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These dollar coins are going to fail....again!
saintguru
Posts: 7,728 ✭✭✭
There will never be a dollar coin that will be a succesful popular form of currency.
Just ain't gonna happen.
Who does market research for the Treasury and U.S. Mint anyway?
Just ain't gonna happen.
Who does market research for the Treasury and U.S. Mint anyway?
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<< <i>There will never be a dollar coin that will be a succesful popular form of currency.
Just ain't gonna happen.
Who does market research for the Treasury and U.S. Mint anyway? >>
Allan Pinkerton?
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Hey they make something for 12 cents and sell it for a dollar (or more). And the real suckers sock them away at 0% interest. Even a few million is a pretty good deal.
These prez dollars are going to circulate even less than the sax did, if that's possible. Especially now that everyone thinks half of the coins are errors. Let the hoarding of junk coins begin!
If the Mint racks up $50 million in seigniorage from the Presidential dollars, do they even care if they circulate? To them, it might be successful regardless of acceptance by the public.
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
<< <i>There will never be a dollar coin that will be a succesful popular form of currency.
Just ain't gonna happen.
Who does market research for the Treasury and U.S. Mint anyway? >>
Hey Saint, talk to the folks in the Euro zone, perhaps all of those Canadians not using their doller and two dollar coins. Oh wait, they do use their coins. I agree with the poster, if you eliminate the dollar bill these things will circulate like made. As a taxpayer I would rather see the mint make something that has a 30 year life rather than a 1.5 year life.
<< <i>I have to agree, I just don't see the public acceptance of these. >>
The collector base will rise, but until we re-design vending machines or re-fit them at an economical cost, they sure don't seem useful in commerce.
They cannot be too popular when they don't fit a machine.
``https://ebay.us/m/KxolR5
<< <i>Eliminate the dollar bill and these coins will become very popular. >>
Bingo. It's amazing they haven't figured this out yet.
The fact is, that Americans just do not like small dollar coins! Every single one has failed.
What gets me is the failure of the $2.00 bill for decades. I get them by the pack, uncirculated, at my bank and I use them all the time. Not only are they far more convenient than the $1.00 but people love getting them! Cab drivers, bartenders, doormaen...they remember you as the "two-guy" for years!!
I swamped Cozumel with about 300 of them one week in 1997, paying for everything in cash, and by the end of the week, I was getting a few in change.
The next year I saw none there.
As long as we make a folding dollar, the coin has no chance.....
So simple even a caveman knows this.....
<< <i>
<< <i>I have to agree, I just don't see the public acceptance of these. >>
The collector base will rise, but until we re-design vending machines or re-fit them at an economical cost, they sure don't seem useful in commerce.
They cannot be too popular when they don't fit a machine. >>
The Post Office is the only machine I know of that can handle $1 coins, and most of those are out of order and may be phased out. Ours hasn't worked for years. I avoid those that DO work because if I put a $20 bill in for a book of stamps, I get...... $1 coins in change.
Joe
I think the half dollar should have the decimal point moved, so it becomes a $5 coin. They could do the same with the golden coins and make them $10 each. That would actually be worthwhile cause they'd actually have buying power.
Plus, there's the old economic principle: Raising price increases demand.
<< <i>They are probably already circulating in Equador. >>
Funny you say that. I also spread about 100 $2's in the Galapagos Islands last year.
I will use them in my summer buisness, the local bank still has $800 to get rid of and I promised to take them off their hands.
<< <i>The Post Office is the only machine I know of that can handle $1 coins, and most of those are out of order and may be phased out. Ours hasn't worked for years. I avoid those that DO work because if I put a $20 bill in for a book of stamps, I get...... $1 coins in change.
Joe >>
'tis a good point you make. We need machines that ACCEPT them more than DISPENSE them.
Maybe the folks at coke™ and pepsi™
``https://ebay.us/m/KxolR5
<< <i>I think the half dollar should have the decimal point moved, so it becomes a $5 coin. They could do the same with the golden coins and make them $10 each. >>
Brilliant. So my box of $1000 prez dollars will instantly become $10,000.
<< <i>Plus, there's the old economic principle: Raising price increases demand. >>
Actually, rising prices increases supply, not demand. However, if the currency was revalued as you suggested, we would get some serious inflation. Not a good idea.
``https://ebay.us/m/KxolR5
<< <i>Eliminate the dollar bill and these coins will become very popular. >>
The American public has spoken often regarding this - they don't want the
dollar bill discontinued.
They also don't want a heavy coin ... they also don't want an aluminum coin...
when will the powers that be who decide what's going to get minted realize
this ?
If the paper dollar was eliminated completely, the public would be forced to use this coin.
The paper lobby [ especially Crane's ] would do everything in their power to prevent the
elimination of the paper dollar.
Even the vending machine industry has had its hackles raised a few times over this issue;
most vending machines don't take the smaller dollar coin; the only ones who seem to welcome
the dollar coin are the mass-transit companies.
Just my 2C.
~~~~~~~~~~~~
Coin collecting is not a hobby, it's an obsession !
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Pepole don't care for change - no pun intended. However, the dollar coins are convenient for me. I like them, and I spend them on the regular. I think it is time to get in step with the rest of the world, and eliminate the paper. really, what do most people use dollars for - vending machines, mass transit, etc. why not use a coin rather than a worn out old piece of paper.
Crane's should lobby for more paper $2. that would solve their problem and save some money for the gov't.
<< <i>The American public has spoken often regarding this - they don't want the dollar bill discontinued. >>
It doesn't matter what they want. It's all about the Benjamins -- and switching from bills to coins saves hundreds of millions of dollars per year. That's what counts.
<< <i>A two dollar coin might have a shot >>
i like that idea.
<< <i>The American public has spoken often regarding this - they don't want the dollar bill discontinued. >>
Since when did the government give a damn what we want? If they did, we wouldn't have crappy coin designs.
Positive BST: WhiteThunder (x2), Ajaan, onefasttalon, mirabela, Wizard1, cucamongacoin, mccardguy1
Negative BST: NONE!
<< <i>
<< <i>The American public has spoken often regarding this - they don't want the dollar bill discontinued. >>
Since when did the government give a damn what we want? If they did, we wouldn't have crappy coin designs. >>
I'd be interested in seeing the statute where the American public gets a vote in this matter. In my opinion, the government has an obligation to provide the country with an efficient monetary system. Dollar coins are more efficient than dollar bills, both in convenience and in production costs.
<< <i>Hey they make something for 12 cents and sell it for a dollar (or more). And the real suckers sock them away at 0% interest. Even a few million is a pretty good deal. >>
<< <i>How do you define success?
If the Mint racks up $50 million in seigniorage from the Presidential dollars, do they even care if they circulate? To them, it might be successful regardless of acceptance by the public. >>
They may be VERY successful at racking up the profits at the Mint. If they get hoarded and taken out of circulation, the Mint and Congress may view them as being even MORE successful.
What trick will do it for the next ones?
If all vending machines accepted the dollar coin, that would help.
But here's why they are not accepted.
I opened a roll, no errors ofcourse, I figure I need to spend them. I'm going to the post office, I take 5 coins. They are in my pocket and while in the car they almost fall out. At the post office the cost was $3.77. I give them 4 coins and get back 2 dimes and 3 pennies (5 coins), which almost fall out of my pocket on the way home where they are put in the change jar.
Basically, I gave it a try and it failed. If I was going to the Post office at the end of 5 errands I would have had these coins in my pocket all day long. That's just not going to happen.
Long live the Dollar Bill !! But keep the dollar coins for those who what to use them.
By they way, ditch the penny.
Al
<< <i>I opened a roll, no errors ofcourse, I figure I need to spend them. I'm going to the post office, I take 5 coins. They are in my pocket and while in the car they almost fall out. At the post office the cost was $3.77. I give them 4 coins and get back 2 dimes and 3 pennies (5 coins), which almost fall out of my pocket on the way home where they are put in the change jar. >>
Sounds like more a problem with your pants than the coins. I never have coins falling out of my 501s.
<< <i>Recently I've been putting around 10 of the dollar coins in my pocket and I've been using them for lunch this past week. So far they work good. Today I am going to bring an Ike, Susan B, sac, kennedy half, and GW and see what the cashier at McDonalds has to say. >>
You start putting $100 Plats in your pocket - expect to see me get a job at McDonald's !
new Crisp $2 Bills - and get the same response.
Up and Down Ventura Blvd., I spend em' whenever
and wherever I can, and folks love gettin' 'em.......
<< <i>Who does market research for the Treasury and U.S. Mint anyway? >>
Congress.
Between three-Martini fundraisers, they are in touch with the average American and ask what they think. BWUAAAAAAAHHHH!!!!
Just my opinion....stick a 10, 20, 50, or 100 dollar coin out there and see how many of them you get in circ......I bet even less than the dollar coin....
AL
<< <i>I think the dollar coin is not seen in circulation because people like to hoard them because of their weight....If I steal 5000 bucks from you in currency its not heavy....5000 in coin is a different story....slows the theif down and makes them work for it......
Just my opinion....stick a 10, 20, 50, or 100 dollar coin out there and see how many of them you get in circ......I bet even less than the dollar coin....
AL >>
I don't know. It's an interesting thought. I do know that it is easy to hoard low denominations. Look at all the cent hoarders. I think the Prez $s will be hoarded especially that rare upside down lettered coin that I just bought for $10
I have bunches of Silver Certficate $1 bills but very few $5 and $10 let alone the higher denominations.
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<< <i>There is a lot for the $1 in cash registers - but they are always full of paperclips, rubberbands, and so on. >>
You mean the half-dollar slot?
Actually, rising prices increases supply, not demand.
Nope when prices rise demand increases. Platimum eagles are a perfect example. The price increase makes people want them.
<< <i>Actually, rising prices increases supply, not demand.
Nope when prices rise demand increases. Platimum eagles are a perfect example. The price increase makes people want them. >>
Neither rising supply nor demand but rather a "shift" in the demand or supply curve. As price goes up demand goes down, all things being equal. But if prices go up and so does demand then that represents an economic shift in the demand curve. Price could also rise as supply dwindles causing and downward shift in the supply curve.
Note that as more supply becomes available the supply curve could shift downward causing price to fall.
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<< <i>
<< <i>I have to agree, I just don't see the public acceptance of these. >>
The collector base will rise, but until we re-design vending machines or re-fit them at an economical cost, they sure don't seem useful in commerce. They cannot be too popular when they don't fit a machine. >>
I use Sacs in vending machines all the time. The Pres $ are the same size, and same electronic signature. The vending industry appears to be a big proponent of them.
<< <i>There really isn't a logical or strategic argument for the failure. >>
There is absolutely a logical AND strategic reason for their failure. Given the choice between keeping something familiar and convenient vs. choosing something new and unfamiliar, people will opt to keep the familiar every time. Perfectly logical