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Donate Money To Your Broke Country – Buy Presidential Dollar Coins and Get Bilked

August 20, 2010
Bill Sardi
8/20/2010
Source …..

The U.S. Mint offers its newly minted dollar coins, featuring the Presidents of the United States. The US Mint has spent millions of dollars attempting to coax Americans to use these tinny coins in commerce, but nothing doing. If you’ve had one of these coins in your hand you would get the feeling it is counterfeit in some way. And that is because it is largely made of copper with some zinc, manganese and nickel thrown in. In other words, you are getting what a penny used to be made of in a coin that is represented as a dollar. The U.S. Coin Values Advisor reveals these “dollar” coins only cost the U.S. Mint about 10–15 cents. Buyers of these commemorative coins will essentially be donating 80–85 cents to the U.S. Treasury. Newly minted U.S. quarters with each State of the Union imprinted on them, only cost the U.S. Mint about 5 cents to produce. But you get the thrill or doing something patriotic by donating money back to the U.S. Treasury, that paragon of ethical banking and currency practices (I’m being facetious).

The U.S. Coin Value Advisor says it this way: “a fully circulating dollar coin would net perhaps as much as $500 million for the government annually, because for each presidential dollar coin distributed to the public, somewhere between $0.85 and $0.90 profit returns to the Treasury.” That’s a pretty good return on investment. The metal coins also don’t have to be replaced as often as paper dollars.

But is the point of government to stuff its coffers or return value to the public? I guess the value is the artwork on the coins.

If a private mint made a coin for ten cents and sold it for a dollar, they would be laughed out of the industry. Coin dealers will sell pure U.S. silver dollars for around $18 (current spot price) and make a profit of about $1.79 per coin, or about 18% profit when bought in bulk (500 silver coins).

One Comment leave one →
  1. August 31, 2010 5:33 am

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