Recent Denver Mint tour

renman95

I went last November (2006), saw the GW dollar being made and our pleasant guide said that there will be a new collectors section to view in 2007. So, yesterday I took another tour. One of us 3 could not get in because he a picture-cell phone. We had to take off our belts. It seemed worse than an airport. Once inside we had a rather "richard cranium" of a guide...rude and abrupt. I asked him a rhetorical question of how much does it cost to make a cent and nickel. His answer was 1.7 cents and 11 cents. I asked how long can the mint continue making coins at a loss. He said forever because of us hoarders. Many times he called us "hoarders" during the tour in a derogatory tone as if we were fools. It was a very unpleasant experience. You can't complain because nobody cares.

The only highlight was the new area where employees were assembling the 2007 Mint sets. To see that process and know that many (proof) sets have been assembled in error is no surprise.

Ren

GritsMan

Interesting story, but the guide sounded awful. They should be turning on people, not off, especially the youngsters.
Thanks for sharing!

Cgb

Is it true that it costs 1.7 cents and 11 cents to make a cent and a nickel? I honestly do not know.

Seems like a rather unpleasant experience, did the guide at least seem knowledgeable?

keez

Tour guides are supposed to be pleasant as well as informative. They have the wrong guy doing their PR type of work.

Can you report it to the Mint?

renman95

<< <i>Is it true that it costs 1.7 cents and 11 cents to make a cent and a nickel? I honestly do not know.

Seems like a rather unpleasant experience, did the guide at least seem knowledgeable? >>



He was knowledgealble to a degree. He mentioned the new Sac and changing reverse and the new rev's of the Lincoln-2009. I asked a second question if the new Sac would have edge lettering, he said no(?). He also mentioned the quarters will be extended by one year. The House OK'd the extension. Wait a minute, I think the Senate still needs to put in their 2 cents.

Ren

renman95

<< <i>Tour guides are supposed to be pleasant as well as informative. They have the wrong guy doing their PR type of work.

Can you report it to the Mint? >>



It's probably too late now. Plus, I don't think you can fire gov't employees. (tic)

There were some German tourists and just looked bad for the good ole' USA.

Ren

sumnom

I have long wondered about "hoarders." Do we "hoarders really make so much of a difference? With the mint pumping out a gazillion million coins every years, one would have to haord an awful lot to make an impact, no?

bluespaceant

ricko

As a group, I do not think we have much of an impact on circulation. The tour guide should be fired - he is presenting a poor image and not providing an acceptable service. Cheers, RickO

ProofModerns

I don't understand his response.

If it costs $.11 to make a nickel and the mint sells it for $.05, they are losing money regardless of what happens after it leaves their hands.

zkcoins

<< <i>I don't understand his response.

If it costs $.11 to make a nickel and the mint sells it for $.05, they are losing money regardless of what happens after it leaves their hands. >>



Yes but he was implying that because we hoard more and more, that they have to mint more and more. What they aren't taking into considerations is how many other countries use our currency and coinage.

ProofModerns

Correct me if I'm wrong, but the original question is about the financial viability of making and selling a product (pennies and nickels) at a loss. Most companies would go broke doing that.

It doesn't matter how many coins circulate (or don't) and where they circulate (or don't).

Coxe

Catch a glimpse of that secret Amero minting?

Wade

<< <i>Catch a glimpse of that secret Amero minting? >>



Haha! I was waiting for someone to say that.

ChrisRx

I think he meant hoarders as in we buy all the crazily marked-p stuff on the mints website to offset the loss

Andrew289

It really doesn't matter if the Mint takes a loss on the nickel and cent. They more than make it up with the quarter. It's all profit and with the hoarding of the State Quarters....well...cha ching cha ching ..they are laughing all the way to the bank.

pmac

To defend the mint and it's practice of making coins which cost more than their face value, I would guess that they were referring to proof coins. Naturally they sell proofs for greater than face value, just like commems and bullion coins are sold for greater than face value. The tour guide was an idiot.