| Author |
 Replies: 9 / Views: 1,592 |
|
|
Valued Member
United States
101 Posts |
|
|
|
|
Rest in Peace
United States
1729 Posts |
This caught my eye in the statement: Quote:
Banking industry and armored carrier representatives have indicated that transactional demand for $1 coins has not increased materially since the start of the Presidential $1 Coin Program and that overall demand continues to come primarily from collectors. They have also indicated, however, that the program is working very well from their perspectives, that the coins are easy to order, and that our communication about program details is effective. Well ... when the dollar coins are stacked to the ceiling, they SHOULD be easy to order ... Quote:
... previous $1 coin supplies, plus the excess $1 coins returned by depository institutions, have elevated total Reserve Banks' inventories of all $1 coins to almost $1 billion as of May 31, 2010, compared with $67 million before the start of the program. At the current rate of inventory growth, the Federal Reserve estimates that it could hold as many as $2 billion by the time the program is expected to end. My credit union claims that they receive very few dollar coins. I went with my brother to his bank, though, and had no trouble in buying several rolls of presidential coins, and the nice teller even pulled some Yosemite quarters from her counting tray to sell me (okay, it was a slow Monday ...). So after extracting what I needed for my collection, I've been spending the rest of the prez dollars, and so far no one has complained, and everyone accepted them quickly. I have a feeling that some of these are going home with the people I gave them to. Frankly, I find these dollars to be more convenient than paper dollars to carry and spend, now that I've made up my mind to get them "out there". Is anyone else spending Presidential dollars just to get them into circulation? Edited by pls
10/18/2010 7:47 pm
|
|
Pillar of the Community
United States
2120 Posts |
Quote:Is anyone else spending Presidential dollars just to get them into circulation? No. But I think I may start :D |
|
Valued Member
United States
167 Posts |
good read, would be curious to know where the 170 coin terminals are.. you could make sure you were ordering from one and dumping to another
|
|
Pillar of the Community
United States
2734 Posts |
I spend Dollar coins all the time, and not just to "get them into circulation".
Denver's parking meters take Dollar coins, but not notes.
(and I'm not paying card fees just to park my car!)
At the car wash, I avoid the whole bother of changing notes
because I have Dollar coins in the car, ready to use.
In both cases, Dollar coins are easier and faster to use than Quarters.
You deposit one coin quickly instead of fumbling with loading four.
(especially important at car washes where the clock starts ticking
when the first coin is deposited!)
For those who complain about Dollar coins in their pocket:
Weight of one 26.5mm Dollar coin = 8.1 grams
Weight of four clad Quarters = 22.8 grams
|
|
Valued Member
United States
167 Posts |
as for the pres dollars, the banks around here seem to have them. they are starting to circulate as I have seen a few rolls available that are customer wrap rolls of them - often customers put SBA dollars in these as well |
|
Valued Member
 United States
101 Posts |
I thought this was also interesting. Quote:
The Reserve Banks stopped routinely weighing penny and nickel deposits in 2003 after determining that the costs exceeded the benefits of doing so. Instead, the Reserve Banks give depository institutions credit on deposits of coin on a "said to contain" basis. As a result, we do not anticipate significant internal operational challenges associated with any such changes. Changing the metal content of dimes, quarters, half-dollars, and $1 coins, if it affects the respective weights, could affect Reserve Bank coin terminal operations. Coin terminal operators weigh incoming deposits of these denominations. |
|
Pillar of the Community
United States
625 Posts |
Quote:
I thought this was also interesting.
Quote:
The Reserve Banks stopped routinely weighing penny and nickel deposits in 2003 after determining that the costs exceeded the benefits of doing so. Instead, the Reserve Banks give depository institutions credit on deposits of coin on a "said to contain" basis. As a result, we do not anticipate significant internal operational challenges associated with any such changes. Changing the metal content of dimes, quarters, half-dollars, and $1 coins, if it affects the respective weights, could affect Reserve Bank coin terminal operations. Coin terminal operators weigh incoming deposits of these denominations.
Said to contain....why I get shorted from time to time on my bags. I end up taking the hit because I feed mine back through a machine insteading of passing the loss on to the next person. |
|
Pillar of the Community
Canada
3692 Posts |
I say spend them and keep your BU-est coins. Then people will take them and they'll certainly get circulated, making the value of your own coins go up - am I wrong?
|
|
Valued Member
United States
372 Posts |
Just to page 15 of the Web link at the Top of the Topic, it will give you figures of Coins Minted through May 2010. I know which coins I might save in rolls or Bags.
|
| |
Replies: 9 / Views: 1,592 |
|
Posted 10/18/2010 7:50 pm
