US Mint question

nags

I should probably know this, but I don't. What is the US Mint's purpose/goal/mandate in issuing collector/bullion products? Are they trying to make money? Are they only providing the public with a collectible product and service?... Is there any guidance as to the pricing of products or limiting production or is that completely up to the director? Do they factor in anticipated resell value?

DaveG

If I recall correctly, the Mint doesn't "mandate" issuing commemoratives - Congress enacts legislation that directs the Mint to strike and issue a commemorative coin.

I'm not sure about bullion products, but there is probably legislation directing those programs, too.

CaptHenway

Correct. Congress is behind all issues. The Mint had input into things such as finishes and packaging as part of its marketing perogative.

TwoSides2aCoin

I'm glad I don't work there... I'd put my whole pay-check in and lose my family for gambling on the job.

MsMorrisine

The Mint aims to make a profit on everything. There have been a few off instances where they lost a little (most recently silver bullion in FY2012).

Claims that the Mint should stop ______ product because it is a $$ loser are generally unfounded.

In fact, the Mint is the only money making part of the government and regularly returns excess profits to the Treasury.

Since a lot of the products include precious metals, and as sourcing other items can yield varying pricing, The Mint staff set pricing. I am guessing that the Mint does not consider aftermarket pricing when setiing prices. Had they done that in the past, they would have underpriced some stealth winners and overpriced some bombs. I didn't see that kind of stuff happening.


google us mint annual report and have a read.

ricko

The Mint is a business...they intend to make money. The basic difference between public business and the Mint is that Congress directs what products will be manufactured. Cheers, RickO

lcoopie

mint annual report

Davideo

<< <i>In fact, the Mint is the only money making part of the government and regularly returns excess profits to the Treasury. >>



US Patent and Trademark Office makes money as well. And if you want to get flexible with definitions, maybe you could claim the IRS...

FaberCastell

<< <i>The Mint is a business...they intend to make money. The basic difference between public business and the Mint is that Congress directs what products will be manufactured. Cheers, RickO >>



True. However, the Mint's primary directive via the Constitution ("Congress shall have the Power . . . To coin Money") is to produce legal tender circulating coinage for the people in order to conduct trade and commerce. The business side of "making money" is secondary.

BryceM

The mint makes money?

Well, duh!