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Article: Ten Will Get You Five; The U.S. Mint Admits Commemorative Coins Are Money Losers
- Article from:
- The Washington Post
- Article date:
- July 15, 1995
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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U.S. Mint Director Philip N. Diehl made a surprising confession to
Congress this week: The commemorative coins his government agency
sells by the thousands, often for hundreds of dollars apiece, are a
poor investment.
"The record is absolutely clear: These are not good investments,"
Diehl conceded to members of the House Banking subcommittee on
domestic and international monetary policy. ". . . They are keepsakes
. . . mementos. . . . We compete with T-shirts."
"High-priced T-shirts," suggested Rep. Sue W. Kelly (R-N.Y.),
voicing concern that many individuals who bought coins celebrating
the Olympics, Statue of Liberty or the Constitution from the mint
will be shocked to discover they can ...