Coin collectors are responsible for a new and highly unusual run on the United States Treasury.
Coin collectors are responsible for a new and highly unusual run on the United States Treasury. They are rushing to snap up the dwindling supply of silver dollars.
Hundreds of collectors queued outside the Treasury building in Washington on Monday following news that the U.S. Government would resume minting silver dollars to overcome the current shortage. The coin was last minted in 1935 and today, in some cases, is worth more than its nominal value.
However, to curb speculators, the Treasury has insisted that minimum amount that can be bought is 1,000 dollars -- in exchange for dollar notes.
Collectors have been buying bags of dollars, going through them to extract valuable rare coins, and then selling the ordinary ones back to the Treasury again. Some collectors have made several hundred dollars through selling rare coins to fellow-collectors.