Gauntlet
Forum Supporter
Doing away with dollar coins
- Thread starter dan
- Start date
dan
Elite Member
Are you doubting the other sources? Why would they lie? I didn't find any "official" sources, but I didn't look very hard (I'm multitasking, trying to keep up with a basketball game, so having some trouble concentrating here).
Where in Indiana? I grew up on the west side of Indianapolis (Ben Davis HS, 1965; Purdue 1969). Also lived in Logansport and Lebanon. My parents live in Lafayette.
Where in Indiana? I grew up on the west side of Indianapolis (Ben Davis HS, 1965; Purdue 1969). Also lived in Logansport and Lebanon. My parents live in Lafayette.
Gauntlet
Forum Supporter
I doubt everything 
Ever hear the old saying "Believe none of what you hear and only half of what you see"? Do you believe everything you read on the internet?
No offense Dan, but my request for a link was directed to CM, and you jumped-in with dated material, which didn't do anything to satisfy my curiosity, and as I showed, your links gave quite a difference on the cost of bills. I simply find it hard to believe that printing paper bills and minting coins (both in $1 denominations) are equal in cost, as CM claimed. I mean I'm not going to lose any sleep over it, it just got me curious, that's all.
I'm currently in Anderson (just NE of Indy). Been in Lebanon (dated a gal there), and Lafayette (last ex-wife was from there). Must have something to do with my fear of traveling
Ever hear the old saying "Believe none of what you hear and only half of what you see"? Do you believe everything you read on the internet? No offense Dan, but my request for a link was directed to CM, and you jumped-in with dated material, which didn't do anything to satisfy my curiosity, and as I showed, your links gave quite a difference on the cost of bills. I simply find it hard to believe that printing paper bills and minting coins (both in $1 denominations) are equal in cost, as CM claimed. I mean I'm not going to lose any sleep over it, it just got me curious, that's all.
I'm currently in Anderson (just NE of Indy). Been in Lebanon (dated a gal there), and Lafayette (last ex-wife was from there). Must have something to do with my fear of traveling
hillbillydigger
Elite Member
I had read a similar article a few days ago that stated the reason they are phasing out the dollar coins is the banks can't get rid of them. They claim the banks have sent tons of the coins back to the Reserve because customers don't want to carry them in their pockets. Now the Reserve is spending billions building vaults to keep these coins stored in. Would be cheaper if they just dropped them by air over all the parks in the US and let us find them. Sorta a new idea for a stimulus plan that would definitely put money back into the economy and be cheaper than warehousing the coins. 
Coin_Master
Moved On
I had read a similar article a few days ago that stated the reason they are phasing out the dollar coins is the banks can't get rid of them. They claim the banks have sent tons of the coins back to the Reserve because customers don't want to carry them in their pockets. Now the Reserve is spending billions building vaults to keep these coins stored in. Would be cheaper if they just dropped them by air over all the parks in the US and let us find them. Sorta a new idea for a stimulus plan that would definitely put money back into the economy and be cheaper than warehousing the coins.
This just in....man killed by falling coin.
BottlecapBill
Senior Member
money
Here is the thing the smart american politicians haven't caught onto yet. As long as you have PAPER bills in circulation, nobody is going to use the coins! Fact! Stop producing the 1 dollar bill and those one dollar coins will fly out of the wharehouses. This is not rocket science lol.
Now the real quandry is this. The new polymer money has a long lifespan as well. Maybe not as long as a coin but............depending on the cost(I have no clue), replacing all money with polymer bills may have a huge cost savings with the benefit of long life and lite weight. So once again the coins will go unused lol.
Here is the thing the smart american politicians haven't caught onto yet. As long as you have PAPER bills in circulation, nobody is going to use the coins! Fact! Stop producing the 1 dollar bill and those one dollar coins will fly out of the wharehouses. This is not rocket science lol.
Now the real quandry is this. The new polymer money has a long lifespan as well. Maybe not as long as a coin but............depending on the cost(I have no clue), replacing all money with polymer bills may have a huge cost savings with the benefit of long life and lite weight. So once again the coins will go unused lol.
I have a bunch of dollar coins. But I don't want to spend them b/c they are (A) pretty flippin cool and (B) don't go in my wallet. I love them and hate them at the same time.
I would like the FED to barge them over to Miami Beach and sink the ship on an episode of Burn Notice. Then they will slowly wash up on the beaches for me to find and hoard.
I would like the FED to barge them over to Miami Beach and sink the ship on an episode of Burn Notice. Then they will slowly wash up on the beaches for me to find and hoard.
BottlecapBill
Senior Member
coins
Oh! I know.........they should pay off some foreign debt with them. Send them to china!
Oh! I know.........they should pay off some foreign debt with them. Send them to china!
dan
Elite Member
I get it! Inflation hits the old "Pennies from Heaven" song!
hillbillydigger
Elite Member
Or just pass a law children must be paid allowance in dollar coins only and must be taken weekly to playground.
dan
Elite Member
And they have to carry their allowance in their pockets, and they have to swing upside down on the monkey bars.
hillbillydigger
Elite Member
Oh! I know.........they should pay off some foreign debt with them. Send them to china!
Hey!!!! That was my idea!!!
Good point... IMO the similarities issue is ridiculous. What, do we Americans have so much money that when we buy our $1.25 soda at the gas station we carelessly put our hands in our pockets and slam 2 dollar coins on the table thinking one is a quarter and the other is a dollar coin, all while having our eyes glued to our iphones? I think not.
As for the weight issue... you are right cm, no one that I know carries 20 $1 bills around.
Gauntlet
Forum Supporter
I looked on this site, and saw nothing about costs to produce. Again, where can I find the info you stated you got from that site? Seems you're choosing to avoid providing the info to prove your statement.
it seems to me that the only people i see that get the dollar coins are the collecters.
if you want them you have to ask for them.
when was the last time anyone recieved a dollar coin during any transaction?
i think the mint has wisened up to the fact that they can make some serious money by just catering to the collecter hence only releasing limited additions that you can get new only from their web sight or from a dealer.
gl2u
if you want them you have to ask for them.
when was the last time anyone recieved a dollar coin during any transaction?
i think the mint has wisened up to the fact that they can make some serious money by just catering to the collecter hence only releasing limited additions that you can get new only from their web sight or from a dealer.
gl2u
BillZ
Elite Member
I love dollar coins but would hate to see a stripper with a big bulge of dollar coins in her G string.
It would kinda turn me off.
I find dollar coins fairly regularly around here. The ticket machines at the DC subway stations give them out for change instead of bills.
It would kinda turn me off.
I find dollar coins fairly regularly around here. The ticket machines at the DC subway stations give them out for change instead of bills.
beachdude
Elite Member
The arguments many Americans are making against using dollar coins are the same ones we Canadians were making in the lead up to the introduction of our $1 coin, the "Loonie". Some of the arguments are absolutely silly: ' the weight of the coins will make holes in people's pockets and create extra expense for clothing manufacturers!' I guess that since most clothing is made in China now, there won't be much of a US clothing industry to appease.
In a nutshell, it boils down to people's aversion to change. (*triple points for pun*)
We have grown to love our $1 and $2 coins, the Loonie and the Toonie, and as a metal detectorist, I have to say, they can really add up fast. My short beach hunt yesterday paid off nicely (see a Toonie and loonies on the right):
What Canada did to introduce them was start prepping the public that the $1 bill was being eliminated with a pretty long lead time. Then the government introduced the coin and started pulling the bills out of circulation. Removing the bills from circulation is key. Within no time, people here were comfortable with the coins. So much so, that we gave them cute nicknames. When people start giving their money nicknames, you know they are hooked.
What you Americans need is a nicely designed coin, not something weird looking like the Sacagawea or Susan B Anthony - those are pretty hideous IMO. Considering your history of designing classically beautiful coins like the Mercury dime, and seeing as our national symbols are different (we like waterfowl, beavers, and bears, you Americans like freedom and liberty and blowing stuff up), perhaps something like a modern reissue of the Morgan or Peace Dollar would please most Americans...
You could call it the Freedom Dollar, the "freebee" !
Anyway, as an MDer, I love our Loonies and Toonies. I have already paid for my Whites M6 more than once, just with clad, and I only started detecting in August!
In a nutshell, it boils down to people's aversion to change. (*triple points for pun*)
We have grown to love our $1 and $2 coins, the Loonie and the Toonie, and as a metal detectorist, I have to say, they can really add up fast. My short beach hunt yesterday paid off nicely (see a Toonie and loonies on the right):
What Canada did to introduce them was start prepping the public that the $1 bill was being eliminated with a pretty long lead time. Then the government introduced the coin and started pulling the bills out of circulation. Removing the bills from circulation is key. Within no time, people here were comfortable with the coins. So much so, that we gave them cute nicknames. When people start giving their money nicknames, you know they are hooked.
What you Americans need is a nicely designed coin, not something weird looking like the Sacagawea or Susan B Anthony - those are pretty hideous IMO. Considering your history of designing classically beautiful coins like the Mercury dime, and seeing as our national symbols are different (we like waterfowl, beavers, and bears, you Americans like freedom and liberty and blowing stuff up), perhaps something like a modern reissue of the Morgan or Peace Dollar would please most Americans...
You could call it the Freedom Dollar, the "freebee" !
Anyway, as an MDer, I love our Loonies and Toonies. I have already paid for my Whites M6 more than once, just with clad, and I only started detecting in August!
hillbillydigger
Elite Member
The arguments I've read in articles are American men would be forced to carry some kind of change purse/coin holder to keep their coins together and you'll never convince our men to do that. Personally I don't think its a big deal as the only people I know who still use cash instead of debit cards are the over 60 crowd.
