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 Replies: 25 / Views: 3,996 |
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Pillar of the Community
United States
2734 Posts |
I've never had an issue spending my modern $1 coins at McDonald's. Then again, these coins are more commonly seen in the Denver area than they are in other locations. clembo would have a fit if he ever rode the Denver Light Rail system. The cash-only ticket dispensers take notes up to $20, but dispense only Dollar coins as change. This means that if you buy a $2 ticket with a $20 note, you'll get eighteen $1 coins as your change. This is great if you're a 'coin searcher' (you can still find some SBA's) or you want Dollar coins for vending machine use, but most people will spend them ASAP. This means that $1 coins are not total strangers to Denver's cash registers. More " Morgan dollars of the future", they only circulate out west!  |
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Pillar of the Community
United States
2269 Posts |
I never understood why the Federal Reserve needs to have an inventory that contains 12 years worth of Dollar Coins. Doesn't that seem a little excessive, considering the fact that there is little demand for them. While I would rather see a dollar coin circulate over a dollar bill. We all know that it will never gain popularity because we have a choice as to what we carry in our wallet.
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Valued Member
United States
436 Posts |
I think the stockpile is a way to raise money for the government.... think about it like this.
They stockpile a whole bunch of coins for 30+ years. Then they close down the Philly mint. Ironically all of the coins in the stockpile just happen to be from Philly. Then 5 years after the mint closes they release these coins that you can buy at just 2or3X face value. Thus reducing the amount of currency in circulation and increasing the value of the dollar.
It would be like a long term insurance policy for the valuation of US Currency.
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Bedrock of the Community
United States
14454 Posts |
even stores around me complain when you try to pay with dollar coins, they don't want them any more than anyone else does and I have actually been asked if I had any other form of payment. they would have rather taken a check than 20 $1 coins
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Rest in Peace
United States
3039 Posts |
Bryan you're right about some stores. Aren't they required to take payment in any legal tender form ?
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Valued Member
United States
106 Posts |
The dollar bill will eventually be axed as a cost saving measure, then the dollar coins will see service. As far as the problem with too many of them being uncirculated, the Feds keep them in bags, don't they? Seems to me we could invent a bag shaking device and sell it to the government.
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Valued Member
United States
84 Posts |
That's pretty funny that some places ask for a different form of payment. I plan ordering a box or two of the direct ship coins and using them in everyday transactions when I get back stateside in a couple weeks. I cant wait for the first store that tells me they don't take those, I will be on the floor laughing my butt off.
Yes they are required to take them by law.
Coin Community, We should all order the direct ship coins and start using them, together we can make a difference. LETS DO IT !!
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Pillar of the Community
United States
2734 Posts |
I spend them all the time in Denver, no problem. The cashiers likely
think that I either just rode the Light Rail, or had leftovers from
playing the $1 coin slot machines in the mountain gambling towns.
That said, I've never seen a cashier hand them out as change, except
of course at the Denver Mint Gift Shop! I buy Dollar coins out of
cashiers' drawers all the time, and they're always happy to get notes
in exchange. It's apparently not 'proper cashier etiquette' to hand out
Dollar coins in change, so they go back to the armored car company, who
then restock the coins in the Light Rail ticket dispensers. My favorite
local pizzeria gets a fair amount of Light Rail riders' Dollar coins.
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Valued Member
United States
436 Posts |
I think the real issue should be is why is the fed still printing dollar bills? With the debt we already have, we need to save as much as we can over the years, and with a 2-3 year lifespan on average on the notes and a 20 plus year life span on the coins, the choice is obvious...
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Bedrock of the Community
United States
17884 Posts |
Quote:
Aren't they required to take payment in any legal tender form ? No, they aren't. Quote:
Yes they are required to take them by law. There is no law that requires you to accept Legal Tender. Even the Treasury Dept says that. |
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Pillar of the Community
United States
2734 Posts |
The 'legal tender' issue is a bit more complicated than that: If the store had posted a sign in advance stating "No Dollar Coins Accepted", you would be 'out of luck', legally speaking. Businesses are allowed to refuse particular types of legal tender. The same pizzeria I go to that gets Dollar coins regularly, has a sign posted stating "We do not accept $100 Bills". However, if a store refuses to accept $1 coins without prior notice, the customer could say in court that the store arbitrarily refused to accept a valid legal tender form of payment. The business would probably be better off accepting the Dollar coins that once, rather than getting dragged to court, where it is quite possible that the judge could order them to accept the coins from the plaintiff in that particular case. (and possibly even order them to pay for the plaintiff's attorney's fees!  ) So, there you go: If the business regularly accepts cash payments and doesn't specify that they refuse a particular type of legal tender in advance, it could ultimately be a court judge who decides whether the business has to accept the coins in that particular case.(the business would always have the right to give prior notice to refuse to accept that kind of legal tender, afterward) Edited by DNA
01/02/2010 1:14 pm
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Pillar of the Community
United States
968 Posts |
DNA has it pretty much covered, but I thought it may be of interest to show what the Federal Reserve itself says in its own words (from a faq they wrote): http://www.federalreserve.gov/gener...faqcur.htm#2"Is U.S. currency legal tender for all debts? According to the "Legal Tender Statute" (section 5103 of title 31 of the U.S. Code), " United States coins and currency (including Federal Reserve notes and circulating notes of Federal Reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues." This means that all U.S. money, as identified above, when tendered to a creditor legally satisfies a debt to the extent of the amount (face value) tendered. However, no federal law mandates that a person or an organization must accept currency or coins as payment for goods or services not yet provided. For example, a bus line may prohibit payment of fares in pennies or dollar bills. Some movie theaters, convenience stores and gas stations as a matter of policy may refuse to accept currency of a large denomination, such as notes above $20, and as long as notice is posted and a transaction giving rise to a debt has not already been completed, these organizations have not violated the legal tender law." |
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Pillar of the Community
Canada
3692 Posts |
I can't understand why $1 coins are frowned upon. I am Canadian - biased maybe - but I've had $2 bills and they got very wrecked after heavy usage. When the $2 coin came about, the economy started to boom and very few things still cost $1; it's all jacked up in price (plus tax) to give you chump change in exchange for your $2. It should've stayed at just $1 coins.
On a side note, I'll bet casinos love coins higher quarters.
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Valued Member
United States
312 Posts |
Quote:
I can't understand why $1 coins are frowned upon. I am Canadian - biased maybe - but I've had $2 bills and they got very wrecked after heavy usage. When the $2 coin came about, the economy started to boom and very few things still cost $1; it's all jacked up in price (plus tax) to give you chump change in exchange for your $2. It should've stayed at just $1 coins.
On a side note, I'll bet casinos love coins higher quarters. I wouldn't mind if the $1.00 note was dicontinued. Since the Washington $1.00 note was last changed I wasn't even a glint in someone's eye yet. |
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Pillar of the Community
United States
2734 Posts |
In the mountain towns of Colorado where coins 1¢ and up are still used
in slot machines (yes, even the 1¢ 'penny slots', which have increased
in popularity during this recession), the modern 26.5mm Dollar coin
slot machine has taken the place of the old "Half-Dollar" slots.
A number of the Dollar coin slot machines were originally Half-Dollar
machines, converted after 2001 to take Dollars. (the last Half-Dollar
issued for circulation was the 2001-D)
Several times when I have spent Dollar coins, the cashiers assumed
that they were my leftover 'gambling money'....
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Replies: 25 / Views: 3,996 |
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First Page
Posted 01/01/2010 2:30 pm
