This past year has certainly amplified the question of what the most thankless jobs might be. Judging from the lack of applicants at many companies and demand for astronomical wages at even fast-food positions, people are pickier than ever about what they will do and for how much.
My brother finds all this curious. He lives in India where wages are a fraction of ours. He is always amazed at what paradigm shift has taken place when he returns to visit....
For 2021, it’s the “thankless job” thing. As he notes, in India climbing into and cleaning sewers by hand filled with human waste for a few rupees a day isn’t considered out-of-line. So too for those paid a pittance to remove dead bodies from roads and train tracks. Then, there are always the rat killers in Mumbai. All of a sudden, $12 an hour plus a $500 signing bonus at Taco Bell for adding extra sour cream to a quesadilla doesn’t seem too bad.
Another thankless job might be heading the US Mint. It is a politically appointed position so, based on who put you there, roughly 50 percent of the public automatically doesn’t like you from the get go. The salary is hefty so it can’t be all bad. Still, I’m sure it’s trying.
I thought of that this week when it was announced that all 175,000 of the 100th anniversary 2021 silver dollar restrike coins from the Mint sold out within minutes of their going on sale. 175,000 might seem like a lot. It does to me. Speculators didn’t think so. They snapped them up en masse.
1921 marked the beginning of a new and exciting era in the US and around the world. It was the year our silver dollar design dramatically changed. The new 2021 silver dollars are restrikes of the “Morgan” and “Peace” dollars minted a century ago. Those original dollars are among favorites for collectors and history buffs for good reason.
Though World War I had been won by the Allies in 1918, it wasn’t until 1921 that the US and Germany signed the Treaty of Berlin officially ending the hostilities. (Things would heat up globally between the two powers less than 20 years later.)
1921 marked the beginning of the “Roaring ‘20s” when Jazz music; dancing “flappers”; and bootleggers were the norm. It was the decade of Al Capone; Charlie Chaplin; the Harlem Renaissance; construction; automobiles and widespread wealth. The song, “We’re In The Money” wouldn’t come about until 1933 but, other than the stock market crash of 1929, the ‘20s in America embodied prosperity. What truly defined those years was the circulating silver dollar.
Fast-forward to 2021. Technology is now king. Some of that technology in the form of automated “bots” was used on the Mint’s ordering system. Limited to just 10 coins per household, some buyers used “bots” to score hundreds of the silver dollar restrike coins at $85 each. The Mint won’t begin shipping them until this October but early speculation has driven prices to $200 or more each.
You’d think those quick profits would be great. No so for the tens of thousands of collectors who were shut out. Complaints from those who tried but failed to buy one of the new coins have poured into the Mint and hobby publications. Some would-be buyers are calling for Mint Director David Ryder to resign.
I’d probably be disappointed as well. In fairness, when the Mint makes coins in huge numbers, people moan they are too common and not worth collecting. When quantities are limited, complaints soar about buyers not being able to get them.
There are two things to remember. First, when the Mint significantly changed our silver dollar design in 1921, the public was every bit as unhappy. So, complaining is in our DNA.
Second, and most importantly, sky-high prices for new coins rarely last. If history is any indicator, while the new 2021 silver dollar restrikes may currently command $200, a year or so from now their value may well be half that. Yes, $100 will still be a little more than the original government issue price but far less than the current premiums. For those who missed out it’s definitely something to consider. In the meantime, I’m heading to Taco Bell.
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