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I have a few questions about U.S. government SILVER DOLLARS.

Submitted by pawnstorm12 on Sat, 01/30/2010 - 07:00
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1. Since the U.S. government Silver Eagle coin says $1.00 on it, WHY can't I buy it from the US mint for 1 dollar (plus maybe a small minting fee per coin)?
After all,It is a legal tender 1 dollar coin.

2. Does anyone know how much a coin dealer pays the U.S mint for these coins?

3. Why can't I go to a bank and ask to exchange a dollar bill for a silver dollar coin WHICH SAYS 1 DOLLAR U.S. on it?

Any answers would be appreciated.

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The U.S. Mint

Submitted by Doug Eberhardt on Sat, 01/30/2010 - 15:56.

charges 3% to coin dealers.

—

My Christian/Political Blog:
We the Serfs! Blog

Thanks for this.

Submitted by pawnstorm12 on Sun, 01/31/2010 - 17:10.

Great article--I saved it.

What does it take to be able to buy metals from the US Mint for 3%?

Can anyone claim to be a "coin dealer?"

And is that 3% over SPOT price of silver or gold that the mint charges dealers?

—

"We have allowed our nation to be over-taxed, over-regulated, and overrun by bureaucrats. The founders would be ashamed of us for what we are putting up with."
-Ron Paul

When

Submitted by Doug Eberhardt on Mon, 02/01/2010 - 02:07.

I researched this about 5 years ago, it took $50 million to deal directly with the U.S. Mint. Needless to say, I was a little short!

The U.S. Mint lists quite a few coin dealers on its site. I'm not sure of the qualifications to get on their site, but I know they're not all $50 million companies.

The 3% figure is the premium they have to pay over SPOT price.

Since I haven't researched this in a while it very well could have changed, but I haven't heard about it.

—

My Christian/Political Blog:
We the Serfs! Blog

With silver certificate, congress already took care of this...

Submitted by SteveMT on Sat, 01/30/2010 - 15:52.

loophole. No other exchange for silver or gold has ever been enacted or is currently in force.

By contrast, they could also say that a silver $1 dollar coin is only redeemable for $1 of equivalent face-value currency. What about that possibility? They would say that it is a two way street out there.

Thanks for the thread.

"In accordance with an Act of Congress, dated February 28, 1878, the Department of the Treasury issued to the public Silver Certificates which could be exchanged for silver dollars. On March 25, 1964, the Secretary of the Treasury announced that Silver Certificates would no longer be redeemable for silver dollars. Subsequently, another act of Congress dated June 24, 1967, provided that Silver Certificates could be exchanged for silver bullion for a period of one year, until June 24,1968. Even though Silver Certificates are no longer printed, those which remain outstanding are still legal tender and can be spent just like a Federal Reserve Note."

http://www.moneyfactory.gov/silvercertificates.html

The Mint Has The Same Question

Submitted by HawaiianDude on Sat, 01/30/2010 - 09:27.

I saw a comment once from a Mint Official where they were talking about this from thier perspective.

I sounds like the mint spends 16 bucks an oz for the silver plus they pay a fee to the blank maker then they strike it (so they have thier internal costs.)

THEN they have to give a dollar of thier budget to the Fed or the Treasury to actuallly give it the legal dollar value.

Are they

Submitted by RonPauler on Sat, 01/30/2010 - 15:56.

currently making them?

—

Defend Liberty!

making 10s of millions of them

Submitted by RiverRun on Sat, 01/30/2010 - 16:33.

The non-collector versions can be purchased from brokers.
http://www.apmex.com/Category/160/Silver_American_Eagles_Unc...

—

http://FlipFlopRomney.blogspot.com

reply

Submitted by Fountainhead on Sat, 01/30/2010 - 09:24.

You raise an excellent point here, I would luv for the mint to go on national tv and explain why they charge the numismatic price instead of face value, kind of sums up the whole stinking farce of fiat FRN paper

IRS

Submitted by RiverRun on Sat, 01/30/2010 - 16:35.

Miners and commodity exchanges set the metal price. Congress sets the face value.

The big question is how the IRS values a silver eagle. Congress set the face value...

—

http://FlipFlopRomney.blogspot.com

You got that right!

Submitted by pawnstorm12 on Sat, 01/30/2010 - 15:41.

Gold and silver do not lie.

And governments can stamp a value on coins all they want, but they can't keep up with how fast the money is being devalued.

—

"We have allowed our nation to be over-taxed, over-regulated, and overrun by bureaucrats. The founders would be ashamed of us for what we are putting up with."
-Ron Paul

You can buy those coins direct from the US mint.

Submitted by HYDROMAN on Sat, 01/30/2010 - 08:40.

www.usmint.gov

—

"Since 1789 the only government on Earth that has the power to crush the American people`s liberties across the board is the government of the United States"
Robert Higgs

Only the collectibles are

Submitted by RiverRun on Sat, 01/30/2010 - 16:37.

Only the collectibles are available direct from the mint. Regular coins are available from a group of brokers.

—

http://FlipFlopRomney.blogspot.com

Thanks for that.

Submitted by pawnstorm12 on Sat, 01/30/2010 - 15:32.

You can't get silver right now from them anyway.

—

"We have allowed our nation to be over-taxed, over-regulated, and overrun by bureaucrats. The founders would be ashamed of us for what we are putting up with."
-Ron Paul