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

Lazybones

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?

BillJones

My thoughts are that I will buy the new coins I like from the mint, which now is limited to an annual silver Proof set and perhaps a commemorative coin, if it REALLY interests me, and ignore the rest. Even if I liked the mint products more, I would be turned off because of the constant games it plays making coins for insiders and speculators. The current Director of the Mint has a hostile attitude toward collectors.

So far as the money goes, it does not matter. Federal Government spending is so far out of control that the numbers boggle the mind because of their sheer size. History has shown repeatedly that uncontrollable increases in the money supply have resulted in massive inflation and, in the worst cases, a collapse in the monetary system. Whatever piddling amount the Mint System might earn for the government is just mist in the bucket. It does not not even qualify as a drop.

ricko

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

BillJones

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?

jmlanzaf

Profit is AFTER the costs have been "defrayed".

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

Cameonut

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.

MidLifeCrisis

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.

DrDarryl

2020 US Mint Report. https://usmint.gov/wordpress/wp-content/uploads/2021/02/2020-US-Mint-Annual-Report.pdf

bsshog40

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!

drwstr123

The bigger the float, the larger the skim.