Why do we still MINT Coins?

[Dozer D]

Granted a paper dollars life is only about 18-24 months before its shredded due to damage, why do we continue to mint coinage that most likely will last 50-years or so. With our national debt always rising, wouldn't you think that it could save millions of production cost dollars by either reducing or stopping coinage production for a few years? Do we REALLY need billions & billions of pennies produced year after year, same with nickels dimes quarters? By reducing production might give rise to coin COLLECTING again. Where are all these coins going, to the bottom of the ocean?Comments for discussion !!!

 

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[NoThisIsPatrick]

Ive actually thought about this and agree that production should be limited for each denomination

 

[TommyB]

I read somewhere that there are more 'lost' coins than are in circulation. Good for us detectors

 

[Zomotion]

I've heard it actually cost the U.S. more than 1 cent to make a cent...

 

[Vdubguy]

I've heard it actually cost the U.S. more than 1 cent to make a cent...

I think that same thing is true for nickels as well.

 

[Diver_Down]

You do realize that the US Mint makes money for the government? And I'm not talking literally making money, but rather it is one of the few departments of our federal government that yields a net profit for the balance sheet. Sure we lose money for every cent and nickel, but that is easily offset by positive seigniorage from the other denominations.

 

[enamel7]

They're made because like was said, they get removed from circulation. They are either lost (good for detecting), horded (think about all of those coins saved in those huge water bottles) or damaged and removed from circulation. Back in 09 when the recession started people started turning in all of their horded coins. Because of this influx dime and nickel production was reduced. That's why people are hording those now. The quarters and cents were in the process of producing specialty coins so those weren't touched.

 

[weighit]

You normally can't find a bank with halves in stock, you have to order 2 boxes as they don't want to be stuck with them, people don't use them for normal spending yet I'm finding 2015 coins in the boxes i'm getting. Such a crazy waste of tax payer funds.

 

[enamel7]

You normally can't find a bank with halves in stock, you have to order 2 boxes as they don't want to be stuck with them, people don't use them for normal spending yet I'm finding 2015 coins in the boxes i'm getting. Such a crazy waste of tax payer funds.

They are generally just made each year for mint sets and dealers order them from the mint. They send the best to be graded. They sell others to customers and dump the marred ones into circulation.

 

[mrogers07]

Such a crazy waste of tax payer funds.

Actually, the U.S. Mint receives zero tax dollars.

I went on a tour of the Denver Mint at the end of June and we were told flat-out that tax dollars do not go to the mint. While they are in the business of literally making money, they do turn a profit...I think it was something like $500 Billion.

 

[Pete_Iredale]

You normally can't find a bank with halves in stock, you have to order 2 boxes as they don't want to be stuck with them, people don't use them for normal spending yet I'm finding 2015 coins in the boxes i'm getting. Such a crazy waste of tax payer funds.

I love people complaining about things that they completely don't understand. 2015 half dollars are only minted for collectors, not for circulation. They sell two rolls, a $20 face value, for $32.95. They make money by selling them.