U.S. Mint's Weekly Sales & Production Reports

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Yeah, maybe it's just part of their long standing culture of dissing collectors, even though based on their latest financials, their main profit came from us. Or due to incompetence, they believe it helps their sales, even though they've been declining, with programs that don't even cover the costs. More likely is the incompetence factor, which is prevelent in government agencies run by political appointees.

(In Millions)
Seigniorage and Net Income FY 2013
Circulating Seigniorage $137.4
Bullion Program Net Income $59.3
Numismatic Net Income & Seigniorage $95.8
Total $292.5

 

Where did you get the income figures for FY2013? The annual report isn't out yet.

 

Coin Update News
http://news.coinupdate.com/united-states-mint-financial-results-3114/

 

Thank you. This is going to make reading the annual report very interesting when it come out. I really want to see the cost break downs and seigniorage accounting.

 

I’ll have to hand it to the mint, the last two week’s sales reports were posted a day early. But, they still haven’t reconciled the 2012 Native American Dollars and 2013 Kennedy Half Dollars sales and mintages.

 

Not sure if you saw this or not:

http://www.numismaticnews.net/buzz/time-for-half-measures

TC

 

WOW! Finally an explanation! Thanks. However, this article raises even more concerns. We're told by the mint that the only way to obtain 2013 Kennedy Halves is to purchase them from the mint at a price significantly above face value, then they proceed to fill a Federal Reserve order, making them available at face value. Very disheartening, yet expected from the mint. Did the same thing happen with the 2012 NA Dollars? Better hope the Fed doesn't order S mint AtB Quarters or any number of others rolls, supposedly sold only to collectors! What a scandal!

 

And now I feel stupid as I thought it had to do with the 50th anniversary of the assassination. It is surprising to me that somone from the mint didn't contact someone from the federal reserve about an unusual order. The next thing you know they'll be closing bridges because they don't like the look of the SAC dollar.

 

I was pretty sure some '13 halves were given out for circulation, having gotten a bunch from the bank. I hope all the designs make it out the same way. Coins are meant to circulate.

 

True, but you feel that way because you weren't lied to and bought them at more than face value from the mint. Anyway, the article says the Fed order was not filled, so if you found 2013's at the bank, it was probable the low grade/damaged ones that collectors spend or ones that were dumped when they saw the mintage.

 

The way the mint lies to collectors, who knows if even that article is true. They told Coin World they didn't know why there was an increase in sales.

 

The plot thickens! Like I said, you can't trust what the mint tells you.

 

but the Mint doesn't have the millions of Halves, Doug, the Fed does.

the Mint filled an order for the Fed and would do so again if need be.

maybe the Fed is close to running out?

 

So, if the mint is sitting on 6M 2013 Kennedy Halves, what are they going to do with them?
1. Melt them and take the loss (as they should do)?
2. Sit them or keep them for sale forever to avoid incurring the production
& seigniorage loss?
3. Include a high mintage 2013 in the 2014 set?
4. None of the above, we really don't know the full story yet (and may never)?
5. Other?

 

The rich use to sail on the QE. Now, the Fed creates the QE to make the rich sail into retirement. Please tell me that the mint hasn't been corrupted by the Fed.

 

1. Absolutely not, don't be ridiculous! Melt clad coins? Why? I think the reason that you support the idea of melting them is that you're concerned with your own speculative interest in the coins you currently own. I don't want the Mint to operate based on value other than face.
2. Why not? They've sat on a ton of them for years. If they had to mint these to fulfill an order, then the stockpile has obviously dwindled and there's room for these.
3. Why on earth would they put 2013 coins in 2014 sets? That doesn't make sense. They might, however, keep an overstock of them much like the SBAs were.
4. That's always a possibility too.

 

1. My own speculation? Heck yes! Why would I pay a premium for a supposed low mintage coin, if the mint was going to flood the market with them at face? They're supposed to only be available by ordering rolls/bags from the mint at a premium.
2. The order was a mistake, there's no need for these halves, nor will there be, since they're not circulated. But, that hasn't stopped the mint from paying for storage for coins that aren't needed.
3. Because it's the mint - they could "short change" collectors by filling a hole with a low cost coin (year assassinated). Collectors don't matter, only mint profit.

As is typical, the mint misled collectors all year by showing a normal mintage of about 1.7M each P&D, then at the end of the year tripled the mintage due to an error. SHEESH! When people with integrity ran the mint, they melted/destroyed unsold collector only issues.

 

The Mint has NEVER stated that these will be collector only coins. You assume that they are and then you get mad when the Mint makes some for circulation.