Wednesday, January 9, 2013

Just What We Need More Pennies In Circulation

Yikes The penny accounted for 64.2% of the US Mint Coin Shipments in 2012
For Fiscal Year 2012, the U.S. Mint shipped 9.08 billion coins representing an increase of 22.8% compared to the prior year. Pennies accounted for 5.84 billion of the total amount coins produced and 36.5% more that than the prior year.
Despite the enormous amount of pennies that the metal detecting community digs up every year the U.S. Mint is not stopping or slowing down production.

I'd Rather be Digging Up Dollar Coins



In 2011 the Treasury Department ordered production of presidential dollar coins be suspended only after The U.S. mint had already made coins for every president from George Washington to James Garfield: 1.4 billion of them which are now held in storage by the Federal Reserve. It’s was a common-sense move.  The coins cost 32 cents apiece to make.  Transporting them and storing them cost millions more.  There are so many unused coins that the Federal Reserve needed to spend $650,000 building an extra vault in Texas to store them.
Obviously it was a common-sense move.  The coins cost 32 cents apiece to make.  Transporting them and storing them cost millions more.  There were so many unused coins that the Federal Reserve needed to spend $650,000 building an extra vault in Texas to store them.


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