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New $2 coin
laserart
Posts: 2,255 ✭
I read an article in the latest issue of Num. News about a $2 coin. Would it be more acceptable than a $1 coin for daily use?
"If I had a nickel for every nickel I ever had, I'd have all my nickels back".
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Looking for PCGS AU58 Washington's, 32-63.
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They way it should work is the $1 bill should be replaced with a $1 coin and the $2 bill should be used.
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They should just leave the current, widely accepted means as is & stop spending millions & millions on experitments, research, and
public campaigns for the next dollar coin to fail.
European cousins.In some ways thats very good and in other ways its bad.
Camelot
public campaigns for the next dollar coin to fail. >>
Unfortunately, this is true. I'll give everyone a bit of history on the U.S. dollar coin:
1. Bust dollar: Minted for a few short years due to silver depositors' demands to produce them, but quit because everyone was using the Spanish reale and smaller coins.
2. Seated liberty dollar: Minted for many years, but quit because few people used them because smaller coins were preferred.
3. Trade dollar: Minted for a few years to try to encourage trade, but quit because few people used them because smaller coins were preferred.
4. Morgan dollar: Minted for many years due to pressure from the silver lobby, but quit because few people used them because smaller coins were preferred. They were used mainly as bank reserves for the silver certificates. Also used as gifts.
5. Peace dollar: Minted originally as a commemmorative for a few years, but quit because few people used them because smaller coins were preferred. They were also used as bank reserves. Also used as gifts.
6. Ike dollar: Minted for a few years due to pressure from the Las Vegas gambling casinos (as a replacement for silver dollars), but quit because few people used them because smaller coins were preferred.
7. SBA dollar: Minted for a few years as a result of a GSA study saying this would save money, but quit because few people used them because they were confused with the quarter.
8. Sacagawea dollar: Minted for a few years as another attempt to save money. This is also in danger of being discontinued.
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<< <i>paper $1 must go before the coins will work. >>
I went to a coin shop in Canada and the dealer said the same thing about Canada`s current currency. He asked about the general attitude of the Sacs in this country and told him that people have a general hostility torwards the Sacs and SBA`s. He told me that people there in Canada had the same response when they switched over in 1987 from the $1 and $2 bills over to it`s coin counterpoints. He said now that it`s accepted without a gripe. The same can be said about us if the choice of one or the other is halted from being produced and be accepted several years down the road too. I think it`s just human nature to complain about something new and will get over it in time.
<< <i>I think it`s just human nature to complain about something new and will get over it in time. >>
Indeed, and given the attention span of the average American, I would expect the complaining to be over in three months. By six months people will start hoarding dollar bills because they don't make them anymore, and therefore they're rare. In a year no one will even remember who was on the dollar bill.
<< <i>
<< <i>I think it`s just human nature to complain about something new and will get over it in time. >>
Indeed, and given the attention span of the average American, I would expect the complaining to be over in three months. By six months people will start hoarding dollar bills because they don't make them anymore, and therefore they're rare. In a year no one will even remember who was on the dollar bill. >>
Wholeheartedly agree, we should just move on with the dollar coin and be done with it.
Jim
Obscurum per obscurius
my idea still stands....New Each Month...SuperModel on each $1 coin....see how fast the public would accept them!!!!
Finally an idea to make the $1 coin work!
High Relief?
It's funny tho because England has a 2 pound coin and they are kind of cool. You'd think that with things costing so much nowadays that a dollar coin would eventually catch on. I can see why nobody wanted to carry dollar coins in their pockets back when you could buy a meal for a few nickels and cent really bought something.
The person who thinks up the way to get Americans to spend high value coins will win a genius award! And he or she who patents the concept and then sells it to the Treasury and the Mint will make a lot of money.
<< <i>Check out the new $2 coin design right here!
I wish our current coins looked that good!
<< <i>
<< <i>Check out the new $2 coin design right here!
I wish our current coins looked that good!
Hey, I look like a gorilla!
Obscurum per obscurius
I don't know why we don't just suck it up and start instead of worrying about it so much.
What seems so strange about Canada's issue of a $2 coin is that it doesn't fit into their (and our) quasi-decimal denominations. We (and, subsequently, they) stuck with part of the Spanish system by keeping the quarter dollar. The Province of Canada tried the 20 cent piece to make theirs a truly decimal system, only to find that the wide circulation of US quarters confused things. They withdrew the denomination and actively collected the 20 cent coins for melting once the Dominion started issuing 25 cent pieces in 1870. The US also learned that 20 and 25 cent pieces couldn't exist side by side.
If we keep our system of quarters, it would actually be more logical to make a $2.50 coin.
Obscurum per obscurius
Later, Paul.
Later, Paul.
The bust dollar was overweight compared to the spanish eight reales yet traded on par with them locally. This made it worthwhile to export them for conversion into 8 reales which could then be deposited at the mint to create a larger number of dollars so the process could be repeated.
>2. Seated liberty dollar: Minted for many years, but quit because few people used them because smaller coins were preferred.
During the early years the country was recovering from an economic crisis and after about 1850 they were once again overvalued compared to gold and therefore did not circulate. During the 1860's US papermoney came out and the silver was way overvalued compared to the paper so silver was hoarded or exported.
>3. Trade dollar: Minted for a few years to try to encourage trade, but quit because few people used them because smaller coins were preferred.
Trade dollars were originally successful for their intended purpose but as silver discoveries in Nevada caused the value of silver to plummit they became worth more as money here than as silver in China so instead of being exported they were circulated here. But the government was not receiving he profit of this (Trade dollars were struck for private depositors, not on the governments account.) but they were in danger of being forced to accept these coin that had well less than their face value in metal. So they removed the legal tender staus so the GOVERNMENT could refuse them.
>4. Morgan dollar: Minted for many years due to pressure from the silver lobby, but quit because few people used them because smaller coins were preferred. They were used mainly as bank reserves for the silver certificates. Also used as gifts.
Morgans were discontinued in 1904 because the terms of the Sherman Act nearly caused to government to have to default on their contractual obligations. So the Sherman act was repealed and once all of the silver that the government had had to purchase under it was consumed coinage stopped.
>5. Peace dollar: Minted originally as a commemmorative for a few years, but quit because few people used them because smaller coins were preferred. They were also used as bank reserves. Also used as gifts.
These and the 21 Morgans were struck to replace the coins destroyed by the Pittman Act of 1918, and was once again as a sop to the silver interests. In 1928 once the required number of coins had been struck coinage stopped. A subsequent bone trown to silver interests in 1934 resulted in the 34 and 3 peace dollars. Neither the Morgan or Peace dollars were ever really intended to be used in circulation but as backing for silver certificates.
>6. Ike dollar: Minted for a few years due to pressure from the Las Vegas gambling casinos (as a replacement for silver dollars), but quit because few people used them because smaller coins were preferred.
Agreed, plus the Casino interest found they could increase their profits by the use of tokens rather than actual dollar coins. Also the continued use of dollar bills, which are more convienient, meant that there was no reason to continue them.
>7. SBA dollar: Minted for a few years as a result of a GSA study saying this would save money, but quit because few people used them because they were confused with the quarter.
And because an important part of the GSA study was not implimented, the retirement of the dollar bill.
8. Sacagawea dollar: Minted for a few years as another attempt to save money. This is also in danger of being discontinued.
Again the note has not been discontined and without that the projected savings will not occur.