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Profits from the US Mint - Does this change your opinion?

LazybonesLazybones Posts: 1,332 ✭✭✭✭✭

All profit generated by the US Mint goes to the US Treasury General Fund. In other words, more money for the pigs at the trough to squander.

Personally, I feel it should stay within the mint to defray costs. Yeah, I know; Congress will simply cut their budget by that much so it'll even out in the end. Congress will ALWAYS get their pound of flesh. But, for some reason it irritates the piss out of me.

Your thoughts?

USAF (Ret) 1974 - 1994 - The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries. Remembering RickO, a brother in arms.


  • rickoricko Posts: 98,724 ✭✭✭✭✭

    The Mint is part of the government, though it has a section that is 'technically' (if not officially) a business. That business appeals to and satisfies (partially) the demand for collector coins. As such, it is not good policy to lose money, and the ravenous beast that is government will always welcome whatever funds it can garner. True, their 'profits' are insignificant compared to government expenditures, but if they lose money, changes will be made. Cheers, RickO

  • BillJonesBillJones Posts: 33,042 ✭✭✭✭✭
    edited March 4, 2021 3:02PM

    The concept of “elasticity of demand” which is a term economists use refer in suppression in the quantity of goods demanded due to price increases. When the mint raised the price of mint medals from $39 to $160, a 400% increase, the mint leadership knew that they would cut the number medals sold considerable. I can almost guarantee you that the mint will collect less revenue from medal sales, not more. Getting more than $40 for these medals is not easy at the shows, which is the secondary market.

    The message is clear. The mint wants to get out of the business of making medals. If private makers, like the Medallic Art Company, can sell medals of equal or better quality for less money, what is wrong with the U.S. Mint?

    Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
  • jmlanzafjmlanzaf Posts: 30,381 ✭✭✭✭✭

    Profit is AFTER the costs have been "defrayed".

    So, the Mint is doing exactly what you say you want them to do?????

  • CameonutCameonut Posts: 7,235 ✭✭✭✭✭

    My thought is that the mint is only in it for the mint. They do not care about collectors, customers, customer service, and whatever.

    They lost me as a customer a number of years ago. I will never buy anything from the mint, nor will I ever buy anything from the mint for anyone else.

    The designs the mint produces are carp. Should they ever produce something I like, I will wait a couple of years for the aftermarket price to drop and buy it then. So far I have purchased nothing.

    There, I feel much better. Time for a sip of Hibiki.

    “In matters of style, swim with the current; in matters of principle, stand like a rock." - Thomas Jefferson

    My digital cameo album 1950-64 Cameos - take a look!

  • MidLifeCrisisMidLifeCrisis Posts: 10,503 ✭✭✭✭✭

    I have two thoughts about this:
    1. I wouldn't let it bother me so much if I were you.
    2. It does not bother me because I don't care.

  • DrDarrylDrDarryl Posts: 571 ✭✭✭✭✭
    edited March 4, 2021 2:26PM
  • bsshog40bsshog40 Posts: 3,692 ✭✭✭✭✭

    I have stopped buying everything from the Mint. I use to have a few subscriptions but ended them all with the price increases. It has stopped all my Proof sets, Eagles and danscos but I don't care. It will just let me ponder another series that the mint can't take away!

  • drwstr123drwstr123 Posts: 7,023 ✭✭✭✭✭

    The bigger the float, the larger the skim.

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