it seems we have come full circle on the prez bucks........
tahoe98
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"The excess supply was the result of the public resisting using the dollar coin yet the Mint was required by law to go on making about 300 million a year."
I'm wondering how the public can resist using a coin they are never offered in the first place. When was the last time any business (aside from maybe a coin shop) tried to give you a dollar coin in change? Because that's where the public gets the coins they use. Nobody goes to the bank to get rolls of coins to spend. I know I'm never offered the coins and I'm sure I'm not the only one.
<< <i>From the linked article:
"The excess supply was the result of the public resisting using the dollar coin yet the Mint was required by law to go on making about 300 million a year."
I'm wondering how the public can resist using a coin they are never offered in the first place. When was the last time any business (aside from maybe a coin shop) tried to give you a dollar coin in change? Because that's where the public gets the coins they use. Nobody goes to the bank to get rolls of coins to spend. I know I'm never offered the coins and I'm sure I'm not the only one. >>
i agree. i can't recall being presented with them for my change from purchases, not that the amount that they've minted/will mint would even be feasible to even use anyway.
they could stop minting so darn many all denom coins for circulation, make some people empty out those change jars a bit and use some from the 90s, 80s etc. that is what the crap is made for.
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All these unwanted and unloved presidential dollars get put into canvas bank bags and get stored in bank vaults and mint storage areas for 100 years. Then in the year 2100, collectors discover many have toned beautifully and collectors start paying a premium for them.
(Sound familiar? See the Morgan Silver Dollar)
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<< <i>PREDICTION:
All these unwanted and unloved presidential dollars get put into canvas bank bags and get stored in bank vaults and mint storage areas for 100 years. Then in the year 2100, collectors discover many have toned beautifully and collectors start paying a premium for them.
(Sound familiar? See the Morgan Silver Dollar) >>
Or they discover the alloy that makes the Presidential dollars contains some metal that cure cancer or some other disease by carrying the Coins in your pocket or on your body.
Member, Society of Silver Dollar Collectors.
Looking for PCGS AU58+ 1901-P, 1896-O, & 1894-O
The new Prez Dollars contain 85.5% Copper compared to the penny with 2.5% Copper.
Copper is used to treat arthritis and other bone and joint pain.
Maybe we can get a scientific study that can show the Presidential dollars are healthy to carry around. Then a backlog of 300 Miion would be gone.
Imagine people carrying the dollars as pocket pieces.
Member, Society of Silver Dollar Collectors.
Looking for PCGS AU58+ 1901-P, 1896-O, & 1894-O
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<< <i>From the linked article:
"The excess supply was the result of the public resisting using the dollar coin yet the Mint was required by law to go on making about 300 million a year."
I'm wondering how the public can resist using a coin they are never offered in the first place. When was the last time any business (aside from maybe a coin shop) tried to give you a dollar coin in change? ... >>
Only one time at a 7-11 store. And even then the clerk asked first if I would accept it. I did. But it just shows how they are not routinely and readily accepted by everyone. I'm sure many people still don't even know what they are or that they exist.
And BTW, for a coin that potentially could have been used by millions everyday, they could have done a better design. Not only does it look like a Chuck E Cheese token but it doesn't even say "One Dollar" on it. Yes it has "$1" but many people still seem to miss that part. I once had to show a grocery clerk the "$1" and even then she wasn't convinced it was a dollar coin. They could have even put "One Dollar" on the edge if space is the limitation. And then when you add all the different obverses of Presidents that seems to confuse people more.
I just think for a daily work horse of a coin, which a dollar coin could be, one well done classic US design (for example, Liberty and eagle) would have been more appropriate. And it may have helped it's acceptance and use.
<< <i>I just think for a daily work horse of a coin, which a dollar coin could be, one well done classic US design (for example, Liberty and eagle) would have been more appropriate. And it may have helped it's acceptance and use. >>
The only thing that could have helped with its acceptance would have been to discontinue they dollar bill. Period, end of story.
...i still think it sucks that one can't get the new issues at the banks for face anymore. i'm sure the mint isn't getting big sales for them at inflated prices per roll or bags (at least not from me). it's very disappointing.
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BTW will probably use up the regular rolls first have about ten of them left. I can still get them for face at the Credit Union or Base Commissary as they still use them. The bagers at the commissary work for tips so each till made up for the cashiers have five of them put into it.
I might start saving some rolls.
Save the slabbed Coins.
Member, Society of Silver Dollar Collectors.
Looking for PCGS AU58+ 1901-P, 1896-O, & 1894-O
If the presidential and Sac dollars ever did circulate, they would face the additional problem of heavy tarnish. The few I owned began to resemble tiny mud pies after a few months as pocket pieces. I would suggest melting the entire stockpile and changing the alloy to one that can withstand circulation.
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<< <i>I would suggest melting the entire stockpile and changing the alloy to one that can withstand circulation. >>
Now that's a good idea! Maybe brass or 90% Copper? But before any composition changes, I would like to see the return of liberty head or something more symbolic.
<< <i>By 2100 NE (New Era), a major religion will have US presidents as saints,
St. George Washington, St. Thomas Jefferson, etc.
Several miracles will be attributed to St. Millard Fillmore.
Coins depicting the Saints will become religious items and objects of devotion.
>>
This is humorous.
<< <i>From the linked article:
"The excess supply was the result of the public resisting using the dollar coin yet the Mint was required by law to go on making about 300 million a year."
I'm wondering how the public can resist using a coin they are never offered in the first place. When was the last time any business (aside from maybe a coin shop) tried to give you a dollar coin in change? Because that's where the public gets the coins they use. Nobody goes to the bank to get rolls of coins to spend. I know I'm never offered the coins and I'm sure I'm not the only one. >>
The story has some big gaps in it which have been filled with "accepted inuando" which is not based on fact.
For example:
"The Fed had plans to spend millions of dollars to create a storage facility in Dallas to hold the unwanted dollars and to ship all of the excess coins there from around the country."
Yet, the July 25th, 2011 Coin World reported the that Feds stated $650,000:
The name is LEE!
But before the money gets taken to the bank, I look thru everything, looking for hole-fillers. Once in a blue moon, I find something, or even a few Canadian cents or Bermuda quarter, etc.
There's a few Prez $1's that come thru each time, believe it or not.
But I agree that an average non-collector would have trouble keeping up with them, along with all the new obverse/reverse Lincolns, Jeffersons, state & ATB quarters, & Pres/Sac dollars. After many years of relative portrait & reverse stability, the Mint (and Congress) seem to have gone off the deep end with all the varieties. I could likely create my own coin design & convince most cashiers that they are just the latest in the endless stream of changes, I'm pretty sure.
To support my point, I need only refer to the latest collection of change I sorted thru, where one of only a handful of adults handling the candy/money accepted a Canadian LOONIE as a $1 coin! (Maybe they think we finally annexed Canada? )
The only reason the public did not embrace this coin is because the $1 Paper Bills were still made. Just about every other civilized country has done away with their paper dollar and produced it in coin form to save money for tax payers.....but not this country!
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Uninspiring.
Not wanted. People don't like change (no pun intended), but will accept it when they have to.
Not needed. Dollar bills are not hard to find.
What we should actually do is discontinue the cent, nickel, quarter, and one and five dollar bills. We should change the dime to a miniscule copper piece, issue a new nickel-size half-dollar, and a new quarter-size dollar. The 5-dollar piece could be slightly larger. Seeing the new quarter-size dollar would awaken a few people to our current economic reality. Sooner or later we're going to have to rip the bandaid off.
<< <i>...i still think it sucks that one can't get the new issues at the banks for face anymore. >>
This 1000x.
Even though I don't collect them I actually prefer to use dollar coins than bills. Why? You have to carry too many paper $1 notes to buy anything! I also like the feeling you get paying for something with a coin or two. Also when I was in the UK carrying around a big chunky pound or 2 pound coin made you feel like you had real money in you pocket. I know these are purely psychological reasons but that's just my opinion.
Can we PLEASE just stop printing dollar bills? After the public uproar settles down everyone will grow to love the dollar coins and we'll all be wondering why we didn't do this in the first place.
<< <i>Can we PLEASE just stop printing dollar bills? After the public uproar settles down everyone will grow to love the dollar coins and we'll all be wondering why we didn't do this in the first place. >>
...makes excellent sense but it won't happen because of the special interest groups that will cry out loud.
<< <i>PREDICTION:
All these unwanted and unloved presidential dollars get put into canvas bank bags and get stored in bank vaults and mint storage areas for 100 years. Then in the year 2100, collectors discover many have toned beautifully and collectors start paying a premium for them.
(Sound familiar? See the Morgan Silver Dollar) >>
I doubt you would see beautifully toned Prez Dollars after long storage. They strike me as getting uglier over the years. Maybe they could use them as ballast in a new aircraft carrier.
We have customers who are bank officers, and they can't stand the things. The only people who want them are collectors- but they only want certain Presidents, and lots of employee time gets wasted looking for them. One guy said he gave tellers instructions to tell them that they are available on a random as-they-come basis- no requests for certain Presidents. Of course, now that no more are being made for circulation, more banks can now use this as an excuse not to have them laying around. Some guys now just say "we don't have any" or "go to a coin shop".
Edit to add...we still carry albums/ folders for them but have stopped carrying the Prez coins as singles. Frankly we weren't selling that many in the first place, and when someone did come in, we'd get the obligatory complaints about how they used to get them for face at the bank, everyone wants to get rich off them now, we're all crooks, yada yada... got tired of hearing it. The only way we offer them now is via the Mint-packaged year sets.
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