I don't think they're confused, they talk about the cost to make the coins versus bills in the article. There are easily 1 billion, one dollar coins laying around.
US Dollar coins have been in the mainstream news lately. Interestingly one article says a new Gov't study shows that paper dollars are not extremely more expensive than the hard metal dollars. This is different from earlier reports. New dollar bills last longer than older ones. Coins sit on dresser tops (and in cans, whatever ) which means many more need to be produced. There were other reasons too, like continuing to be required to make Sacajaweas and meeting minimum minting requirements rather than minting what is needed. Not the least reason: metal costs much more now than it did in earlier studies.
I guess I'm changing the topic. I always did think the US Mint was stupid for advertising Sacagaweas as "golden dollars" when first minted. Of course the absent minded public would hear "gold dollars" rather than what was said. And to this day they still are confused.
Take the $1 billion in dollar coins now being stored and have the government/mint churn out the same amount of dollar coins 20,000 more times. Doing so would result in the government having $20 trillion in dollar coins in storage with the production cost of same being 30 cents each, or $6 trillion. The seniorage on the $20 trillion in coinage would be $14 trillion, or the approximate amount of our national debt [excluding unfunded future liabilities].
Take $6 trillion of the dollar coins and keep them in storage. Use the other $14 trillion of dollar coins to pay those to whom the national debt is owed and hope that over time the recipients of the dollar coins will lose them or just toss them in a drawer or coffee can and forget about them.
I know the above is crazy, but not any more crazy than having $1 billion of these dollar coins simply sitting in storage while the mint keeps producing more of them to comply with Congressional legislation cramming the presidential dollar down our throats along with the Sacagewea dollar.
How much cubic space [i.e. cubic feet, or cubic yards] would $1 billion in dollar coins take up?
Wonder how many contain errors? Missing edge lettering, off center? Give them away, help stimulate the economy, deposit 1 million of them in my checking account
Take the $1 billion in dollar coins now being stored and have the government/mint churn out the same amount of dollar coins 20,000 more times. Doing so would result in the government having $20 trillion in dollar coins in storage with the production cost of same being 30 cents each, or $6 trillion. The seniorage on the $20 trillion in coinage would be $14 trillion, or the approximate amount of our national debt [excluding unfunded future liabilities].
Take $6 trillion of the dollar coins and keep them in storage. Use the other $14 trillion of dollar coins to pay those to whom the national debt is owed and hope that over time the recipients of the dollar coins will lose them or just toss them in a drawer or coffee can and forget about them.
I know the above is crazy, but not any more crazy than having $1 billion of these dollar coins simply sitting in storage while the mint keeps producing more of them to comply with Congressional legislation cramming the presidential dollar down our throats along with the Sacagewea dollar.
How much cubic space [i.e. cubic feet, or cubic yards] would $1 billion in dollar coins take up?
Same question for $14 trillion in dollar coins? >>
please delete this before someone in Washington reads it and thinks its a great idea..............you know they would.
Wolf359
Posts: 7,653 ✭✭✭
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I guess I'm changing the topic. I always did think the US Mint was stupid for advertising Sacagaweas as "golden dollars" when first minted. Of course the absent minded public would hear "gold dollars" rather than what was said. And to this day they still are confused.
<< <i>Ship them to Peru where they spend them. They will never be used in the USA until they stop printing Dollar Bills. >>
I think you mean Ecuador.
Worry is the interest you pay on a debt you may not owe.
youll see it happen in a few years.
<< <i>They are stockpiling for the switchover from the paper dollar.
youll see it happen in a few years. >>
If I found a retailer that would not take them, I would walk out.... it is legal tender. That is rubbish....JMO... Cheers, RickO
Take the $1 billion in dollar coins now being stored and have the government/mint churn out the same amount of dollar coins 20,000 more times. Doing so would result in the government having $20 trillion in dollar coins in storage with the production cost of same being 30 cents each, or $6 trillion. The seniorage on the $20 trillion in coinage would be $14 trillion, or the approximate amount of our national debt [excluding unfunded future liabilities].
Take $6 trillion of the dollar coins and keep them in storage. Use the other $14 trillion of dollar coins to pay those to whom the national debt is owed and hope that over time the recipients of the dollar coins will lose them or just toss them in a drawer or coffee can and forget about them.
I know the above is crazy, but not any more crazy than having $1 billion of these dollar coins simply sitting in storage while the mint keeps producing more of them to comply with Congressional legislation cramming the presidential dollar down our throats along with the Sacagewea dollar.
How much cubic space [i.e. cubic feet, or cubic yards] would $1 billion in dollar coins take up?
Same question for $14 trillion in dollar coins?
Now I'm confused with all the "new dollar" coins.
In God We Trust.... all others pay in Gold and Silver!
Missing edge lettering, off center?
Give them away, help stimulate the economy, deposit 1 million of them in my checking account
<< <i>Here is an idea:
Take the $1 billion in dollar coins now being stored and have the government/mint churn out the same amount of dollar coins 20,000 more times. Doing so would result in the government having $20 trillion in dollar coins in storage with the production cost of same being 30 cents each, or $6 trillion. The seniorage on the $20 trillion in coinage would be $14 trillion, or the approximate amount of our national debt [excluding unfunded future liabilities].
Take $6 trillion of the dollar coins and keep them in storage. Use the other $14 trillion of dollar coins to pay those to whom the national debt is owed and hope that over time the recipients of the dollar coins will lose them or just toss them in a drawer or coffee can and forget about them.
I know the above is crazy, but not any more crazy than having $1 billion of these dollar coins simply sitting in storage while the mint keeps producing more of them to comply with Congressional legislation cramming the presidential dollar down our throats along with the Sacagewea dollar.
How much cubic space [i.e. cubic feet, or cubic yards] would $1 billion in dollar coins take up?
Same question for $14 trillion in dollar coins? >>
please delete this before someone in Washington reads it and thinks its a great idea..............you know they would.
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golden coins
Good read
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