Ed Quoted at Forbes on US Mint Operations
FOCUS: Small Gold Coin, Bar Will Be Only A Temporary Shortage
By Debbie Carlson
Quote:
Edmund Moy, a former director of the U.S. Mint, said there are reasons why the Mint sometimes has to suspend production of certain coin and ration coin sales. The U.S. Mint works through what they call “authorized purchasers” who then distribute the products to dealers.
“The suspension and allocation process began under my tenure as director of the Mint. We started it because unprecedented demand completely depleted our entire inventory. With nothing to sell to our Authorized Purchasers, we suspended sales until we could produce enough to sell again,” Moy said.
“In the meantime, APs continued placing orders. Once we produced significant volume, and if that supply was still short of the demand created by the AP orders, we would allocate (ration) the existing supply in proportion to the orders received. We would continue this over time until supply would catch up to demand, after which we would lift the allocation.”
Read the full piece over at Forbes.
Tags: Coins, Gold, United States Mint
Categorised in: News