Coin or Not Coin - the 1933 Double Eagle
MsMorrisine
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If not monetized then it is not a coin because coins are money.
So only the Farouk example is a coin and the rest are not.
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My "understanding" is that none of the 1933 Double Eagles were supposed to leave the Mint, therefore none of them were "monetized".
Coins do not get monetized until they are bagged and shipped.
At least that is the way I understand it.
Disagree if you like...........but have the courtesy to post your reason so I know why.
Pete
Monetized or not........ the example I saw at the Smithsonian looked like a coin to me.
It is a coin no doubt............but not a Monetized one.
Pete
It's one you'll never own....a slug.
bob
The term “monetize” was invented by mint lawyers to mislead the courts
and the public. In point of fact a struck piece becomes a coin when it is
formally delivered by the coining department to the responsible mInt
official. This was done for the 1933 double eagles and all of them were
therefore legal coins.
@denga.... That is correct... the term is legalese and not truly representative of an action. If it was minted by the U.S. Mint, with all the appropriate congressional approvals and internal processes... then it is a 'coin'...subsequent actions do not change reality, they only affect (and justify bureaucratic positions) legal wranglings.... In other words, created intricacies of words and wording, to fabricate a picture justifying a position that otherwise is, in reality, untenable. Cheers, RickO
then the 1913 v liberty nickel is not money either. jmo
Melt them. They're an insult to our existence.
If it walks like a duck and it quacks like a duck... it’s a duck
......and there's still 10 more out there.
Agree. Total b.s. by a Treasury Department obsessed with a scurrilous vendetta.
I agree with the assessment above,
Furthermore, the coins were available for purchase by Mint employees for a week or two before they pulled the plug.
Also, I do not know the accounting intricacies, but I am willing to bet they were put on the books one way or another when minted (seignorage, for example, although I don't think it amounted to much for gold coins).
They were authorized by law (originally) and legally struck. They were/are money. Did the gold ban specifically demonetize them? I don't know the answer to that one...
They were and are exactly like any other double eagle coins. All coinage laws applied until passage of the Gold Act of 1934.
I don't think so. In this case, the nickels weren't even authorized to be made.
Pete
agreed with
Fubar seems to be SOP government procedure. Why solve problems when the problems can be mad bigger?
No Liberty Nickel is by this definition.
The following link shows how quarters are minted. At 4:09 the statement "They don't become money till they're released to banks" is made.
That's why I made the statement about "monetized" coins.
Pete
I don't doubt that the video says that, but whether or not it is correct is another issue...
No MInt product sold directly to collectors has been released to a bank - are all those coins not "monetized"?
Coins sitting in Mint vaults are counted as money and the seignorage is recognize as soon as the coins are minted, as far as I know (but I could be wrong).
It seems to be a more complicated question than we would have imagined.
"I don't doubt that the video says that, but whether or not it is correct is another issue...
No MInt product sold directly to collectors has been released to a bank - are all those coins not "monetized"?
Coins sitting in Mint vaults are counted as money and the seignorage is recognize as soon as the coins are minted, as far as I know (but I could be wrong).
It seems to be a more complicated question than we would have imagined."
Yes. it is. I only posted the video to support a rather "premature" statement on my part.
Pete