Banks to be primary distribution channel for new $1 coins..

2manycoins2fewfunds · October 30, 2006 6:58AM

From American Bankers site...............

BANKS TO BE PRIMARY DISTRIBUTORS OF PRESIDENTIAL $1 COINS
Banks and credit unions, not retailers, will be the primary distribution channels for the new commemorative presidential $1 coins, officials from the Federal Reserve, San Francisco Fed and U.S. Mint told ABA Community Bankers Council members this week. Four $1 coin designs a year will be introduced in the order that each American president served, starting with George Washington in February 2007. The design for the first coin is likely to be unveiled Nov. 20. Banks should gauge the potential demand for the coins in their markets, and submit orders two weeks before the release date, officials said. Details will be provided later. ABA has an ongoing banker task force that works on this and similar issues. Read about the $1 presidential coin program. For more information, contact ABA's John Rasmus.

http://www.usmint.gov/mint_programs/$1coin/index.cfm?flash=yes&actionfiltered=Outreach

291fifth · October 30, 2006 7:05AM

"Banks should gauge the potential demand..." If my bank does this the number of coins available is likely to be zero.

flaminio · October 30, 2006 7:48AM

Cool. I should be able to get rolls of them from my Fed contacts, then...

kranky · October 30, 2006 7:56AM

By the time this 10-year program is over, they'll have long since been relegated to the pile of "we still make them but you can only get them at a premium to face" like the current Sacs and Kennedys. I see no public demand for these coins, especially if retailers won't be using them.

2manycoins2fewfunds · October 30, 2006 11:07AM

I agree these will likely end up as special order only items UNLESS the mint does something sneaky like widely varying the production numbers. Say 4:1 or 5:1 production of Jefferson to Adams. That or they cound fix it so the single squeeze press is really loose from time to time, toss in a few extra leaves, gouge some dies, etc.

nolimitz · October 30, 2006 11:10AM

Or they could just quit printing damm $1 bills. NOT!

Bear · October 30, 2006 11:11AM

Banks dont want the coins, they wont order the coins

and they wont disperse the coins.Banks do "WONTS"

very well.

eyore · October 30, 2006 11:24AM

I'll be sure to nag the people enough at my bank to get them ordered. Are the banks selling the new coins at a premium? or are they just gonna give them out on request?

2manycoins2fewfunds · October 30, 2006 11:32AM

I've got a rock solid in at a bank and I may just flip boxes on Ebay for a quick gain. The way things have gone lately someone out there is buying boxes of nickels and quarters. If they come in $500 boxes should be an easy gain, at least for a few days!!

53BKid · October 30, 2006 11:43AM

In general, I'd expect the banks to look at this as just a huge inconvenience--

<< No, we're sorry sir, I really couldn't tell you whether we received any more of the presidential dollar coins >>

<< Sir, here are your presidential presidential dollar coins, however we're required to retain a $12 service charge >>

Boy, they're going to love this program!

Pentimento · October 30, 2006 1:04PM

This is a little off topic, but why does everyone have such a hard time getting stuff from their bank? Are you in rural locations? I usually just go to the main branch, put in my request, take a seat while they go to the vault and get $2 bills/halfs/dollar coins for me. They just take it out of my account with no extra fees. Is the trouble all in getting newly minted stuff like Jefferson rolls?

airplanenut · October 30, 2006 1:32PM

But the mint will still be the source if you want to pay multiples of face

Tootawl · October 30, 2006 1:33PM

I was surprised when the guide at the Denver Mint ANA tour said they these would be regular circulated issues. I thought they were going to be commemms purchased from the Mint. You go on vacation and end up learning something.

500Bay · October 30, 2006 1:37PM

<< This is a little off topic, but why does everyone have such a hard time getting stuff from their bank? Are you in rural locations? I usually just go to the main branch, put in my request, take a seat while they go to the vault and get $2 bills/halfs/dollar coins for me. They just take it out of my account with no extra fees. Is the trouble all in getting newly minted stuff like Jefferson rolls? >>

My bank does not have anything larger than a quarter (no half dollars or dollar coins). I live in Philadelphia. They tell me no one wants them - and I believe them.

MajorDuty · October 30, 2006 1:37PM

Here’s a big surprise, mostly a bunch of negative, pessimistic posts. Looks like I haven’t missed much.

sumnom · October 30, 2006 2:40PM

I get dollars and halves regularly at just about any bank here in Seattle.

During this presidential dollar program, will Sac herself be sacked or will there still issues with her likeness?

And another thing, who had the bright idea that more presidents would be a good idea for US coin designs?

construct · October 30, 2006 2:50PM

<< During this presidential dollar program, will Sac herself be sacked or will there still issues with her likeness? >>

The bill authorizing the Presidential Dollars requires that a set percentage of dollar coins produced in a given year be Sacs.

sumnom · October 30, 2006 2:55PM

That is good. I like Sacs.

The pres dollars could be Ok if they are anything like the portrait of Jefferson on the 2005 nickel. That was nice. The 2006 portrait looks a little gaunt.

sumnom · October 30, 2006 3:15PM

It seems that some of the legends and the mintmarks are going to edge-incused. That should be interesting. I really do hope these designs are good. I hope. I hope.

The text of the act spends a fair amount of space on how to get dollar coins circulating. There are a few ideas, none of which have to do with the elimination of the dollar bill. That is going to have to happen. Why do we still have them?

garsmith · October 30, 2006 3:19PM

Well the MallMart dollar idea bombed so why not try smoething new, oh wait a minute banks arn't new. so why not try distributing them by the normal means!

kranky · October 30, 2006 8:45PM

<< The text of the act spends a fair amount of space on how to get dollar coins circulating. There are a few ideas, none of which have to do with the elimination of the dollar bill. That is going to have to happen. Why do we still have them? >>

Half of all currency made by the BEP is $1 notes, and the paper for US currency is supplied by one company. That company is located in Ted Kennedy's state. Maybe I'm off-base, but I believe Ted won't allow the job losses.

AgMe · October 30, 2006 9:51PM

My local BoA always orders (various) new coin, mainly because so many customers are collectors; if you ask, usually they'll do it, if they don't switch banks!

The new coins will be winners!

flaminio · October 31, 2006 12:28AM

<< Half of all currency made by the BEP is $1 notes, and the paper for US currency is supplied by one company. That company is located in Ted Kennedy's state. Maybe I'm off-base, but I believe Ted won't allow the job losses. >>

You're not off base, you're dead on. Between the Crane Paper Company and the Zinc industry, we'll be swimming in rag bucks and Zincolns for the forseeable future, no matter what the cost is to American taxpayers (and who really cares about them?).

410a · October 31, 2006 1:13AM

Negative posts! Hey, I got a new pug puppy to keep my
fawn pug in exercise. This one is black, I went to South Carolina
to get her at a farm. Lots of fun.
Funny thing a pug with a color named fawn. The first coin I bought
was from a girl named Fawn. A beautiful 1958 D Franklin half fbl.
A beautiful coin.

mrcommem · October 31, 2006 1:39AM

The best way to get banks to supply the public with dollar coins is the sell them to the banks at a 5% discount. Most banks are so money hungry they would jump at the opportunity to make 5%. Instead of them giving you dollar bills they would give dollar coins.

ABC123 · October 31, 2006 1:42AM

I'll take one of each !

Conder101 · October 31, 2006 3:10AM

<< BANKS TO BE PRIMARY DISTRIBUTORS OF PRESIDENTIAL $1 COINS
Banks and credit unions, not retailers, will be the primary distribution channels for the new commemorative presidential $1 coins, officials from the Federal Reserve, San Francisco Fed and U.S. Mint told ABA Community Bankers Council members this week. >>

Translation, "We're going to kill this thing as quickly as possible."

<< Banks should gauge the potential demand for the coins in their markets, and submit orders two weeks before the release date, officials said. >>

"Let's see, how much demand are we going to have for a coin that pretty much no one even knows exists? Hmmm, I'd say pretty close to zero. I would suggest that we not bother to order any of these things."

<< By the time this 10-year program is over, they'll have long since been relegated to the pile of "we still make them but you can only get them at a premium to face" like the current Sacs and Kennedys. >>

By the end of the program? I'm predicting 2008, 2009 at the latest.

<< The bill authorizing the Presidential Dollars requires that a set percentage of dollar coins produced in a given year be Sacs. >>

Yep, 33.33% One sac for every two president dollars.

<< Well the MallMart dollar idea bombed so why not try smoething new, >>

I wouldn't say that the Wal-Mart promotion bombed. They distributed, in one month, 95 million coins. That is more than twice the number that the banks and post offices ever managed to do. They also got them into the hands of a much broader base of and introduced them to more people than anything else they have managed to try. Yes many of them were hoarded and not circulated, but what do you expect. It was a new coin that no one had ever seen before, the employees were quick to point out that it was "only going to be available for one month" which encouraged hoarding. And in many cases the stores restricted the number of coins a person could get which also encouraged the impressions that they were going to be something special and that they should be hoarded. If they had done it for a year instead of a month people would have become familiar with them, and their inital hoards would have become so large that they would have realized that they weren't a rare item and would have started spending them again. If you get something once in a blue moon it's unusual and you tend to hang onto them. If you are getting several every few days you don't hang onto them. When the state quarters first appeared back in 99 there were a lot of people who held onto every one they got. I doubt if any of them are still doing that.

MajorDuty · October 31, 2006 3:25AM

<< << By the time this 10-year program is over, they'll have long since been relegated to the pile of "we still make them but you can only get them at a premium to face" like the current Sacs and Kennedys. >>

By the end of the program? I'm predicting 2008, 2009 at the latest. >>

Would a new law, legislation, what ever, have to be written to halt this program then?

I predict the program will not end by 2009.

kranky · October 31, 2006 3:35AM

<< Would a new law, legislation, what ever, have to be written to halt this program then?
I predict the program will not end by 2009. >>

Conder is not saying the program will end, just that by 2008/09 they will only be available from the Mint via purchase, and not in general circulation. There will be little demand for these coins, the banks won't stock them, the public won't use them, and the Mint will only make collector quantities since the law requires them to keep going. Just like the Sacs will continue on life support because the legislation for the Prexy dollars requires it.

The day will come when the Mint will get the bright idea to coin just 10,000 Sacs and Kennedys a year, then sell them for $1,000 each. A lot less packaging/shipping/order taking and they'll probably make more money than they do now.

Coinhog · October 31, 2006 5:52AM

<< From American Bankers site...............

BANKS TO BE PRIMARY DISTRIBUTORS OF PRESIDENTIAL $1 COINS
Banks and credit unions, not retailers, will be the primary distribution channels for the new commemorative presidential $1 coins, officials from the Federal Reserve, San Francisco Fed and U.S. Mint told ABA Community Bankers Council members this week. Four $1 coin designs a year will be introduced in the order that each American president served, starting with George Washington in February 2007. The design for the first coin is likely to be unveiled Nov. 20. Banks should gauge the potential demand for the coins in their markets, and submit orders two weeks before the release date, officials said. Details will be provided later. ABA has an ongoing banker task force that works on this and similar issues. Read about the $1 presidential coin program. For more information, contact ABA's John Rasmus.

http://www.usmint.gov/mint_programs/$1coin/index.cfm?flash=yes&actionfiltered=Outreach >>

I wish they would also distribute the First Ladies coins through the bank at face value. Yeah baby, then you'll see a real run on the banks. They will be flying across the counters.

kiyote · October 31, 2006 5:57AM

Bank clerks will sigh and roll their eyes when you ask for them; convenience store clerks will shake their heads and frown when you try and spend them. They'll weigh down your pockets and make you sound like a walking slot machine. You'll feel guilty as you "weed out the gold" when giving the homeless spare change, and you'll curse up a storm when one disappers into the never-to-be-seen again black hole of the space under your car seat.

Keep the dollar bill, keep the cent, lose the nickel and dollar coin!

19Lyds · October 31, 2006 6:06AM

I expect that this program will be supported by the same people that support the State Quarters program. Many of those individuals will move on in the collecting world and offer up their competition and appreciation for the coins all of us collect!

Remember back on what got you started collecting? An empty Whitman, a jar of pennies and a rainy afternoon with nothing to do. Thats all it really takes is some kind of push to get folks interested because we are all collectors of some kind.

Those folks that do not move on in collecting or lose interest in the program will eventually wander back after a 10 or 20 year hiatus and hit it big time as many of us did.

I do think that the coinage market will get saturated with dollar coins and the later years in this series may prove to be extremely difficult to obtain but given the amount of people that can just stick a buck away every four months, it should be a while before this happens. All it taks is 95 million so called collectors to grab just one and there will be an instant shortage!

sumnom · October 31, 2006 1:30PM

They'll weigh down your pockets and make you sound like a walking slot machine.

I don't know why people think this. How many dollars bills do usually have at any one time? Maybe five or less? How often do you have ten ones? If the one is taken out of circulation, you are not going to end up with a pocket full of 50 sacs. I use sacs regularly. I had six in my pocket and wasn't even aware of them.

And even if you do start accumulating them in your pocket, why not just spend them? There. Problem solved.

fishcooker · October 31, 2006 2:39PM

I'd much rather have coins than 6 $1 bills. Bills just make the wallet fat.

TwoSides2aCoin · October 31, 2006 4:41PM

Angry numismatist mistaken for a bank robber:

"Look, nobody's gonna get hurt, I just want four dead presidents and four state quarters for this five"

Conder101 · November 1, 2006 4:25AM

<< Remember back on what got you started collecting? An empty Whitman, a jar of pennies and a rainy afternoon with nothing to do. >>

Yeah, so on that rainy day get out your folder and your jar of dollars. . . .Oh wait you don't have a jar of dollars because none of the businesses ever got any from the banks so you never got any in change. Ok, so you drive off to the bank to get a couple rolls. . . .Darn, your bank doesn't have any. They never ordered them because no one ever asked for them. Well, we'll try another bank. . . .well maybe the NEXT bank. . . . Anthonys? All you've got are Anthonys and Sacs?. . . . .doesn't anybody have these *^#%% things!?. . . . the HELL with it I'm just gonna get a six pack, go home and watch ESPN!

19Lyds · November 1, 2006 4:44AM

There is a whole subsection in the Coin Act (

<< SEC. 104. REMOVAL OF BARRIERS TO CIRCULATION. >>

that addresses the circulation of these coins and what will be done if they dont circulate. This act was designed to promote the circulation and acceptance of a dollar coin and I think it just may happen this time around.

How many quarter collectors were there before the State Quarters program? That program brought back a lot of collectors to the fold and started a whole new generation of coin collectors. I think the same impact will be felt with the new dollar coins.

19Lyds · November 1, 2006 4:52AM

Here's something else:

<< if the Secretary of the Treasury determines to include
on any $1 coin minted under section 102 of this Act a mark
denoting the United States Mint facility at which the coin
was struck, such mark should be edge-incused. >>

Does this mean that the mint mark will be on the "edge" of the coin along with the date, motto and E Pluribus Unum?

If so, its gonna get fairly crowded.

BobGreene · November 1, 2006 5:12AM

And if getting these new dollars into circulation won't be difficult enough, one of the main dollar coin distributors, the U.S. Postal Service, is phasing out stamp machines. I will be suprised if I ever see one of these new presidential dollars amongst my change.

sumnom · November 1, 2006 12:03PM

Yes, the mintmark will be on the edge, if there is a mintmark.

I don't think these will circulate until the dollar bill is retired.

2manycoins2fewfunds · November 1, 2006 1:43PM

Smartest thing the mint coud do is widely vary production numbers to create a few winners to support the mass of losers.
A few extra leaves or well placed gouges wouldn't hurt either!

KoinDawg · November 1, 2006 1:59PM

The only way Americans will abandon the paper dollar is for BEP to just quit printing them. Both Canada and Australia quit printing $1 and $2 bills and the population has adjusted just fine. Maybe that explains the current run on CU $1 and $1 stars on ebay. I think the Presidential dollars could be easily accepted if the Banks, retailers, and vending machine people quit balking at the idea and really give the dollar coin a chance this time.

AU58WALKERS · November 1, 2006 2:02PM

can I ge a "FIRST DEPOSIT" insert?

Banks to be primary distribution channel for new $1 coins..

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