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2 of my Banks have notified me of another Coin shortage.
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<p>[QUOTE="Conder101, post: 7683117, member: 66"]Nope, there is no law requiring anyone to accept legal tender, so they are free to decline it.</p><p><br /></p><p><br /></p><p>Not for the Mint, they handle their own purchasing and do not require Congressional approval, they don't receive any appropriations from Congress. But they do lock in their metal purchasing contracts long term so even if the market prices go up they still pay the contracted rate and it is the suppliers that take the hit. At least until the contract expires and then they renegotiate a new price. The new contract price is then figured into the Mints Budget. Remember the Mint is self funded, if the new contract price goes up and the mint has to pay more it just means lower seigniorages and less money turned over to the General Fund. Of course on the flip side if the Market price goes down the Mint still has to pay the higher contract price.[/QUOTE]</p><p><br /></p>
[QUOTE="Conder101, post: 7683117, member: 66"]Nope, there is no law requiring anyone to accept legal tender, so they are free to decline it. Not for the Mint, they handle their own purchasing and do not require Congressional approval, they don't receive any appropriations from Congress. But they do lock in their metal purchasing contracts long term so even if the market prices go up they still pay the contracted rate and it is the suppliers that take the hit. At least until the contract expires and then they renegotiate a new price. The new contract price is then figured into the Mints Budget. Remember the Mint is self funded, if the new contract price goes up and the mint has to pay more it just means lower seigniorages and less money turned over to the General Fund. Of course on the flip side if the Market price goes down the Mint still has to pay the higher contract price.[/QUOTE]
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2 of my Banks have notified me of another Coin shortage.
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