US assay office

...here is a third: it happens the moment the newly struck coin is first used in commerce. This could include proof coins taken out of their packaging, I guess...Spark

 

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Yeah, that makes sense, but I'm talkin' about "officially," as in when the gov't considers a coin to "become money" when it is calculated (credited?) as such in the General Fund, and/or when its seigniorage is officially noted.

 

The u.s. mint is merely a manufacturer... They manufacture coins to order and deliver them to the fed (Federal Reserve Bank) or its agent.

Obviously historical practice, i.e. before the Federal Reserve Bank existed, would be different.

 

Here is some interesting info from various sources...
Treasury Department...
Federal Reserve Banks fulfill the coin demand of the nation�s
depository institutions�which include commercial banks, savings and
loan associations, and credit unions�by ordering new coins from the
U.S. Mint and managing coins held in inventory at the Reserve Banks and
in coin terminals. Reliably estimating the demand for coins and
efficiently managing the inventory of circulated coins is important to
ensure that depository institutions have enough coins to meet the
public�s demand and to avoid unnecessary coin production costs...
https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-08-401/html/GAOREPORTS-GAO-08-401.htm

Wiki...
Today, circulating coins exist in denominations of 1¢ (i.e. 1 cent or $0.01), 5¢, 10¢, 25¢, 50¢, and $1.00. Also minted are bullion (including gold, silver and platinum) and commemorative coins. All of these are produced by the United States Mint. The coins are then sold to Federal Reserve Banks which in turn are responsible for putting coins into circulation and withdrawing them as demanded by the country's economy.


I'm being led to believe, without legal representation, that when the coins are purchased from the mint by the treasury OR collectors, (note: the treasury distributes their currency to holding facilities called terminals and the treasury uses terminals that are basically remote reserves. A better choice of word than reserves would be buffer), for some reason that is when it becomes real money. But really the only way it could become real money is when it is traded for a service or item and actually becomes part of the economy, which then makes it accountable. I think?? In other words it's only when it's released into circulation that it has become "money".
But I have not come across anything that says an assay office has the right to distribute money into circulation. Or even the treasury Department itself. It seems that only demand from financial institutions, aka banks, lenders- (dept creators) or repositories can put money into public circulation due to demand only. This might not be true. You might even go so far as to say money is not money until it has been taxed.

 

I wonder if the treasury gets a bulk discount from the mint. Ha!!!

 

What about coins that goes directly into savings without any previous commerce associated with it? That savings could be your basic 0.05% yielding passbook savings account. Is that coin still not money yet?

 

So, they "become money" at the moment the "coiner" (person in charge on the coining room floor?) gives those huge bags of coins over to the person who wheels them out of the coining room and places them in temporary storage? Or when they leave the mint BUILDING?

Somebody here told me that (U.S.) coins were different from banknotes in that banknotes are not money until the Fed buys them at face value from the BEP, and that coins become money the instant they are struck.

Reminds me of the theological argument of when the soul enters the physical body (at conception? or...?)

 

The money shouldn't be deposited unless it was earned. Interest = taxes? Money is really worthless until it has been "used" in some way. They create money and release it based on current demand and even projected demand.

 

That was simple. But if the economy tanked tomorrow all the coins in the treasury would just as well be scrap metal. They were never really used as currency. Purchased from the mint might be the key phrase here. I'm a bit confused as to how the treasury purchases coins from the mint and the process of the transactions.

 

I think coins being released by the mint makes a ton of cents. , lol.

 

Last time I ordered something, it came from Memphis, TN. I think maybe there is a mint warehouse or something there.

 

Memphis, TN is where the Mint's fulfillment center is located. All of my orders come from there.

 

But to the OP's question, I think high grade examples are luck of the draw. Thinking back to high mintage years of coins, it would be impractical to produce large amounts of coinage while preserving strike quality. I think this happened especially in the 80's. In my experience it seems dimes from that era were terrible.