@JBK said:
One point of clarification: the Federal Reserve is not the same as the mint, so I assume (??) that any excess $ coins minted as collector coins never made it to the Fed. I assume the Mint cannot force feed the FR banks, but I might be wrong.
The collector coins are a mere pittance compared to what was produced. 190 million in the last 19 collector only coins. They did more than that in the previous 3 issues (225 million.)
I don't know why the Fed wouldn't take them. They built a facility just to hold brassbux, and when they designed the vault, probably anticipated the normal 75 million/coin production.
As for the Reagan coin, it was a matter of interpretation. All presidents had to be honored in order, and the law would end when all eligible presidents had been honored. Carter was the stumbling block, since he was (and still is) alive. Some said that Carter not being eligible stopped the program, others said that the Reagan coin was next since he was otherwise eligible. The Reagan coin argument won out.
The only rule for a president to get a coin, was they had to be pushing daisies for two years.
So even if Carter died in 2015, by law, he still wouldn't have been eligible for a coin, but Reagan would still have his. Reagan's coin was issued in order, it's just Carter was ineligible.
(And honestly, would you want to face the wrath of Nancy if he didn't get his coin?)
But I do not think the Presidential dollars or any other coins have legal tender status until the FRB has waved some form of magic wand over them.
You might be right but there is the issue of coins sold directly by the mInt. As far as I know they are still money....
As I said, while the coins set aside for sale directly to collectors may never leave the hands of The Mint or its distributors, both the Treasury and the Federal Reserve Bank have to make certain entries on their balance sheets before the coins become money in our financial system. The coins are just mere metal poker chips until the proper accounting takes place.
@JBK said:
The only rule for a president to get a coin, was they had to be pushing daisies for two years.
So even if Carter died in 2015, by law, he still wouldn't have been eligible for a coin, but Reagan would still have his. Reagan's coin was issued in order, it's just Carter was ineligible.
(And honestly, would you want to face the wrath of Nancy if he didn't get his coin?)
This was my interpretation as well, and the one that ultimately won out, but for some moths it was not clear that Reagan would be issued. Once the series got to Carter and he was not eligible for a coin, some argued that the enabling legislation ended there.
BTW, Nancy Reagan is one of the few living Americans to appear on a coin. The gold spouse series had no stipulation about that topic.
Comments
The collector coins are a mere pittance compared to what was produced. 190 million in the last 19 collector only coins. They did more than that in the previous 3 issues (225 million.)
I don't know why the Fed wouldn't take them. They built a facility just to hold brassbux, and when they designed the vault, probably anticipated the normal 75 million/coin production.
The only rule for a president to get a coin, was they had to be pushing daisies for two years.
So even if Carter died in 2015, by law, he still wouldn't have been eligible for a coin, but Reagan would still have his. Reagan's coin was issued in order, it's just Carter was ineligible.
(And honestly, would you want to face the wrath of Nancy if he didn't get his coin?)
Jimmy who?
As I said, while the coins set aside for sale directly to collectors may never leave the hands of The Mint or its distributors, both the Treasury and the Federal Reserve Bank have to make certain entries on their balance sheets before the coins become money in our financial system. The coins are just mere metal poker chips until the proper accounting takes place.
This was my interpretation as well, and the one that ultimately won out, but for some moths it was not clear that Reagan would be issued. Once the series got to Carter and he was not eligible for a coin, some argued that the enabling legislation ended there.
BTW, Nancy Reagan is one of the few living Americans to appear on a coin. The gold spouse series had no stipulation about that topic.
Well, if you are being technical-minded, was Mrs. Reagan's coin released to the public before her death?
Mrs. Reagan died March 6, 2016 per Wikipedia.
At least one website states that the coin had a release date of July 1, 2016.
I am sure you are correct on the dates. I guess I was recalling what would have been the case as the issuance of the coin approached.