Message:

<p>[QUOTE=&quot;Conder101, post: 1724660, member: 66&quot;]That&#039;s my comment.</p><p><br /></p><p>The complaints started in 2011 when a news story revealed that the Fed had more the on billion of the dollar coins in storage and they were running out of room.&nbsp; They were requesting a $600,000 appropriation to construct a new warehouse.&nbsp; Rather than do that Congress discontinued the production of the dollar coins for circulation.&nbsp; The next thing you have to do is look at the 2011 and 2012 Annual Mint reports.&nbsp; The mint has for decades been the source of hundreds of millions of dollars in seigniorage profits which have been turned over to the Treasury General Fund.&nbsp; Between the 2011 report and the 2012 report the seigniorage profit on the circulating coinage dropped by around 386,000,000 and it was the result of the loss of the seigniorage profits from the dollar coins.&nbsp; The Mint had been turning over several hundred million in profits to the General Fund each year.&nbsp; After the discontinuance of the dollar coins it dropped to about $16,000,000.&nbsp; And the only reason the mint didn&#039;t post a LOSS was because their fiscal year started Oct 1, 2011 so the profits from the last President dollar struck in 2011, some $79,000,000 worth was reported in the 2012 annual report.&nbsp; Without that the 16 million dollar profit would have been a $63 million dollar loss.</p><p><br /></p><p>Hence my comment about throwing away $400,000,000 to save $600,000.&nbsp; (And considering the 600K was a one time cost, while the 400M is an annual cost, you could say we are approaching throwing away $800M to save $600K.&nbsp; It has cost us over $10 for every dollar we saved.)[/QUOTE]</p><p><br /></p>

Your name or email address:

Do you already have an account?

• No, create an account now.
• Yes, my password is:
• Forgot your password?

Stay logged in