Interesting Comment While on Tour at Denver Mint

[Recyclersteve]

I heard an interesting comment from the tour guide at the Denver mint when I toured it with my wife last month.

The guide seemed like a fairly knowledgable type who really enjoys his job, so that was nice to see for a change. He didn't even wait for the question to be asked, but volunteered the following:

One of the most frequently asked items they hear about from the public is that people want to know why they continue to produce pennies and nickels at a loss. He said they make up for it with the profits from things like the State Quarters and America The Beautiful Quarters.

I was so tempted to say, "You mean you sell overpriced crap to people who don't know any better and take those profits to offset the losses that you shouldn't have in the first place!" I didn't want to have to leave the tour early...

[ScrapMetal]

Agree with you 100%. The US Mint operates as a profit generating entity.
No where in their mission statement do they say they exists to "promote the hobby of coin collecting".

[TXSTARFIRE]

Profits from mint products aside, the US Mint more than makes up for the loss on the cent and nickel with the seniorage from the dime and quarter. They (or we) are not going to go broke from continuing to produce the cent.

[Recyclersteve]

Profits from mint products aside, the US Mint more than makes up for the loss on the cent and nickel with the seniorage from the dime and quarter. They (or we) are not going to go broke from continuing to produce the cent.

I meant to add that they did acknowledge your point on the tour as well.

[everything]

Often maybe always when a designated government official opens their mouth it's just posturing friend. They collude and are sent emails to make sure everyone has the same story or response. Knowing some in government work I've even seen emails where they broadcast to employees to not talk to the media about x,y, z, etc.

When I shop at goodwill they don't even want to give out change, instead they ask, would you like to donate to our cause by rounding up to the nearest dollar.

Their is nothing profitable that government does, zero, zilch, nada, if they did, the trillions debt would be going the other way.

I've got a few quarters left to dump back into circulation, I'm putting a proof set of the 50 states into a state only collection that goes on the wall and that's it. I wouldn't even do that but I don't know what else to do with the proof set, I tried selling it at $10 over face and nobody wanted it.

[misteroman]

Profits from mint products aside, the US Mint more than makes up for the loss on the cent and nickel with the seniorage from the dime and quarter. They (or we) are not going to go broke from continuing to produce the cent.

They need to stop making the penny so we can melt ours and retire!!!!
D

[Kurr]

Should of asked him how long he estimated before inflation took over the dime and quarter too!

[Recyclersteve]

Profits from mint products aside, the US Mint more than makes up for the loss on the cent and nickel with the seniorage from the dime and quarter. They (or we) are not going to go broke from continuing to produce the cent.

They need to stop making the penny so we can melt ours and retire!!!!
D

One of the following should be true:

1) You are totally kidding around;
2) You have an UNBELIEVABLE amount of pennies and would dwarf the Portland Mint and the late HoardCopperByTheTon; or
3) You are incredibly frugal and can squeeze a penny hard enough to make Lincoln cry.