Doing away with dollar coins

dan · Dec 22, 2011

For the past few years, several members of congress have been trying to get the US to phase out dollar bills and use dollar coins instead. Using coins instead of paper dollars will save us tons of money, they say.

But in a sudden about-face, the White House has just announced that the dollar coins will be virtually eliminated, except for those made for collectors.

This will save us tons of money, they say.

Looks like either way we'll save tons of money!

Huh?

Here's the story:
http://thetreasurecorner.com

Vethraxx · Dec 22, 2011

I like the new dollar gold coin. Bah.
I figured if they tried to other times of a dollar coin. Why should this one have lasted. I see a pattern here.

Heart of Gold · Dec 22, 2011

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wayne1956 · Dec 22, 2011

Personally I would not mind them replacing the bill with the dollar coin, or even in addition maybe a two dollar one like they have in Canada. May help to increase our clad finds!!!!

Snickers1 · Dec 22, 2011

I like the Eisenhower Dollar...It's big and you can tell by touch what it is...these other dollar coins you have to look at them to tell what they are.

Snickers1 · Dec 22, 2011

Heart of Gold said:
<<<DELETED BY ADMIN>>>

You Got That Right.

pulltabMiner · Dec 22, 2011

I think that any move to eliminate the dollar coin has a banking stink to it. I could be wrong but the coins are minted by the U.S. Government and the banks have to buy the coins.
Dollar bills are controlled by the Federal Reserve (not a government institution per say).
If someone knows more about this I would love to learn more.

Gauntlet · Dec 22, 2011

I think there was a discussion/post here a while back about this. They "coin" dead Presidents and the coins don't even get placed into circulation.

Saw a mention of this again the other night on the news and they said there's enough of these coins setting in vaults to "last for decades".

Captain Silver · Dec 22, 2011

I've never found ANY U.S. dollar coins, not a one.

Maybe I'm not looking in the right places...

Coin_Master · Dec 22, 2011

Each dollar bill costs 10 cents to print.

Each dollar coin costs about 10 cents to mint.

Congress used to argue that a dollar bill was cheaper to print, but since cotton has gone up in price, both are nearly the same price (10 cents).

A dollar bill only lasts about 2 years. Pull out the ones that you have, I bet over 75% of them are series 2009.

A dollar coin on the other hand, lasts THIRTY YEARS, or more.

So in a dollar coin's lifetime, 15 dollar bills will be printed.

So what makes more sense, making something for 10 cents that lasts 30 years, or printing something for 10 cents that lasts 2?

How do you confuse a dollar coin with a quarter? If your looking at your change, dollar coins are easily spotted by their gold color.

If your digging in your pocket the dollar coin has a smooth edge, and the quarter has a rough, reeded edge.

There are also people who argue that the coins will weigh them down. "I don't want to carry twenty of them in my pocket."

Who carries twenty 1 dollar bills? Exactly...

Canada has not used dollar bills since 1989. We need to stop being such a stick in the mud.

Gauntlet · Dec 22, 2011

Coin_Master said:
Each dollar bill costs 10 cents to print.

Each dollar coin costs about 10 cents to mint.

Where do you get your figures from? I believe it cost considerably more to mint a coin as opposed to printing paper money.

Coin_Master · Dec 22, 2011

Gauntlet said:
Where do you get your figures from? I believe it cost considerably more to mint a coin as opposed to printing paper money.

From the US Mint and the Bureau of Printing and engraving.

In 2008 it was only 6.4 cents, but the price of cotton has shot up.

Gauntlet · Dec 22, 2011

Got a link?

dan · Dec 22, 2011

Gauntlet said:
Got a link?

First google hit:

http://money.cnn.com/2011/03/08/news/economy/dollar_cotton_prices/index.htm

Gauntlet · Dec 22, 2011

dan said:
First google hit:

http://money.cnn.com/2011/03/08/news/economy/dollar_cotton_prices/index.htm

Nothing about minting cost there unless I missed it?

dan · Dec 22, 2011

Gauntlet said:
Nothing about minting cost there unless I missed it?

It says (third paragraph):

The government produced 6.4 billion new currency notes last year. Each one cost 9.6 cents to produce, including the cost of paper and printing.

dan · Dec 22, 2011

And for coins:

http://www.infoplease.com/askeds/make-dollar-coins.html

Gauntlet · Dec 22, 2011

dan said:
It says (third paragraph):

The government produced 6.4 billion new currency notes last year. Each one cost 9.6 cents to produce, including the cost of paper and printing.

Key word there was "mint", not "print".

dan said:
And for coins:

http://www.infoplease.com/askeds/make-dollar-coins.html

But in this link you provided is says a dollar bill costs less than 6 cents to print. Your links kind of contradict each other.

Actually, my 1st request for a link was an "official" gov site that CM stated he got his info from.

dan · Dec 22, 2011

Gauntlet said:
But in this link you provided is says a dollar bill costs less than 6 cents to print. Your links kind of contradict each other.

No. The second source also says, " Beginning in 2007, dollar coins will be released with the images of past U.S. presidents."

Meaning it was written before 2007, when dollar bills cost less to print because cotton was cheaper.

Gauntlet · Dec 22, 2011

OK, I guess I'm confused because I thought we were talking about current times (not 4 years ago). I'm sure cost of everything has went up in the past 4 years.

I'm asking for a link to the Treasury site that CM stated was where he got his info on current costs of minting and printing one dollar coins vs bills.

Doing away with dollar coins

dan

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Vethraxx

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