Proposal to Replace Sacagawea With Rotating Presidents
Sequitur
Posts: 1,195
Sorry if this has been posted before, but the damn advanced search feature still doesn't work. I can't reproduce the entire article, but the high points are contained below.
Chicago Tribune
Saturday, March 13, 2004
Presidential series could bring luster to dollar coin
By Sandy Bergo, Special to the Tribune.
WASHINGTON -- The ill-fated dollar coin may get another chance.
The sponsor of the Sacagawea coin, Rep. Michael Castle (R-Del.), has proposed minting a series of dollar coins featuring each of the former presidents, replacing the image of the Native American woman who guided Lewis and Clark.
If approved by Congress, four presidential coins would be released each year, starting in 2006 with President George Washington and working up to President Bush and at least one successor.
President Grover Cleveland would be honored on two coins, the 22nd and 24th, because he served two non-consecutive terms.
"This is a great example of the history to be taught by this program," Castle said. "It will be educational and fun, especially for young people."
Once all the presidential coins were issued, Sacagawea's image would return to a coin that now has a stigma, Castle said.
The golden-colored Sacagawea, issued in 2000, has been rejected by most consumers, who favor the lighter-weight paper dollar. Banks, some businesses and transit agencies invested thousands of dollars in new equipment to accept the dollar coin and were disappointed by the low circulation. The U.S. Mint has 260 million never-used dollar coins stored in vaults.
. . . .
The popular quarter series, which generated $4 billion in profits for the federal Treasury, is the lawmaker's brainchild. He estimates the presidential dollars would earn $5 billion over 10 years; the profit for each dollar coin sold is 80 cents.
A first spouse gold bullion coin also would be minted and issued in sequence along with the presidential coins. Intended as a non-circulating coin for collectors, the cost would fluctuate with the price of gold. If it was offered today, the cost would be about $400.
"It's fun to be the sponsor of legislation that actually produces a profit for the government," Castle said.
. . . .
Castle's proposal, recently introduced in Congress, would keep the popular greenback in circulation. In past years, the threat of discontinuing the dollar bill provoked a $2.4 million lobbying campaign by contractors that supply ink and paper used to print money.
"It's a cause we're simply not going to win," Castle said. "You've got the paper people and the ink people and particularly the public that says we don't want to carry these coins around."
. . . .
Chicago Tribune
Saturday, March 13, 2004
Presidential series could bring luster to dollar coin
By Sandy Bergo, Special to the Tribune.
WASHINGTON -- The ill-fated dollar coin may get another chance.
The sponsor of the Sacagawea coin, Rep. Michael Castle (R-Del.), has proposed minting a series of dollar coins featuring each of the former presidents, replacing the image of the Native American woman who guided Lewis and Clark.
If approved by Congress, four presidential coins would be released each year, starting in 2006 with President George Washington and working up to President Bush and at least one successor.
President Grover Cleveland would be honored on two coins, the 22nd and 24th, because he served two non-consecutive terms.
"This is a great example of the history to be taught by this program," Castle said. "It will be educational and fun, especially for young people."
Once all the presidential coins were issued, Sacagawea's image would return to a coin that now has a stigma, Castle said.
The golden-colored Sacagawea, issued in 2000, has been rejected by most consumers, who favor the lighter-weight paper dollar. Banks, some businesses and transit agencies invested thousands of dollars in new equipment to accept the dollar coin and were disappointed by the low circulation. The U.S. Mint has 260 million never-used dollar coins stored in vaults.
. . . .
The popular quarter series, which generated $4 billion in profits for the federal Treasury, is the lawmaker's brainchild. He estimates the presidential dollars would earn $5 billion over 10 years; the profit for each dollar coin sold is 80 cents.
A first spouse gold bullion coin also would be minted and issued in sequence along with the presidential coins. Intended as a non-circulating coin for collectors, the cost would fluctuate with the price of gold. If it was offered today, the cost would be about $400.
"It's fun to be the sponsor of legislation that actually produces a profit for the government," Castle said.
. . . .
Castle's proposal, recently introduced in Congress, would keep the popular greenback in circulation. In past years, the threat of discontinuing the dollar bill provoked a $2.4 million lobbying campaign by contractors that supply ink and paper used to print money.
"It's a cause we're simply not going to win," Castle said. "You've got the paper people and the ink people and particularly the public that says we don't want to carry these coins around."
. . . .
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Comments
I am all for anything that gets the dollar coin into mass circulation, even if it means putting more dead presidents on coins, with a few caveats.
1) Change the composition of the metal used for the Sac... it does not age well. Stick to silver tones or get a better combination to look golden.
2) Keep it at dead presidents, no still living former presidents please.. considering how long it will take to complete the series, I don't think there will be any gaps up through George HW Bush (maybe up to but not including Clinton), unless Carter beats the odds. Interesting series that would be with a chronological gap, especially if the series ends and the spot is never filled. Think anyone will want their Nixon.. or LBJ.. dollars?
3) The most obvious.. stop producing the dollar bill.
JMHO
Kris
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<< <i>In my opinion, government keeps missing the point. It has nothing to do with the design and everything to do with withdrawing the paper dollar. >>
I agree. People will whine and moan, but will eventually get over the paper dollar.
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2) Get rid of paper dollars ... but only if most people agree. I for one do not. I'd rather get rid of the ugly useless Sac dollar. Face it, the Ike dollar was useless, the SBA, and now the Sac.
3) Enough with the artistically and ideologically pathetic dead presidents and dead people in general. I'd rather see beautifully detailed and artistically accomplished renditions of Liberty, the eagle, or other symbols of our great nation (how about the Union shield, the stars & stripes, national monuments, even the Declaration of Independence or the Constitution; the great seal, the scales of justice, etc etc.)
What are the artistic possibilities when the portrait is a dead old man in profile? How many people thought the Ike dollar obverse prettier than the Morgan, the Peace, the Gobrecht, or any other classic dollar design? Get serious. George Washington would have been outraged at the representation of politicians on our currency, including his own likeness. That man had more sense than we have today.
Out with the "new" (like the almost 100 year old Lincoln cent) .... in with the old !! Bring back artistry and idealism to our coinage.
Best,
Sunnywood
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What are the artistic possibilities when the portrait is a dead old man in profile? How many people thought the Ike dollar obverse prettier than the Morgan, the Peace, the Gobrecht, or any other classic dollar design? Get serious. George Washington would have been outraged at the representation of politicians on our currency, including his own likeness. That man had more sense than we have today.
Here! HERE! Sunnywood!!! And great to hear from you again!
Hoot
I agree with Donovan as well. Get rid of the dollar bill.
The state quarter is different. The coins represent the state - good or bad design- and they mean something and generate interest. For example, the Iowa quarter is comming out soon. What are the people in Iowa more impressed with - a coin representing their state with a Grant Wood design or a dollar with one of Herbert Hoover their native son?
By the way, why would strippers want to support dollar coins? How can they dance with 20 coins in their "pocket" as compared with 20 dollar bills? Can we discuss this more with out getting pulled from the Forum? Look out, here comes the "Forum Police".
<< <i>In my opinion, government keeps missing the point. It has nothing to do with the design and everything to do with withdrawing the paper dollar. >>
Absolutely. But just think of what would happen to all of those connected "consultants" if the mint and congress didn't have to "study" this issue every few years.
All I have ever heard before is that "people" do not like the idea of giving up the paper bill. While I know many people do not want to give up the paper. It has been shown repeatedly that it is too expensive to produce. It would save the government millions annually if we would change to a dollar coin.
Now I know, who the "People" are that the government is listening to; the lobbies. Not that this surprises me, it is capitalism at its finest.
I wonder which senator's son has a "consulting" job with the ink & paper companies. The bribes cannot go directly to the senators but their sons, daughters, and wives can be employed for $500,000/year by these companies (I wish I had a job that paid $500K and I never had to show up).
How about one your more energetic and literate YN's - or somebody- compose a petition, and then post it here on forum. We will all sign and then it can be FWD to: Rep. Michael Castle (R-Del). Us whining won't do any good - Action needs to be taken before it's too late, and then we have to collect more dead presidents. UGH!
I also agree with getting rid of the Lincoln cent........ they are useless, and even given away at stores in the little change box. Nobody likes dealing with them!
Barbara Bush would be ok on a coin, but if they put Hillary on a coin, I will NOT USE IT! If somebody tries to give me Hillary in change, I will refuse it, and request another denomination of coin. Can you imagine Mrs. Kerry on a coin?
When is everyone going to get it? Cash spending consumers DO NOT WANT a dollar coin. It doesn't matter what design is on it. That
only matters to us collectors. By withdrawing the paper dollar, the dollar coin will not be a success but rather shoved down everyone's
throat. If it costs millions more to produce the dollar bill then so be it. It's the obvious choice of Americans & they're apparently willing
to pay for it.
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W.C. Fields
Too bad it isnt up to the citizens. $1 coin will never be widely used or accepted until the $1 bill is laid to rest. As long as the ink and paper lobby can influence congress they will continue to rob us of a $500 million annual savings we could enjoy if the $1 bill was ended.
<< <i>As long as the ink and paper lobby can influence congress they will continue to rob us of a $500 million annual savings we could enjoy if the $1 bill was ended. >>
I don't see how we are being robbed. There is no huge public outcry to eliminate the dollar bill. The public has shunned the dollar coin
and the paper is the obvious choice of the majority. If that's what Americans want then there's no problem- the consumers are getting
what they are paying for even if it costs $500 mil. Collectors are the only ones yelling about this.
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Reagan on a coin, i thought sba were scary enough
jim
That being said:
1) If you are going to continue with a dollar coin GET RID OF THE PAPER DOLLAR for crying out loud. Geez. It doesn't take a brain surgeon to figure out why the coin doesn't circulate.
2) If you are going to use the "dead President" thing then REDESIGN the other "dead President" coins (cent, nickel, dime, quarter, half) and put something on there that is a good representation of what this country is about. It is NOT "about" are Presidents. We used to be able to do this, why not now?
jom
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Just go ahead and get all of the Presidents on a coin, and get it out of our system. Eventually we can get back to a
more "classic" design. No president left behind.
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Plain and simple, the proposal sucks.
Statehood quarters were one thing....denominationally, they were fine to do this to, sizewise, ditto. And, the fact there are 50 states, fine.....5 per year for 10 years. A lot of things going for it, but, to replace the Sac design after just a few years....stupid.
If you are going to replace it, don't replace it with rotating designs. It gives no consistency at all. If it is going to be replaced, then screw the vending machines, etc, and increase the size so people will respect it. Maybe not as large as the Ike was, but bigger than a quarter.
Otherwise, leave it be for awhile.
Replace the Kennedy if something needs replacing
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<< <i>In past years, the threat of discontinuing the dollar bill provoked a $2.4 million lobbying campaign by contractors that supply ink and paper used to print money. >>
Politcians math: $2.4 million lobbying campaign > $500 million savings by taxpayers. I guess the only time $2.4 million is worth more than $500 million is when it's going into politicians pockets rather than out of taxpayers.
In an earlier post on this thread I used the word "robbed" colloquially. I didn't mean any one was being literally held up, but was simply trying to question the willingness by our government to waste so much money at the bid and call of a paper lobby or an ink lobby whether the lemmings of society care or not.
<< <i>By the way, why would strippers want to support dollar coins? How can they dance with 20 coins in their "pocket" as compared with 20 dollar bills? Can we discuss this more with out getting pulled from the Forum? Look out, here comes the "Forum Police". >>
Strippers should support the demise of the dollar bill because then their admirers would be required to use $2 or $5 dollar bills. Their revenue from tips would at least double.