A recent letter from the Bureau of Engraving and Printing about the $1 coin
CoinHusker
Posts: 5,033 ✭✭✭
I have been writing letters to my elected officials for quite a while now concerning the $1 coin & the elimination of the $1 bill with the expected double talk and promises to "look into the matter". So, I wrote a letter to President Bush about it in February and a month ago I got a response from the BEP. Here's the letter.
<<Aug 06 2004
President Bush has asked me to respond directly to your suggestion regarding the elimination of the United States $1 paper currency in favor of the $1 coin. You believe that the $1 coin can never achieve popularity, with the existence of the $1 paper currency note. Further, you specified the savings that could be realized with the successful circulation of the $1 coin.
The Department of the Treasury opposes elimiation of the 1 note in favor of a $1 coin; however, arguments surrounding this proposal are continually monitored. It is the opinion of the Department that both currency denominations can co-exist. Please keep in mind that the key for successful circulation of the $1 coin is for retailers to use them just like any other currency denomination in their daily operations. Additionally, most commercial banks will readily supply their retail customers with these coins if their customers request them in sufficient volumes to justify stocking them in their vaults. However, neither the Department nor the Federal Reserve System can force the distribution or use of any denomination of currency on banks, businesses, or individuals.
According to a study prepared by the General Accounting Office (GAO), projected savings for the replacement of the $1 coin would not be immediate in nature. GAO's analyses indicate that the government costs would actually increase by $80 million during the first year of dollar coin production; in fact, an actual saving would not be reached until 13 years after production of the coin began.
Thank you for taking the time to share your thoughts with us. Your correspondence contained a lot of detailed information and it is obvious that you gave your suggestion a great deal of thought. Please note, however, that the lifespan of the $1 U.S. paper currency note is 22 months. For your review, I am enclosinga fact sheet entitled, "Dollar Points" which discusses the symbolism behind the American paper dollar. I trust that this information is helpful to you.
Sincerely,
Dawn R. Haley, Chief
Office of External Relations >>
So, in a nutshell. Forget about it!
Does anyone really think we will ever see the elimination of the $1 note and a circulating $1 coin in our lifetimes? In my opinion, Not a chance, as long as that kind of burecratic mindset opposes it.
edited to correct some spelling.
<<Aug 06 2004
President Bush has asked me to respond directly to your suggestion regarding the elimination of the United States $1 paper currency in favor of the $1 coin. You believe that the $1 coin can never achieve popularity, with the existence of the $1 paper currency note. Further, you specified the savings that could be realized with the successful circulation of the $1 coin.
The Department of the Treasury opposes elimiation of the 1 note in favor of a $1 coin; however, arguments surrounding this proposal are continually monitored. It is the opinion of the Department that both currency denominations can co-exist. Please keep in mind that the key for successful circulation of the $1 coin is for retailers to use them just like any other currency denomination in their daily operations. Additionally, most commercial banks will readily supply their retail customers with these coins if their customers request them in sufficient volumes to justify stocking them in their vaults. However, neither the Department nor the Federal Reserve System can force the distribution or use of any denomination of currency on banks, businesses, or individuals.
According to a study prepared by the General Accounting Office (GAO), projected savings for the replacement of the $1 coin would not be immediate in nature. GAO's analyses indicate that the government costs would actually increase by $80 million during the first year of dollar coin production; in fact, an actual saving would not be reached until 13 years after production of the coin began.
Thank you for taking the time to share your thoughts with us. Your correspondence contained a lot of detailed information and it is obvious that you gave your suggestion a great deal of thought. Please note, however, that the lifespan of the $1 U.S. paper currency note is 22 months. For your review, I am enclosinga fact sheet entitled, "Dollar Points" which discusses the symbolism behind the American paper dollar. I trust that this information is helpful to you.
Sincerely,
Dawn R. Haley, Chief
Office of External Relations >>
So, in a nutshell. Forget about it!
Does anyone really think we will ever see the elimination of the $1 note and a circulating $1 coin in our lifetimes? In my opinion, Not a chance, as long as that kind of burecratic mindset opposes it.
edited to correct some spelling.
Collecting coins, medals and currency featuring "The Sower"
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Comments
I think that explains why the $1 won't be discontinued any time soon.
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
Morons, they've got morons on their team.
Looking for PCGS AU58 Washington's, 32-63.
President Bush has asked me to respond directly to your suggestion regarding the elimination of the United States $1 paper currency in favor of the $1 coin.
Yeah Hahaha OK!
It is the opinion of the Department that both currency denominations can co-exist
BS statement. Hasn't this been tried now for roughly forty years?
However, neither the Department nor the Federal Reserve System can force the distribution or use of any denomination of currency on banks, businesses, or individuals
Sure it can. Doesn't other govt. dept's force the U.S. citizens to do things? Like maybe , the IRS?
an actual saving would not be reached until 13 years after production of the coin began
In continuing with the dollar bill will there be any savings? If not, why not start now?
Please note, however, that the lifespan of the $1 U.S. paper currency note is 22 months
Been along time since I have seen a 1965 1$ bill floating around. In fact, I dont think I have ever had one. Anyone ever get a 1965 quarter in there change? What does it cost to make 1 U.S. quarter dollar? What does it cost to make 21 1$ bills?
PURPLE
<< <i>GAO's analyses indicate that the government costs would actually increase by $80 million during the first year of dollar coin production; in fact, an actual saving would not be reached until 13 years after production of the coin began. >>
Bull
I commend you for your taking your time to write government officials.
We all run our mouths about how things should be but only a tiny minority really make an effort to be heard. I think it is sound fiscal policy to eliminate the dollar bill in favor of a circulating dollar coin. I encourage everyone who agrees to do as Coinhusker has done and write your senators, congressman, henrietta fore, and the person above at the BEP.
I will do so tomorrow, and will also put in my two cents worth on current coin designs and dead presidents.
13 years to break even ?
what about all them 79 SBA's in the vault ?
I reckon 25 years is plenty.
The only way the $1 coin makes it is to disco the dollar bill !
With that same logic a 50 cent note should be introduced. Nobody uses the 50 cent coin, and think of all the additional jobs and revenue that can be created for the BEP and the Mass. Pork Barrel company.
<< <i>If you really want to do something to promote your cause, why don't you try minimizing your own usage of dollar bills and use dollar coins instead. The only way to make people aware of them, is to get them out there into circulation. >>
I do, I do! I use Sac's almost exclusively. I wear a belly bag and instead of singles in my wallet I carry Sac's in my bag.
<< <i>Coinhusker
I commend you for your taking your time to write government officials.
We all run our mouths about how things should be but only a tiny minority really make an effort to be heard. I think it is sound fiscal policy to eliminate the dollar bill in favor of a circulating dollar coin. I encourage everyone who agrees to do as Coinhusker has done and write your senators, congressman, henrietta fore, and the person above at the BEP.
I will do so tomorrow, and will also put in my two cents worth on current coin designs and dead presidents. >>
Fats,
I've been writing 2 letters or so a year for the past 2+ years. I always get a response, except from Chuck Hagel one of my senators, who seems too busy to respond to constituients letters. At first, they all were interested in the proposal, until they got "information" from the powers that be at BEP and then they cooled off noticeably to the idea. But I'm going to keep writing. As Mr. Smith said, "someone's going to hear me..." (Mr. Smith goes to Washington)
I guess we are too stubborn to learn anything from the Canadians.
Both the One and Two dollar coins and plastic notes were disliked by the people, but people started to like them and the coins and notes last years longer.
if we're running low on stamps I'll buy a $7.40 book of stamps from a vending machine with a $20 and
Hooo weeee! I wouldn't trust our PO machines with a $20........