Author Topic: "Coin of the Realm of Madness"  (Read 2047 times)

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Online Pandora

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"Coin of the Realm of Madness"
« on: August 24, 2011, 09:19:35 AM »
They just can't think of enough ways to waste money.

Quote
Deep in the bowels of the US Mint in Philadelphia are coin presses which run constantly, producing millions of one-dollar coins, day after day, day in and day out.  The mechanized beasts are more productive than the god Vulcan, sweating away in his forge beneath Mt. Aetna, and they certainly require less upkeep than the legendary Norse dwarves mining gold in the dark, dank recesses of the earth.

The relentlessly efficient seven machines run nonstop, pouring out 1,800,000 presidential coins per diem, each coin costing 32 cents to produce, adding up to a total cost of $600,000 each day.

It all started when the Congress in session in 2005, led by Delaware's Mike Castle, among others, got the golden idea of commemorating every dead president by imprinting the images of the deceased leaders on coins.  Promoters of the cause thought the coins would instantly be put into circulation or snapped up by eager professional and amateur numismatists.

But it has turned out that nobody wants the coins.

Even the coins stamped with the visage of James K. Polk haven't seen much demand.

Imagine that.

So the coins have been put in storage at the Federal Reserve in Baltimore, which since has run out of storage capacity, its underground vaults stuffed with shelf after shelf of so many plastic money bags that even Ebenezer Scrooge wouldn't be able to count the monies.  Now, 650,000 dollars are being allocated to build a new vault in Dallas, Texas.  The cost to ship the billion or so coins?  A cool $3,000,000.  The full story, as related by Diane Sawyer of ABC News, can be found here.

 ::facepalm::

http://www.americanthinker.com/2011/08/coin_of_the_realm_of_madness.html
"Under certain circumstances, profanity provides a relief denied even to prayer." - Mark Twain

"Let us assume for the moment everything you say about me is true. That just makes your problem bigger, doesn't it?"

Offline Libertas

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Re: "Coin of the Realm of Madness"
« Reply #1 on: August 24, 2011, 10:44:43 AM »
 ::facepalm::

We could save 3,650,000 plus another 600,000/day by just releasing them into circulation...the rest of the cost has already been SUNK!

 ::gaah::
We are now where The Founders were when they faced despotism.

charlesoakwood

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Re: "Coin of the Realm of Madness"
« Reply #2 on: August 24, 2011, 11:03:38 AM »

People would use those coins if they didn't look and feel like quarters. 
They should be readily and easily distinguishable from any other coin. 

Oh yeah, it would be even better if you could buy something with it.



Online ToddF

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Re: "Coin of the Realm of Madness"
« Reply #3 on: August 24, 2011, 11:54:37 AM »
They would be used if we ditched the paper dollar.  Assuming our money is worth 5% what it was in the depression, a dollar bill today is the equivalent of a 5 cent bill in the 1930's.

Of course there wasn't such a thing, then, so why today?


Online Pandora

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Re: "Coin of the Realm of Madness"
« Reply #4 on: August 24, 2011, 12:05:02 PM »
They would be used if we ditched the paper dollar.  Assuming our money is worth 5% what it was in the depression, a dollar bill today is the equivalent of a 5 cent bill in the 1930's.

Of course there wasn't such a thing, then, so why today?



They would be used if people wanted them.  They don't, and I don't agree with forcing it.
"Under certain circumstances, profanity provides a relief denied even to prayer." - Mark Twain

"Let us assume for the moment everything you say about me is true. That just makes your problem bigger, doesn't it?"

charlesoakwood

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Re: "Coin of the Realm of Madness"
« Reply #5 on: August 24, 2011, 01:02:05 PM »
They would be used if we ditched the paper dollar.  Assuming our money is worth 5% what it was in the depression, a dollar bill today is the equivalent of a 5 cent bill in the 1930's.

Of course there wasn't such a thing, then, so why today?



They would be used if people wanted them.  They don't, and I don't agree with forcing it.

Exactly.  If a dollar bought something you wouldn't mind carrying it.

In 1955, two bits would buy a hamburger and an RC Cola that sums to four sodas and four hamburgers for one dollar.  That's buying something with a dollar.



Offline Libertas

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Re: "Coin of the Realm of Madness"
« Reply #6 on: August 24, 2011, 02:04:32 PM »
So much for the phrase "I'd buy that for a dollar"!

 ::hysterical::
We are now where The Founders were when they faced despotism.

Online Pandora

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Re: "Coin of the Realm of Madness"
« Reply #7 on: August 24, 2011, 02:15:05 PM »
So much for the phrase "I'd buy that for a dollar"!

 ::hysterical::

Or "sound as a dollar".

Or "bet your bottom dollar".
"Under certain circumstances, profanity provides a relief denied even to prayer." - Mark Twain

"Let us assume for the moment everything you say about me is true. That just makes your problem bigger, doesn't it?"

Offline Libertas

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Re: "Coin of the Realm of Madness"
« Reply #8 on: August 24, 2011, 02:22:02 PM »
Maybe something new, like "a dollar for your thoughts"?!

 ::)
We are now where The Founders were when they faced despotism.

Offline AlanS

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Re: "Coin of the Realm of Madness"
« Reply #9 on: August 24, 2011, 06:17:46 PM »
They don't, and I don't agree with forcing it.

I find it hard to believe this administration would FORCE something on us we don't want. <sarcasm>
"Malo periculosam, libertatem quam quietam servitutem."

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