With the US mint pressing 50 state quarters, and recently will introduce a new $1 coin, how many of these coins will be taken off the market by collectors?
I have a jar of state quarters that I probably won't spend, thus it is money that is no longer in circulation. This creates savings for the US government because they can just print the money and collectors end up paying for it.
How much does the US government save as a result of creating "collectable" coins?
2007-02-15 04:19:14 · 5 answers · asked by Anonymous in Social Science ➔ Economics
I don't think that they save anything - because they have to mint more to replace the ones taken out of circulation by collectors.
2007-02-15 04:21:27 · answer #1 · answered by lifesajoy 5 · 1⤊ 0⤋
Enough to make up for it costing more than $0.01 to produce a penny.
For serious coin collectors it goes beyond that. They purchase special mint sets, silver dollars, and other special print items directly from the mint. None of those are ever intended to see circulation.
Like the Post Office, the Mint is suppose to support itself but not turn a profit. Now that you mention it, I'd like to see the numbers on that.
2007-02-15 04:27:47 · answer #2 · answered by Rixie 4 · 1⤊ 0⤋
It sounds like you think that the government sells the coins it mints for face value and derives revenue in that manner. It doesn't work that way!
You're completely backwards. It doesn't save the gov't money -- it obviously COSTS them money. It costs the gov't real money to mint coins to ensure there are a sufficient number in circulation -- they don't mint coins just so people can stash them into mayonnaise jars and render them useless. When you take them out of circulation, then the minting costs have been wasted, and the gov't will have to go to the expense of minting new coins to make up for that shortage.
2007-02-15 04:49:14 · answer #3 · answered by KevinStud99 6 · 1⤊ 0⤋
Interesting question. I would imagine its negligible. It's not as if the money becomes irrelevant. No one is required to spend currency. I wouldn't imagine it's much at all, either way. It would be neat to know, though!
2007-02-15 04:35:36 · answer #4 · answered by Anonymous · 0⤊ 1⤋
properly no longer for an prolonged time ,yet you comprehend paper money isn't well worth any skinny interior the previous days you ought to commerce it for gold it reported it suitable on the invoice, no longer any further, oh its genuine
2016-12-17 16:53:48 · answer #5 · answered by Anonymous · 0⤊ 0⤋