$1 Coins: Unwanted, Unloved And Out Of Currency

The only way that $1 coins will ever circulate in this country is for the treasury to stop making $1 bills... I just don't think the vast majority of people in the U.S. like dollar coins.

I don't think I have ever been given a 1.00 coin in change.unless requested.

I believe if they ever stop the dollar note you will see another huge increase in the use of credit cards, less and less people are carrying cash. Can you imagine having a hundred one dollar coins in your pocket. Never going to happen.

maybe they will replace the existing bill denominations with coins of the same value. A $100 coin would be interesting...

If they ever decide to introduce $1 coins , that amount in the federal reserve will mean they wouldnt have to mint some coins for the first year or maybe two ... I wonder how the author of that piece came about with the figure that 1,4 billion $1 coins could meet demand for 40 years

Given how much the gvt would save by issuing a $1 coin , it wwould make sense to switch to coins. Over here we had the same thing , some people were resisting the idea (of one pound coins) but the gvt said enough and put their foot down and introduced the coin and started to withdraw the notes and now 30 years later the 1 pound coin is now quite an integral coin

It costs them less to make then theyre worth so they make money every time ones made which makes it hard to call wasteful.

They did try and give it an honest attempt to get them used while the dollar was still being used, once they saw it wasnt working they stopped making them for circulation as theyd just been piling up.

Ironically one of the things they tried to get them to circulate actually caused part of the pile up. When they first started you could order boxes from the mint for face value with free shipping. They thought that would help people acquire them and get them circulating. Well people figured out that if you ordered it with a credit card you could make money just ordering them and immediately taking them to the bank. A lot of people started doing that which lead banks to complain about their stock pile of them and the end of the free shipping and ultimately the end of the circulation strike when they had been rejected by the bulk of the population.




The savings part is a bit of a fallacy unless youre talking about extreme periods of time. Its more a lost opportunity to make more money.

For example say a bill costs 5 cents to make and over 50 years it has to be replaced 10 times. You spend 50 cents but still ended up with a dollar so you made 50 cents. If the coin cost 15 cents and only has to be replaced once you spent 30 cents and make 70 cents. You didnt really save anything since you still made money with the bill, but you did lose out on some extra profit.

Then again that also doesn't take into account the increased cost of transporting the coins over their life time from the added bulk and weight. Mintage cost alone is only part of the cost and without seeing the extra transportation costs its impossible to know if you would actually miss out on anything. With that cost included its possible the bill is actually cheaper.

They are exaggerating some. 1.4 billion at the current drawdown rate of about 6 million coins a month is only a 20 year supply

And over a 50 year period the dollar note has to be replaced about 33 times for a cost of $1.50 and the coin once for a cost of 60 to 70 cents.