The "american Innovation $1 Coin Act"

Has there been any updates on this coin act? Does the POTUS have any authority over the US Mint or Federal Reserve? Can the President just be like, "hey stop government waste and eliminate the penny or dollar bill?".

Gone nowhere, nothing has been done since it was introduced and referred to committee to die.

https://www.congress.gov/bill/114th...se-bill/6025

Collectors aside, the coming trend is that people DO NOT WANT ANY coins at all.

Coins are dirty, heavy, get lost, wear out your pockets, and end up in a jar, bowl or can. Eventually this needs to be disposed of and it is tiresome to roll them up and take them to the bank, or take them to a CoinStar machine (which then takes a cut).

People don't want to have to carry coins around to pay for the amount of their cash purchase that is between two whole dollar amounts. They don't want to have to dig in their pocket or purse to see if they might have the correct amount, and too many people these days can't add well enough to pick out the correct coins anyway.

Clerks at stores get annoyed whey YOU pay them with more than $1 in coins. Some get confused if you don't give them the EXACT amount of coins. It takes more time.

Banks are suspicious when you deposit rolls of coins because they think you are going to cheat them out of a coin or two. Many banks now CHARGE you when you bring in large amounts of coins.

I think a LOT of people would be happy if there was a way to eliminate coins altogether. I have an idea, but will make a separate post about it at a later date.

The people (in charge) in government that could stop producing coins that people do not want, have competing incentives to KEEP producing them. Mining and metal production companies, transportation companies, minting facilities, etc. all have financial reasons to keep making coins. Those that profit from the continued minting of coins make sure that government officials stay interested in making coins by "convincing" them to keep voting to make coins.

It will take CHANGE (pun intended) to get the established way of doing things switched to something more convenient, less cumbersome, and not fueled by the financial interests of a few.

This is what I was thinking about when asking the original question about the authority the POTUS has on this matter. I do however agree with you on the overuse of executive orders. I often wonder how far the move to eliminate the cent and dollar note with having a republican house, senate, and president. Maybe this is something that can seriously be looked at. While the government makes seniorage off the dollar coins, I still cannot see the logic to continue to mint these only to go site in a government vault. As a cashier and consumer, I absolutely despise the use of pennies. They are so dirty and corroded.

There is one company in the United States that supply the zinc for the Cent and even they told Capitol Hill that doing away with the Cent coin would not hurt their bottom line as it it is a very small portion of the company's profit for the year...

Now granted, I'm sure they appreciate the Governments business, who wouldn't?

Well, folks, it's happening whether we want it to or not.

And they're going to be collector-only/NCLT.

Can't believe this thread is a year and a half old already.

From the thread "Coin Collector Humor":




Check all of the good stuff:
http://goccf.com/t/292093&whichpage=1