USA combat profit for privates issuing commemorative coins

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November 13, 2012 – In the USA commemorate coinage is a big business. Generally not so much for the government – and thus to the people – but for private foundations or organisations. Since they pay the commemorative coins only at face value while selling them with a surcharge which they keep. In the past this system arose critics which led to new bills.

The problem, though, persisted and turned up again after a firm lobbied for a commemorative issue. In that firm a former girlfriend of Sen. Mark Kirk worked who, on his turn, had previously pushed through the bill regarding these commemorative coins. The foundation made approximately $2 million by selling their commemorative coin.

Now Sen. Jim DeMint and seven colleagues have introduced a new Commemorative Coin Reform Act. Sen. DeMint states, ‘Congress has done great work on eliminating earmarks, but commemorative coins have become a way for politicians to continue steering federal benefits to favored projects. Congress can still issue commemorative coins, but the funds should go to deficit reduction instead of becoming a money-maker for private entities. If organizations wish to raise money for worthy causes, there are many ways available without the use of taxpayer resources.’

This topic is explained in detail in an article here.