while watching the history channel or discovery or some other pseudo-educational show...actually, i think it was CBS News during the wee hours of the morning, the news lady informed me that a new gold dollar coin was going into circulation __ again. after the news folk talked back and forth with experts, treasury officials, and citizens at great length, they resolved that most of the people who actually care about such things and purchase rolls upon rolls of coins are collectors or numismatics.Quickly they recounted the story of the ten year state quarter program. while still having two years left, the state quarter program has generated 29,132,760,000 quarters. (29 billion and change) [nice pun, eh?] the total worth being $7.3 billion. now here comes the interesting part...it only costs $0.09 to produce each quarter. that means the mint turns a nice profit of $4.7 billion thus far on the state quarter program with two years remaining.
wow. like those who we despise 'trying to make a dollar out of fifteen cents' the mint is making money off of money and marketing it to us as collector items. who would have thought consumerism could be so fun and exciting. i wonder where all that 'profit' goes? what does it buy? might making right probably. actually, in the grand scheme of things, its not very much. when looking up the national debt to get some scale, it turns out that if these profits were distributed, every citizen, actually, not sure if that's accurate, every person comprising the 301 million in US would get $15.48 compared to the $29,082.08 we each owe on the debt. still, i think the principle here is important. it feels like i'm being taxed $.16 for every quarter i purchase. it's only worth nine cents, but i have to pay 25 for the chance to use it in 'all debts public and private' and i should be happy about that 'cause the is a picture of a bison on it.
does it bother anyone else that the government is making money off of money, and more accurately, me. i wish government was a not-for-profit organization run by businessmen who understand that if you spend too much - you cease to exist; if you piss off those you serve - you cease to exist; if you exploit those you serve - you cease to exist. where is perot when you need him?
2 comments:
how do they measure the production cost of money, i wonder.
you know, if the penny and nickel also cost 9 cents to make, they are losing money on those.
i don't think anyone will get used to using the dollar coin in the united states. maybe the immigrants all will? the post office and other vending machines give the sacegeweeea (who can spell it?) ones back as change.
when they make a new coin, it seems there would be a ripple effect on the guys who program or retool vending machines, too.
actually, they are making money on all of it, pretty much breaking even on the penny and the nickle, but killing on the dollars.
http://www.usmint.gov/faqs/circulating_coins/index.cfm?flash=yes&action=faq_circulating_coin
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