Dollar coins - what a waste.

nycounsel

Time reports on $1B of dollar coins sitting in government vaults.
Link: Inside the Fed’s Vault: $1 Billion Worth of Unused Coins

Yeah, I know that some will argue that the dollar coins last longer than bills, which supposedly makes them more economical. Those arguments generally fail to address the transaction costs associated with weight/storage of coins over bills, the environmental impact involved in mining and smelting copper/zinc versus use of cotton/linen fiber or the higher costs in use of gas/oil to transport heavier dollar coins.

I also know know that some suggest that if the government eliminated the dollar bill, people would be forced to use the coins; though I suspect it would really just accelerate the trend towards using credit cards for most transactions. Meanwhile, we've got vaults full of coins no one wants; the US Mint will ship them at no charge through the direct ship program (meaning at a loss) to try to encourage circulation. What a waste. I wish they'd end the dollar coin fiasco early, or at least drastically reduce mintages for the remainder of this failed experiment.

tahoe98

...linkified

19Lyds

<< <i>Meanwhile, we've got vaults full of coins no one wants; the US Mint will ship them at no charge through the direct ship program (meaning at a loss) to try to encourage circulation. >>

Poopoo. I want em! Every last one but I;m a couple Billion Short.

As for Direct Ship? Not a loss since they make em for a korter and sellem for a buck.

The sooner the paper bill goes away the better off we'll all be as the Country's Problems will magically grind to a halt and all will be well within this economic pool of prosperity in whcih we swim!

PerryHall

They are stockpiling them for the day they stop printing the paper dollar which makes less and less sense as the dollar loses value..

itsnotjustme

So how does minting dollar coins - in terms of effects on the environment, transport weight, etc. compare to the continued production of cents, if far far greater quatities?

I am pro-dollar coin.

JamesMurray

How will the blinged up rap stars make it rain at the strip club without the dollar bill ? Could be painfull to make it hail using dollar coins . .

TwoSides2aCoin

In the case of today's small dollars, a lot of people prefer saving aluminum cans.

Banemorth

They should quit making 1$ and 5$ bills and just move to coins. It would save the U.S. a hell of a lot of money in the long run.


And make my life as a metal detectorist much sweeter

tahoe98

...i wonder how many will be saved just because of the copper content

notwilight

<< <i>They are stockpiling them for the day they stop printing the paper dollar which makes less and less sense as the dollar loses value.. >>



Agree. I've been saying this for a while. Within days after they announce that the dollar bill will be discontinued, they will all be hoarded so they have to have the coins sitting ready. --Jery

JamesMurray

<< <i>...i wonder how many will be saved just because of the copper content >>



Its really all it is isnt it ? A copper round , albeit a not very pure one.

PerryHall

<< <i>How will the blinged up rap stars make it rain at the strip club without the dollar bill ? Could be painfull to make it hail using dollar coins . . >>



Or they could just use credit cards.

GrumpyEd

I think the the direct ship program is a bad deal, they say it's free but the cost of shipping is paid by the public. It's an expensive way to get the things in use. If they truly plan to eliminate the $ bill they should hoard the coins and end the direct ship program.

NotSure

<< <i>How will the blinged up rap stars make it rain at the strip club without the dollar bill ? Could be painfull to make it hail using dollar coins . . >>



The blinged up rap stars ain't tossing singles....they're in those 'special' rooms, with bottles of Cristal, and their posse!

BryceM

....... and while we're at it, can we get the $500 and $1000 notes back? It would sure make it easier to carry enough cash to last a coin show. Think about it..... what was the purchasing power of a $100 bill back when they did away with the $500 and the $1,000? Today it gets you and a friend diner at a nice restaurant, if you're not drinking.

BBN

I've heard people argue that they would be annoyed packing several coin dollars in their pocket. Last I checked most people do not pack a bunch of ones in their wallet to begin with. The dollar coins will go in the cup holder with the other coins and be spent in the drive-thru. I do see James Murray's problem though. It would get expensive to make it rain with paper money or painful with Sacs and Prezzies. LOL This will either run strippers out of business or make them much more wealthy. Depends on whether people would be willing to slip them Fives like they do ones.

scotty1419

In Europe and Canada I like having the dollar equivalent coins around. It's pretty convenient to get a drink/lunch if you've got a handful of them and much more fun in my opinion.

I dont see the mfg of the coins as a waste - but the lack of a solid campaign to get them integrated into our system!