they are a better investment for the US (about 12 cents to make a dollar coin that lasts 30 years vs 4c for a $1 bill that lasts 18 months), thats why Congress wants them
<< <i>they are a better investment for the US (about 12 cents to make a dollar coin that lasts 30 years vs 4c for a $1 bill that lasts 18 months), thats why Congress wants them >>
Perhaps people do not want to admit the extent that inflation has diminished the dollar's value, but, the following would make some sense:
(1) Eliminate the dollar bill in favor of the dollar coin. (2) Eliminate the 1 cent piece
If this is done, when compared to the situation in 1970, the current dollar coin has less perchasing power than a quarter, and the nickel has less purchasing power than a "penny".
The reluctance to do this is in part a matter of habit, but it may reflect an unwillingness to bring to the fore a discussion of the long term implications of inflation.
Lots of people here say that the vending machines don't take dollar coins. Have you tried a dollar coin in a machine lately? All the machines where I work (about 50-60 machines) DO take dollar coins and have for years. I've been useing Sackies to buy a 20 oz. pop for several years now. Its SOOOO much easier than trying to feed a paper dollar into the machine.
<< <i>Who does market research for the Treasury and U.S. Mint anyway? >>
Triangle Research Institute.
So far the government has paid them four times to study and make recommendations on the future needs of coinage. Four times the answer has come back: Eliminate the cent, eliminate the half dollar, introduce a small size dollar with distinctive color and design, eliminate the dollar bill because if it is not eliminate the dollar coin will not succeed.
So far the only part of the recommendations they have implimented are the small dollar, which the first time they ignored the part about giving it a distinctive color. Then 26 years after the first report they stopped the half dollar, but only because the Fed stopped ordering them.
So don't blame the researchers if the clients ignore the results of the reasearch.
As for the comments about the vending machines not taking them, every vending machine manufatured in the past 28 years has been ABLE to accept the dollar coin. (There probably aren't a whole lot of 28 plus year old vending machines still out there, and some of those were swapped back in 79.) The problem is the vending company hasn't bothered to set the machine to take them. All you have to do to convert the machine to take dollar coins is to flip a toggle switch from Reject dollar coins to Accept dollar coins. And you loosen a screw by the coin slot and slide a metal plate over so the opening is wide enough for the coin to enter. Re-tighten the screw and you're done.
<< <i>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 ? >>
And they don't want a big coin, or a small coin, and they would like for them to have silver and gold in them again. They also want a lot of other things like high government spending but low taxes, big cars with high gas mileage and cheap gas. In short the general public want a lot of things which aren't practical or possible.
We either need to switch from the paper dollar to the dollar coin, or alternatively, put an iron next to every vending machine so we can iron those paper dollars until the vending machines accept the bills!
And I agree, let's eliminate the cent after 2009, it's not worth anything, you can get them for free at half the cash registers in this country, so they gotta be worth nothing!
An authorized PCGS dealer, and a contributor to the Red Book.
Comments
<< <i>they are a better investment for the US (about 12 cents to make a dollar coin that lasts 30 years vs 4c for a $1 bill that lasts 18 months), thats why Congress wants them >>
All things aren't equal - people are involved.
<< <i>You mean the half-dollar slot? >>
I guess, but we all know that half dollars do not circulate.
So is it the powerful cash registrer drawer lobby keeping the coins down?
Yes! Mike
(1) Eliminate the dollar bill in favor of the dollar coin.
(2) Eliminate the 1 cent piece
If this is done, when compared to the situation in 1970, the current dollar coin has less perchasing power than a quarter, and the nickel has less purchasing power than a "penny".
The reluctance to do this is in part a matter of habit, but it may reflect an unwillingness to bring to the fore a discussion of the long term implications of inflation.
<< <i>Who does market research for the Treasury and U.S. Mint anyway? >>
Politicians... yknow, the ones that introduce these bills in Congress and get them passed...
42/92
<< <i>
<< <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? >>
Perfect. And a pretty good hint about the viability of a $1 coin in circulation.
Apropos of the coin posse/aka caca: "The longer he spoke of his honor, the tighter I held to my purse."
Have you tried a dollar coin in a machine lately? All the machines where I work (about 50-60 machines) DO take dollar coins and have for years. I've been useing Sackies to buy a 20 oz. pop for several years now. Its SOOOO much easier than trying to feed a paper dollar into the machine.
<< <i>Who does market research for the Treasury and U.S. Mint anyway? >>
Triangle Research Institute.
So far the government has paid them four times to study and make recommendations on the future needs of coinage. Four times the answer has come back: Eliminate the cent, eliminate the half dollar, introduce a small size dollar with distinctive color and design, eliminate the dollar bill because if it is not eliminate the dollar coin will not succeed.
So far the only part of the recommendations they have implimented are the small dollar, which the first time they ignored the part about giving it a distinctive color. Then 26 years after the first report they stopped the half dollar, but only because the Fed stopped ordering them.
So don't blame the researchers if the clients ignore the results of the reasearch.
As for the comments about the vending machines not taking them, every vending machine manufatured in the past 28 years has been ABLE to accept the dollar coin. (There probably aren't a whole lot of 28 plus year old vending machines still out there, and some of those were swapped back in 79.) The problem is the vending company hasn't bothered to set the machine to take them. All you have to do to convert the machine to take dollar coins is to flip a toggle switch from Reject dollar coins to Accept dollar coins. And you loosen a screw by the coin slot and slide a metal plate over so the opening is wide enough for the coin to enter. Re-tighten the screw and you're done.
<< <i>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 ? >>
And they don't want a big coin, or a small coin, and they would like for them to have silver and gold in them again. They also want a lot of other things like high government spending but low taxes, big cars with high gas mileage and cheap gas. In short the general public want a lot of things which aren't practical or possible.
And I agree, let's eliminate the cent after 2009, it's not worth anything, you can get them for free at half the cash registers in this country, so they gotta be worth nothing!
An authorized PCGS dealer, and a contributor to the Red Book.