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What is going to happen to all the presidential dollars?
pennyannie
Posts: 3,929 ✭✭✭
Every year the mints keeps cranking them out, every year i see none used daily except for the ones i spend. Will these coins just take up vault space for decades to come or do you think the public will wake up one day and start using them? I have around 400 rolls and i was thinking about opening all of mine and paying my yearly house taxes that are due Jan. 29th. Can the local tax office refuse to take 10,000 dollar coins? I would guess that they will weight close to 175 pounds?
Mark
NGC registry V-Nickel proof #6!!!!
working on proof shield nickels # 8 with a bullet!!!!
RIP "BEAR"
NGC registry V-Nickel proof #6!!!!
working on proof shield nickels # 8 with a bullet!!!!
RIP "BEAR"
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If they cut back to issuing "Collector Only" rolls and bags, look for a big sale by the US Mint (Like they did with the 2001 Kennedy Halves and SBA's).
As for paying your taxes with them, they have all the right in the world to refuse accepting the coins.
The name is LEE!
<< <i>The last I knew, the only coins they can refuse are cents. >>
Actually, they have the right to refuse ANY type of payment which they are not equipped to handle and 400 rolls of Presidential Dollars may just fill that bill.
The name is LEE!
my point is, you went to the trouble to accumulate them... why spend them for face value, and why in a way (tax office) that may lead to conflict or other additional trouble?
I myself have a roll set going, plus a select set of the P and Ds, no smoothies or other varieties..
have you checked your 10000 coins for those?
Liberty: Parent of Science & Industry
In 50 years or so
Everybody will be going to B&M shops with them
Menomonee Falls Wisconsin USA
http://www.pcgs.com/SetRegistr...dset.aspx?s=68269&ac=1">Musky 1861 Mint Set
The battle scars of all the good times
<< <i>They will sit and sit until either the dollar bill gets squashed or somebody wakes up and realizes that folks just ain;t gonna use them so why continue to make them!
>>
Go Green!
Go Gold!
They'll keep printing fives, though.
<< <i>one possiblility I've thought over is that they are waiting until there is sufficient supply on the sidelines to quit printing $1 bills. As soon as they announce it, all the $1 bills will quickly be hoarded so that is billions of $ out of circulation at the profit of the US govt. The coins will be there to fill the gap immediately. --Jerry >>
Gardnerville, NV
=========================
Our Website -->Innovation, Native & Presidential Dollar Errors, Lincoln Cents and more
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2072.
<< <i>one possibility I've thought over is that they are waiting until there is sufficient supply on the sidelines to quit printing $1 bills. As soon as they announce it, all the $1 bills will quickly be hoarded so that is billions of $ out of circulation at the profit of the US govt. The coins will be there to fill the gap immediately. --Jerry >>
Very possible scenario. Don't think for a minute that the government doesn't take advantage of the monetary commitment they are, for the most part, relieved of by collectors hoarding coins/currency.
<< <i>GSA.
2072. >>
hope it's okay to nominate that for a "good humor" post.
<< <i>why did you acquire 400 rolls? do you suppose others may want to acquire them from you someday?
my point is, you went to the trouble to accumulate them... why spend them for face value, and why in a way (tax office) that may lead to conflict or other additional trouble?
I myself have a roll set going, plus a select set of the P and Ds, no smoothies or other varieties..
have you checked your 10000 coins for those? >>
The reason i have put back 400 rolls is because i did not buy very many slabbed coins in 2009. If i would have put my coin money in the bank the other half would have spent it. If i would have put 100 dollar bills in the safe i would have spent that. I hate paying property tax and thought about opening all the rolls and carry in a big bank bag or "gold coins". The local tax office is always busy on the last business day in January. ( penalties are added on Feb. 1st)
I got most of the rolls at the local bank and they hate having to go to the vault and get them. I ordered a few 10 roll boxes from the government and did not even get miles.
I see that my 2010 Sacs shipped out today.
BTW i may not have 400 rolls tommorow, my wife did not know i had them unless she looks in the safe while i am out of town. Until she reads this thread. lol
NGC registry V-Nickel proof #6!!!!
working on proof shield nickels # 8 with a bullet!!!!
RIP "BEAR"
<< <i>
<< <i>why did you acquire 400 rolls? do you suppose others may want to acquire them from you someday?
my point is, you went to the trouble to accumulate them... why spend them for face value, and why in a way (tax office) that may lead to conflict or other additional trouble?
I myself have a roll set going, plus a select set of the P and Ds, no smoothies or other varieties..
have you checked your 10000 coins for those? >>
The reason i have put back 400 rolls is because i did not buy very many slabbed coins in 2009. If i would have put my coin money in the bank the other half would have spent it. If i would have put 100 dollar bills in the safe i would have spent that. I hate paying property tax and thought about opening all the rolls and carry in a big bank bag or "gold coins". The local tax office is always busy on the last business day in January. ( penalties are added on Feb. 1st)
I got most of the rolls at the local bank and they hate having to go to the vault and get them. I ordered a few 10 roll boxes from the government and did not even get miles.
I see that my 2010 Sacs shipped out today.
BTW i may not have 400 rolls tommorow, my wife did not know i had them unless she looks in the safe while i am out of town. Until she reads this thread. lol
Your wife has the combination to your safe????
<< <i>one possiblility I've thought over is that they are waiting until there is sufficient supply on the sidelines to quit printing $1 bills. As soon as they announce it, all the $1 bills will quickly be hoarded so that is billions of $ out of circulation at the profit of the US govt. The coins will be there to fill the gap immediately. --Jerry >>
That is a very real possibility.
Say somethings finished and then everybody turns into a friggin collector! Sheesh!
The name is LEE!
and in 100 years they will be packaged in little plastic boxes and sold to collectors for $30
and they will be greatly collected and prized
especially the ones that got wonderful colorful toning from being next to the cloth
<< <i>They will sit and sit until either the dollar bill gets squashed or somebody wakes up and realizes that folks just ain;t gonna use them so why continue to make them!
If they cut back to issuing "Collector Only" rolls and bags, look for a big sale by the US Mint (Like they did with the 2001 Kennedy Halves and SBA's).
As for paying your taxes with them, they have all the right in the world to refuse accepting the coins. >>
The Mint probably hopes we won't use them but put them away. Remember, the Mint makes $1 everytime a Presidential Dollar is taken out of circulation and not spent.
Ron
<< <i>they are going to be stored in pallet bag/bins in government caves
and in 100 years they will be packaged in little plastic boxes and sold to collectors for $30
and they will be greatly collected and prized
especially the ones that got wonderful colorful toning from being next to the cloth >>
From $1 to $30 in 100 years is 3.46% interest....not so good.
it might be a little higher now but probably not that much Link
so with the 423 million dollar coins made last year - the mint could easily make 300 million dollars
with the MSNBC article for 88 cents profit and the 423m made last year - thats a profit of 372 million dollars
thats probably how the mint can ship out these direct ship coins overnight for free and the push for making these huge
amounts of dollar coins
- just a thought .... Snowman
<< <i>What is going to happen to all the presidential dollars? >>
The govt found out that new coins can be used to shield against radiation..!!...so they are gonna crank out as many coins as they can and build more nuke plants and stockpile the waste....!!!...Eventualy 2000 years from now these coins will have a
magnificent "glow"..and be worth a fortune....!!!....
<< <i>They will sit and sit until either the dollar bill gets squashed or somebody wakes up and realizes that folks just ain;t gonna use them so why continue to make them!
If they cut back to issuing "Collector Only" rolls and bags, look for a big sale by the US Mint (Like they did with the 2001 Kennedy Halves and SBA's).
As for paying your taxes with them, they have all the right in the world to refuse accepting the coins. >>
I've read this whole thread and the linked thread above and still do not see any actual evidence that cents can be refused as payment.
Just a few people who state it as fact. Anyone have any actual precedent to back this up?
commoncents123, JrGMan2004, Coll3ctor (2), Dabigkahuna, BAJJERFAN, Boom, GRANDAM, newsman, cohodk, kklambo, seateddime, ajia, mirabela, Weather11am, keepdachange, gsa1fan, cone10
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Can ya imagine!~
<< <i>
<< <i>they are going to be stored in pallet bag/bins in government caves
and in 100 years they will be packaged in little plastic boxes and sold to collectors for $30
and they will be greatly collected and prized
especially the ones that got wonderful colorful toning from being next to the cloth >>
From $1 to $30 in 100 years is 3.46% interest....not so good. >>
Actually, wouldn't that be from $.07 to $30?
The name is LEE!
<< <i>I've read this whole thread and the linked thread above and still do not see any actual evidence that cents can be refused as payment.
Just a few people who state it as fact. Anyone have any actual precedent to back this up? >>
From here:
Q- I thought that United States currency was legal tender for all debts. Some businesses or governmental agencies say that they will only accept checks, money orders or credit cards as payment, and others will only accept currency notes in denominations of $20 or smaller. Isn't this illegal?
A- The pertinent portion of law that applies to your question is the Coinage Act of 1965, specifically Section 31 U.S.C. 5103, entitled "Legal tender," which states: "United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues."
This statute means that all United States money as identified above are a valid and legal offer of payment for debts when tendered to a creditor. There is, however, no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services. Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise. For example, a bus line may prohibit payment of fares in pennies or dollar bills. In addition, movie theaters, convenience stores and gas stations may refuse to accept large denomination currency (usually notes above $20) as a matter of policy.
And here:
Claim: U.S. law specifies that merchants do not have to accept more than 100 pennies in payment.
Status: False.
Misinformation that makes me wish web sites like this one had been around when I was a kid so I have could pointed my father toward it and told him to shut up already. I can't recall how many times he solemnly intoned that "Pennies are not legal tender in quantities greater than 100" and therefore merchants were "legally" allowed to refuse any offer of payment that included more than one hundred one-cent coins (and, presumably, could not "legally" refuse payment offered in any other form of legal tender). As with so many other things he was dead wrong (and I knew it even then), but I had no way of proving him wrong. I can now, though.
Title 31 (Money and Finance), Subtitle IV (Money), Chapter 51 (Coins and Currency), Subchapter I (Monetary System), Section 5103 (Legal Tender) of the United States Code states:
United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues. Foreign gold or silver coins are not legal tender for debts.
What this statute means, in the words of the United States Treasury, is that "[A]ll United States money . . . is a valid and legal offer of payment for debts when tendered to a creditor. There is, however, no Federal law mandating that a person or organization must accept currency or coins as for payment for goods and/or services."
That's it. All this means is that the Federal Reserve System must honor U.S. currency and coins, not necessarily anyone else.
fine reading for the day....
from the treasury/mint
If you are already bored, scan down to the bottom and read "bulk ship" just for fun. Perhaps CaptHenway can use it....
(PS: I can post info Re: Silver Hedging from the above document if people want.)
$1 COIN PROGRAMS
The United States Mint continued America's tribute to the Nation's Presidents in FY 2009, issuing four Presidential $1 Coins featuring Presidents Van Buren, Harrison, Tyler and Polk. We also issued the 2009 Native American $1 Coin, the first in a series of coins with reverse designs honoring the important contributions made by Indian tribes and individual Native Americans to the history and development of the United States. The 2009 coin commemorates the Native American contribution to agriculture. The central figure of "Sacagawea" remains on the obverse, but reverse designs will change each year to recognize a different contribution.
The Presidential $1 Coin Act (Public Law 109-145) mandates that the United States Mint identify, analyze and overcome barriers to the robust circulation of $1 coins. Likewise, the Native American $1 Coin Act (Public Law 110-82) requires the United States Mint to carry out an aggressive, cost-effective, continuing campaign to encourage commercial enterprises to accept and dispense Native American $1 coins. Promoting circulation and sustained usage of $1 coins also affords potential cost-savings for the Federal Government and taxpayers because the coins can be minted and issued at higher seigniorage per dollar than any other denomination.
FOUR CITY PILOT
The United States Mint developed a three-pronged pilot program to promote circulation of the $1 coins in FY 2008. The pilot focused on recruiting retailers to accept and dispense $1 coins in small cash transactions and facilitating their ordering of $1 coins through banks. Print and television advertising and public relations initiatives supported the retailer recruitment and activation. The marketing campaign centered on the durability and longevity of the coins; the 100 percent recyclable materials used to produce coinage; and the billions of dollars the Nation could save over time by using the $1 coins.
From August through November 2008, we launched the pilot in four markets across the United States to evaluate each strategy and its effectiveness in increasing $1 coin usage. We selected the following four cities: Grand Rapids, Michigan; Portland, Oregon; Charlotte, North Carolina; and Austin, Texas. These mid-sized markets not only were easier and more cost effective to manage, but also were demographically representative of the United States as a whole. We wanted to introduce and test each strategy on a small scale that, if successful, could be implemented at the national level.
Prior to the pilot, the number of coins the Federal Reserve Banks (FRB) paid out to commercial banks had been declining. Nationally, FRB $1 coin payments to banks fell 3 percent from the release of the John Quincy Adams Presidential $1 Coin prior to the pilot to the Martin Van Buren Presidential $1 Coin release during the pilot. We were able to reverse this trend within each pilot market and make notable gains. Overall, within the pilot markets, reported $1 coin payments to commercial banks for the same period increased an estimated 24 percent or 1.8 million coins. While our investment in the pilot was greater than this return, much of the gain was realized in the later weeks of the pilot when all stores of the participating retailers had fully converted to $1 coins.
We conducted a national survey to measure transactional usage of $1 coins prior and subsequent to the pilot. Adults were asked if they had used a $1 coin to pay for something or make a purchase in the past 12 months. The survey also measured rates of $1 coin possession and awareness. The baseline survey was conducted in late July before launching any communications. The second survey was conducted in late November and early December following the pilot's completion. Nationally, the percentage of respondents reporting they had used a $1 coin in a transaction declined slightly from 25 percent to 23 percent. Within the four markets, conversely, there was a statistically significant increase in the usage rate from 29 percent in the baseline survey to 33 percent following the pilot. This is a considerable achievement given that past campaigns for the Susan B. Anthony $1 Coin or the Sacagawea $1 Coin were unsuccessful at increasing usage of those coins.
The key lessons we learned from the pilot experience are that retail activation is a driver of $1 coin usage and focusing on large, national chains is essential to establishing robust $1 coin circulation. Six major retailers participated in the pilot. These retailers switched to the $1 coin to reinforce consumer perceptions of their goodwill, sustainability or "green" efforts. This was the first time the United States Mint achieved sustained, voluntary corporate commitments to distribute $1 coins. Working collaboratively with the headquarters staff of a national chain can yield thousands of outlets across the country accepting and dispensing $1 coins in everyday transactions. In addition to the pilot, we implemented new and enhanced existing efforts to increase $1 coin usage this year.
DIRECT SHIP
We continued the Circulating $1 Coin Direct Ship Program throughout FY 2009. Initiated in June 2008, the Direct Ship Program provides $1 coins for sale directly to banks, small retailers, and the public in smaller volumes than available through traditional FRB distribution. In FY 2009, we distributed 85.2 million $1 coins through the Direct Ship Program (62.6 million Native American $1 Coins and 22.6 million Presidential $1 Coins).
BULK SHIP
The United States Mint initiated a Bulk Ship Program in August FY 2009 to offer an additional mechanism for interested customers to order $1 coins in larger quantities. This program provides banks and larger retailers the opportunity to purchase a minimum of $140,000 in $1 coins directly from the United States Mint. In the initial two months of the program, we shipped 1.8 million Presidential $1 Coins through the Bulk Ship Program.
FEDERAL ENTITIES
We also continued efforts to assist Federal and other entities in complying with the requirements of the Presidential $1 Coin Act and the Native American $1 Coin Act. In late 2008, we worked with the Washington Metro Area Transit Authority (WMATA) to convert ticket machines at stations throughout Washington, DC and surrounding areas. All WMATA ticket machines began accepting and dispensing $1 coins in January 2009.
.....where's ecuador when you need them??
Your wife has the combination to your safe????
I have forgotten the combo so many times i had to tell her. lol
It is not like i have 1.8 million in Saints laying around.
NGC registry V-Nickel proof #6!!!!
working on proof shield nickels # 8 with a bullet!!!!
RIP "BEAR"
<< <i>Every year the mints keeps cranking them out, every year i see none used daily except for the ones i spend. Will these coins just take up vault space for decades to come or do you think the public will wake up one day and start using them? I have around 400 rolls and i was thinking about opening all of mine and paying my yearly house taxes that are due Jan. 29th. Can the local tax office refuse to take 10,000 dollar coins? I would guess that they will weight close to 175 pounds? >>
What I'd like to see is your house.
It's gotta be a mansion if your taxes are $10,000 a year.
Ray
commoncents123, JrGMan2004, Coll3ctor (2), Dabigkahuna, BAJJERFAN, Boom, GRANDAM, newsman, cohodk, kklambo, seateddime, ajia, mirabela, Weather11am, keepdachange, gsa1fan, cone10
-------------------------
<< <i>
<< <i>Every year the mints keeps cranking them out, every year i see none used daily except for the ones i spend. Will these coins just take up vault space for decades to come or do you think the public will wake up one day and start using them? I have around 400 rolls and i was thinking about opening all of mine and paying my yearly house taxes that are due Jan. 29th. Can the local tax office refuse to take 10,000 dollar coins? I would guess that they will weight close to 175 pounds? >>
What I'd like to see is your house.
It's gotta be a mansion if your taxes are $10,000 a year.
Ray >>
It is no manision i will tell you for sure. I did round it up a little. $8600 did not have the same sound as 10k. Taxes are about 1150 per 50k. Most of my duplexs are on the tax rolls for around 50k. Between my house, laND and duplexs i do not like the local tax office.
NGC registry V-Nickel proof #6!!!!
working on proof shield nickels # 8 with a bullet!!!!
RIP "BEAR"
I agree that $10k in annual property taxes is a pretty modest house in some places, in my town its a modest tract home of fewer than 2000 sq. ft.
Liberty: Parent of Science & Industry