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Want Dollar Coins to Circulate? Commit to do Your Part
itsnotjustme
Posts: 8,777 ✭✭✭
OK, we cannot get Congress to direct the Treasury to tell the Bureau of Printing and Engraving to stop producing dollar notes. I fully recognize the importance of this to a circulating dollar coin.
But what can we do? Sufficient quantities of Sac and Pres dollars have been produced to start circulation. If people make an effort to get these coins, and use them in day-to-day transactions, it is a start. No, we are not Walmart, but each of us can make a difference in the circles we travel. When I spend these they are often bought from the till... that runs out when I spend 5 or 10 a week at the same location week after week.
With the US Mint Direct Ship Program, we can all get 2000 per year at face value, perhaps even earning miles or cash back on our credit cards.
Sign in here if you will commit to placing $1,200 of these coins into circulation each year.... that just requires 3-4 coins per day, and it is at no cost as you would spend that money anyway.
Who is in? I am!
But what can we do? Sufficient quantities of Sac and Pres dollars have been produced to start circulation. If people make an effort to get these coins, and use them in day-to-day transactions, it is a start. No, we are not Walmart, but each of us can make a difference in the circles we travel. When I spend these they are often bought from the till... that runs out when I spend 5 or 10 a week at the same location week after week.
With the US Mint Direct Ship Program, we can all get 2000 per year at face value, perhaps even earning miles or cash back on our credit cards.
Sign in here if you will commit to placing $1,200 of these coins into circulation each year.... that just requires 3-4 coins per day, and it is at no cost as you would spend that money anyway.
Who is in? I am!
Give Blood (Red Bags) & Platelets (Yellow Bags)!
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i love the coins for tolls, they fit perfect in the ash tray!!!!!!!!
So, require the banks to disperse and you'll start seeing them everywhere. Cash your
paycheck and get one, two or three back instead of ones and the deal is done.
bob
Here's a warning parable for coin collectors...
<< <i>.......political cajones to save a few million dollars >>
A few Million? How about $10,000,000 a year? Granted that ain't nothing compared to the current political budget but a little here and a littl there certainly will not hurt!
Write your congressman or jump onto www.whitehouse.gov and send Obama your thoughts about how the Government can save some money!
Me? I'm all for it. Either drop the rag buck or get rid of that politically correct joke known as the Presidential Dollar/Native American Dollars. Right now, both are only good for collectors as the general population could really care less....................
Better yet, re-implement $2, $3, and $5 coins and save abunch! I'll bet China could have a field day with those!
The name is LEE!
<< <i> The coins will NOT be used until they get rid of the paper dollar. If somebody FINALLY has the political cajones to save a few million dollars by abolishing the paper dollar and weather the couple of weeks of angry letters to the editor, the public will be fine with the dollar coins. >>
AMEN!!!
I'm in.
Ray
<< <i> Better yet, sign here if you will commit to no longer trying to force unwanted/unneeded coins down the throats of an unwilling populace. >>
Worry is the interest you pay on a debt you may not owe.
Sacagawea Dollars (2000-2001), and all of the new
Presidential Dollars.
I've actually started a decent number of self-described
'collectors', who just love getting the new Quarter or
Dollar when I shop - sometimes paying the full $10-$20
tab (coffee shop, laundry, etc.) in Dollars - encouraging
them to give 'em out as change to others.
I'm pretty popular on Ventura Blvd. !
for PCGS. A 49+-Year PNG Member...A full numismatist since 1972, retired in 2022
The Mint should give up a quid pro quo and get rid of the penny for circulation.
<< <i>[beatdeadhorse] The coins will NOT be used until they get rid of the paper dollar. If somebody FINALLY has the political cajones to save a few million dollars by abolishing the paper dollar and weather the couple of weeks of angry letters to the editor, the public will be fine with the dollar coins. [/beatdeadhorse} >>
.........you're right, david! we have to lose the rag buck for the coins to circulate..................just like canada had to do!
Worry is the interest you pay on a debt you may not owe.
<< <i>Quick question, for those of us who haven't heard this arguement before - Why do we want to stop using notes? Are you talking about using no paper money, or just replacing the one dollar bills? >>
Just the dollar bill which wears out rapidly and, while the dollar coin is more expensive to produce, the dollar coin lasts much longer before it wears out and it will save the tax payer a lot of money over the long term.
Worry is the interest you pay on a debt you may not owe.
<< <i>
<< <i>Quick question, for those of us who haven't heard this arguement before - Why do we want to stop using notes? Are you talking about using no paper money, or just replacing the one dollar bills? >>
Just the dollar bill which wears out rapidly and, while the dollar coin is more expensive to produce, the dollar coin lasts much longer before it wears out and it will save the tax payer a lot of money over the long term. >>
At the present popularity, the dollar coin will probably last many hundreds of years in 'circulation'.
I do more than my share of spending these.
Some of the most negative reactions to these dollars have been on the bourse at coin shows.
If you want to see some dealers wince in pain, carry some of these around for small purchases at your next show.
<< <i>I couldn't care less if dollar coins circulate or not. I think it's wrong to try to force them on unwilling merchants or on the general population. >>
we just spent billions on every loser american company in the financial industry and the autos, too, don't forget. so, to state the savings from using coins vs. paper may seem trivial.
however, if we, the taxpayers, knew of hundreds of millions spent yearly by congress where there was a cheaper solution we'd call that pork and bash them.
well, time for the taxpayer to step up, imo. accept coins over bills. it's a wiser use of taxpayer money. this is taxpayer pork.... however, I'll be the first of the pro-coins to say they are too big and heavy.
the pound coin is about as heavy but smaller, the 100 yen is smaller and lighter, the old mark was smaller and lighter. this is what we need: smaller and lighter.
and I agree, americans won't start using the coins until the bills are no longer made. when I first read of the presidential dollar house of reps bill, I wrote a sponsor and told him this.
of course, common sense went out the politically unpopular window.
now we have these big and heavy dollar coins which are going to be minted well into the next decade.
what the continued use of presidential designs also does is instill the "curiosity" factor into each coin. and the curiosity factor furthers the "weirdness" factor when using them. They are "novelties" and the weird ones use them in the general public eyes.
good luck to the pro-coin set for the forseeable future, imo. (and that includes me)
John
same for two dollar bills. "do we take these?"
Worry is the interest you pay on a debt you may not owe.
.....this site was SUPPOSED to help
<< <i>[beatdeadhorse] The coins will NOT be used until they get rid of the paper dollar. If somebody FINALLY has the political cajones to save a few million dollars by abolishing the paper dollar and weather the couple of weeks of angry letters to the editor, the public will be fine with the dollar coins. [/beatdeadhorse] >>
In pursuit of the question
<< <i>Just who is "in charge" of our circulating FRN denominations >>
I've searched the web and I believe that the U.S. Congress doesn't have a say as to what denominations the FED requires but rather this is vested in the authority of the Treasury Dept. overseen by the Secretary of the Treasury accountable to the Executive Branch. I found this FAQ on the Dept. of Treasury website. Treasury FAQ.
It seems that if the Secretary of Treasury could "stop distributing currency in denominations of $500, $1,000, $5,000 and $10,000" in 1969 then they can do the same to cease producing the $1 FRN today.
I think this is bolstered by the fact that Congress failed to pass an Act to protect the Greenback in the '90s.Link
Link to Original CU Thread
EDITED to add: In reply to the OP, I've bought one brick of each Prexy $1 coin. Except for 2 rolls ea. that I am keeping, both my wife and I are circulating them every chance we get. I'm running out so I hope that the Van Buren & Harrison dollar-direct coins will soon be available!
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BONGO HURTLES ALONG THE RAIN SODDEN HIGHWAY OF LIFE ON UNDERINFLATED BALD RETREAD TIRES
Worry is the interest you pay on a debt you may not owe.
I think the main reason that no one spends coins is that they have no value. With dollar or $5 coins they have value and I assume people will spend smaller coins as well in order to make exact change or something close to it. Working retail I can usually count on 1 hand the number of people that give me any kind of coin for their purchases in a given shift.
<< <i>As long as politicians from Mass have Crane Paper Co and their employees as constituents, any attempt to eliminate the dollar bill will be met with extreme resistance. In reality, the $5 bill could also be eliminated and replaced with a bi-metalic $5 coin. What's the purchasing power of $5 today compared to a hundred years ago? About 50 cents or so? >>
Probably a lot less than that.
<< <i>
<< <i>As long as politicians from Mass have Crane Paper Co and their employees as constituents, any attempt to eliminate the dollar bill will be met with extreme resistance. In reality, the $5 bill could also be eliminated and replaced with a bi-metalic $5 coin. What's the purchasing power of $5 today compared to a hundred years ago? About 50 cents or so? >>
Probably a lot less than that. >>
Yep!
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BONGO HURTLES ALONG THE RAIN SODDEN HIGHWAY OF LIFE ON UNDERINFLATED BALD RETREAD TIRES
<< <i>Everyone write to Ted Kennedy who represents the Crane Paper Co that makes the paper for our currency. Let me know how you make out.
Ted would like to here from you, especially if you write your note on the back of a $20 bill. I think that Crane makes the paper for all other denominations also. The North Koreans have the paper formula already
I'm in with the circulation idea. The sandwich shop cashier that I go to regularly just rolls his eyes. "I'll deposit them into the bank and they will take care of them."
As I said up front, this is about what we can do... and each of us can spend these if we choose regardless of the $1 FRN status.
Amazing the US Mint web site, under how to get the dollar coins, does not mention their own Direct Ship program.
The lifespan of the $1 Coin in circulation is estimated at about 30 years. In reality, most coins last even longer. Talk about stretching your dollar. Even if they are eventually taken out of circulation, all of the materials in the $1 Coin can be melted down and used again for new coins or other products."
I've read somewhere that the average life of a dollar bill is 9 to 18 months.
I've also read somewhere that the savings of switching to one dollar coins would be $100,000,000 over 10 years or $10,000,000 per year on average.
This is not chicken feed unless you throw it up against a $3,000,000,000,000 national debt but then I was taught the every little but helps and even though I cannot pay the entire amount all at once, paying just a little bit over time certainly helps as well.
Continuing to produce both types of currency is simply insane! To date, they have produced 1,503,770,000 ( 1.5 Billion) one dollar coins and Fred simply does not make enough money to spend them all so they will languish in Bank Vaults or the Federal Reserve System until it comes time to write them off as a failure.
For the Presidential Dollar collectors out there, now is the time to "hang in there" as production quantities are going to slip down to the 1.8 million per year mark very quickly unless this problem is addressed!
The name is LEE!
My most common uses are:
Lunch $5 to $9
Dry Cleaner $5
Hair Cut $8 to $12
Restaraunt Tips $3 - $8
Bagger Tips (Military Commissary) $2 to $5
Other strays:
Parking meters at Baltimore COin Show $2 x 2
Monthly Work Coffee Fee $5
Work parking (on the rare day I drive ) $10
The self-check out lanes at Home Depot and Lowes accept them, I really enjoy it when vending machines take them.
I've done 500 so far this year.
bob
That's the "official" number. Actual inflation was probably much higher.
My Adolph A. Weinman signature
<< <i>The kids down the street with the Kool Aid stand raised their prices from a nickel to a dollar. I'm taking my own glass and asking for a free re-fill. >>
...........brings new meaning to 'drinking the kool-aid'
One change that I have noticed in just the last few months is that cashiers now accept them without fuss or hesitation. It is quite a change.