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 Replies: 29 / Views: 2,037 |
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Pillar of the Community
United States
4867 Posts |
Great article in the June edition of Coinage Magazine. It's all about why the Presidential dollars will not circulate. Good reading! |
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Pillar of the Community
 United States
4867 Posts |
Just a highlight of the article.
*If the treasury continues to strike 300 Million or so of each design without eliminating the paper dollar, it could have some 10 billion of the dollar coins in storage by the time the winner of this years presidential race has his or her coin struck in the year 2018 or so.
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Pillar of the Community
United States
5318 Posts |
10 billion? Just eliminate the $1 note--or is some lobby in the way?  |
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Pillar of the Community
United States
4867 Posts |
The article suggests that the government not give us a choice and just eliminate the paper dollar. It says people will be grumpy about it for a few weeks then they'll get over it. Most countries who have done this have been successful. It also states these coins are a waste of taxpayers money since these coins are NOT being used.
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Pillar of the Community
United States
5318 Posts |
Right...I think most people would just move on and not riot over losing those dirty $1 bills. The 1c coin makes even less sense to me, but keep minting them (in bronze) for collectors--make some money off the cent for a change!  |
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Pillar of the Community
United States
2270 Posts |
quote:
I0 billion? Just eliminate the $1 note--or is some lobby in the way?
You sure nailed that one. Ted Kennedy has Crane Paper Company in his district and will block any attempt at changing the coinage system. We could give every employee at Crane a million dollars a year to stay home and we'd probably come out ahead but Ted Kennedy would still block it. There's a lot more money in paper than millionaires. Al Gore is into zinc and there is the Americans for Common Cents that does not want a rational currency system since it would involve the elimination of the less than worthless penny. The status quo is deeply entrenched. ...especially with money. Time don't fly, it bounds and leaps.
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Pillar of the Community
United States
4867 Posts |
I plan on writing my local congressmen about this waste of taxpayers dollars. This is just nuts. It makes no sense minting a coin in masses when its just sitting in vaults and not being circulated.
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Valued Member
United States
393 Posts |
I guess the old saying "follow the money" applies here. I've heard for a long time that powerfull zinc mining interests were guming up the works here in my home state of Tennessee. I just did'nt know someone with as much clout as Al Gore was involved.
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Valued Member
United States
499 Posts |
Ted Kennedy and the Crane Paper Company are only half the problem. The one dollar bill represents between 40% and 50% or all the printing done by the BEP.
I'm sure many of the employees are there due to political influence and politicians don't like to do things thast cost their friends jobs.
Richard
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Pillar of the Community
United States
6326 Posts |
quote:
I'm sure many of the employees are there due to political influence and politicians don't like to do things thast cost their friends jobs.
 .........  ......sadly that's how it works.......a lot of back scratchin' goin on ! |
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Pillar of the Community
United States
615 Posts |
Well a $1 coin would be a lot better for the government money wise.
Economics
The paper dollar is an IOU for $1, since Federal Reserve notes are backed by U.S. Treasuires. Plus they have to be replaced every 18 months which is an expense with no gain.
The coin dollar creates a profit for the government as coinage isn't backed by U.S. treasuries. So you did create a $1 out of the air for 6 cents (inflation will make the melt value above face over time :) ). They also never get replaced in practice. Most tellers just throw bent and cut coins away and show out for it according to my mother who was a teller. It cost the banks to much to actually get it together and mail it to the mint to be replaced.
-SWUSC
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Pillar of the Community
United States
1208 Posts |
Boy, I must be part of a lost minority...
I can't stand dollar coins.
I like paper because it is easy handle/carry.
I think dollar coins should be minted, but not
in huge numbers. Just enough for collecters
and a few to circulate for posterity.
I also believe the cent should be minted in
perpetuity.
Now, I agree that the mill should be done away
with! The only ones that use it anymore are the
oil companies. Talk about a hard lobby to beat!
Just think if the cent was done away with!
A gallon of gas would not just end in "9 mills",
but they would make every gallon end with "9 cents
and 9 mills"!
Now they don't just round off to get another cent,
but they can round off to get another dime!
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Pillar of the Community
United States
4867 Posts |
With the poor economy we live in these days, I don't think these prez dollars should be minted in masses when the paper dollar isn't pulled. Just seems a waste of our taxes. I haven't seen these coins in circulation since the first two coins were out. Where are they? They are not being circulated or ordered by banks. Doesn't seem to be any demand.
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Pillar of the Community
United States
1173 Posts |
No...everyone is missing the point because we are all coin collectors. The real move should be away from paper money and coins. This is the digital age, folks, and in (most of) our lifetimes, we will see the end to "dollars and cents" and the need to carry anything more than a debit card. I won't like it, at first, but I'll get used to it, I suppose.
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Pillar of the Community
United States
4867 Posts |
I love dollar coins but I think its pointless that these are minted in masses w/o eliminating the paper dollar.
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Pillar of the Community
United States
615 Posts |
Well, the government will fight going cashless. It would increase interest expense on the national debt -- increase spending/expense with no gain votes is a bad bad deal for them.
SWUSC
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Replies: 29 / Views: 2,037 |
Posted 05/06/2008 12:00 am
