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Replies: 17 / Views: 2,897 |
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Pillar of the Community
United States
1840 Posts |
Poll Question
Many countries mint their higher denomination coins using bimetal planchets. Do you think the U.S. should mint bimetal coins too?
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Pillar of the Community
Germany
1062 Posts |
The economic situation means it makes sense to have higher denomination coins. Most rich countries do. Notes cost more to circulate because they get old quickly, coins are still around from the 1920s. All the US govt needs to do is to take $1 out of circulation. Maybe they are doing this, because there does not seem to be a new design for the $1 bill, but you never know. How much money would you save as tax payers.
The Euro has the highest coin at over $2 The UK has a coin that was worth, a short while ago $4, no around $3. And the US has a highest properly used coin at 25 cents.
This is almost on par with countries like Ukraine and Romania which have small notes. I am not even sure if any of the top 20 countries in the world actually have their highest coin this low, and their lowest bill so low.
Also it would look good. And something new! Shock horror, did I mention something new?
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Bedrock of the Community
United States
10045 Posts |
Quote: All the US govt needs to do is to take $1 out of circulation. Maybe they are doing this, because there does not seem to be a new design for the $1 bill, but you never know. How much money would you save as tax payers.  For our $1 to get large-scale use, we need to end the $1 note, simple as that. There is no reason to make these, as they wear out very quickly. We could even do a $2 or $5 coin--probably bimetal to thwart counterfeiting.
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Bedrock of the Community
United States
10284 Posts |
Wouldn't it be neat to have them make the bimetallic centers have silver content in them too? These would be hoarded of course unless they absolutely replaced the paper money with them. Then we would be forced to use them in commerce when using cash. It would increase the value of or dollar globally and help the economy. It would also make our paper currency collections more valuable and the modern coinage more collectible.
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Moderator
 United States
16677 Posts |
Quote: We could even do a $2 or $5 coin--probably bimetal to thwart counterfeiting.
I'd say slightly larger than a Quarter, possibly aluminum to make it light for carry. Just a thought. The only thing is, I don't know anyone who has a pocket full of Sac's on a regular basis. Why would this be any different 
swcoin.ecrater.com
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Bedrock of the Community
United States
10045 Posts |
 A few of our coins could use a downsizing, which probably explains why halves never saw much use (at least during my lifetime) I cannot imagine ever using an Ike $1. 
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Moderator
 United States
16677 Posts |
Ike's, great collectible coins but in commerce, useless 
swcoin.ecrater.com
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Pillar of the Community
United States
1454 Posts |
I agree with DVCollector that if the $1 bills are not taken out of circulation there is no $1 coin that would ever be used much in commerce. I don't see what the big deal would be taking the bill out of circulation. Stop printing them and when they are deposited into banks they are never given back out but $1 coins are given out instead. Simple as that. Bye Bye Greenbacks. P. S. As far as the material of the $1 coins I think the Sacs and Presidential dollars as they are would be more than fine enough. Maybe put in a dollars worth of silver for value. Just an idea.
Edited by Irishraider 04/19/2009 4:20 pm
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Valued Member
United States
198 Posts |
Quote: We could even do a $2 or $5 coin--probably bimetal to thwart counterfeiting. This hasn't helped in Canada which is now being plagued by counterfeit Twoonies. ~ Jim
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Pillar of the Community
United States
3098 Posts |
Nope, if I had my way, we would have 50c notes, too.
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Pillar of the Community
United States
2734 Posts |
Quote: "I cannot imagine ever using an Ike $1." The problem with the Ike is that coin was 38mm in diameter like the old Silver Dollars, but didn't have the purchasing power that the old Silver Dollars did. The Ike would have to have been a $5 denomination in 1971 to have the same purchasing power as a late 1800's Morgan dollar. A 38mm circulating coin would now have to be $20 to have the equivalent in purchasing power to the late 1800's Morgan. BiMetal would allow a 90% silver core for such a coin (like the 2005 Mexico 100-Peso Commmemorative business-strike 39mm coin with the 92.5% silver inner section).
Edited by DNA 04/19/2009 8:00 pm
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Pillar of the Community
United States
6326 Posts |
It's a shame that all of our opinions mean absolutely nothing to the people who decide these things... Many believe that the "attempts" of the Govt. putting out "Dollar coins" were steps to going that direction and eliminating the "paper Dollar" Federal Reserve Note ....F.R.N. The Sacagawea isn't N.I.F.C. for the first time in a few years....combine that with the Presidental Dollars up and running despite the public's disinterest in their daily use. And with both programs scheduled for quite a few years yet in the future, they are "trying" hard to get these "out there" and accepted by the American people in everday commerce/transactions. The Suzy B. looked too much like a quarter in color, shape, and size....so they made the new idea $1.00 coin "gold colored" and kept it at 26.5 mm, a little larger than a quarter....but STILL does not circulate !.....they just need to remove "the choice" and take the F.R.N. out of circulation. So, I have a feeling that at the end of the Presidential dollar run and the end of the Sac. run, that this is roughly around when they will begin to " actually try" to announce the end of the $1.00 F.R.N. Because at this time, there will be BILLIONS and BILLIONS of these Dollar coins sitting in banks and the Fed. Resv. waiting to be dispersed when the need is there. This transition will ensure their eventual use (they hope). Because when the choice is removed, and that's all you have are dollar coins and no F.R.N.'s......then there you go. The $1.00 F.R.N. could be phased out of use rather quickly this way. And all of these much hated Dollar coins that are sitting in BU condition everywhere by the Billions and Billions will then be circulated quite well. Not sure if the Presidential Proof Sets will still ever be worth much even after this happens sometime after the year 2016, but as long as we have fun along the way right ?..... 
Edited by eaglefoot 04/20/2009 09:11 am
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Pillar of the Community
Spain
1361 Posts |
I would love to see a bimetal coin from the US. I don't think it will help in repplacing the banknotes as the bimetal for sure will just go to collectors album.
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Valued Member
United States
327 Posts |
I know I've seen something somewhere (I thought it was here) that there were some tests carried out by the mint on Bi-Metallic planchets that had an astronaut on one side. Apparently they worked out OK, but went to the golden dollars for some reason. Until the 1 dollar note is withdrawn (and don't look for that to happen soon- the company that makes the paper is in Massachusetts, so there is some serious political pressure against discontinuing it)the $1 coin will continue to be a little used item. The Bi Metallic coin would be a perfect $2 piece, preferably with Teddy Roosevelt on one side and a jolly big eagle on the other.
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Pillar of the Community
United States
2541 Posts |
With the current defecits we have, it seems crazy to keep printing paper money that only lasts 18 months, when coins would last for 25 or 30 years. I would like to see the math on how much could be saved with this!
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Moderator
 United States
187678 Posts |
Quote: Do you think the U.S. should mint bimetal coins too? Yes. At the very least the two dollar, and possibly a five dollar as well. Of course, it will only work if we quit printing the corresponding Federal Reserve Notes. A lesson still unlearned with the dollar coins. Quote: Nope, if I had my way, we would have 50c notes, too. Only because you are the King of Note Collectors! 
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Replies: 17 / Views: 2,897 |