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Collectors Universe Addresses Congress Regarding Special $1 Presidential Coins
wondercoin
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Cameron Kiefer
"Collectors Universe Testifies Before Congress on Positive Potential Impact of Presidential $1 Coin Act
NEWPORT BEACH, Calif., May 5 /PRNewswire-FirstCall/ -- Collectors Universe, Inc. (Nasdaq: CLCT), the leading provider of value-added grading and authentication services to dealers and collectors of high-end collectibles, testified before Congress at the hearing of, "Money Matters: Coin and Currency Design and Counterfeiting Issues," on April 28, 2004. The topic of the hearing was the design of circulating coins and currency, as well as H.R. 3916, the Presidential $1 Coin Act of 2004, which focuses on the improvement of the circulation of the $1 coin and the creation of a new bullion coin.
Collectors Universe's Director of Business Development and former Director of the U.S. Mint, Jay Johnson, gave testimony based on the Company's view of the possible effects on the circulation of the $1 coin and on the collector hobby, should H.R. 3916 be enacted. "If the Presidential Dollar coin program can provide just a portion of the success of the 50 State Quarter series, it too will add more needed revenues to our federal coffers, enhance our knowledge of Presidential history and be another boost to the hobby and business of coin collecting," stated Mr. Johnson.
Michael Haynes, Collectors Universe's Chief Executive Officer commented, "This is a notable and appealing piece of legislation that would benefit the U.S. Government, the collecting public and the investing public. This new coin program would allow the federal government to increase revenue and decrease cost, stimulate the collecting public with a regular change in coin design similar to the 50 State Quarters program and provide the investing public with a new and different option for gold ownership, with the bullion coin. If enacted, this legislation could have a positive affect on the coin market for years to come, as collectors, young and old, could start a collection out of pocket change. Further, the bullion coin presents additional and immediate collecting opportunities at a higher value."
For more information on H.R. 3916 go to www.collectors.com and click on the investor home section of the website.""
Wondercoin
09/07/2006
09/07/2006
In order to make them circulating legal tender they would have to reduce them to the size of a pin head.
<< <i>"If the Presidential Dollar coin program can provide just a portion of the success of the 50 State Quarter series, it too will add more needed revenues to our federal coffers, enhance our knowledge of Presidential history and be another boost to the hobby and business of coin collecting, >>
TRANSLATION:
"They'll submit a boatload of them and we'll make a BUNCH of money."
<< <i>If enacted, this legislation could have a positive affect on the coin market for years to come, as collectors, young and old, could start a collection out of pocket change. Further, the bullion coin presents additional and immediate collecting opportunities at a higher value." >>
TRANSLATION:
"They'll submit a boatload of them and we'll make a BUNCH of money."
There are some presidents who are best left the dusty history books. None of the men on the following list deserve to be remembered on a U.S. coin IMO.
John Tyler - The "accidental president” who took over after William Henry Harrison’s death. His policies totally disagreed with the party that helped him win the office, which left him as a man without a party. Later he became the only former president to join the Confederacy and serve in the Confederate Congress.
Franklin Pierce and James Buchanan - Two flat failures who sided with the slaveholders and allowed the country to drift into the Civil War.
Andrew Johnson – A well-meaning but failed president who could not rise above the racism that characterized his background and up bring.
Ulysses S. Grant – A great general but very poor president whose lack of administrative skills resulted in corruption and scandals through out his administration.
Warren G. Harding – A totally inept president who did not have the ability to hold the office and at least had the sense to know it. His days in the White House were spent playing poker with his buddies, drinking liquor during Prohibition and having affairs. The last can’t be counted against him because his wife was “a female dog on wheels.” (Can I use the B-word here?)
Lyndon Johnson – The Viet Nam War and the bloated welfare state that he called “The Great Society.”
Richard Nixon – A very bright but paranoid and corrupt individual who shamed his office and ruined what chance he had for greatness. Unlike Andrew Johnson, Grant and Harding, Nixon had the ability to be a good president; but he threw away his chance.
Jimmy Carter – He might be the greatest ex-president in history, but as president he was a dismal failure who could not tell the forest from the trees. It might be appropriate to issue a medal in honor of his good works for peace and the Habitat for Humanities charity, but no coins should be issued in honor of his presidency.
Bill Clinton – A brilliant man and top-notch politician who was total sleaze. Like Richard Nixon, the abilities were there for the makings of a good president, but his character betrayed him, his administration, his place in history and his office. I don’t censor him for his affairs. Like Harding and FDR, he was married to a “female dog on wheels.” But the problem was that he adamantly lied about it, which undermined the image of the presidency. The sale of pardons in the closing hours of his presidency ended his time in office on a deplorable note.
<< <i>Why do they want to make $1 coins? Isn't it more cost effective to use paper? >>
if that were true i'm sure Euro's would be paper
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But like I wrote earlier, I don’t want these coins!
with presidents on them. Virtually all of the circulating coins including 27 different states
quarters have presidents (some with multiple presidents). Even if all of our presidents had
been the greatest of statesmen and above reproach from friend and foe alike, it is still time
to get them off the coinage of our great country. The US was founded on the premise that
all men have equal rights and to glorify anyone while possibly accurate is not appropriate.
Constantly changing designs can be detrimental to the long term health of the hobby. This
practice certainly didn't seem to help stamp collecting.
Most importantly in this case however is that this very necessary coin does not exist. There
is no one dollar coin which freely circulates in this country so why tinker with the design of
the existing coin? It would make far more sense to start re[pairing the coin and currency sys-
tem before making changes to designs. It is highly unlikely that these changes will in any way
facilitate the circulation or actual usage of the coin.
All this being said, there is still a probability of some bounce to the hobby, the grading services,
and mint coffers if this is done. If it must occur why not use some of the profits to encourage
banks to use the coin? A carrot and stick approach might be the tactic needed to get a real
coin that people really need. Force the coin on the banks and then use profits to help defray
any additional handling costs the banks incur from switching to the coin.
Until banks use a coin it is not possible for it to circulate since banks are the sole source of
coins in the economy and banks simply have not used these coins and will not unless forced.
<< <i>
<< <i>"If the Presidential Dollar coin program can provide just a portion of the success of the 50 State Quarter series, it too will add more needed revenues to our federal coffers, enhance our knowledge of Presidential history and be another boost to the hobby and business of coin collecting, >>
TRANSLATION:
"They'll submit a boatload of them and we'll make a BUNCH of money."
<< <i>If enacted, this legislation could have a positive affect on the coin market for years to come, as collectors, young and old, could start a collection out of pocket change. Further, the bullion coin presents additional and immediate collecting opportunities at a higher value." >>
TRANSLATION:
"They'll submit a boatload of them and we'll make a BUNCH of money." >>
with the Coin Industry or collecting, to say to the Government, "Dont make a new coin series".
New coin series are the life blood of collecting. WAY TO GO CU.
Camelot