Wasteful Program?
New legislation was introduced last week both in the Senate and in Congress to terminate the presidential dollar program. In a recent report by National Public Radio, the program was all but dragged through the mud sparking additional attention from lawmakers. Additionally, the Federal Reserve System Board of Governors also reported on the $1 coins, citing expected costs of $3.65 million to transport and store the hoard.
More on the specifics of the proposed bill (S 1385 IS) can be read here.
Founders who introduced the initial bill back in 2005 knew that the success of the Presidential Dollar Program hindered on the continuation of production of the $1 bill. It’s very clear that consumers prefer paper of coinage when it comes to commerce. Five years into the program and it is reported that there are now about a billion coins stored in secured facilities.
- Image Credit: John W. Poole, NPR
Should the Government decide to pull the rug out from the Presidential Dollar Program, it will be the first time for a commemorative series to be stopped without completion in Mint history. It is unclear at this time what would happen to the 24k gold spouse program, or even the Native American $1 series for that matter. Significant changes from the Mint may be in our near future that will affect the collecting community. There are millions of collectors that are seeking the Presidential Dollars coins annually.
Hopefully, this latest discussion is a bit of an over reaction as opposed to a sign of changes to come. You would think that they could find a happy medium and still complete the series by reducing mintage figures and improving their campaign to promote dollar coin use in circulation.
Gold is Bold, Holding Above $1600.
Can you believe that only a month ago Gold was $110 less expensive an ounce? One year ago, gold was $424 less per ounce. Gold coin collecting has been and will continue to be a focus of collectors and investors alike. One thing remains clear, despite the high prices, collectors are buying Gold up in increasing numbers. With the economy’s uncertainty, the masses continue too look to precious metals as a safe haven. Certainly they are safer than risky stocks and coins will never become worthless or bankrupt.
Choosing a dealer you trust is very important as many people find they are paying 20% to even 30% premiums over other market offers. The basic principles of business still apply to the coin industry; the more overhead a company has, the bigger markup it has to make on it’s products. Many of the larger dealers that spend millions in advertising and media costs end up passing the bill to you the collector, by way of overpriced collectible coins.
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