Will the mint/congress create a new dollar coin to replace the Prezzies?
LanLord
Posts: 11,726 ✭✭✭✭✭
If not, PROOF and Unc sets are going to take up significantly less room and there should be a lot less
random junk for the mint to peddle to the masses.
Has anyone heard of a new scheme to create a needless coin to include in sets?
0
Comments
The intrinsic value of the small dollar is four cents. Now considering it's uselessness in commerce, thanks to the competitive nature by the BEP for a paper dollar, I see little need for making any coin worth less than a nickel. I suspect the mint will still make something worth less and sell it to collectors for more. We need our collective heads examined.
On that note ($), who's collecting small dollars, besides me ?
``https://ebay.us/m/KxolR5
I started out trying to complete a Dansco album of them, but when the mint stopped sending them out to banks I pretty much folded up my tent and ended that. I have them in the PROOF sets and Unc sets, but I would no longer buy them on a stand alone basis.
They should abandon the $1 coin in favor of a $2 coin when they remove the $1 bill from circulation.
I do collect dollars, halves and all the quarters via proof sets.
I hope not. I've lived thru Ike, Susan B. Anthony, Sacagawea and Presidential dollars, time to retire this denomination for good.
they'll keep the sacs
we always have those to fall back upon
I wish they would just dump the 1$ bill and go with the coin.
That would make too much sense. It would also take an act of Congress, so we know it won't happen.
The pardon is for tyrants. They like to declare pardons on holidays, such as the birthday of the dictator, or Christ, or the Revolution. Dictators should be encouraged to keep it up. And we should be encouraged to remember that the promiscuous dispensation of clemency is not a sign of political liberality. It is instead one of those valuable, identifying marks of tyranny.
Charles Krauthammer
Actually, I believe that dropping the paper note and formally adopting the $1 coin only requires an order from the Secretary of the Treasury.
The name is LEE!
Will they or should they, probably, probably not.
Successful transactions with : MICHAELDIXON, Manorcourtman, Bochiman, bolivarshagnasty, AUandAG, onlyroosies, chumley, Weiss, jdimmick, BAJJERFAN, gene1978, TJM965, Smittys, GRANDAM, JTHawaii, mainejoe, softparade, derryb, Ricko
Bad transactions with : nobody to date
Yes, dumping the dollar bill is the only way a $1, or $2, coin will ever work. Lots of countries have gone this way and it works for them. Like Canada
Which brings up the ringed bimetallic style. The mint has done it before with the Library of Congress coin so they can do it if they just commit.
If the paper $1 bill is to be replaced with a coin (or a $2 coin) it has to be a bimetallic ringed type. No confusing it with a quarter. Which is part of the problem with the acceptance of the current $1 coin.
if you dump the $1, you better dump the $2 as well.
I agree, but only if they change the composition of the current dollar coins. They have a nice shiny "gold" color when new, but after a few months in circulation they look terrible.
My Adolph A. Weinman signature
I wish they would just dump the coin and go with the 1$ bill.
I have an SBA set, a Sac set, and a few of the Presidential (bought them in rolls and cherry picked the nicer ones).... the only set that I enjoy really is the Sacajawea's...circulation and proofs in a Dansco. I like the different reverses each year, but am I alone or is the code talkers just about the least interesting design?
I don't think that the presidential dollars have been a success with collectors. When I was dealer, you could get little more than face value for the four piece presidential dollar Proof sets. My coin club came into a batch of really nice (MS-67+) presidential dollars that had been packaged by a dealer who markets that sort of thing. I couldn't even get face value for them in the club auction. We ended up giving them away as door prizes.
When you can't get collectors to pay face value for a Gem Unc. coin, you know that the collector interest nil. I can't see any reason to start another series of these things. The mint should stick with issuing only the Sacajawea coins if they issue any of these coins at all.
I collect bimetals. A nice $1 or $2 bimetal would be great, but what about the vending machines?
The pardon is for tyrants. They like to declare pardons on holidays, such as the birthday of the dictator, or Christ, or the Revolution. Dictators should be encouraged to keep it up. And we should be encouraged to remember that the promiscuous dispensation of clemency is not a sign of political liberality. It is instead one of those valuable, identifying marks of tyranny.
Charles Krauthammer
My vote is the Wampanoag Treaty
_
I started out trying to complete a Dansco album of them, but when the mint stopped sending them out to banks I pretty much folded up my tent and ended that. I have them in the PROOF sets and Unc sets, but I would no longer buy them on a stand alone basis._
Yup, that's my story too. I used to get (at least) two rolls of each president from my bank, and put away one head/tail roll to save for later, and open at least one roll, selecting the best coin of the 25 for my Whitman album, and also saving anything unusual like the very prooflike ones, or the ones with very light or missing edge lettering. Then I'd spend the rest of the coins around town, "doing my part" to spread them to others and help them circulate, or at least, get collected. I also had fun trading by mail with a fellow forum member who lived on the east coast, so he could get a Denver issue, and I'd get a Philly for each president.
But, of course, the Mint had to end the distribution at face value and start charging "premium" for the rolls. so much for that plan. Now I just ignore the mint's prodigious output, similar to the quarters, the states were one thing, and I collected them at face and had fun filling an album, but then came the territories, the parks, and on and on... It never ends.
I'm sure the mint will keep making dollar coins, simply because people keep paying more than a dollar each for them.
But I will never be one of them.
Liberty: Parent of Science & Industry
I still remember what the bank teller told me in 2007:
"The John Adams dollars have only been out for a week and already nobody cares".
I proposed this coin to Congress and NASA for 2019 and beyond (no significant response so far):
Nice design Dan..... I purchased a couple of rolls of the Sacs when they first came out... other than that, I really have had no interest at all in the small dollar series...I do like the idea of discontinuing the one dollar bill..and a 5 dollar coin would be interesting. Cheers, RickO
they use in house, try the artistry side.
great new use of the eagle.
the partial face looks like a skull looking out.
is that a type 3 reverse?
Nice design DCarr! I'd to see that on a U.S. Coin.
Ditto......
Except the eyes & nose. Leave those out....just a blank face plate works better for me.
I didn't realise the mint was still cranking out Sackie bucks, there is one coming out at the end of the month with Sequoyah on it. Had no idea until I saw presales on eBay.
Which would be political suicide in this environment, unless the POTUS mandated it by Executive Order, and even then it could have far reaching ramifications for the POTUS.
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.american-legacy-coins.com
All the mint comes out with today is drab crap with no artistic value whatsoever. We need innovative artists like Dan Carr to sort the old fogies out. And people wonder why it's referred to as modern crap.
Just my eversohumble opinion.
Cheers
Bob
I still believe America putting men on the moon is mankind's greatest achievement, but as time passes it doesn't seem to get the attention it will always deserve. Having a coin like DCARR's circulating would be very deserving.
Great transactions with oih82w8, JasonGaming, Moose1913.
From a metal detecting point of view replacing the dollar bill with a dollar or 2 dollar coin would be great
. Personally I like the brownish color of the dollar coin after it has lost that gold color. And I like the Eagle on the Sac dollar.
Lafayette Grading Set
I told this before, so I will be brief. At an auto swap meet, when silver was climbing, a person showed up, probably vest pocket dealer, and was dumping his inventory. Common Junky Silver dimes were marked as low as 50 cents, etc., when common junk dimes were well over $2.50 each. I bought everything he had that was below the buying point on common melts.
He had a big box, and they were all $1, 6 for $5. There was a LARGE number of $1 coins in the box, and I bought all of them he had, all priced 6 for $5.
So tired of hearing the political suicide crap...stuff..whatever.
It's a cost savings.
It affects nobody.
Most vending machines accept them. (Is it my problem that your 57 Chevy Broke Down?)
The coin spends as easily as ever.
People would accept it.
Businesses would hate it (at first) then fully accept it.
The US Treasury would actually make money since they'd no longer have to buy $1.00 bills from the Federal Reserve. Instead, they could pocket $0.70 or $0.75 cents "per coin".
The name is LEE!
As it is, the FRN must be bought for the cost of production (unsure if transport is in there) AND the requesting bank must post up collateral dollar-for-dollar. This has been in the form of Treasury debt. While the FRN are not backed by gold and Treasuries, nor exchangeable for them, there is collateral for them.
The coins are different. They must be bought at face by the requesting bank. In other words, the bank must transfer cash out dollar-for-dollar.
The Fed complained to Congress about the cost of the dollar coin as a transfer of money from the private sector to the government via the seigniorage in the dollar coin (has most seigniorage, too, btw).
The Fed is arguing it affects us. We lose about 70cents to the government for each dollar coin we want in circulation.
I have not read the GAO report on them. Supposedly, they estimated 1.5 dollar coins must replace each $1 FRN.
Even at $1 coin per $1 FRN, the costs for FRN production is 5.5 cents and they last about 5.8 years. Even at 5.0 x 5.5 cents we are well below the $1 needed to buy a 30 year coin.
Perhaps the Fed is on to something. The government would "save" money by making it through seigniorage.
It would be interesting to ask the GAO right now if there is even a possibility in the next century where an increase in non-cash payments combined with inflation of the cost of production may allow a transition to the use of existing coin where their decreased usage would allow them to last very, very, very much longer than 30 years and perhaps seigniorage will have decreased, too.
PS this is a change from my previous stance on replacing the $1 FRN. Is there a country with a massive Cu-Ni-Mn-Zn deficiency?
Yeah, if they left the $2 bill in circulation, the public would probably rip them in half and use them as dollars before using a dollar coin. I personally never leave the house with change in my pocket and if I get any it just ends up in the car console or put in a container at home. The car gets emptied when it is sold and the pile at home gets hauled to the bank every few years.
You seem to have forgotten that the POTUS issued a memorandum in 2011 to the Treasury Secretary, instructing a significant reduction in mintage of dollar coins in order to allow the Treasury Bureau to work on a plan to start reducing the massive inventory of already produced dollar coins that were languishing in Treasury vaults. The banking institutions of this country have steadfastly resisted promoting use of dollar coins for decades, obviously to appease the general public, and less apparently, to maintain allegiance to the Federal Reserve, which controls the supply of money which has always been predominantly paper currency. The Federal Reserve also has far greater influence on the Treasury Bureau than the lobbyists who support the metals (coinage materials) industry. Because of budget constraints and increasing stockpiles of these relatively unpopular coins, the production of new Presidential dollar coins for circulation was suspended on December 11, 2011, by U.S. Treasury Secretary Timothy F. Geithner. Minting of such coins has since been solely for collectors.
Furthermore, as our society progresses to ever increasing use of electronic forms of payment, the need or want for dollar coins will continue to recede for daily commerce and support of the economy.
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.american-legacy-coins.com
Iirc it was VP not Potus