Presidential Dollar Coin Now Law

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Originally posted by Dockwalliper

I know I'm in the minority here but I think this will actually get some dollar coins out into circulation. Not to the extent that they hope but I think it will have an effect.

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Hi Dock

Im sure that some will make it into circulation,, I cant say I'm a real supporter of these coins but then I'm not a supporter of dollar coins in general,Ive heard all of the aurguements about the longevity to the desire for a jingle in the pocket in support of these and similar coins.

My take is that these coins are being produced to continue the windfall seen by the US mint and the State Quarter program, and has nothing to do with Dollar savings ,convienance,or even history.

Rick

The only way these will make it into circulation is if the Federal Government and Federal Reserve force feed them to the banks or fine them for refusing to call them out! The Sackie has not failed, the banks making millions off of their customers have failed! NO customer service and no call outs!!! This is nothing more than a cash cow for the U.S. Mint (government is disguise) and more political rewards for a bunch of worthless, spoiled politicians who, for the most part are not worthy of being on a token, let alone a circulating coin and the fact that they went farther with this joke by putting a bunch of NOBODY first ladies on gold is a slap in the face to every taxpaying American who ever cast a vote. Darn, we don't vote for the first ladies now do we? They are there as the spouse of the President and most are as memorable as a hot dog vender at your favorite sporting facility! The whole program reeks and every time it is mentioned I want to toss my cookies! And, if I want to continue to collect proof and mint sets I am going to have to pay huge price increases to buy this c**p! Thank God for the Euro, Canada and Australia or I would just quit collecting!

A sad day indeed. What bill HASN'T the president signed?

Read this...

From one of the great state of Massachusetts own newspapers:

New Dollar Coins Doomed to Fail:

The U.S. Mint has raked in $4 billion from its 50-state quarters program and they have been a big hit with the public. The Mint hopes the same magic will happen for the new program to put the 37 dead presidents on dollar coins. But don't bet on it — and blame Massachusetts for its failure.

Why Massachusetts? Simple, because Crane & Co. of Dalton provides the security paper for U.S. currency. The only way to force a dollar coin into widespread use is to eliminate the $1 bill. But Sen. Edward Kennedy and other Crane supporters fight like mad to keep the $1 bill because doing away with it would severely hurt Crane & Co.

It was no surprise that the Susan B. Anthony coin, introduced in 1979 failed to catch on. It looked too much like a quarter, with a similar size and color and milled edge. It also had to co-exist alongside paper money. The Sacagawea $1 coin, first minted five years ago, was better designed, with a gold color and smooth edge. But it also had no chance because Crane supporters in Congress refused to eliminate the $1 bill.

That leaves the United States as just about the only major country that won't replace its $1 or equivalent paper currency with a coin. Canada did it (along with a $2 coin); Great Britain did it; even Russia replaced its paper ruble with a coin. The public wasn't happy at first, but quickly got used to it. So would Americans.

There is no logic to this domestic quirk and it is very costly. One estimate said the Treasury can save $500 million by switching from paper to a coin because the $1 coins last much longer than bills.

They will make some money off seinorage and collector sales and such and that is really all it is about. On the plus side, it may keep a bit of interest in the hobby and grab or keep a few more new collectors. But, I do not expect to be receiving dollar coins in change any time soon.

tnwalker10 you are right in the ballpark. Don't know the exact figures, in todays economy, but the Mint is making tons of money in their monopoly! If I remember correctly the cost to make a Sackie was in the .06 to .08 range! Now that is profit!
I must say I don't understand constant screaming about the Sackies color or metal content? Coins are supposed to change when put into circulation aren't they. Nobody cries about the Lincoln Cent which really doesn't hold its luster or color as long as the Sackie? I have been carrying two Sackies since I got them at Wally World in 2000 and the coins have held up very very well, rattling around in my pocket for 5 years. The luster is gone and they are toned over but I thought that is what they are supposed to do?

It will flop like a big rock in a fresh mud wallow! The banks are the failure for the Sackie and they will fail with the new dollars. Unless the government ORDERS them into circulation or face fines 90% of the banks won't touch them let alone call them out. Coins require labor and labor involves cost. Manpower, storage and movement is costly and the banking system won't spend a dime on their help the way it is and they are NOT going to invest in armored trasport, handling, counting, rolling and storing if they can keep from it! Those big shots at the top need all the profits they can stick in their pockets and the rich investors who are the back bone of the banking system want their share as well. There is NO customer service at a bank within 50 miles of my home and that is NOT about to change unless the government of Federal Reserve Banks force it to change. Don't look for new dollars past the first month or two of issue as they WILL NOT call them out.

The best thing I could hope for, if I wanted the dead presidents, is for a collector on this forum to purhcase rolls from the mint and then sell them off, with each new release, to us other collectors as singles.