 1¢, 5¢, 10¢, 25¢, 50¢ (all of today's dimensions) and scarce $1
coins and then banknotes for $1 on up. Half Dollars (50¢) were more common in
circulation than Quarters (25¢). BUT, back then, when figuring in inflation,
the Quarter (25¢) of today was a bit less than the 1¢ of 1940. A beer at a
bar was usually 5¢; postage on a first class letter was 3¢; a decent lunch,
10-15¢; a daily newspaper 3 or 4¢. A top-of-the-line livingroom radio, $175
(their day's equal of the $3K-4K theater-style big-screen home entertainment
center of today). And so forth.
Nearly ALL daily small-time commerce in 1940 was in coins *ONLY* and to have
even ONE banknote in the wallet was to be carrying around REAL money! On
today's scale, 1940 money/prices would be like carrying around and using 5¢
banknotes back then - and prior to 1933, the USA had regular circulating coins
of up to $20 - well over $500, perhaps over $1K, in today's money.
--
___________________________________________ ____ _______________
Regards, | |\ ____
| | | | |\
Michael G. Koerner May they | | | | | | rise again!
Appleton, Wisconsin USA | | | | | |
___________________________________________ | | | | | | _______________
