The fed has to buy coins at face value from the treasury.
Every dollar of coins in your pocket is a dollar out the people that own the fed's pocket.
https://www.federalreserve.gov/faqs/currency_12771.htm
Help end the fed, hoard change.
The fed has to buy coins at face value from the treasury.
Every dollar of coins in your pocket is a dollar out the people that own the fed's pocket.
https://www.federalreserve.gov/faqs/currency_12771.htm
Help end the fed, hoard change.
That page is on the Federal Reserve Site to emphasize that the Mint is subservient to the Federal Reserve.
The scary thing is that the US Federal Reserve is an independent central bank that exists outside the Constitutional framework.
Prior to the Reserve, the purpose of the mint was to produce coins that had an amounts of silver and gold set by Congress. The mint didn't create money, it simply created coins that held a given amount of money.
Yep, when the federal reserve note goes to zero, coins will still have value as united states money.
I wouldn't think they would go below their melt value.
Pre-1982 pennies, and all nickels, have more metal value than face value.
Quarters and nickles are worth about .06usd in scrap.
I hoard coins because, if you remember, the banks were crying about change not circulating, every dollar of coins in your pocket is a dollar out of the fed's pocket.
If you put it all in nickles and pre-1982 pennies you get some treasury value, too.