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 Replies: 39 / Views: 5,104 |
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Valued Member
United States
61 Posts |
I get them though my bank and have fully replaced the $1 note. They are perfect for my needs and are extremely convenient. I honestly don't really see many flaws with the $1 coin. Even weight isn't an issue. People try to argue and say that 10-20 of them will be heavy, but who carries 20 ones? They are intended to replace the $1 bill and only the $1 bill. Not a 20. If you need to carry $20, use a 10, a 5 a 2 and 3 dollar coins or whatever combination, you want, but carrying 20 dollar coins is ridiculous and a weak argument.
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Bedrock of the Community
 United States
12839 Posts |
Good points, for sure. And I agree that the one dollar coins aren't meant to replace the $20 bill. And on the rare occasion that I happen to be carrying 20 singles around, I generally wish I wasn't. I was responding to the question: Quote:
Do you keep them for small purchases or do you take $20 worth of them and hand them over to the cashier? when I responded initially and I should have thought my answer through a little more. Don't get me wrong, I like dollar coins. Like I said, it works well as currency in many countries but it just hasn't picked up much popularity in the States. |
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Pillar of the Community
United States
917 Posts |
I should note that since May 2010, $1 coins have replaced $1 notes in my spending and I don't want to go back to paper. I find that they're convenient, especially in vending machines, and I've rarely encountered any complaints from cashiers, and never any refusals. That will make a transition to coin easier, if and when it happens because people will know that they are out there and will have to adjust to them.
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Valued Member
United States
162 Posts |
Quote:
Do you keep them for small purchases or do you take $20 worth of them and hand them over to the cashier? I generally carry about 10 around with me and use them for purchases of $7 or less. I can reach in my pocket and grab 7 coins faster than I can open my wallet and pull out a 5 and 2 ones (or, pull out a 20 then put the change back). Cashiers rarely give them a second look. |
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Valued Member
 United States
284 Posts |
lorax,
Your reply reminds me of some people who carry silver dollars in their pocket for the sole purpose of wearing them down. I don't know why your text reminds me of this. Do you find yourself fiddling around with the dollars in your pocket?
-- Boris
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Valued Member
United States
397 Posts |
Quote:Quote:
If you guys are worried about not getting cashback, just use your credit card to pay the US Mint for the initial coin purchase, then you'll automatically have paid less for the item when you use the $1 coins. A lot of people did that at first now the mint no longer allows it. The Mint allows it - they don't care. The credit card treats it as a cash advance though - so no rewards points and a higher interest rate is all you see. |
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Valued Member
United States
162 Posts |
Quote:
Do you find yourself fiddling around with the dollars in your pocket? I try to take them out of my pocket before fiddling with them, but yes, during boring meetings I do play with them. |
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Pillar of the Community
United States
1027 Posts |
Just an FYI, current federal law makes all US coinage legal tender. This means that coins cannot be refused to pay existing debts. That does not mean that merchants must accept them in all circumstances because a debt does not exist until a sale is finalized, which it really isn't until they accept payment. A merchant has the right to not sell to you for any reason they may choose, including the kind of payment you intend to make. Pre-existing debts like property taxes, traffic fines, credit card debts, etc., must accept legal tender in payment or stop all attempt to otherwise collect payment. That is the distinction that most people miss with regard to the meaning of legal tender, that it applies to payment of debt, and that the purchase of goods is not a payment of debt, except in the case of something like a restaurant meal where payment is not made until after the debt is incurred. That change in the law that makes all coins legal tender is fairly new (less than a decade old) so many do not yet know that it is the case. |
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Moderator
 United States
188660 Posts |
Quote:
I should note that since May 2010, $1 coins have replaced $1 notes in my spending and I don't want to go back to paper. I find that they're convenient, especially in vending machines, and I've rarely encountered any complaints from cashiers, and never any refusals. Very good!  |
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Bedrock of the Community
United States
17884 Posts |
Quote:
Pre-existing debts like property taxes, traffic fines, credit card debts, etc., must accept legal tender in payment or stop all attempt to otherwise collect payment. The county I live in does not accept legal tender (cash) for payment of property taxes. Check or credit card only, and they have signs up to that effect at the courthouse. Quote:
That change in the law that makes all coins legal tender is fairly new (less than a decade old) so many do not yet know that it is the case. Coinage act of 1965 gave all coins unlimited legal tender status. (Some argument that joint resolution of Congress in 1933 did also.) |
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Pillar of the Community
United States
1817 Posts |
I pay with them if a sale is under $5.00, never had a problem spending them. Typically I have 4 or 5 with me at any time, I never get any back in regular store transactions since cashiers aren't really all that familiar with them. Mostly they come out of the vending machines at malls, the train station, etc. I live in Denver, so I go the Mint's gift shop to the Presidental Dollar change vendor and typically change $50.00 at a time. I may start carrying a coin tube if the dollars become more prevalent. The series has improved as time has gone. They are nice.
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Pillar of the Community
United States
917 Posts |
I got an e-mail from the Mint today, saying they credited me $250 for the return. I withdrew the same amount to buy 10 rolls of George Washington dollars from a local bank (None have were Godless; all coins were minted in Denver, based on one roll and all 10 came in the same box).
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Moderator
United States
188660 Posts |
Quote:
The county I live in does not accept legal tender (cash) for payment of property taxes. Check or credit card only, and they have signs up to that effect at the courthouse. I still want to know if this has ever been challenged. It is possible they either made a (quiet) exception for the few people that have no bank account or credited them the cost of a postal money order. I do know one person that is cash only. He does not have a bank account, and therefore, no checking account. He pays for everything in person. Personally I feel this to be very inefficient, but it is his personal choice. If it has not been challenged already, I fee that ventually there will have to be a legal precedent to (in)validate this policy. |
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Pillar of the Community
United States
751 Posts |
I'm getting worn out trying to find banks that carry the fresh mint-wrapped coins. I'm thinking about buying some of the presidents via the direct ship program. If I'm not going nuts, they had a good selection of presidents the other day and now just a handful.  I'd like to put away both a D and P roll for each prez. So would a couple other members of my family. Has anyone had experience with these getting both mints or just one? Is there any trick to figuring out which mint a roll is without opening it? It seems like the only way to have an original roll is to not know what mint it came from!  I have to think that seigniorage was a big factor in creating this serie...and the edge incusing just makes it so hard to collect and display (as in an album) P and D minted coins.  Thoughts? |
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Valued Member
United States
61 Posts |
I don't personally don't really collect them, I keep album for one of each president but thats as far as it goes. There's just too many of them to be worth much down the road. I just buy rolls of them to spend  |
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Replies: 39 / Views: 5,104 |
First Page
Posted 05/17/2011 6:38 pm
