The gov't isn't hoarding the dollar coins - most of the banks and armored car service inventories are overflowing with them and ship them back to the FED. There is simply no public demand for the coin except for when each new
Presidential dollar is released.
When the Mint was offering the free shipping deal on the dollar coins people were ordering as many as they could afford to rack up reward points on their credit cards and then simply returning the coins the bank and putting the money back on the card. In fact, in one particular case, I read that one customer accumulated over 800,000 points just by doing this. At 1% cash back rewards points, that's $8,000! One of the branches of a bank I frequent often, told me they were getting $6,000 worth of the dollar coins in weekly. In turn, since no customers requested them, these were consistently shipped out. Across the country banks were complaining about fees adding up for shipping out coins and the amount of space being used up in coin vaults.
All in all, I feel the dollar note has served its purpose but there is a much better substitute: the $1 coin.
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Posted 12/17/2011 09:47 am
