Government study on possibility of changing composition of coins

GKL · Dec 26, 2017

The foreign coins I have that are attracted to a magnet got me wondering if the U.S. might have any plans to again use steel in any coins like they did with the 1943 penny and doing an online search I found the following government study -

U.S. Coins:
Implications of Changing Metal Compositions

https://www.gao.gov/products/GAO-16-177

It seems that if they decide to change any coins the quarter will be the less likely to change due to counterfeiting potential, and the vending machine industry would appreciate the quarter not being changed also, here are some quotes from the above article -

"the U.S. Mint determined that it was not viable to change the quarter because less-valuable foreign coins would have similar characteristics to a steel quarter and could be used as counterfeit quarters"

"a 2015 industry study estimated that there are 4.5-million vending machines in the United States. Second, the cost estimates assumed steel changes to all coins, but the U.S. Mint has determined it is not viable to change the quarter. Therefore, machines that only accept quarters (such as coin laundry machines) would not require modification."

Another thought, if they change any coin's metal composition like the dime and/or the nickel, then detectorists will have some new tones to listen for and might be puzzled at first :?:

metaladdict · Dec 26, 2017

Jason in Enid · Dec 26, 2017

Yep, this has been discussed by the mint before. First, they cant get anything cheaper for cents unless they went with a plastic coin. The cost of steel and the increased cost of minting steel coins means they are still more expensive to create than face value.

A lot of other countries have gone to plated steel coins. These read as iron to discriminating detectors, so we wouldnt be digging any (although you COULD magnet fish for them).

The treasury dept really needs to withdraw all $1 and $2 bills and replace them with coins, along with a $5 coin (just because I'm greedy LOL)

GKL · Dec 26, 2017

Jason in Enid said:
Yep, this has been discussed by the mint before. First, they cant get anything cheaper for cents unless they went with a plastic coin. The cost of steel and the increased cost of minting steel coins means they are still more expensive to create than face value.

A lot of other countries have gone to plated steel coins. These read as iron to discriminating detectors, so we wouldnt be digging any (although you COULD magnet fish for them).

The treasury dept really needs to withdraw all $1 and $2 bills and replace them with coins, along with a $5 coin (just because I'm greedy LOL)

Yeah, $1, $2, $5 coins, you need to start a petition ! :lol:

The new detectorist's accessory - a powerful magnet to grab any new steel composition coins :lol:

Jason in Enid · Dec 26, 2017

GKL said:
Yeah, $1, $2, $5 coins, you need to start a petition !

The new detectorist's accessory - a powerful magnet to grab any new steel composition coins

Years ago, I used to run a PI detector for beaches. I took it with me to Grand Cayman and as I hunted the beaches, I wasn't finding anything but Cayman coins. No US, no pull tabs, etc but there were Cayman coins everywhere. When I got back home I found out it was because they were plated steel, and all the ones I pulled out the water had swelled up like a tick.

I really could have drug a magnet around and done just as good! :lol:

davidlhyde63366 · Dec 26, 2017

coins

Jason in Enid said:
Yep, this has been discussed by the mint before. First, they cant get anything cheaper for cents unless they went with a plastic coin. The cost of steel and the increased cost of minting steel coins means they are still more expensive to create than face value.

A lot of other countries have gone to plated steel coins. These read as iron to discriminating detectors, so we wouldnt be digging any (although you COULD magnet fish for them).

The treasury dept really needs to withdraw all $1 and $2 bills and replace them with coins, along with a $5 coin (just because I'm greedy LOL)

It has worked pretty good for Canada so far placing $1 & $2 coins instead of paper money , gives a lot more coins to be found in the ground , the coins last longer than the paper money so saves the government money in the long run.

Jason in Enid · Dec 26, 2017

yep, our govt just wont bite the bullet as say "this is going to happen." The treasury has warehouses filled with hundred of millions of $1 coins because they keep minting them but banks wont order them because customers dont want them

GKL · Dec 26, 2017

Jason in Enid said:
Years ago, I used to run a PI detector for beaches. I took it with me to Grand Cayman and as I hunted the beaches, I wasn't finding anything but Cayman coins. No US, no pull tabs, etc but there were Cayman coins everywhere. When I got back home I found out it was because they were plated steel, and all the ones I pulled out the water had swelled up like a tick.

I really could have drug a magnet around and done just as good!

.....so did the "swelled" coins shrink again and return to normal ?

davidlhyde63366 said:
It has worked pretty good for Canada so far placing $1 & $2 coins instead of paper money , gives a lot more coins to be found in the ground , the coins last longer than the paper money so saves the government money in the long run.

You would hope the U.S. would see it's working for Canada and do the same.

Jason in Enid said:
yep, our govt just wont bite the bullet as say "this is going to happen." The treasury has warehouses filled with hundred of millions of $1 coins because they keep minting them but banks wont order them because customers dont want them

Maybe the mint should do more promoting of the $1.00 coins to increase interest, maybe even have a limited time sale to the public, "Limited time offer, buy 20 one dollar coins get one free !" :lol:

davidlhyde63366 · Dec 26, 2017

coins

Jason in Enid said:
yep, our govt just wont bite the bullet as say "this is going to happen." The treasury has warehouses filled with hundred of millions of $1 coins because they keep minting them but banks wont order them because customers dont want them

I think most cash registers are no longer set up to take half dollars & dollar coins ,I would love to see them back in circulation. If you hand a young casher a 50 cent or dollar coin they look at it and not sure where to put it. We should all request a roll of dollars at the bank and put them in circulation . Last time I requested some they didn't even have any on hand. As a kid I my grandpa giving each of us kids a Silver Dollar for Christmas , wish I still had them.

Jason in Enid · Dec 26, 2017

GKL said:
.....so did the "swelled" coins shrink again and return to normal ?

No, they swelled up after I got home! The seawater had obvious infiltrated the plating and after exposing it to air and little time all the iron rusted and expanded.

I kept a few just because they looked so weird.

Dflan83 · Dec 26, 2017

I wish they had a 5$ silver coin. or even just a small 1$ silver coin. Pretty fun to find silver although i know its wishful thinking that they would bring back silver minted coins

davidlhyde63366 · Dec 26, 2017

coins

GKL said:
.....so did the "swelled" coins shrink again and return to normal ?

You would hope the U.S. would see it's working for Canada and do the same.

Maybe the mint should do more promoting of the $1.00 coins to increase interest, maybe even have a limited time sale to the public, "Limited time offer, buy 20 one dollar coins get one free !"

The 1 & 2 Dollar coins have been working very well in Canada , so I am sure the American Government has taken notice ,as well as seeing how much they are saving on replacing worn out paper money. I think the government could have done a much better job of promoting the President dollar coin series. It would be a good way of getting kids interested in coin collecting. I think people didn't like a dollar coin that was smaller that a 1/2 dollar. May be release a coin that looked like our old more popular dollar coins like the Peace , Morgan , or Trade dollar. I know the new smaller dollars are easier to carry and cheaper to make but they just don't look like a dollar. A new big dollar might even be very profitable if collectors like it, could help off set the cost of some of the other coins.

Government study on possibility of changing composition of coins

GKL

metaladdict

Elite Member

Jason in Enid

Elite Member

GKL

Jason in Enid

Elite Member

davidlhyde63366

Jason in Enid

Elite Member

GKL

davidlhyde63366

Jason in Enid

Elite Member

Dflan83

Elite Member

davidlhyde63366

Similar threads