New Dollars...again!!

[djui5]

http://money.aol.com/news/articles/...s/20070211095409990001?ncid=NWS00010000000001

 

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[romeo-1]

I always wonder why the populace is so against a dollar coin. We have had a dollar coin in Canada and no dollar bill since the 80's. Dollar bills and pennies are a big waste of money!

 

[TreasureTales]

Yeah, I'm with Mrs. O -- make the dollars the same size as the old cartwheels and we'd accept them. Trouble is, I think, there is a large demand by numismatists for new collectibles so the Mint makes new coins every so often for collectors rather than real, genuine usage. There is no other reason to go to the trouble and expense of minting so many new coins in the last 8 years or so. And they should make them silver, that would return our interest in dollar coins!

 

[Don in SJ]

I am convinced they do not get circulated for one main reason, and it is not the size being similar to the quarter. People will never accept them unless the paper one dollar bill goes bye bye. Then they will be forced to use them.

If they made the new coin the size of the old one dollar or thereabouts, people still would not use them, they would save them in jars to give to their grandchildren......

Human nature I guess, but until that paper bill goes away, our dreams of finding lots of dollar coins on the beach and in parks will never happen.

JMHO

Don

 

[diggummup]

I am convinced they do not get circulated for one main reason, and it is not the size being similar to the quarter. People will never accept them unless the paper one dollar bill goes bye bye. Then they will be forced to use them.

If they made the new coin the size of the old one dollar or thereabouts, people still would not use them, they would save them in jars to give to their grandchildren......

Human nature I guess, but until that paper bill goes away, our dreams of finding lots of dollar coins on the beach and in parks will never happen.

JMHO

Don

Yes Don I do believe you hit the nail on the head! Getting rid of those worthless paper one dollar bills will probably never happen though.I'm all for it myself,I mean what can a dollar buy you nowadays anyway? Maybe they should just print more $2 dollar bills,at least that can "almost" get you a cup of coffee and a doughnut in most places! Actually they printed 61 million of them in 2005 alone,that was more than twice the number of $2 dollar bills printed between 1990 and 2001.And yet nobody uses them still.It must be lonely being a $2 dollar bill!

 

[Dimeman]

Let's see, Ike dollars,SBA dollars, Sac dollars and now presidential dollars. In 35+ years, the goverment hasn't learned that a dollar coin doesn't circulate along with a dollar coin,these days, like it did 50 years ago.

 

[EDDE]

 

[coinman66]

How bout this. Make a $5 dollar coin and a 2c and 3c coin. People are probably going to spend a $5 dollar coin rather than save it. And they are probably going to get rid of the penny, so make a 2c & 3c coin. Wishful thinking!

 

[AOSDC]

It would be nice to see a $ 5, 10, 20 , 50 , 100 dollar coins. At least the 20 , 50 , 100 would be made of silver and some gold possibly.

 

[TreasureTales]

It would be nice to see a $ 5, 10, 20 , 50 , 100 dollar coins. At least the 20 , 50 , 100 would be made of silver and some gold possibly.

Ain't gonna happen because then the money would have some value. The current use of paper money is very cheap to make compared to metal money. It's cheaper in the printing and it's cheaper in the transfer of funds. I'd like to see a return to the gold (or silver) standard, but it won't happen in this century. We haven't got enough gold to cover the national debt AND the trade deficit AND the cash in general circulation...hence the use of paper and coins with very little metal value.

 

[diggummup]

It would be nice to see a $ 5, 10, 20 , 50 , 100 dollar coins. At least the 20 , 50 , 100 would be made of silver and some gold possibly.

Ain't gonna happen because then the money would have some value. The current use of paper money is very cheap to make compared to metal money. It's cheaper in the printing and it's cheaper in the transfer of funds. I'd like to see a return to the gold (or silver) standard, but it won't happen in this century. We haven't got enough gold to cover the national debt AND the trade deficit AND the cash in general circulation...hence the use of paper and coins with very little metal value.

True.Here's the current melt value of the coins in circulation today
Lincoln cent pre 1982-1.63 cents
Zinc cents-------------0.7 cents
nickels---------------6.73 cents
dimes----------------1.82 cents
quarters-------------- 4.5 cents
half dollars 1971 up---9.14 cents
Ike dollars-----------18.28 cents
Susan B.Anthony------6.5 cents
Sacagawea----------4.65 cents
New President dollar--4.65 cents
This doesn't take into account production costs,which amounts to a supposed $7.42 cents per 1000 coins (across the board) in 2005 and is supposed to be down to $6.18 in 2007.Now take that same dollar coin that costs less than 10 cents to produce total and compare it to the paper dollar which,when taken into account all production costs,is about 20 times cheaper to produce.In other words you can print 20 dollars in paper for what it costs to make a single dollar coin.This comes from the total figures of the amounts that the U.S. Mint spent to produce coinage and the total dollar amount produced as compared to the total amount spent by the B.E.P.(Bureau of Engraving and Plating) to produce that same dollar figure.To sum it all up-The paper dollar will never go away in America,it's fiat money!

 

[Arakronn]

Think about what'll happen to vending machines, too. Whenever new paper money is printed, bill accepters have to be upgraded. If $1 coins replace $1 paper, imagine the upgrading that will have to be done then? Coin accepters will have to be changed out to accept $1 coins, but still have to maintain bill accepters for $1 paper that's still in circulation. The addition of the new $1 coin will make 4 forms of $1 in circulation (yes, people still spend and recieve SBA and Sac. dollars).
IMO, the new presidential dollars look like they belong in a kids toy cash register.

 

[Charlie P. (NY)]

I know I'm preaching to the choir here, but the Susan B. and Sacagawea coins were too close to quarters in size. Put a nice liberty head with eagle reverse and make it dollar size. Folks that can manage a Blackberry and a cell phone can probably handle coins a few coins. And, if some get dropped . . .

My Dad, a coin collector, called our our modern clad coinage: "Fat Head Presidents" and much prefered the liberty head (as I do).

 

[Old Tom]

Diggummup - Good post, I like the information on the coin cost. One factor I didn't see you mention
is that the dollar coin would stay in circulation longer, easy 30 to 40 years compared to 18 month on
average for the dollar bill. That figure I remember was given at the tour of the B.E.P.(Bureau of Engraving and Printing), (not Plating). Having the dollar coin in circulation longer is how the government says it will be cheaper.

I also believe others on how the government is out to make money on coinage. I can never understand why they would complain about the cost of making one cent coins, but never make a effort to ask people to turn in all the pennies that are sitting on dressers, jars, cans etc. I think many homes have hundreds if not thousands of pennies just sitting there because, one big drive where the government asks people to turn them in, so we all could save money, by not having a need to produce more.

I like the idea of having a dollar coin in circulation, I plan on buying rolls and spending them as much as i can, maybe everytime I go to the beach I will use them to buy my lunch to see if any end up in the sand.

 

[diggummup]

Diggummup - Good post, I like the information on the coin cost. One factor I didn't see you mention
is that the dollar coin would stay in circulation longer, easy 30 to 40 years compared to 18 month on
average for the dollar bill. That figure I remember was given at the tour of the B.E.P.(Bureau of Engraving and Printing), (not Plating). Having the dollar coin in circulation longer is how the government says it will be cheaper.

I also believe others on how the government is out to make money on coinage. I can never understand why they would complain about the cost of making one cent coins, but never make a effort to ask people to turn in all the pennies that are sitting on dressers, jars, cans etc. I think many homes have hundreds if not thousands of pennies just sitting there because, one big drive where the government asks people to turn them in, so we all could save money, by not having a need to produce more.

I like the idea of having a dollar coin in circulation, I plan on buying rolls and spending them as much as i can, maybe everytime I go to the beach I will use them to buy my lunch to see if any end up in the sand.

Good post Tom.Good points too about the logevity of the paper currency versus the coinage.I know a guy that uses the tri-rail (mass transit train) down here to go to work downtown.He tells me that they always give him Sac.dollars as change instead of one dollar bills.If everyplace was like that it'd be great.I agree about the sizes of the dollar coins.I believe the new ones are going to be the same size,haven't looked into it yet, but I seem to remember reading that somewhere.
Not to change the subject but it relates to your response about the pennies. You do know that it is illegal to melt down coinage to sell at scrap metal prices right? They just passed that law late last year I believe.I personally don't see how they can enforce such a thing myself.I mean it sounds like the government is telling us that we don't own our own money.What the heck is all that about? I worked for it,I paid more than my fair share of taxes on it,I own it,it's mine.Who are they to tell me that I can't do what I want with my own money.

PS-Thanks for correcting me with Bureau of Engraving and Printing not Plating.Thats what I meant. I should proof read what I type before posting it, a little better I guess.

 

[AOSDC]

Our goverment should get rid of pennies and the 1 dollar bill. Make everything a flat rate.
Heck Gasoline is always like $2.00 99/100 . Heck they can even out the percentage points to be even. Instead of 7.75% just make it 8 % and if its 7.35 use the higher to 7.5% and if it were 7.24% round it to 7% . That would get rid of all the worthless pennies everybody gets in their change. Might be better for our economy I don't know but it would be interesting if everything was rounded off to 0 or 5.

Oh yeah, making the 1 dollar coin bigger would be better and no confusing pulling a quarter out of your pocket.