Federal Res. Inventories Of $1 Coins At 1.155 Billion As Of 2nd Qtr 2018 - Page 2

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Author	Replies: 22 / Views: 3,507	Page: of 2

Chase007 Pillar of the Community United States 7516 Posts	Posted 11/01/2018 3:21 pm Quote: It is good that they are being put to some good use. What good use? Make more coins to store, build new storage facilities to store the unwanted/unused new inventory! storage is not free, it is an additional cost! what are these people thinking at the Mint!! I'll answer myself : They are not thinking Edited by Chase007 11/01/2018 3:22 pm Report this Post to the Staff
jimbucks Pillar of the Community United States 4692 Posts	Posted 11/01/2018 3:34 pm Like many government ventures, it's just a jobs program. Spending other people's money. Report this Post to the Staff
IndianGoldEagle Bedrock of the Community United States 36844 Posts	Posted 11/01/2018 3:53 pm Quote: Easy fix, eliminate the $1 paper bill That should have been done when they started issuing the Presidential dollars. Report this Post to the Staff
jbuck Moderator United States 189502 Posts	Posted 11/01/2018 4:15 pm Quote: I firmly believe most of those "savings" are on paper only. I disagree. Transportation may be higher "per dollar" shipped, but each dollar of coin is shipped at fed expense less frequently than each dollar of notes over a 30 to 50 year period. Quote: they're easier to fake Disagree. At best they are on par, but reality says paper is easier (and cheaper) to counterfeit. Reality also says paper notes are more profitable and easier to move for the forgers. Quote: and will need to be pulled entirely and reissued every couple years or decade which is a very significant cost Sounds like an apologetic to bolster the bogus transportation cost argument. I am not buying it. Coin Collector Since 1978 Avatar Old Avatar 7070 Eisenhower Australia Canada World CCF Members on eBay CCF eBay Search Engine Report this Post to the Staff
basebal21 Bedrock of the Community 13014 Posts	Posted 11/01/2018 4:33 pm Quote: Transportation may be higher "per dollar" shipped, but each dollar of coin is shipped at fed expense less frequently than each dollar of notes over a 30 to 50 year period. The coins will never last for a 30 to 50 year period with the problem of counterfeiting. Quote: At best they are on par, but reality says paper is easier (and cheaper) to counterfeit. Reality also says paper notes are more profitable and easier to move for the forgers. Not at all to be honest. The ones who can make passable paper concentrate on higher denominations, the paper mix is much harder to perfect than a transfer die fake type thing. There are far more operations that can pump out fake coins that would pass all day long in commerce than paper money ones. Quote: Sounds like an apologetic to bolster the bogus transportation cost argument. I am not buying it. There's nothing to buy it's literally already happened in England. Less than 2 years later from their new anti-counterfeit switch there are already having issues with fakes again. Just look into fake pound coins, coins are much easier to sneak by the general public and merchants Report this Post to the Staff
jbuck Moderator United States 189502 Posts	Posted 11/01/2018 5:37 pm I still do not buy it. Believing it will happen at any significant scale is just borrowing trouble. I cannot see counterfeits becoming common enough to affect the billions of dollar coins that will be in circulation. I am not sure why I even care to argue this at all. I maintain, as I have said before, that we will be cashless before congress ever does anything about the cent or the one dollar coin. This is true even you think cashless is a hundred years away. Coin Collector Since 1978 Avatar Old Avatar 7070 Eisenhower Australia Canada World CCF Members on eBay CCF eBay Search Engine Report this Post to the Staff
Conder101 Bedrock of the Community United States 17884 Posts	Posted 11/01/2018 6:03 pm Quote: You quit making dollar bills and the speciality paper business at the BEP is cut in half. Not really because the printing of two will (or should) greatly increase. There may be some reduction but not 50%. Quote: So in a roundabout way, they're basically being subsidized?! The lawmakers are being subsidized, not the coin or note production. Quote: It is good that they are being put to some good use. What is disturbing is the draw down rate of the dollar coins is declining, it used to be 6 million coins a month. Quote: what are these people thinking at the Mint!! Mint doesn't have an say in the matter. The coins are authorized and if the Fed orders them they make them. But the Fed hasn't ordered and dollar coins since 2011. All dollar coins since than have been made for sale to collectors and really aren't adding to the stockpile, just to the mints profit line. And I doubt the Mint ASKED for the Innovations dollar. Quote: Easy fix, eliminate the $1 paper bill That should have been done when they started issuing the Presidential dollars. It should have been done when the started issuing the SBA's Report this Post to the Staff
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