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Pillar of the Community
United States
615 Posts |
Posted - 3 Min ago : 1:38:11 PM Show Profile Email Poster Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
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With nearly 40 years of failed experiences they still went forward with it.
This is how our Congress operates, they never learn from the past.
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The annoying thing is that just about every machine yo see IS capableof accepting them... So cost of converting the machines is close to zero.
I agree. There are many machines around here that take them. And the dollar coin does not have the propensity to do an "in and out" dance when you use them!
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Let's face it, as long as the $1 note is around, production caps on Dollar coins just make sense!
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There are 8 billion $1 FRN, and we can't make enough $1 coins in 22 months (life of a $1 note).
There is no need to instantly switch over and replace the notes all at one time. Just stop printing, keep minting, and pull the paper notes as they wear out.
22 months would be 660 days assuming they wear out equally.
8,000,000,000/660= that is around 12 million a day that need to be replaced. That is a lot of coins to mint on top of normal mintage of other coins.
That doesn't take into account the coin trap of so many going into jars/vending machines and not being spend like $1 bills. So we would actually need more than 1 to 1 replacement as the coins won't circulate as much.
Having a few billion sitting around would help the make the switch.
-SWUSC
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Moderator
 United States
188765 Posts |
There have been almost four billion baby dollars minted so far, so we only need another four billion.  In 2000 there were about 1.2 billion Sacagawea dollars minted. In 2007 there were almost a billion Presidential dollars minted. The mint has the capacity, especially if you quit minting a billion useless cents each year! Regardless of the cent's fate, we could easily cease printing the dollar notes by the time Obama is running for re-election. No excuses! Trust me, you pull the dollar notes and the coins will circulate! Edited by jbuck
03/04/2009 3:00 pm
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Pillar of the Community
United States
3294 Posts |
And not to mention, we dont need 12 million a day, since the coins last much longer then the notes. How many people have found a 1960s cent, or a 1960s nickel this past week? Coins can last for years or even decades.
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Moderator
United States
188765 Posts |
Exactly! This is not rocket science. Every other country in the world has managed to do this. Our resistance to change (pun intended) is the only thing keeping this from happening.
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Pillar of the Community
United States
2734 Posts |
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"You can't make the same (diameter) as Half dollars. How would the machine know if I was putting in a 50cent or $2 (as I proposed) coin? A 30mm $2 coin could have a different metallic composition 'signature' (as read by vending machines) than the Half-Dollar. The reason why Susan B. Anthony dollars can be used in modern Dollar coin compatible vending machines is that the Golden Dollars' metallic 'signature' was made to match the SBA's (even though the metal composition of these two series differs!). The 38mm $20 coin could easily have a different metal 'signature' than Ikes... (sorry to dash wd1040's hopes of getting $20 credits at vending machines with Ike's! You're certainly not the only one on this forum with a stash of circulated Ikes...  ) Then again, since I was the one who said that we don't have to use 'traditional' (.900 Silver based) sizes anymore, why not a 29mm $2 coin and a 37mm $20 coin? It's true that Vegas has gone 'voucher', but the smaller towns in Nevada and the 'limited-stakes' gambling towns in the west use a fair percentage of coins. Last November, Colorado voted to raise the stakes in the mountain gambling towns, so this will lessen the use of coins. I would also have to agree that Billions of Dollar coins in the Fed would make sense if there is a 'long-term' plan to cancel the $1 FRN. |
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New Member
United States
13 Posts |
I will circulate them. I think they are ugly like a token from chuck-e-cheese. But like it has been stated before everybody that gets one thinks they have hidden tresure on there hands so it will take a lot before they get used.
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Pillar of the Community
United States
3098 Posts |
hmm... or we can have a $20 coin made of silver. This is what the French did with their 100Fr coin and the Spanish are doing with their EUR12 coins. The coin has silver, but less than face.
By the way, if we are going to have a $2 coin, I hope the mint doesn't make it thin and with a very very small brass inner like the loonie.
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Pillar of the Community
United States
6326 Posts |
Well.......the Mayan calendar says it all ends in 2012 anyway.....so this debate should be a moot point either way....  Seriously though, has anyone heard any recent official talk of ridding this country of the $1.00 FRN ? I have not......I just doubt if it will happen anytime soon....  Maybe somebody should write Obama and suggest it to him personally ? Then he could make it happen and get the ball rolling with Congress. On a side note.....this may be a very "unpopular" thing to do with the public....so popularity poll numbers might take a hit.......even some re-elections lost !.... How many Congressmen would risk it ? But they should JUST DO IT ! (i wonder if there has been a secret lead up to this inevitability all along.....and here we were just thinking they were making money off of us by minting Billions of these !)
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Moderator
United States
188765 Posts |
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By the way, if we are going to have a $2 coin, I hope the mint doesn't make it thin and with a very very small brass inner like the loonie. Don't you mean Twonie? And what's wrong with the Twonie?  Quote:
Well.......the Mayan calendar says it all ends in 2012 anyway.....so this debate should be a moot point either way. Oh no, not again! Next we will have someone speculate about traveling back in time to ensure that more Sac's were minted during the NIFC years! |
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Pillar of the Community
United States
6326 Posts |
Well, now that you bring it up.....I was wondering that if I travelled bac.........no .....no.....no .......just kiddin' !.... |
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Pillar of the Community
United States
3098 Posts |
er... yes... the toonie
I don't like it because it's so thin!
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Moderator
United States
188765 Posts |
Yes, Toonie, not Twonie. I was still waking up! |
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Pillar of the Community
United States
2734 Posts |
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wd1040: hmm... or we can have a $20 coin made of silver. This is what the French did with their 100Fr coin and the Spanish are doing with their EUR12 coins. The coin has silver, but less than face. Mexico also has a 2003-up bimetal 100-peso circulation Comemmorative with an aluminum bronze outer ring and a .925 Silver inner section. Thanks to manilagalleontrade, I now have two of those Spanish €12 coins!  Yes, if you were going to do a silver coin for circulation, a $20 coin would be the most feasible. The only 'problem' is that on fiat money and its built-in inflation, "less than face" at the time of issue will eventually be "more than face" and there goes the coins from circulation  . I've predicted in past posts that even cupro-nickel coins in the '1837' sizes could approach "face value in metal content" sometime around the 2060's. The $20 coin could be done as a 40% silver/60% copper clad, but even a 37mm coin of that composition would have around $4 of silver in it at the moment, one big silver rally and away they'd go from circulation... That would make all the silver hunters happy, but if you truly wanted the $20 to circulate and be 'spendable', I was thinking something like 75% copper/25% nickel (for wear resistance). Simple design, matte finish to hide small scratches, a 'tank' that would last for decades (until its cupro-nickel value exceeded its face value!). Edited by DNA
03/05/2009 7:47 pm
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Pillar of the Community
United States
3098 Posts |
I guess you can make it out of CuNi, but I would like it to be made out of silver so it gives me a reason to collect it, store it, and hoard it for a decade or so. If it's just another piece of cheap base metal, then I would shy away from it. $20 is still a lot! Quote:
a 'tank'  As in a massive coin with the diameter of a CD and its thickness the diameter of a dime? hmm.... I guess that's going to be something interesting to spend. |
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Pillar of the Community
United States
2734 Posts |
"Tank" as in made to last in circulation and in pockets (simple lower relief design, matte recesses), not 120mm in diameter like a Compact Disc... |
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Posted 03/04/2009 2:48 pm
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