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 Replies: 22 / Views: 3,494 |
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Valued Member
United States
65 Posts |
The inventory is being reduced at a rate of about 4.3 million coins per month and, barring unforeseen circumstances (i.e. discontinuation of the dollar bill), it is estimated that it will take about 2 decades for the entire inventory to be depleted. Coincidentally, it took about 2 decades for the SBA dollar inventory to be depleted -- most were made in 1979 and in 1999 the inventory ran out and an emergency batch had to be minted, even though the golden Sac dollar series was due to begin the following year. I think that probably most of the reduction in inventory is due to their use in transit systems around the country. I know that in my local transit system they seem to circulate extensively and remain within the system, since I am constantly finding dollar coins there that are heavily worn. People receive them in change from the fare machines at train and bus stations and then those coins in turn are used to purchase future fare. http://www.coinnews.net/2018/09/07/...155-billion/Edited by TomW
10/31/2018 8:17 pm
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Pillar of the Community
United States
772 Posts |
It is good that they are being put to some good use.
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Valued Member
United States
119 Posts |
Easy fix, eliminate the $1 paper bill. Why can't our government figure this out? Eliminate the penny while they're at it. I don't see who in the government benefits by continuing production. Also this new American Innovation $1 coins is just ridiculous. I feel like our age old hobby is being hijacked by gimmicks. |
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Pillar of the Community
United States
7618 Posts |
They keep making cents and dollar bills because of the politics of government spending.
You quit making dollar bills and the speciality paper business at the BEP is cut in half. You quit making cents and the zinc demand is cut tremendously at the mint.
Government spending creates and maintains jobs. Jobs equal votes. Voters vote their pocketbooks.
Follow the money. It leads to all kinds of places.
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Pillar of the Community
United States
4132 Posts |
Money as influence isn't a uniquely American problem, yet our archaic currency increasingly is. Something else is at work.
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Bedrock of the Community
United States
20753 Posts |
I think to many people worry about the use of some of our coinage. Possibly the government is just waiting for credit and debit cards to completely take over so no coins of any denominations will be needed.
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Rest in Peace
United States
18456 Posts |
Unbelievable ; When are they going to understand that modern dollar coins just don't circulate . And I don't believe there are a billion collectors for these either . My opinion ; give one coin each to every American who files their 2018 Federal tax returns . Over and done with these !#&!$%$&&I^(* Coins .  Edited by T-BOP
11/01/2018 08:17 am
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Valued Member
United States
119 Posts |
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My opinion ; give one coin each to every American who files their 2018 Federal tax returns . Now there's an idea I can subscribe to!  |
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Pillar of the Community
Canada
5324 Posts |
Your dollar coins will never be popular until you drop your dollar bill, most counties like here in Canada and it has worked well, but as the US has shown it will never work with both
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Moderator
 United States
188213 Posts |
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Easy fix, eliminate the $1 paper bill. Exactly.  Quote:
Why can't our government figure this out? They can, but lobbyists convince them to ignore the facts. Quote:
Eliminate the penny while they're at it. This too.  Quote:
I don't see who in the government benefits by continuing production. Crane & Company benefits from having more paper money. Jarden benefits from the Zincoln. Not only do they provide the zinc, but they manufacture the ready to use blanks. All the mint does is strike them. These two companies pay lawmakers to keep it going. Quote:Also this new American Innovation $1 coins is just ridiculous. I feel like our age old hobby is being hijacked by gimmicks. I like the idea for a circulating dollar coin. I just wish the act also eliminated the dollar bill. |
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Bedrock of the Community
13014 Posts |
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They can, but lobbyists convince them to ignore the facts. It's honestly much simpler than that, there just isn't big money get thrown at anyone from the lobbyists on either side. The honest truth is just that people prefer a dollar bill, it's lighter and more convenient. Coin collectors are pretty much the only ones who have strong feelings about dollar coins vs bills and even a large chunk of coin collectors prefer bills for circulation. Lets not forget that coins are much easier to counterfeit for circulation than bills are, just look at what happened with the 1 Pound coin. They've even already cracked the new design unless you're a collector you won't notice and now after all the effect are right back where they started with fakes flooding commerce |
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Valued Member
United States
119 Posts |
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Crane & Company benefits from having more paper money.
Jarden benefits from the Zincoln. Not only do they provide the zinc, but they manufacture the ready to use blanks. All the mint does is strike them.
These two companies pay lawmakers to keep it going. So in a roundabout way, they're basically being subsidized?! |
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Pillar of the Community
United States
7618 Posts |
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So in a roundabout way, they're basically being subsidized?! That's the bottom line! |
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Pillar of the Community
United States
4132 Posts |
Politicians in the pockets of lobbyists does not explain this. That problem also exists in other countries who have successfully modernized their currency. Americans' stubborn failure to modernize in all sorts of ways (e.g. the metric system) has to come down to some other uniquely American factor.
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Moderator
United States
188213 Posts |
I do not think what the people want matters here. It seldom does with anything else since issues like this tend to have pluralities and no clear majority for or against. The truth is that most of the folks do not have a dog in the fight. If there were a majority it would be "meh" and adapt to the change or continue to use their electronic payments like nothing happened.
The truth is that killing the cent and replacing dollar notes with coins will save the treasury money. Of course the savings will not be passed to the people, but diverted to some other endeavour by the same legislation that initiated the change. That being said, the only way congress will throw away free money is if they are getting more money (more can be quantify or flexibility of its use) from someone or something else to maintain the status quo (you can also factor in the political or societal "costs of change" in that calculation).
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Bedrock of the Community
13014 Posts |
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I do not think what the people want matters here. It seldom does with anything else since issues like this tend to have pluralities and no clear majority for or against. The truth is that most of the folks do not have a dog in the fight. If there were a majority it would be "meh" and adapt to the change or continue to use their electronic payments like nothing happened. I do agree most people would say Meh when asked about unless it gets implemented. However Meh is still a form of opinion and with the test runs to implement it it was clear. The status quo generally remains unless there is a big push to change it which there clearly isn't and probably won't be. Quote:
The truth is that killing the cent and replacing dollar notes with coins will save the treasury money. I disagree when it comes to dollar coins, I firmly believe most of those "savings" are on paper only. The transportation costs are much higher, they're easier to fake and will need to be pulled entirely and reissued every couple years or decade which is a very significant cost, more room to store them ect. It's very easy to have a savings that isn't really one by not considering all associated costs |
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Replies: 22 / Views: 3,494 |
Posted 10/31/2018 4:41 pm
