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Re: [ScoutRadio] Stupid creation of Boy Scout Coin

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  • Fred Stevens K2FRD
    Bill, I don t think anyone disrespects your opinion of the issuance of the BSA 100th $1 coin. I think it s more of a matter of the purpose of the coin and
    Message 1 of 2 , May 21, 2008
      Bill, I don't think anyone disrespects your opinion of the issuance of the BSA 100th $1 coin. I think it's more of a matter of the purpose of the coin and where the surcharge ("profits") of the coin's sales should go.

      First, a lot of us in Scouting (many here on this list) lobbied hard over the past two-plus years to get a BSA-100 commemorative coin authorized by Congress, no easy task. We are very happy to get ANY BSA-100 coin authorized since Congress doesn't approve just any old cause to come along. It's a convoluted process but we'll take what we can get and it doesn't matter who gets the credit as long as a coin which can perpetuate the BSA for millennia is created (coins last a long time; I have Roman coins going back 2K years).

      Second, it's a collector coin minted for a special occasion, not a coin minted for circulation, vis a vis the latest Presidents coin series in which 350 MILLION of each are currently being minted every four months; intended for circulation, the President series hasn't made the grade and the dollar coins aren't going into circulation. Sure, it would be nice if millions of BSA 100 coins were issued but the US Mint and Congress doesn't work that way when it issues commemorative coins.

      Third, it's a coin which will not only keep its value, it will rapidly appreciate: "A Scout is Thrifty". With only 350K minted and the numbers already in demand (self included) as indicated by this group, the Mint will have no problem meeting the demand. This is in contrast (putting on my numismatist hat) to recent commemoratives such as the 2007 Jamestown issue (500,000 coins) which, at best is valued at only $37 and was a really hard sell; I don't know if the full issue was sold or if the surplus was melted. I don't believe this will be a problem with BSA-100. Agreed, this does not financially assist BSA after the first purchase from the mint. But it does perpetuate the BSA through protection of collectible coins.

      Fourth, like most or all recent commemoratives, surcharges go to the celebratory; the gain (surcharge) in this instance will go to the Boy Scouts of America at the National level. I have no problem with this since this filters down to the Unit and individual Scout (or Cub or Crew or Explorer) level through Professional and Volunteer services (volunteer training alone costs millions of dollars per year - spoken as a former District Training Chairman).

      I fully appreciate where you're coming from: the goals of the Boy Scouts of America are toward the individual youth for whom we target all our activities, energies, and of course money to instill in them citizenship, character, and physical and mental fitness. It would be facile if we could see direct financial benefits to individual Units and Scouts who were to receive this surcharge directly but this would be in contravention of the stated policies of Scouting for members to earn their own way (as opposed to receiving donations). I can't think of any other means of minting a BSA-100 coin which would recognize the Boy Scouts of America's 100th anniversary while at the same time remaining within BSA's goals and policies.

      73 and Always Yours In Scouting,
      Fred Stevens K2FRD

      CC: http://www.coincommunity.com/forum/topic.asp?TOPIC_ID=30466&whichpage=2

      At 7:32 PM +0000 20/5/08, Bill Ragsdale wrote:
      >Each Boy Scout $1 coin will have a $10 surcharge and the run will be
      >limited to 350,000 coins. Read the legislation.
      >Therefore only 1 Boy Scout in 10 could even have one and the coins
      >will never be in general circulation. The public will never see them
      >and never care. The $3.5 million surcharge profit will go to the Boy
      >Scout Foundation. So this is totally self-serving to BSA national
      >with no use to local units or Scouts themselves.
      >I was hoping to buy a hundred or so and spend them into general
      >circulation for the promotion of Scouting. The centennial UK 50p coin
      >was in general circulation for all to see and use.
      >I'm sad to see such a narrow misuse of what could have been a
      >wonderful public display of Scouting.
      >Bill Ragsdale
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