Thursday, February 15

More Thoughts On The New Dollar Coin

You would think that U.S. currency would be made in the U.S. by U.S. companies, right? Well they are made in the U.S., but one of the two companies is Korean owned, funded by the Korean government and has long ties with a certain American political family.

(The Politico) When Poongsan, already among the world's leading coin metal and ammunition suppliers, wanted to crack the Mint market late in the 1980s, the company established a stateside subsidiary. In 1992, PMX opened a $300 million plant in Cedar Rapids with a ribbon-cutting and tree-planting ceremony attended by then-first lady Barbara Bush, whose family is friendly with the Ryu family that founded Poongsan. About a year after opening, PMX got its first contract from the Mint.
Also, PMX received more money than the American company. Granted, $40 million isn't that much when you consider the contract for the new dollar coin was around $1.5 billion($756 million/$715 million).

The Ryu family has also raised about $1million for the George Bush Presidential Library.