Government at Its Finest

[blueberra]

I just finished this week's half dollar box which consisted of 1,000 uncirculated 2023D coins.

After doing a little digging, I discovered that the mint resumed producing half dollars for circulation in 2021 (after a 20 year hiatus) to the tune of about 10 million coins (total mintage was 15 million, but 5 million was for mint sets and other collector items).

2022 produced about 10 million halves, but I could not find the 'for circulation' figures.

2023 was a significant uptick : 58 million halves.

2024 to date : 13 million.

So that's 85 million +/- 'business strikes' over the past 4 years.

A quick look at mint production figures of clad (1971 and later) half dollars is over 2 BILLION coins that do not circulate. They are collecting dust in bags at the Fed, in boxes at the Brinks / Loomis / Garda warehouses, or in forgotten jars throughout the country.

On what planet is there a need for more half dollars? Why waste the taxpayers' money on this boondoggle?

CRHers in the Metrowest region of Massachusetts will soon be seeing these beauties in their own Loomis boxes.

 

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[ConceptualizedNetherlandr]

The mint prints a lot of things not really intended for circulation.

 

[galenrog]

I’ve been getting boxes of 2024 since March. Almost every other box is solid single date from 2021-2024. None have been String wrappers. Most Brinks, some Loomis, a few Garda.

Last week, the CU had 48 rolls of halves. All but one coin were 2021-2024. The holdout was a 1963 D that my LCS guessed about MS-63 with FBL. This week, one Loomis box. 13 40%. 11 Proofs, 13 NIFC, 12 1996 P and 1998 P with the obverse die crack (point of neck to rim) from 4 dies (1 1996 and 3 1998). Previous 3 weeks were all single year with no keepers.

As far as you just finding out that halves were produced for general circulation again starting 2021, I chalk that up to you having many other priorities far ahead of coins. Were I being cynical today, I would say that you just weren’t paying attention.

Time for more coffee.

 

[CJ9]

I just finished this week's half dollar box which consisted of 1,000 uncirculated 2023D coins.

After doing a little digging, I discovered that the mint resumed producing half dollars for circulation in 2021 (after a 20 year hiatus) to the tune of about 10 million coins (total mintage was 15 million, but 5 million was for mint sets and other collector items).

2022 produced about 10 million halves, but I could not find the 'for circulation' figures.

2023 was a significant uptick : 58 million halves.

2024 to date : 13 million.

So that's 85 million +/- 'business strikes' over the past 4 years.

A quick look at mint production figures of clad (1971 and later) half dollars is over 2 BILLION coins that do not circulate. They are collecting dust in bags at the Fed, in boxes at the Brinks / Loomis / Garda warehouses, or in forgotten jars throughout the country.

On what planet is there a need for more half dollars? Why waste the taxpayers' money on this boondoggle?

CRHers in the Metrowest region of Massachusetts will soon be seeing these beauties in their own Loomis boxes.

There have been many coinage boondoggles over the years (the first 2 have worked to all our advantage) - these are some I can think of off the top of my head:

1. Continuing to mint silver coins in 1965 while simultaneously minting clad coins
2. The 40% silver half when other coins were cupro-nickel clad
3. The Eisenhower dollar
4. The SBA dollar that looked like a quarter
5. Beginning in 2000, the "golden dollar" without removing the paper $1 from circulation (like nearly every other nation in the world did)
6. Still making the penny
7. A boondoggle avoided: the 45 million Peace silver dollars that the mint was going to produce in 1964 (unfortunately for all of us)

The government actually turns a "profit" on these new halves because of seigniorage (which is the difference between the production cost and the face value of the coins)

 

[blueberra]

There have been many coinage boondoggles over the years (the first 2 have worked to all our advantage) - these are some I can think of off the top of my head:

1. Continuing to mint silver coins in 1965 while simultaneously minting clad coins
2. The 40% silver half when other coins were cupro-nickel clad
3. The Eisenhower dollar
4. The SBA dollar that looked like a quarter
5. Beginning in 2000, the "golden dollar" without removing the paper $1 from circulation (like nearly every other nation in the world did)
6. Still making the penny
7. A boondoggle avoided: the 45 million Peace silver dollars that the mint was going to produce in 1964 (unfortunately for all of us)

The government actually turns a "profit" on these new halves because of seigniorage (which is the difference between the production cost and the face value of the coins)

My point is why bother with the halves? Just mint $43 million more quarters or other coins that at least circulate.

If seigniorage is such a "profitable" strategy, then mint 100 million or 200 million halves (or more) like some of the earlier clad years. The mint produced over 11 billion coins for circulation in 2023.

One might think that the 'profit' on a Native American dollar coin would be greater than a half dollar, but only a little over 2 million of them were minted for circulation -- and they don't circulate either.

2023 Circulating Coins Coin Production​

	Cent	5 Cent	10 Cent	25 Cent	50 Cent	N.A. $1	Pres. $1	Total:
Denver	2260.8 M	734.8 M	1295.0 M	1330.4 M	27.8 M	1.12 M	0.0 M	5650.0 M
Philadelphia	2262.0 M	692.6 M	1410.5 M	1335.2 M	30.2 M	1.12 M	0.0 M	5731.7 M
Total:	4522.8 M	1427.5 M	2705.5 M	2665.6 M	58.0 M	2.24 M	0.0 M	11381.7 M

All of these dusty halves take up space and cost non-zero amounts to store.

The NIFC half strategy worked for 20 years -- why discontinue it?

When the government switched to 'Zincoln' cents in 1982, the price of copper had risen to more than one cent / coin. Same story for nickels. Those 95% copper cents have a melt value today of 3 cents (Zincolns' melt value is 0.8 cents). Nickels today have a melt value of 6 cents.

But, unlike silver coins, it is illegal to melt cents and nickels.

 

[CJ9]

My point is why bother with the halves? Just mint $43 million more quarters or other coins that at least circulate.

If seigniorage is such a "profitable" strategy, then mint 100 million or 200 million halves (or more) like some of the earlier clad years. The mint produced over 11 billion coins for circulation in 2023.

One might think that the 'profit' on a Native American dollar coin would be greater than a half dollar, but only a little over 2 million of them were minted for circulation -- and they don't circulate either.

2023 Circulating Coins Coin Production​

	Cent	5 Cent	10 Cent	25 Cent	50 Cent	N.A. $1	Pres. $1	Total:
Denver	2260.8 M	734.8 M	1295.0 M	1330.4 M	27.8 M	1.12 M	0.0 M	5650.0 M
Philadelphia	2262.0 M	692.6 M	1410.5 M	1335.2 M	30.2 M	1.12 M	0.0 M	5731.7 M
Total:	4522.8 M	1427.5 M	2705.5 M	2665.6 M	58.0 M	2.24 M	0.0 M	11381.7 M

All of these dusty halves take up space and cost non-zero amounts to store.

The NIFC half strategy worked for 20 years -- why discontinue it?

When the government switched to 'Zincoln' cents in 1982, the price of copper had risen to more than one cent / coin. Same story for nickels. Those 95% copper cents have a melt value today of 3 cents (Zincolns' melt value is 0.8 cents). Nickels today have a melt value of 6 cents.

But, unlike silver coins, it is illegal to melt cents and nickels.

Yeah you bring up a good point (and I never really addressed it in my prior response) - why all the halves. And yeah you are right if it was just for seigniorage why not make gold dollars.
And I have no clue as to why all the halves, but I am not happy about it as it just means more skunks for us to search through

 

[blueberra]

I just finished this week's half dollar box which consisted of 1,000 uncirculated 2023D coins.

After doing a little digging, I discovered that the mint resumed producing half dollars for circulation in 2021 (after a 20 year hiatus) to the tune of about 10 million coins (total mintage was 15 million, but 5 million was for mint sets and other collector items).

2022 produced about 10 million halves, but I could not find the 'for circulation' figures.

2023 was a significant uptick : 58 million halves.

2024 to date : 13 million.

So that's 85 million +/- 'business strikes' over the past 4 years.

A quick look at mint production figures of clad (1971 and later) half dollars is over 2 BILLION coins that do not circulate. They are collecting dust in bags at the Fed, in boxes at the Brinks / Loomis / Garda warehouses, or in forgotten jars throughout the country.

On what planet is there a need for more half dollars? Why waste the taxpayers' money on this boondoggle?

CRHers in the Metrowest region of Massachusetts will soon be seeing these beauties in their own Loomis boxes.

Update : this week's box was ALSO entirely 2023D. Two data points or a trend?

 

[releventchair]

Update : this week's box was ALSO entirely 2023D. Two data points or a trend?

Could be a make work program for both the mint , and C.R.H.'s

 

[ConceptualizedNetherlandr]

Could be a make work program for both the mint , and C.R.H.'s

LOL. 'work'

 

[blauer]

... Beginning in 2000, the "golden dollar" without removing the paper $1 from circulation ...

That's because the dollar coin falls out of my stripper girlfriends g-string.

 

[REDFERN02]

I just finished this week's half dollar box which consisted of 1,000 uncirculated 2023D coins.

After doing a little digging, I discovered that the mint resumed producing half dollars for circulation in 2021 (after a 20 year hiatus) to the tune of about 10 million coins (total mintage was 15 million, but 5 million was for mint sets and other collector items).

2022 produced about 10 million halves, but I could not find the 'for circulation' figures.

2023 was a significant uptick : 58 million halves.

2024 to date : 13 million.

So that's 85 million +/- 'business strikes' over the past 4 years.

A quick look at mint production figures of clad (1971 and later) half dollars is over 2 BILLION coins that do not circulate. They are collecting dust in bags at the Fed, in boxes at the Brinks / Loomis / Garda warehouses, or in forgotten jars throughout the country.

On what planet is there a need for more half dollars? Why waste the taxpayers' money on this boondoggle?

CRHers in the Metrowest region of Massachusetts will soon be seeing these beauties in their own Loomis boxes.

That sounds about right. none of my banks in NE FL have or can order halfs.

 

[blueberra]

I just finished this week's half dollar box which consisted of 1,000 uncirculated 2023D coins.

After doing a little digging, I discovered that the mint resumed producing half dollars for circulation in 2021 (after a 20 year hiatus) to the tune of about 10 million coins (total mintage was 15 million, but 5 million was for mint sets and other collector items).

2022 produced about 10 million halves, but I could not find the 'for circulation' figures.

2023 was a significant uptick : 58 million halves.

2024 to date : 13 million.

So that's 85 million +/- 'business strikes' over the past 4 years.

A quick look at mint production figures of clad (1971 and later) half dollars is over 2 BILLION coins that do not circulate. They are collecting dust in bags at the Fed, in boxes at the Brinks / Loomis / Garda warehouses, or in forgotten jars throughout the country.

On what planet is there a need for more half dollars? Why waste the taxpayers' money on this boondoggle?

CRHers in the Metrowest region of Massachusetts will soon be seeing these beauties in their own Loomis boxes.

"Goldfinger" by Ian Fleming contains this line : "Once is happenstance, twice is coincidence, three times is enemy action."

This week's half dollar box was, yet again, all 2023D uncirculated coins. Enemy action, indeed.