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Press Manager
 United States
1420 Posts |
Major print and broadcast media seldom focus on coins. But in the past two weeks the news media has devoted considerable attention to an issue that coin collectors are well aware of, namely, the oversupply of $1 coins. This includes both the Presidential dollar coins created through a 2005 law, the Presidential $1 Coin Act, which have been issued since 2007, and the Native American dollar coins, which have been minted since 2009 and which are the successor to the Sacagawea dollars. The 2005 law also led to the creation of the first spouse $10 gold series. Both the presidential and first spouse programs have approximately five years to go unless ended early by Congress.... Full Story |
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Valued Member
United States
200 Posts |
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Moderator
United States
188048 Posts |
A worthwhile read, in my opinion. Quote:
There is growing sentiment in Congress to end dollar coin programs because of the view held by many members of congress that the coins waste taxpayer money... But one critical point is almost always overlooked by those concerned about the costs involved in such programs, and that is that no taxpayer money is used to fund the U.S. Mint... As for the U.S. circulating dollar coins, virtually everyone agrees that there is only one way to get Americans to use them, and that is to do away with the paper dollar. I encourage everyone to write their representatives and senators. Inform them of the facts. |
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Bedrock of the Community
United States
10034 Posts |
What people fail to see - who favor these coins - is the cost the banks have in sending them back to be exchanged for larger bills. Ten thousand dollars of $1 bills costs a LOT less to ship than 10,000 brass alloy dollar coins.
Since banks do not like to have to foot the bill, they hate taking them in. So people get stuck with excessive amounts of them in their pockets. Ever wonder why Canada made a Toonie (two dollar coin) after the Loonie (one dollar coin)? The banker was saying this was part of the reason (along with the concept of when a dollar becomes "pocket change" costs immediately rose to reflect this).
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Valued Member
United States
158 Posts |
I have been a guy going to the bank and picking up a roll every 3-4 months. They are taking up space and are heavy. Should I just dump them?  It surprises me that people on ebay pay a premium for them and pay shipping too!!  I wonder if the quarter program isn't far behind. |
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Pillar of the Community
United States
3276 Posts |
Quote:
I wonder if the quarter program isn't far behind. i don't think there is a problem with quarters. quarters are largely used in circulation. the problem with the dollars is that nobody uses them. I don't remember the last time I ever received a dollar coin as change. unless I get them from the bank I never see them. |
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Pillar of the Community
United States
609 Posts |
I just spent 5 of them and a half dollar at Walmart today. The girl asked me "This is $5.50?" I said yes ma'am that is. When I was walking away she had them in her hand studying them. I would use dollar coins instead of $1 bills. Its not that big a deal to me. |
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Pillar of the Community
United States
3276 Posts |
Yes the public would need to be more aware of these coins. some people would not even know they are real currency. I do not like the presidential coins so I would never collect them, and I prefer paper money, but I wouldn't mind too much if we started using these dollar coins regularly. It would be easier if the public was more aware, because right now it is sometimes a hassle to use them. nobody wants these coins, and some people give weird looks. there isn't even a spot in cash registers for these coins.
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Pillar of the Community
United States
543 Posts |
I work at a place where only very seldomly one spend a dollar coin. Sometimes I give the one or two out in change and everyone is accepting of them. I say, "here's a new dollar' and they study it kinda 'ooh and ahh' at the mystery of it. I have done this several times and no one so far has requested the paper version.
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Pillar of the Community
United States
3755 Posts |
All the crud about shipping costs is just that, crud. Banks have to ship tons of coins no matter what, so adding in dollar coins isn't going to make that much of a difference. Its just another good excuse (at least n their minds) for the banks and others to hold onto the dollar bill. And if you want to argue processing costs, how much does it cost for the banks to ship off damaged dollar bills to be destroyed every year? Bet that would be about the same as the increase in shipping they like to bring up.
Also, they only ship back those coins because the sheeple out there are too ignorant to use the dollar coins. If the government just ended the dollar bill, the sheeple would bleet around for about a week, as sheeple have the attention span of a gnat, and then would start using the coins. Then this whole argument of shipping costs due to shipping coins people dont use would be completely moot. Which makes that argument really ignorant. But I dont expect intelligence from the government or banks anyway.
Canada and Europe do not use one dollar bills. Canada made the toonie for the same reason we have a 2 dollar bill and there is 2 Euro piece. It just makes sense because it gives more flexibility. I cant believe I am going to say this, but we need to follow Europes example on this one.
OK, now I am going to go flog myself for agreeing with Europe. I'm so ashamed of myself.
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Pillar of the Community
United States
2651 Posts |
Well Congress already appropriated funds for the program. They HAVE to mint them. It literally would take an act of congress to stop the minting of them...
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Forum Dad
United States
24153 Posts |
Quote:
It literally would take an act of congress to stop the minting of them... Or the electricity turned off. |
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Pillar of the Community
United States
3402 Posts |
I think we should start using $1 coins and the gov't should stop printing paper $1 bills. That of course will get some senator or representative mad because the company supplying the paper to the gov't is in his district. We should also start making $2 $ $5 coins to replace the bills. Bimetallics would be the way to go. Last but not least we should stop producing pennies. That ought to get the zinc mining companies mad.
KK
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Moderator
United States
56855 Posts |
The US government makes dollar coins because they last longer then paper dollar bills,right? So in the long run it saves money. People in the US prefer the bill over the coin because it's easier to carry. Has our government ever considered making our currency out of polymer? Wouldn't that last longer then our current linen currency? Just wondering.
John1 
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Pillar of the Community
United States
7840 Posts |
Still spending my "face value" Ike's...waiting on 250 (Native American, non-presidential) dollars from the mint, which are on backorder. I like spending the dollar coins!  Edited by oih82w8
07/19/2011 08:03 am
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Pillar of the Community
United States
2651 Posts |
I'll agree to the using of Dollar coins if they make them 90% silver! Other than that I hate them....
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Replies: 40 / Views: 5,882 |
Posted 07/18/2011 6:09 pm
