Loading ...
Sorry, an error occurred while loading the content.

+Re: More On HJR 192; Got Lawful Money?

Expand Messages
  • Ron Goodger
    I beg to differ with the conclusion below that all coins minted under this subsection shall be considered to be numismatic items is to be interpreted as [mn:
    Message 1 of 1 , Jan 31, 2009
    • 0 Attachment
      I beg to differ with the conclusion below that "all coins minted under this subsection shall be considered to be numismatic items" is to be interpreted as [mn: Not legal tender.].  The us mint website says that they ARE legal tender.  Also, the huge quantity of gold and silver US coins minted prior to 1965 are all considered numismatic items, but they certainly are still legal tender as well.  The problem is, as we all know, that when you tender these coins for payment as 'current money', they are to be valued at face value, and most people think that a 'dollar' is a green piece of paper with the words 'one dollar' and 'FEDERAL RESERVE NOTE' on it.
       
      --
      Ron
       
      (f) Silver Coins.--
      (1) Sale price.--The Secretary shall sell the coins minted under
      subsection (e) to the public at a price equal to the market value of
      the bullion at the time of sale, plus the cost of minting,
      marketing, and distributing such coins (including labor, materials,
      dies, use of machinery, and promotional and overhead expenses).
      (2) Bulk sales.--The Secretary shall make bulk sales of the
      coins minted under subsection (e) at a reasonable discount.
      (3) Numismatic items.--For purposes of section 5132(a)(1) of
      this title, all coins minted under subsection (e) shall be
      considered to be numismatic items. [mn: not legal tender.]

      (g) For purposes of section 5132(a)(1) of this title, all coins
      minted under subsection (e) of this section shall be considered to be
      numismatic items.
      (h) The coins issued under this title shall be legal tender as
      provided in section 5103 of this title.
      (i)(1) Notwithstanding section 5111(a)(1) of this title, the
      Secretary shall mint and issue the gold coins described in paragraphs
      (7), (8), (9), and (10) of subsection (a) of this section, in quantities
      sufficient to meet public demand, and such gold coins shall--
      ...

      (2)(A) The Secretary shall sell the coins minted under this
      subsection to the public at a price equal to the market value of the
      bullion at the time of sale, plus the cost of minting, marketing, and
      distributing such coins (including labor, materials, dies, use of
      machinery, and promotional and overhead expenses).
      (B) The Secretary shall make bulk sales of the coins minted under
      this subsection at a reasonable discount.
      (3) For purposes of section 5132(a)(1) of this title, all coins
      minted under this subsection shall be considered to be numismatic
      items. [mn: Not legal tender.]

    Your message has been successfully submitted and would be delivered to recipients shortly.