'Rider Loonies

[mykalberta]

I have to agree with the OP, private buisnesses logos shouldnt not be placed on government tender.

If they want to make some commemerative $10 loonie or whatever so be it but this is beyond ridiculous. Does the mint have nothing better to do than waste taxpayer money by stamping logos on our currency?

[Locke]

$13 dollar Loonie?

[speede5]

Originally Posted by mykalberta

If they want to make some commemerative $10 loonie or whatever so be it but this is beyond ridiculous. Does the mint have nothing better to do than waste taxpayer money by stamping logos on our currency?

The Mint is a business, and they make a ton of cash off of commemorative currency. Think of all the people who pay 10x the value of a coin just because it is hermetically sealed in a plastic case.

I have no idea what the numbers are, but I would imagine the profits from commemorative coins helps keep the overall cost of running the mint down for the taxpayer.......

Once the dies are made for the special coins, banging off a few million regular circ coins cossts no more thahn standard currency.

I have toured the mint in Ottawa, got to make some commemorative toonies, it is quite the outfit.

[speede5]

http://www.mint.ca/store/dyn/PDFs/RCM_09AR_ENG_FA.pdf

[valo403]

Originally Posted by speede5

The Mint is a business, and they make a ton of cash off of commemorative currency. Think of all the people who pay 10x the value of a coin just because it is hermetically sealed in a plastic case.

I have no idea what the numbers are, but I would imagine the profits from commemorative coins helps keep the overall cost of running the mint down for the taxpayer.......

Once the dies are made for the special coins, banging off a few million regular circ coins cossts no more thahn standard currency.

I have toured the mint in Ottawa, got to make some commemorative toonies, it is quite the outfit.

I don't get your point, this isn't commemorative currency and it isn't making the mint any money. This is standard currency with a corporate logo stamped on it. If anything it costs the mint money to produce a variation of the standard loonie.

I'm with myk, if the mint wants to make commemorative coins and sell them at a premium go for it, but keep corporate logos off of general currency.

[DownhillGoat]

Originally Posted by valo403

I don't get your point, this isn't commemorative currency and it isn't making the mint any money. This is standard currency with a corporate logo stamped on it. If anything it costs the mint money to produce a variation of the standard loonie.

Except there is a commemerative version that's selling at a premium. They just happened to stamp out some circulation currency as well with it.

Also, how does a new loonie cost taxpayers?

Taken from the US Mint website, I can assume the Canadian Mint follows a similar business model:

The U.S. Mint is in a good business: It can cut and stamp a piece of metal and sell it for the face value of the coin. A quarter, for example, costs the Mint five cents to make, but sells for 25 cents--an 80 percent profit margin. These profits, called "seigniorage," go into the government's general fund and are budgeted by Congress just like tax revenue. (Old coins can also be exchanged for new ones, but this accounts for only a small portion of the coins manufactured each year.)

So for argument's sake, I'll use the same figures for loonies. Say there's an 80% profit margin on loonies. They've circulated 3 million of them in hopes that fans will keep their loonies and take them out of circulation. If even a third of the circulated ones are kept in for a collection, that's a nice tidy profit of $800,000. I'd be willing to bet that more than covers the cost to create a new stamp...

- - -edit- - -

Originally Posted by Winnipeg Free Press

The Mint, which has plants in Winnipeg and Ottawa, had a net profit of more than $21 million in 2007 and paid more than $9 million in income taxes. In addition to Minting almost two billion coins for Canada in 2007, it produced more than two billion coins and blanks for 12 countries around the globe including New Zealand, Ghana and Papua New Guinea, all at its Winnipeg plant.

Yeah, it's a real burden on tax payers, all right...

[speede5]

Like I said, once the dies are made those Rider loonies and Flames quarters don't cost any more to make than any other coin. Maybe it's a promotional deal, so they can drum up sales for untouched coins who knows.

When I say Commemorative I am talking about the special ones, sealed and not in circulation. The circ coins are a byproduct and are worth no mor ethan face value. Actually the commemorative coins are worth no more than face either except for collectors.

Anyway, I didn't really have a point, except it's not really a waste of taxpayers money. I could care less what they stamp on coins, they are worth the same to me, and I never have enough of them.

[GreenLantern]

So I ordered a dozen of these loonies and got them today, and they short changed me, there are only 12!

WTF MAN!!!!!?!

[speede5]

Originally Posted by kunkstyle

So for argument's sake, I'll use the same figures for loonies. Say there's an 80% profit margin on loonies. They've circulated 3 million of them in hopes that fans will keep their loonies and take them out of circulation. If even a third of the circulated ones are kept in for a collection, that's a nice tidy profit of $800,000. I'd be willing to bet that more than covers the cost to create a new stamp...

The danger being that while they may be in someone's drawer they are still worth face value. You can't just print money for profit. All that change sitting in drawers, pennies in jars, etc. is a liability to the mint or the Canadian government. At any time it could all flood the market and it is legal tender. Until it is taken out of circ by the mint it is on the books, so to speak.

Only Obama can print money for the sake of printing money.

The real profit is selling a sealed Rider loonie for 10 bucks, or whatever they charge.

[valo403]

Originally Posted by speede5

Like I said, once the dies are made those Rider loonies and Flames quarters don't cost any more to make than any other coin. Maybe it's a promotional deal, so they can drum up sales for untouched coins who knows.

When I say Commemorative I am talking about the special ones, sealed and not in circulation. The circ coins are a byproduct and are worth no mor ethan face value. Actually the commemorative coins are worth no more than face either except for collectors.

Anyway, I didn't really have a point, except it's not really a waste of taxpayers money. I could care less what they stamp on coins, they are worth the same to me, and I never have enough of them.

This is my point, those are completely different things. One is made to be sold at a profit, the other is made to be regular currency. Slapping any corporate logo on federal currency is bogus. I still don't like the idea of corporations having their logos slapped on even commemorative coins, but at least then the business motive is readily apparent.

[Cecil Terwilliger]

the Canada Post site says they are sold out of the $20 premium sets. I imagine there are still hundreds if not thousands of set left for order by post offices.

And for the record I bought one Flames coin set, that isnt even engraved, with the red C and received the black C set as a gift. I'm the kind of person they target with these.

Also, I would smirk if this was a Canucks "penny celebrating 35 years of futility" or whatever and someone scratched it. Somehow promoting a campaign of currency defacing would not be cool and I'm sure would get locked right away because the site wouldn't want to be associated with that.

[kirant]

Originally Posted by Cecil Terwilliger

Also, I would smirk if this was a Canucks "penny celebrating 35 years of futility" or whatever and someone scratched it. Somehow promoting a campaign of currency defacing would not be cool and I'm sure would get locked right away because the site wouldn't want to be associated with that.

Somebody could always try to get a Canucks quarter.