Goals of the US Mint?

Discussion in 'US Coins Forum' started by Siwash, Nov 4, 2011.

  1. Siwash

    Siwash Senior Member

    Like many, I received an email from the US Mint apologize for the recent difficulties in its order-taking occasioned by the sale of the new 25th Anniversarty ASE set.

    This got me to thinking. What ARE the goals of the US Mint?

    Do they "cater" to collectors, or feel they should be doing so?

    Is there any reason the US Mint would WANT people to collect coins?

    Do they want to dissuade people from coin collecting?

    Are they simply in it for maximum profit?

    Is the US Mint offering any kind of public service?
     
  2. Avatar

    Guest User Guest



    to hide this ad.
  3. cpm9ball

    cpm9ball CANNOT RE-MEMBER

    They're in it for maximum profit. They don't care about individual collectors no matter how much money you spend for their products. The "non-production" employees charged with product delivery are nothing more than order-takers, and if they lose a few customers, it is no skin off their nose because there are thousands more to take their place. The Mint is sort of like a governmental eBay with Coin Vault BIN's.

    Chris
     
  4. rodeoclown

    rodeoclown Dodging Bulls

    Not really.

    So, after paying their expenses, their money gets turned over to the Treasury Department. So I doubt they're in it for maximum profit since they don't keep such profit.
     
  5. medoraman

    medoraman Supporter! Supporter

    Its a not for profit beauracracy. That should tell you up front it will be dysfunctional.

    SHOULD they care if people collect coins? Absolutely, (at least for all coins besides cents and nickels). Seignorage is pure profit, and the more "state quarter collectors" there are, the higher their seignorage. Collector coins already have automatic seignorage.

    Since it is like a said a governmental beaucracy, there is a lot more stuff going on, "power centers" to protect, promotions wanted, etc etc. If the mint were run by a for profit organization I am sure it would have much more dynamic customer relations and collector friendly attitude. I simply do not see that ever possible.

    Best we could ever hope for would be for a President who recognizes the problem and appoints business professionals as opposed to career beaurocrats to run it.
     
  6. rodeoclown

    rodeoclown Dodging Bulls

    To my understanding, the President only appoints the Mint Director, it's up to the Mint Director to hire or appoint others. I'd say keep it basically a not for profit though unless you want to see the prices go up which would be the likely case, since there would literally be no competition since it'd be a stupid move to just allow businesses to make legal tender coins. ;)
     
  7. medoraman

    medoraman Supporter! Supporter

    You are right, I should have said "business professional". The mint and the collectors who make additional profit for it, (and therefor all US taxpayers), is an asset that simply deserves better protection.
     
  8. cpm9ball

    cpm9ball CANNOT RE-MEMBER

    It doesn't matter where those profits go, but you can be sure that if the profits decreased, some of the management would be looking for new employment.

    Chris
     
  9. medoraman

    medoraman Supporter! Supporter

    You really think that Chris? The mint's expenses have gone up quite a bit, (which lowers their profits), and I do not see anyone doing anything about it. Mint employees have pretty lucrative pay and benefits, and I do not recall any middle or upper management being held accountable.

    Chris (too)
     
  10. mikenoodle

    mikenoodle The Village Idiot

    I would only say that the US Mint makes coins for collectors as a side job and that their true resposibility is to create coinage for commerce.

    Here's an article on the history of the US Mint:

    http://www.usmint.gov/historiansCorner/?action=history

    I just thought it was interesting.
     
  11. coleguy

    coleguy Coin Collector

    I agree with Mike. Coin collectors and the money they spend on Mint products is not even one percent of one percent of their overall profits. However, I gotta admire a manufacturing venture that can sell 12 cents worth of metal for $41 all day long, no questions asked.
    Guy
     
  12. Pennypanner

    Pennypanner Member

    Along the same lines I wonder how much the inflation rate is affected by people that save and collect coins. If everybody dumped thier coins at the same time how would it affect the dollar?
     
  13. rodeoclown

    rodeoclown Dodging Bulls

    I highly doubt it since they don't have profits. They don't base their business on profits and I doubt the mint directors get bonuses based on profits nor the employees. The employees likely have jobs based on their actual work. After the mint pays it's operating costs and employees, you'll notice all the rest of the revenues go to the Treasury. So if they don't make profit or out to make profit. ;)
     
  14. rodeoclown

    rodeoclown Dodging Bulls

    The way I see it, the coins for the most part that actually contain metal that carries a sort of value holds it's own value out in the market. So I don't think it's going to affect the imaginary federal reserve notes made of paper and ink per se. ;)
     
  15. onecenter

    onecenter Member

    Here's the "goal:"

    "To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures" Article 8 of the US Constitution

    Anything beyond this simple clause is interpreted by various laws passed by Congress starting with the Mint Act of 1792.
     
  16. RedTiger

    RedTiger Member

    http://www.usmint.gov/about_the_mint/ The primary mission of the United States Mint is to manufacture and distribute circulating coins, precious metals and collectible coins, and national medals to meet the needs of the United States. In addition to producing coins and medals, the United States Mint also maintains physical custody and protection of the Nation's gold and silver assets. >> Boilerplate kind of stuff, open to a lot of interpretations.
     
  17. krispy

    krispy krispy

    It's not boilerplate, it's their "Mission" statement, the title of which you did not include here from the US Mint's web site. It appears right above that text. It's not meant to detail every aspect of their operations and goals in such a brief summation.

    The US Mint Annual Reports contain a lot more detail into what they do and how they are performing.

    The US Mint's web site (USMint.gov) also has an outline of it's purpose, which may concern some people of this forum given the problems they encounter as customers. There are sections of these 'priorities' which seem in dire need of improvement to boost customer satisfaction.

    Public Internet Website Publication Priorities and Schedules
     
  18. Conder101

    Conder101 Numismatist

    That is like says that corporations aren't interested in maximizing profits because a lot of it is sent out to stockholders as dividends and they don't keep it..
     
  19. AlanFromRoc

    AlanFromRoc Member

    seems like circulation coins and collector products are like separate divisions of the same company
     
  20. Steel Talon

    Steel Talon Junior Member

    It makes me wonder why I'm willing to pay $41.00 for 12cents worth of metal without questioning my sanity....:confused:
     
  21. statequarterguy

    statequarterguy Love Pucks

    A quick look at the Mint's 2010 Annual Report (without extensive analysis), shows income from seigniorage 300M, income from bullion 55M, and income from numismatic products 49M. If you combine net income from bullion & numismatic products, that's about 25% of their total net income.
     
Draft saved Draft deleted

Share This Page