Metal Mint
Metal Mint
How much extra metal is used to create collectible quarters by the US Mint and what motivated them to do it?
Collector coins use copper and other metals which are expensive right now. It seems wasteful to me to encourage people to "collect " little bits of metal which can serve no further use. If it was a private enterprise encouraging collection, like the guy who invented pet rocks, I could understand the profit motive, and never mind the stupidity of it.
But why would the Mint want coins removed from circulation? It seems contrary to the purpose of a Mint- to provide coins for circulation at the best price for the taxpayers ...and a waste of natural resources
The short answer to your question is because the coins they intend for collectors are sold at a price above face value. For example, the 2007 State Quarters Proof Set is currently list priced on the U.S. Mint website at $13.95 for the copper-nickel set and $25.95 for the silver quarters. Similarly, two rolls of state quarters (uncirculated) sell for $32.95. By encouraging people to buy these items, the Mint hopes to turn them into collectors who will then buy more coins from the Mint at a premium above the face value.
Regarding the cost of the coins themselves, all the coins currently cost less to produce than their face value, according to the 2004 report of the U.S. Mint, though the margin on nickels and pennies is 10% or less.
Okay, so that wasn't such a short answer. My apologies.
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