Prez Dollars are now DONE. No more for sale on the Mint site. What happens to them?

Akbeez · January 1, 2018 6:52PM

So ALL the Presidential Dollars went dark today. Many roll sets were poofed. What does the Mint do with unsold stock? Since they are biz strikes, are they sent to the Fed for bank distribution or waffled?

Last Chance sales also poofed all Commemoratives. Boys Town will likely reign as the LOW-Lowest mintages by far. Should have the near-final numbers Tuesday.

PTVETTER · January 1, 2018 6:56PM

Great question
Answers ?

BillJones · January 1, 2018 7:00PM

There not much the mint do with them because very few people want them. I could not sell the Proof sets for much over face as a dealer, and as club official I could not even get face value for some very nice Mint State pieces.

jmlanzaf · January 1, 2018 7:08PM

In all likelihood, they will go into inventory for eventual distribution - 20 years from now. Same as the Susan B. Anthony Dollars from 1979-1981. Waffling them is expensive and not worth their effort for coins that could be sent out for circulation.

mustangmanbob · January 1, 2018 7:37PM

Every dollar coin that is destroyed costs more than $1

Loss of signorage plus the waffle cost.

Remember at one time there were millions of Suzy B's sitting in vaults, unloved and unwanted. There was a proposal to take them out to sea, use something like a snowplow salt spreader, to scatter them so far and wide it would not be worth picking them up ever from the sea floor.

It had a little traction, until the signorage issue came up.

Eventually, demand, aka the post office change machine, and rapid transit change machines, consumed the inventory.

Gluggo · January 1, 2018 7:41PM

i wish I was a fly in the US Mint wall fixed with a Go-Pro set up tonight!

Akbeez · January 1, 2018 7:45PM

I agree it isn't wise to destroy perfectly good coins. Reincarnation may occur?
There is actually a following of these biz strikes, mainly history buffs(?). Mr. BillJones is mostly correct but some of the low mintages of 2013 are actually commanding decent returns at $60+ per roll. Cutting off sales of later dates may artificially create perceived shortages and higher prices. For example, Reagan, Nixon and Ford didn't play out as long as all others.

RogerB · January 1, 2018 7:58PM

They are coins made for circulation. They cannot be destroyed unless the seigniorage is backed out of mint deposits to Treasury. That would just make the debt worse.

davewesen · January 1, 2018 8:03PM

Put them all in a big warehouse - in 50 years they can sell GSA dollars

Overdate · January 1, 2018 8:19PM

I wonder if the remainding dollars are in the white boxes they use to ship them to Mint customers? If so, it will be time-consuming to remove them and put them into storage units acceptable to the Fed.

derryb · January 1, 2018 9:16PM

The United States Mint has shipped approximately $149.1 million in dollar coins to Ecuador since 2002.

3keepSECRETif2rDEAD · January 1, 2018 10:57PM

Hello South America...

kiyote · January 2, 2018 12:47AM

I rather imagine kids trading the Prez Bucks at school while discussing their favorite presidents.

BackroadJunkie · January 2, 2018 3:48AM

They're circulation strike coins, so they'll probably get stored in the same vault that holds the other couple billion dollar coins that nobody wants. As others have said, the seigniorage is already on the books.

At least it looks like congress wasn't stupid enough to pass that American Innovation $1 Coin Act...

pf70collector · January 2, 2018 2:12PM

Still have an unopened box of 25 First Strike eligible 2007 Presidential Proof Dollar Sets.

ricko · January 3, 2018 9:00AM

I did not want them before, and I do not want them now... Highly unappealing series - and, for the most part, ugly. Cheers, RickO

BillJones · January 3, 2018 9:04AM

@RogerB said:
They are coins made for circulation. They cannot be destroyed unless the seigniorage is backed out of mint deposits to Treasury. That would just make the debt worse.

The debt is so large that the destruction of those coins would hardly make a difference.

Look for some deal between the Treasury and the Post Office. They did it with the Anthony Dollars.

BillDugan1959 · January 3, 2018 9:06AM

@mustangmanbob said:
Every dollar coin that is destroyed costs more than $1

Loss of signorage plus the waffle cost.

Remember at one time there were millions of Suzy B's sitting in vaults, unloved and unwanted. There was a proposal to take them out to sea, use something like a snowplow salt spreader, to scatter them so far and wide it would not be worth picking them up ever from the sea floor.

It had a little traction, until the signorage issue came up.

Eventually, demand, aka the post office change machine, and rapid transit change machines, consumed the inventory.

@RogerB said:
They are coins made for circulation. They cannot be destroyed unless the seigniorage is backed out of mint deposits to Treasury. That would just make the debt worse.

Do the coins actually become "monetized" before they are placed into the hands of the Federal Reserve System? Before the coins go from the Treasury to the FRB? Something tells me that they are not "money" before that happens.

In our system, the Central Bank calls the shots.

TwoSides2aCoin · January 3, 2018 9:08AM

I'll trade 20 in for a Harriet Tubman note.

jedm · January 3, 2018 9:29AM

Damn, Chester really rocks the sideburns huh?

TwoSides2aCoin · January 3, 2018 10:20AM

@jedm said:
Damn, Chester really rocks the sideburns huh?

We can always play trivia. Like, who was the last president to wear a mustache , in office ?

BillJones · January 3, 2018 10:24AM

@TwoSides2aCoin said:

@jedm said:
Damn, Chester really rocks the sideburns huh?

We can always play trivia. Like, who was the last president to wear a mustache , in office ?

Willaim Howard Taft.

RogerB · January 3, 2018 10:41AM

RE: "Do the coins actually become "monetized" before they are placed into the hands of the Federal Reserve System? Before the coins go from the Treasury to the FRB? Something tells me that they are not "money" before that happens."

"Monetization" is a phony term. Under law, struck metal becomes legal tender when accepted by the Plant Manager at each mint facility. A similar process applies to paper currency. ("Monetization" correctly applies only to use of non-money assets as backing for legal tender. It was used under the Silver Act of June 1934 to avoid having to mint silver dollar coins from bullion bars.)
"Seigniorage" (profit) occurs at that instant and is transferred weekly (maybe daily now) to the Treasury General Fund.
FRB System is a primary consumer/distributor of circulating money, not an originator.
Once seigniorage is recorded it is a pain in the neck to back out of all the systems used to record federal funds.

privatecoin · January 3, 2018 4:15PM

If we could just have all the politicians in Washington get paid with these dollar coins.

ambro51 · January 13, 2018 6:59AM

Send them out as income tax returns

ChrisRx · January 13, 2018 8:40AM

@ricko said:
I did not want them before, and I do not want them now... Highly unappealing series - and, for the most part, ugly. Cheers, RickO

So... what are you trying to say? Make your point.

ambro51 · January 13, 2018 8:49AM

Ricko, they are toning resistant so what’s not to like???

ricko · January 13, 2018 9:33AM

@ambro51... I did not know that... I may have to reassess my position... Cheers, RickO

BStrauss3 · January 13, 2018 11:39AM

@ambro51 said:
Send them out as income tax returns

So if your return is too big for a USPS flat rate box? UPS ground, adult signature required... or Freight Collect for those with too much money...

lkeigwin · January 13, 2018 2:43PM

A few years ago it was reported that the Mint had such an enormous accumulation of presidential dollars it was forced to construct a new building just to house them. I haven't read anything more recent.
Lance.

DBSTrader2 · January 14, 2018 10:37PM

Melt them down & sell them in the form of "gold leaf" for DJT to redecorate Mir A Lago or the White House. Problem solved!

FullStrike · January 15, 2018 4:12AM

Issue them as the first physical Cryptocurrency backed by Fiat Coins. Maybe FCA ( Fiat Chrysler Automobiles ) will want a piece of that action. ?

WillieBoyd2 · January 15, 2018 8:23AM

Bury them in coffee cans for future generations.

Prez Dollars are now DONE. No more for sale on the Mint site. What happens to them?

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