Who Is Buying? -- VA working to Mint Own PM Coins... Just for the money to be made

MsMorrisine · February 19, 2011 6:08AM

Who's going to buy them?

CaptHenway · February 19, 2011 6:11AM

I want to see if they advertise them as "coins."

MsMorrisine · February 19, 2011 6:13AM

and how they will denominate them.

SaorAlba · February 19, 2011 6:16AM

Alaska is still sanctioning coins minted by the Alaska Mint, which was also featured in an episode of "Sarah Palin's Alaska". Previously California authorised Continental Coin to mint gold rounds in 1/10th - 1 Oz sizes in 1990. Similarly in the mid 1990's Texas was authorising several gold and silver rounds.

So the precedent is there, but really the market for these "coins" is not as Alaska seems to be the only place where they have successively minted them over several years - albeit in very small mintages.

CaptHenway · February 19, 2011 6:20AM

I like the one comment about government interference with private enterprise......

MsMorrisine · February 19, 2011 6:21AM

<< I want to see if they advertise them as "coins." >>

why, yes, they've written "coins" into the bill

MsMorrisine · February 19, 2011 6:25AM

And from reading what makes SC think it is Constitutional to make their own money, they can coin their own money if it is for the "state's business." At least in that respect the Feds can't interfere. However, there is no way they can use just plain "dollars" or "cents." That seat is taken.

MsMorrisine · February 19, 2011 6:30AM

they do misue the word "coins" in the impact statement

quattrocoins · February 19, 2011 6:52AM

<< Previously California authorised Continental Coin to mint gold rounds in 1/10th - 1 Oz sizes in 1990. >>

I have quite a few of these in all sizes, and multiple years.
They are quite beautiful, featuring a changing obverse with a grizzly and her cub.
I would say that most would grade MS or PR 69-70DCAM!

BTW, they were all minted using strictly California gold, and each has its own serial #.

Not sure if Virginia could provide their own PMs for their "coins".

*authorized*

PerryHall · February 19, 2011 7:02AM

<< and how they will denominate them. >>

How about Troy Ounces?

JamesMurray · February 19, 2011 7:12AM

Im always happy to add some pretty bullion

BaseballAbs · February 19, 2011 7:53AM

I want to know how they generated a profit of 55 million from American Silver Eagles in 2010. Did they get the silver for free? What's the mark up from the cost to produce?

CaptHenway · February 19, 2011 11:29AM

Towards the end of the year the Mint raised the preium to Authorized Purchasers to +$1.95 per coin. Sounds like some nimrod multiplied the number of coins sold to get the gross margin without taking into account the premium over spot the Mint pays the planchet manufacturers and the production costs such as workmen's salaries, Mint overhead (heat, light, the guards at the gate), die costs, packaging, etc. etc.

TD

BaseballAbs · February 19, 2011 12:12PM

Thanks, I sort of figured that was a bogus statement on the article.

SaorAlba · February 19, 2011 10:58PM

<< 

<< Previously California authorised Continental Coin to mint gold rounds in 1/10th - 1 Oz sizes in 1990. >>

I have quite a few of these in all sizes, and multiple years.
They are quite beautiful, featuring a changing obverse with a grizzly and her cub.
I would say that most would grade MS or PR 69-70DCAM!

BTW, they were all minted using strictly California gold, and each has its own serial #.

Not sure if Virginia could provide their own PMs for their "coins".

*authorized* >>

I bought several of the 1/10th coins at the time, wished I had bought the oz coins though - they really are attractive coins though.

WillieBoyd2 · February 19, 2011 11:08PM

The US went through this during the last Depression of the 1930's:

Arizona 5 Mills

notwilight · February 19, 2011 11:38PM

Typical govt bureaucrat with no business sense. Things they can build a foundary, build a mint, and immediately start making a profit. I will bet anyone a dinner than VA never makes a profit on this venture.

Secondly, they will be highly overpriced commemoratives and will sell very few. This could make them long term winners if they are deemed collectible.

--Jerry

ricko · February 19, 2011 11:54PM

No different than other commercial mints....will certainly have a limited following within the state. If really attractive, they will garner outside interest as well. Cheers, RickO

PerryHall · February 20, 2011 12:08AM

<< Typical govt bureaucrat with no business sense. Things they can build a foundary, build a mint, and immediately start making a profit. >>

I would imagine they would contract out this work with a commercial mint.

RWB · February 20, 2011 12:34AM

Del. Marshall's reputation is that of one of the least thoughtful and capable members of the General Assembly. He is said to lack something called "common sense."

19Lyds · February 20, 2011 12:39AM

<< and how they will denominate them. >>

Simple:

..

Yes, I'd buy them.

TwoSides2aCoin · February 20, 2011 1:13AM

<< Who's going to buy them? >>

This quote from the article made me laugh:

"...could create foundry jobs and rake in millions through the sale of its own coins, which he wants to call the "Ginny."

Who Is Buying? -- VA working to Mint Own PM Coins... Just for the money to be made

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