"government is not reason, it is not eloquence-it is a force! like fire, it is a dangerous servant and a fearful master; never for a moment should it be left to irresponsible action." George Washington
Seems like all the major news organizations are picking up on the fact the the dollar coin is not being used or circulated.
Yet, every single story leans toward the apparent lunacy Irequired by law) of the US Mint in continuing to produce these instead of the apparent lunacy of the Federal Reserve in continuing to produce paper bills!
Very one sided towards eliminating the dollar coin instead of eliminating the paper dollar.
I'm beginning to smell the end in that Congress WILL bend over for public opinion and modify the Presidential Dollar Act to limit production instead of ordering the Federal Reserve Bank (their money suppliers) to stop producing the rag buck!
As collectors, we'll be committed to purchasing these coins in Collectors rolls at $35.95 to continue the sets exactly the same as the Kennedy Half Dollar.
I decided to change calling the bathroom the John and renamed it the Jim. I feel so much better saying I went to the Jim this morning.
Anyone get the feeling that the feds are stockpiling them for the day they stop making the paper dollars?
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
<< <i>Anyone get the feeling that the feds are stockpiling them for the day they stop making the paper dollars? >>
Not according to the article:
"The answer has to do with a legislative requirement of the coin program that was intended to ensure an adequate supply for commerce. By law, the Board of Governors of the Federal Reserve System must ensure that each design of the presidential $1 coin series released is available to financial institutions during an introductory period. To meet this requirement, the reserve banks are compelled to order new $1 coins from the Mint four times per year." This means that the Federal Reserve HAS to order these in case any "member banks" want a specific president during its "introductory period".
Specific quote from the PDA: ‘‘(D) ensuring that— ‘‘(i) during an introductory period, all institutions that want unmixed supplies of each newly-issued design of $1 coins minted under subsections (n) and (o) are able to obtain such unmixed supplies; and ‘‘(ii) circulating coins will be available for ordinary commerce in packaging of sizes and types appropriate for and useful to ordinary commerce, including rolled coins;"
The articale later refers to the "requirement" as "inflated demand".
As I said, I'm beginning to smell a Susan B. Anthony fiasco brewing here simply over "public opinion" distated to the public by one side press coverage.
Something will have to give. Either legislation will get passed eliminating the dollar bill (in these politically tumultuous times I hardly expect this) or legislation will get passed modifying the Presidential Dollar Coin Act to minimize production of these "collector only coins" to appease public disgust at the governments waste.
I decided to change calling the bathroom the John and renamed it the Jim. I feel so much better saying I went to the Jim this morning.
They wouldn't get rid of the paper dollar overnight. They would stop printing them and they would continue to circulate until they gradually wear out and leave circulation.
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
<< <i>Anyone get the feeling that the feds are stockpiling them for the day they stop making the paper dollars? >>
Not according to the article:
"The answer has to do with a legislative requirement of the coin program that was intended to ensure an adequate supply for commerce. By law, the Board of Governors of the Federal Reserve System must ensure that each design of the presidential $1 coin series released is available to financial institutions during an introductory period. To meet this requirement, the reserve banks are compelled to order new $1 coins from the Mint four times per year." This means that the Federal Reserve HAS to order these in case any "member banks" want a specific president during its "introductory period".
Specific quote from the PDA: ‘‘(D) ensuring that— ‘‘(i) during an introductory period, all institutions that want unmixed supplies of each newly-issued design of $1 coins minted under subsections (n) and (o) are able to obtain such unmixed supplies; and ‘‘(ii) circulating coins will be available for ordinary commerce in packaging of sizes and types appropriate for and useful to ordinary commerce, including rolled coins;"
(3) Coordination.— The Board of Governors of the Federal Reserve System and the Secretary shall take steps to ensure that an adequate supply of $1 coins is available for commerce and collectors at such places and in such quantities as are appropriate by— : : : ...(D) ensuring that— ......(i) during an introductory period, all institutions that want unmixed supplies of each newly-issued design of $1 coins minted under subsections (n) and (o) are able to obtain such unmixed supplies; and ......(ii) circulating coins will be available for ordinary commerce in packaging of sizes and types appropriate for and useful to ordinary commerce, including rolled coins;
There's nothing there that says that the institutions must receive them... the words are "that want unmixed"....
again... from another thread.... I get the impression "to meet demand" is all the mint has to do.
<< <i>How many is enough to get rid of the ragbuck?
It just seems like the billions that must be in storage somewhere have got to be enough. >>
...wasn't there a report somewhere that the feds have enough in the fed banks, to last 12 years?
"government is not reason, it is not eloquence-it is a force! like fire, it is a dangerous servant and a fearful master; never for a moment should it be left to irresponsible action." George Washington
<< <i>(3) Coordination.— The Board of Governors of the Federal Reserve System and the Secretary shall take steps to ensure that an adequate supply of $1 coins is available for commerce and collectors at such places and in such quantities as are appropriate by— : : : ...(D) ensuring that— ......(i) during an introductory period, all institutions that want unmixed supplies of each newly-issued design of $1 coins minted under subsections (n) and (o) are able to obtain such unmixed supplies; and ......(ii) circulating coins will be available for ordinary commerce in packaging of sizes and types appropriate for and useful to ordinary commerce, including rolled coins;
There's nothing there that says that the institutions must receive them... the words are "that want unmixed"....
again... from another thread.... I get the impression "to meet demand" is all the mint has to do. >>
Make no mistake Morrisine, The Federal Reserve is not the institution which is being referenced in the law since the US Mint makes them and the Federal Reserve "distributes" them.
To insure that when an "institution" (i.e. a member bank of the Federal Reserve) orders them, there needs to be a supply on hand to address theose orders.
This means that the Federal Reserve MUST order them (made) from the US Mint in anticipation of orders during the "introductory period".
Too often we associate the US Mint and the Federal Reserve Bank as one and the same and they are not. The Federal Reserve Bank is the ONLY customer of the US Mint for circulating US coinage. Some exception have come on board lately such as those that order the $50,000 ballista bags of America the Beautiful (sue me) quarters but other than that, its all the Federal Reserve Bank.
The Federal Reserve Bank distributes coin to its member banks and is apparently required by the law to order these for the introductory period.
As is typical, the entire reason behind the dollar coin (saving money over the long term) has been lost with all the reports being generated to congress. The sad reality is that small and big business has no incentive to order dollar coins and use them in daily transactions. The net result is you never see the coins in cash drawers because now merchants would have to "retrain" their clerks so that they're not giving the coins out as "the new quarters"! If anything at all, a merchants decision to start ordering and using dollar coins would cost them money as I have yet to see a person turn down these dollar coins except for a few cranky-pants posters on some public forums.
There is absolutly no reason that the paper dollar cannot be eliminated and replaced by a dollar coin. None!
But, if you'll take note, ALL the press reports state that the coin isn't circulating except for collectors which is absolutely correct. However the REASON they are not circulating is that few people even know about them because small and big business has not incorporated their use in daily cash transactions. Until that happens, the coin will simply fail.
The ONLY SOLUTION is to eliminate the paper dollar and the folks reporting on the success or failure of the coin are the same folks that make a living off of producing the paper dollar.
Welcome to America!
I decided to change calling the bathroom the John and renamed it the Jim. I feel so much better saying I went to the Jim this morning.
I realize, but after 3 years of demand, I'd think it would be easy for the Fed to anticipate demand. I'd think it'd be easy for the mint to anticipate demand.
As I said, I'm beginning to smell a Susan B. Anthony fiasco brewing here simply over "public opinion" distated to the public by one side press coverage.
Something will have to give. Either legislation will get passed eliminating the dollar bill (in these politically tumultuous times I hardly expect this) or legislation will get passed modifying the Presidential Dollar Coin Act to minimize production of these "collector only coins" to appease public disgust at the governments waste. >>
What happened to the $500, $1,000, $5,000 and $10,000 notes? On July 14, 1969, the Department of the Treasury and the Federal Reserve System announced that currency notes in denominations of $500, $1,000, $5,000, and $10,000 would be discontinued immediately due to lack of use. Although they were issued until 1969, they were last printed in 1945. These notes are legal tender and may be found in circulation today; however, most are probably in the hands of collectors. Link
Congress does not need to pass a law eliminating the dollar; albeit that is one solution. Rather, the Sec. of Treasury can take it upon himself and order the Bureau of Engraving and Printing to simply cease production; as occurred in 1969.
There is no law on the books respecting the denominations of Federal Reserve Notes. An attempt to pass a law to protect the "greenback" $1 denomination failed to pass in Congress in 1998, I believe.
Each year the BEP produces roughly 8 billion notes; 4 billion of which are $1 dollar notes. I believe we will need as many as 4-billion coins available to replace the $1 notes if the Treasury Dept. wants to cease producition of the rag buck.
This will probably happen a couple more years down the road, IMO.
"Please help us keep these boards professional and informative…. And fun." - DW --------------------------------------------------------------------------------------------------------------------------------------- BONGO HURTLES ALONG THE RAIN SODDEN HIGHWAY OF LIFE ON UNDERINFLATED BALD RETREAD TIRES
Comments
Yet, every single story leans toward the apparent lunacy Irequired by law) of the US Mint in continuing to produce these instead of the apparent lunacy of the Federal Reserve in continuing to produce paper bills!
Very one sided towards eliminating the dollar coin instead of eliminating the paper dollar.
I'm beginning to smell the end in that Congress WILL bend over for public opinion and modify the Presidential Dollar Act to limit production instead of ordering the Federal Reserve Bank (their money suppliers) to stop producing the rag buck!
As collectors, we'll be committed to purchasing these coins in Collectors rolls at $35.95 to continue the sets exactly the same as the Kennedy Half Dollar.
The name is LEE!
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
<< <i>Anyone get the feeling that the feds are stockpiling them for the day they stop making the paper dollars? >>
Can't replace the paper unless you have enough coinage to compensate it.
BINGO!!! Cheers, RickO
<< <i>Anyone get the feeling that the feds are stockpiling them for the day they stop making the paper dollars? >>
Not according to the article:
"The answer has to do with a legislative requirement of the coin program that was intended to ensure an adequate supply for commerce. By law, the Board of Governors of the Federal Reserve System must ensure that each design of the presidential $1 coin series released is available to financial institutions during an introductory period. To meet this requirement, the reserve banks are compelled to order new $1 coins from the Mint four times per year."
This means that the Federal Reserve HAS to order these in case any "member banks" want a specific president during its "introductory period".
Specific quote from the PDA: ‘‘(D) ensuring that—
‘‘(i) during an introductory period, all institutions
that want unmixed supplies of each newly-issued
design of $1 coins minted under subsections (n) and
(o) are able to obtain such unmixed supplies; and
‘‘(ii) circulating coins will be available for ordinary
commerce in packaging of sizes and types appropriate
for and useful to ordinary commerce, including rolled
coins;"
The articale later refers to the "requirement" as "inflated demand".
As I said, I'm beginning to smell a Susan B. Anthony fiasco brewing here simply over "public opinion" distated to the public by one side press coverage.
Something will have to give. Either legislation will get passed eliminating the dollar bill (in these politically tumultuous times I hardly expect this) or legislation will get passed modifying the Presidential Dollar Coin Act to minimize production of these "collector only coins" to appease public disgust at the governments waste.
The name is LEE!
<< <i>Anyone get the feeling that the feds are stockpiling them for the day they stop making the paper dollars? >>
I think I remember me stating that fact before.
It just seems like the billions that must be in storage somewhere have got to be enough.
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
<< <i>
<< <i>Anyone get the feeling that the feds are stockpiling them for the day they stop making the paper dollars? >>
Not according to the article:
"The answer has to do with a legislative requirement of the coin program that was intended to ensure an adequate supply for commerce. By law, the Board of Governors of the Federal Reserve System must ensure that each design of the presidential $1 coin series released is available to financial institutions during an introductory period. To meet this requirement, the reserve banks are compelled to order new $1 coins from the Mint four times per year."
This means that the Federal Reserve HAS to order these in case any "member banks" want a specific president during its "introductory period".
Specific quote from the PDA: ‘‘(D) ensuring that—
‘‘(i) during an introductory period, all institutions
that want unmixed supplies of each newly-issued
design of $1 coins minted under subsections (n) and
(o) are able to obtain such unmixed supplies; and
‘‘(ii) circulating coins will be available for ordinary
commerce in packaging of sizes and types appropriate
for and useful to ordinary commerce, including rolled
coins;"
>>
The text above can be found here: Pre. $1 coin Act
under: >>
(p) Removal of Barriers to Circulation of $1 Coin.— >>
:
:
:
...(D) ensuring that—
......(i) during an introductory period, all institutions that want unmixed supplies of each newly-issued design of $1 coins minted under subsections (n) and (o) are able to obtain such unmixed supplies; and
......(ii) circulating coins will be available for ordinary commerce in packaging of sizes and types appropriate for and useful to ordinary commerce, including rolled coins;
There's nothing there that says that the institutions must receive them... the words are "that want unmixed"....
again... from another thread.... I get the impression "to meet demand" is all the mint has to do.
<< <i>How many is enough to get rid of the ragbuck?
It just seems like the billions that must be in storage somewhere have got to be enough. >>
...wasn't there a report somewhere that the feds have enough in the fed banks, to last 12 years?
<< <i>Anyone get the feeling that the feds are stockpiling them for the day they stop making the paper dollars? >>
I think it is more likely the they are doing what the government does best, wasting money.
PS No pun intended
<< <i>(3) Coordination.— The Board of Governors of the Federal Reserve System and the Secretary shall take steps to ensure that an adequate supply of $1 coins is available for commerce and collectors at such places and in such quantities as are appropriate by—
:
:
:
...(D) ensuring that—
......(i) during an introductory period, all institutions that want unmixed supplies of each newly-issued design of $1 coins minted under subsections (n) and (o) are able to obtain such unmixed supplies; and
......(ii) circulating coins will be available for ordinary commerce in packaging of sizes and types appropriate for and useful to ordinary commerce, including rolled coins;
There's nothing there that says that the institutions must receive them... the words are "that want unmixed"....
again... from another thread.... I get the impression "to meet demand" is all the mint has to do. >>
Make no mistake Morrisine, The Federal Reserve is not the institution which is being referenced in the law since the US Mint makes them and the Federal Reserve "distributes" them.
To insure that when an "institution" (i.e. a member bank of the Federal Reserve) orders them, there needs to be a supply on hand to address theose orders.
This means that the Federal Reserve MUST order them (made) from the US Mint in anticipation of orders during the "introductory period".
Too often we associate the US Mint and the Federal Reserve Bank as one and the same and they are not. The Federal Reserve Bank is the ONLY customer of the US Mint for circulating US coinage. Some exception have come on board lately such as those that order the $50,000 ballista bags of America the Beautiful (sue me) quarters but other than that, its all the Federal Reserve Bank.
The Federal Reserve Bank distributes coin to its member banks and is apparently required by the law to order these for the introductory period.
As is typical, the entire reason behind the dollar coin (saving money over the long term) has been lost with all the reports being generated to congress. The sad reality is that small and big business has no incentive to order dollar coins and use them in daily transactions. The net result is you never see the coins in cash drawers because now merchants would have to "retrain" their clerks so that they're not giving the coins out as "the new quarters"! If anything at all, a merchants decision to start ordering and using dollar coins would cost them money as I have yet to see a person turn down these dollar coins except for a few cranky-pants posters on some public forums.
There is absolutly no reason that the paper dollar cannot be eliminated and replaced by a dollar coin. None!
But, if you'll take note, ALL the press reports state that the coin isn't circulating except for collectors which is absolutely correct. However the REASON they are not circulating is that few people even know about them because small and big business has not incorporated their use in daily cash transactions. Until that happens, the coin will simply fail.
The ONLY SOLUTION is to eliminate the paper dollar and the folks reporting on the success or failure of the coin are the same folks that make a living off of producing the paper dollar.
Welcome to America!
The name is LEE!
And the mint knows they are not circulating....
but they mint to demand???
<< <i>
As I said, I'm beginning to smell a Susan B. Anthony fiasco brewing here simply over "public opinion" distated to the public by one side press coverage.
Something will have to give. Either legislation will get passed eliminating the dollar bill (in these politically tumultuous times I hardly expect this) or legislation will get passed modifying the Presidential Dollar Coin Act to minimize production of these "collector only coins" to appease public disgust at the governments waste.
What happened to the $500, $1,000, $5,000 and $10,000 notes?
On July 14, 1969, the Department of the Treasury and the Federal Reserve System announced that currency notes in denominations of $500, $1,000, $5,000, and $10,000 would be discontinued immediately due to lack of use. Although they were issued until 1969, they were last printed in 1945. These notes are legal tender and may be found in circulation today; however, most are probably in the hands of collectors. Link
Congress does not need to pass a law eliminating the dollar; albeit that is one solution. Rather, the Sec. of Treasury can take it upon himself and order the Bureau of Engraving and Printing to simply cease production; as occurred in 1969.
There is no law on the books respecting the denominations of Federal Reserve Notes. An attempt to pass a law to protect the "greenback" $1 denomination failed to pass in Congress in 1998, I believe.
Each year the BEP produces roughly 8 billion notes; 4 billion of which are $1 dollar notes. I believe we will need as many as 4-billion coins available to replace the $1 notes if the Treasury Dept. wants to cease producition of the rag buck.
This will probably happen a couple more years down the road, IMO.
---------------------------------------------------------------------------------------------------------------------------------------
BONGO HURTLES ALONG THE RAIN SODDEN HIGHWAY OF LIFE ON UNDERINFLATED BALD RETREAD TIRES
<< <i>Anyone get the feeling that the feds are stockpiling them for the day they stop making the paper dollars? >>
Sounds good to me. Dollar coins in circulation will make metal detecting a mite bit more interesting.
https://www.pcgs.com/setregistry/gold/liberty-head-2-1-gold-major-sets/liberty-head-2-1-gold-basic-set-circulation-strikes-1840-1907-cac/alltimeset/268163