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 Replies: 41 / Views: 3,718 |
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Pillar of the Community
Australia
560 Posts |
Well considering the 50 cents in Australia is a similar size at the U.S, and it circulates and is common. I am a bit confused as to why its equivalent does not circulate in Canada and the U.S. Must be a psychological thing.
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Pillar of the Community
United States
1796 Posts |
@Libertad - Aye education is always the key. My philosophy is make whatever change (no pun intended) that needs to be made drastic and future-minded, and this way everyone will *have* to take the time to pause, educate themselves, and then continue on... otherwise it's like how we have things now. :-)
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Pillar of the Community
United States
1302 Posts |
fellas, you guys are really missing the point. listen, I talked to a former Mint Director today. We spent about an hour and a half talking about why dollar coins don't circulate. If you want to know the answer, and I've already alluded to it, it's this. THE BANKS DONT WANT THEM. They banks got burned when the SBA dollar failed. They got stuck with all these coins that they bought and nobody wanted. They were brought in by the Mint before the release of the Sac and told them mint that they weren't going to buy it. The Mint knew they had an uphill climb- because the FR Bank didn't want a dollar coin and the Banks didn't want to stock them. So what did they do? they made an end run around the banks and made a deal with Walmart. Walmart was supposed to buy 500 million, I think he said, the mint delivered 350 million of them within the first month or two and Walmart ran out of dollar coins. People went to the bank to order more and the banks didn't have any since they didn't buy any. They made their orders then. By the middle of 2000, the leadership changed at the Mint and gone was the lone advocate for the coin- although he knew he had an uphill battle and wouldn't likely succeed so long as the $1 FRN was still being made. I wonder aloud if this is why the Morgan dollar didn't circulate either. We always think- nobody wanted the big coin- but is that really what happened? Or did the bank like paying out currency (that was worth less than gold) and accepting gold as payment in return? The silver dollar just seems like a heavy cumbersome money losing proposition when you think about it. I think a $1 and $2 coin could work if we drop the $1 FRN. Until then, we're going to get nowhere... like a farm bill in toxic congress. |
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Pillar of the Community
United States
927 Posts |
I love spending half dollars and part of the reason is their size. I don't think that making the half dollar smaller would work unless they resized all coins with the lowest denonimation being the smallest (drop the cent).
I used to worry about a cashless society making coins obsolete. I don't worry about that anymore, because it will not happen for a very long time. It would be nice though if coins had enough value to be used in regular transactions again.
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Pillar of the Community
United States
621 Posts |
with all due respect I'm confused by this "They banks got burned when the SBA dollar failed. They got stuck with all these coins that they bought and nobody wanted. They were brought in by the Mint before the release of the Sac and told them mint that they weren't going to buy it. The Mint knew they had an uphill climb- because the FR Bank didn't want a dollar coin and the Banks didn't want to stock them. So what did they do? they made an end run around the banks and made a deal with Walmart. " Which is it, they were brought in by the mint early and said no so the mint went around them and sold them to wal mart or banks bought them and then were burned when no one wanted them and they failed to circulate? |
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Pillar of the Community
United States
1795 Posts |
CASH IS KING........take those debit cards and put em in the trash can. You still have to have the cash to pay for em. Say what you want if you don't have the cash in hand then you can't buy anything. Debit cards will cause you to spend what you don't have in hand. This is just my humble opinion.
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Pillar of the Community
United States
1302 Posts |
the banks were brought in and asked by the mint if they would buy the dollar coins and they said, thanks but no thanks the mint did an end run around the banks to get them in people's hands- they went to Walmart. it worked. think of how many 2000-P or D Sacs you see in circulation. |
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Pillar of the Community
United States
592 Posts |
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Which is it, they were brought in by the mint early and said no so the mint went around them and sold them to wal mart or banks bought them and then were burned when no one wanted them and they failed to circulate? Both. The banks bought them and were burned... in 1979-80. By 2000, they were wary and said "Yeah, no" when the Mint said "Dollar coins?", so the Mint went to Wal-mart, who were happy to help out. There is no contradiction here. |
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Moderator
 United States
187446 Posts |
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THE BANKS DONT WANT THEM. Get rid of one dollar note and they would not have enough of them. |
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Pillar of the Community
United States
1796 Posts |
As a point of principle, I don't think we should be listening to banks about such matters in the first place. ;-)
I mean, look what happened last time when they said they knew what was best...
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Pillar of the Community
United States
621 Posts |
cc99999 and saintridley, Thank you. I understand what was meant now. I didn't think of the susan b's.
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Moderator
United States
187446 Posts |
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I mean, look what happened last time when they said they knew what was best... Oh, snap!  That aside, my last post never addressed the original question.  I pondered the idea, Steve's oft-posted denomination realignment, and my own desire to see the Cent and Nickel retire gracefully from circulation. (However, continuing NIFC is always an option.) Kill the Cent. End of discussion. It can and will live on electronically. Kill the Nickel. The Dime is now the lowest circulating coin.  Losing the Nickel could cause problems for the Quarter. No problem, phase that out as well. The ATB might as well be NIFC since I never see them in change. I do not see a need for a Twenty Cent coin, since two Dimes can do for that what two Quarters have done for the Half Dollar the last forty years. Speaking of the Half Dollar, the original topic... A newer, smaller Half Dollar could step in to augment the Dime. Four Cents, one Nickel; four Dimes, one Half Dollar. Bi-Metallic? Golden? Non-Round? Oh, the discussions we will have. Of course, round this out with elimination of the One Dollar note and full distribution of the One Dollar coin. The Two Dollar note can stick around or a few years.  |
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Pillar of the Community
Canada
2805 Posts |
The cent hasn't even made it into NIFC in Canada - it's gone completely! But in South Korea, they haven't had the heart to retire their lowest denominations from uncirculated sets, no matter how worthless (1 won = ~0.1 cent, and the 2013 set has 1, 5, 10, 50, 100, and 500). To me, it's a sign of weakness! Don't let any cents survive!!
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Pillar of the Community
 708 Posts |
jbuck,
Sorry, but I'd rather have a 20 cent coin instead of possibly be carrying up to four dimes or more at a time. Thats a bit more of a different story from the "one half Vs. two quarters" argument, because you would be carrying four dimes vs. two 20 cent coins. Otherwise, we could leave the quarter alone, and phase out the cent, nickel and dime, and stores can price items by the quarter, half, or dollar. I think that could work out.
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Moderator
United States
187446 Posts |
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Sorry, but I'd rather have a 20 cent coin instead of possibly be carrying up to four dimes or more at a time. Why? You carry up to four cents now, and they are bigger than dimes. My problem with a Twenty Cent coin is confusion with the quarter as it is being phased out. Maybe after the quarter is long gone, the Twenty Cent can come; but by then, we might be talking about having the Half Dollar our lowest issued coin. Quote:
Otherwise, we could leave the quarter alone, and phase out the cent, nickel and dime... I think I am brave for making the dime the lowest, then you go for the quarter.  Quote:
...and stores can price items by the quarter, half, or dollar. I think that could work out. Sales tax will always make any pricing scheme pointless. |
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Replies: 41 / Views: 3,718 |
First Page
Posted 06/23/2013 5:36 pm
