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 Replies: 13 / Views: 1,905 |
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Pillar of the Community
United States
2724 Posts |
I am currently doing a little research on our latest and greatest dollar failure when I ran across this article from April 2000. The Mint of course spent millions of dollars promoting this coin in print and TV advertising. Seems as if the high expectations were higher than most has thought. http://www.sciencenews.org/articles...401/bob8.asp |
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Forum Mom
 United States
5877 Posts |
Maybe with it being declared Wyoming's state coin the demand for it will rise? Probably not to the intial hoped-for levels, but at least higher than it is now.
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Valued Member
United States
157 Posts |
It seems so blatantly obvious to me that a dollar coin can not successfully co-exist with the $1 bill that it almost seems arrogant that they keep trying it and saying, "this time it will be different."
It will not be different, this time or *any* time, as long as the $1 bill is in circulation.
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Forum Mom
United States
5877 Posts |
It's a shame that the guys on the Hill aren't as perceptive.  |
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Pillar Of The Community
3147 Posts |
Well I got to put my Two Cents worth in here! The dollar coin WILL AND CAN COMPETE WITH THE PAPER DOLLAR but it will take the efforts of the Federal Reserve FORCING the banking industry to call them out or pay penalties. Better yet if a bank requests $5,000 ones dollar bills, the Fed should just send them half notes and half Sacagaweas. There is not a bank in this area that will call out dollar coins, even if you offer to pay for them up front, as they don't want to risk getting them back. Like it or not coins are LABOR to the banks, WEIGHT to handle at the banks and STORAGE problems at many banks. They don't want them yesterday, NOW or tomorrow. Everyone I know would use the Sackies if they could get them and the BOTTLENECK is our profit first, service last banking industry! THE COIN HAS NOT AND DID NOT FAIL----Distribution DID!!! |
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Pillar of the Community
United States
7123 Posts |
My bank will ordr them, but you have to sign an agreement to purchase them when they arrive,usually a week or so from the time they are ordered,, I like to spend them for my morning coffee at the truck stop, where I sit and go thru all the tips of the waitresses,, LOL, it took me over a year to get to know them so they would let me do that.
Rick
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Pillar of the Community
 United States
2724 Posts |
crystalk64 your point is well taken. The Banks certianly carry alot of weight in the decision process. The vending machine industry while working with the mint as a whole doesn't want these coins to succeed either. Paper is much easier to use and store. This is the sole reason that machines such as CoinStar makes such a wonderful business. People give up 9 cents on the dollar just to get cash. Some banks are now following suit and charging customers with large loose change deposits.
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Pillar of the Community
United States
1203 Posts |
The fact that Wyoming might or might not adopt these coins as their official state coin, is a little over the hill. First of all, it never happened, and second you might try placing your hand in a bucket of water. Pull it out and observe how much of a hole remains. That is how much Wyoming's adoption of this coin would matter.  |
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Valued Member
United States
382 Posts |
No dollar coin will EVER work as long as there are paper dollar bills being printed. The dollar bill lasts around 16 months before it is shredded. Coins last at least 30 to 50 years. $1 Paper dollars cost US Taxpayers $500 million per year to produce, the dollar coin would cost about 12 cents or so for each one minted...but will last 20 times longer. Even Morgans and Peace dollars became a "pain" as many ended up in vaults (hence the release of 1962) because most Americans preferred the bill (once it got smaller) to the coin. Since the size of bills decreased years ago was the beginning of the slow death of the dollar coin. Did anybody other than coin collectors miss the dollar coin from 1936 to 1970? In Canada they did away with their $1 bill and in Europe, the same took hold. I guess the only reasoning why we still do it here is the same reason we measure in inches, not in metric...ITS WHAT WE ALWAYS HAVE DONE! It is really no excuse, but unfortunately, we are a small minority in the States that would prefer coins to $1 paper bills (sorry George...nice portriat, but you got to go.) |
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Pillar of the Community
United States
867 Posts |
Sorry, I gotta disagree (evil banker opinion here!). I guess I'm looking strictly at ease of use for me, since I'm the one who controls what goes into the vault. I have to order either dollar bills or dollar coins $1000 at a time, and while $1000 in coins takes up less room, the bills are a whole lot easier to carry! That and I'm actually not allowed to order coins for some reason. There are customers who will take them off my hands, but I can't order for them. Don't quite understand that one, it's not like our courier charges by the pound or anything...  Rachel [:p] |
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Rest in Peace
United States
954 Posts |
I truly believe that the banks don't want to deal with coins any longer nor do they want to deal with bills either. I think the whole intent of the banking industry is to phase out cash all together and force people to do everything electronically. As an example the new "electronic transfer" law where as they will destroy your checks and provide you with a small photocopy of all the check. What happend to returning your check or providing a copy of your checks free of charge. If they get rid of cash How can I buy something at a garage sale or they can send the sale information to the IRS and allow you to pay taxes on your grage sale stuff. I feel we can trust our banks as far as we can throw an elephant by its eyelids. catman  |
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Pillar of the Community
United States
1247 Posts |
Got to agree with Catman on this. The ultimate goal of banks is to do to bank tellers the same thing that the phone company did to operators. Every week I go into the same bank and every week the teller tries to sell me on getting an ATM card that charges $5 a transaction or 1% which ever is more. Not only do these banks want to get rid of all their tellers they're forcing their tellers to put themselves out of a job by making them push ATM cards to customers.
AND THE FEDERAL RESERVE SYSTEM IS THE PUKING DOG OF THE WORLD!
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Valued Member
Canada
195 Posts |
The elimination of 1&2 dollar bills here has been succesful but I really believe it's the only way to get people to use the coins.It's been 18 years since the introduction of the loon dollar and I don't think anyone here even remembers any of the arguments against it.Most young people have never seen a one dollar bill, or even a two for that matter, in circulation. It takes a little while but eventually with the paper money gone everyone will accept the coins.
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Pillar of the Community
United States
2724 Posts |
The system that we use here puts too much faith in the people. The Fed states that we can't change our coin designs because American's don't like change. Well, if anything, people love change. We expect and demand it. While their would be a little whining in the beginning, people would just learn to accept it. If you look back at past articles when the bills were reduced in size, many complained. We are a nation of complainers. This is why we elect people to go and make our decisions for us. They need to stop worrying about who is offended and why. They need to do what is best for the country as a whole. Eliminating the dollar bill is common sense. However, I do not expect that the savings would do any of us any good. They would just waste that money or give it away.
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Replies: 13 / Views: 1,905 |
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Posted 02/16/2005 10:23 am
