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So was the legislation ever passed/signed to...........
DBSTrader2
Posts: 3,498 ✭✭✭✭
.......stop producing the Pres & N.A. Sac $1's for circulation..... or is there a chance we'll still see the latest "Native American" and maybe 1 or more Pres coins before it is?
- - Dave
- - Dave
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<< <i>.......stop producing the Pres & N.A. Sac $1's for circulation..... or is there a chance we'll still see the latest "Native American" and maybe 1 or more Pres coins before it is?
- - Dave
No legistation was required. The Secretary of the Treasury used his authority to stop producing these coins for circulation. They will still make them for collectors though.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
I find it quite Unconstitutional that VP Joe Biden gave the authorization to the Mint to stop producing dollar coins for circulation.
now, the dollar coins will only be available from the mint in premium priced products.
the real legislation to kill the coins and the competing legislation to kill the $1 note are still active as bills in Congress... where they should be handled.
<< <i>
<< <i>.......stop producing the Pres & N.A. Sac $1's for circulation..... or is there a chance we'll still see the latest "Native American" and maybe 1 or more Pres coins before it is?
- - Dave
No legistation was required. The Secretary of the Treasury used his authority to stop producing these coins for circulation. They will still make them for collectors though. >>
The TS can't overrule Congress, either.
- - Dave
<< <i>
<< <i>
<< <i>.......stop producing the Pres & N.A. Sac $1's for circulation..... or is there a chance we'll still see the latest "Native American" and maybe 1 or more Pres coins before it is?
- - Dave
No legistation was required. The Secretary of the Treasury used his authority to stop producing these coins for circulation. They will still make them for collectors though. >>
The TS can't overrule Congress, either. >>
True but did congress mandate how many were to be produced? By continuing to make them for collectors the mint is fulfilling the requirements of this legislation if not the spirit. I'm guessing the treasury is running out of storage space and feels it's a waste of money to keep mass producing coins that no one wants or uses. If they stopped making the paper dollar then there would be a good reason to start mass producing these coins.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>So is this the end of the "First Day of Issue" for Presidential Dollars? >>
I was just thinking about this last night!
From 2005 to 2010, coins produced in Mint Sets were a different finish than coins intended for circulation. Therefore, the only way to obtain circulation coins for FDI was either on release day or through banking "channels".
In 2011, the US Mint stopped producing Satin Finish coins for US Mint sets and returned to Brillian Uncirculated quality. Therefore, coins in US Mint Sets are technically the same as they were prior to 2005 and are the same as what is available in rolls sets and bags from the US Mint.
When the 2012 US Mint Sets are released, I see no reason why the remaining unreleased Presidential Dollar coins could not be submitted for FDI Labels. They are, after all, being submitted on or before the First Day of Release.
FDI could be sporadic depending upon the release date of the Mint Sets but not impossible IMO.
The name is LEE!
<< <i>Somehow, I thought they were going to stop the notes and force us to use the coins. No? >>
No. It's been proposed but they are still printing paper dollars. It would not be a popular move during an election year so I wouldn't expect any changes until after the election.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>
<< <i>So is this the end of the "First Day of Issue" for Presidential Dollars? >>
I was just thinking about this last night!
From 2005 to 2010, coins produced in Mint Sets were a different finish than coins intended for circulation. Therefore, the only way to obtain circulation coins for FDI was either on release day or through banking "channels".
In 2011, the US Mint stopped producing Satin Finish coins for US Mint sets and returned to Brillian Uncirculated quality. Therefore, coins in US Mint Sets are technically the same as they were prior to 2005 and are the same as what is available in rolls sets and bags from the US Mint.
When the 2012 US Mint Sets are released, I see no reason why the remaining unreleased Presidential Dollar coins could not be submitted for FDI Labels. They are, after all, being submitted on or before the First Day of Release.
FDI could be sporadic depending upon the release date of the Mint Sets but not impossible IMO. >>
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So you would have to submit a whole Mint Set to get FDI on the coins? Or at least the sheet with the Presidential Dollars on it?
This would be very costly on the low grade coins?
Maybe PCGS could give us some direction on this?
GrandAm
<< <i>
<< <i>
<< <i>So is this the end of the "First Day of Issue" for Presidential Dollars? >>
I was just thinking about this last night!
From 2005 to 2010, coins produced in Mint Sets were a different finish than coins intended for circulation. Therefore, the only way to obtain circulation coins for FDI was either on release day or through banking "channels".
In 2011, the US Mint stopped producing Satin Finish coins for US Mint sets and returned to Brillian Uncirculated quality. Therefore, coins in US Mint Sets are technically the same as they were prior to 2005 and are the same as what is available in rolls sets and bags from the US Mint.
When the 2012 US Mint Sets are released, I see no reason why the remaining unreleased Presidential Dollar coins could not be submitted for FDI Labels. They are, after all, being submitted on or before the First Day of Release.
FDI could be sporadic depending upon the release date of the Mint Sets but not impossible IMO. >>
----------------------------------------------------------------------------------------------------------------
So you would have to submit a whole Mint Set to get FDI on the coins? Or at least the sheet with the Presidential Dollars on it?
This would be very costly on the low grade coins?
Maybe PCGS could give us some direction on this?
GrandAm
Why would you submit the low grade coins or for that matter the entire Mint Set? As long as PCGS's bulk department receives them before their issue date, they don't have to be physically packaged in the mint set and they technically qualify for First Day of Issue.
The name is LEE!
<< <i>
<< <i>
<< <i>
<< <i>So is this the end of the "First Day of Issue" for Presidential Dollars? >>
I was just thinking about this last night!
From 2005 to 2010, coins produced in Mint Sets were a different finish than coins intended for circulation. Therefore, the only way to obtain circulation coins for FDI was either on release day or through banking "channels".
In 2011, the US Mint stopped producing Satin Finish coins for US Mint sets and returned to Brillian Uncirculated quality. Therefore, coins in US Mint Sets are technically the same as they were prior to 2005 and are the same as what is available in rolls sets and bags from the US Mint.
When the 2012 US Mint Sets are released, I see no reason why the remaining unreleased Presidential Dollar coins could not be submitted for FDI Labels. They are, after all, being submitted on or before the First Day of Release.
FDI could be sporadic depending upon the release date of the Mint Sets but not impossible IMO. >>
----------------------------------------------------------------------------------------------------------------
So you would have to submit a whole Mint Set to get FDI on the coins? Or at least the sheet with the Presidential Dollars on it?
This would be very costly on the low grade coins?
Maybe PCGS could give us some direction on this?
GrandAm
Why would you submit the low grade coins or for that matter the entire Mint Set? As long as PCGS's bulk department receives them before their issue date, they don't have to be physically packaged in the mint set and they technically qualify for First Day of Issue. >>
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How is PCGS going to get them before the issue date? How am I going to get them before the issue date?
Well I don't understand what you are saying then?
What will be the 1st Day of Issue?
The way I understood FDI you had to submit sealed boxes the 1st day. How would you deceide the 1st day on Mint Sets? They ship them for months so very few people will get sets shipped the 1st day?
I am confused? That is why I am asking PCGS to clear this up?
Consider this possible scenario:
US Mint Sets get released and shipped on 3/5/2012. (The sets contain 2 of each Presidential Dollar coin, 1 from each mint)
The US Mint "still" has a release date for each individual Presidential Dollar coin. That date is the day they go on sale from the US Mints web site. THIS fact has not changed since the programs inception.
Four Presidents will be issued this year.
- Chester A Arthur
- Grover Cleveland
- Benjamin Harrison
- Grover Cleveland
No release dates have been set so lets assign a couple for example purposes.
Arthur - 3/31/2012 (Technically, any Arthur coin can be submitted prior to this date for FDI labeling)
Cleveland - 6/1/2012 (Technically, any Cleveland coin can be submitted prior to this date for FDI labeling)
Harrison - 9/1/2012 (Technically, any Harrison coin can be submitted prior to this date for FDI labeling)
Cleveland - 11/1/2012 (Technically, any Cleveland coin can be submitted prior to this date for FDI labeling)
All the above dates are prior to the 3/5/2012 release date for US Mint Sets AND the coins in the US Mint Sets are no different than what will be released by the US Mint. Tell me WHY could they not be cut out of the Mint Sets and submitted for the FDI Lables as long as they are submitted prior to the official release date of the individual president?
IF the US Mint Sets are released "before" the actual coins then there won't be a problem. If the mint sets get released after the 1st Presidential coin of the year, then that President would obviously get excluded from FDI but as it sits, the above scenario falls well within PCGS's rule governing FDI labels.
IMO, its doable. Expensive since the coins are no longer available at face value but then this program has always been expensive.
The name is LEE!
Box of 20