| Author |
 Topic  |
|
|
Canadian_Nickle
Penny Hoarding Member
Canada
938 Posts |
|
|
Canadian_Nickle
Penny Hoarding Member
Canada
938 Posts |
 Posted - 10/29/2006 : 01:55:34
|
| "The composition will be the same as the Sacagawea "golden" dollars, which will continue to be minted. " |
 |
|
|
Ardent Listener
Administrator
USA
4841 Posts |
Posted - 10/29/2006 : 12:16:46
|
.......try, try, again.
________________________
If you can conceive it and believe it, you can achieve it. -Napoleon Hill |
|
|
|
n/a
deleted
146 Posts |
Posted - 10/30/2006 : 11:46:10
|
I get a feeling this one will finally work.
--
"The best way to destroy the capitalist system is to debauch the currency. By a continuing process of inflation governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens." -John Maynard Keynes |
|
|
|
Tourney64
1000+ Penny Miser Member
USA
1035 Posts |
Posted - 10/30/2006 : 16:22:56
|
| Won't work unless the mint stops printing $1 bills. Definitely a good way for the mint to also teach history. |
|
|
|
n/a
deleted
73 Posts |
Posted - 11/03/2006 : 03:38:28
|
Personally I think they'll be like the state quarters. People will just collect them rather than using them as currency, except there are so many quarters that they circulate. I imagine people will just go and get the 1 they need each time a new one comes out, other than that I doubt you'll start using them in day to day transactions.
Only way I see a dollar coin taking hold is if they get rid of the penny and/or stop printing $1 bills. If there is no penny there is a slot in the cash register where pennies would've gone that dollar coins can now go in (or they stick them in the dollar bill slot, if they don't print dollars).
Obviously this would be a boon for the government, what is it something like 18 month lifespan for a $1 bill in circulation before you have to print more but coins have a lifespan of around 30 years. Plus they're a monopoly, so they can make gold or silver proof sets and sell them at a premium like they do with the state quarters.
Another interesting thought. If they stopped printing the $1 bill and replaced it with a $1 coin would people start using $2 bills? Lots of people don't even know there is such a thing as a $2 bill...maybe they'll need to make a $2 coin as well. |
Edited by - n/a on 11/03/2006 03:51:01 |
|
|
|
n/a
deleted
26 Posts |
Posted - 11/05/2006 : 11:16:34
|
quote:
Originally posted by Old_Nickel
I get a feeling this one will finally work.
You DO realize that the Post Office has responded to the new dollar coin by announcing they are totally eliminating ALL vending machines? The new dollar coin law had a section in it mandating all Govt agencies use it in their vending machines. Judging from the Post Offices response it doesn't look like it'll work to me.
NOT to mention, the real DEATH BLOW for the new dollar is the section mandating Sacagewah dollars be minted in 1/3 proportion to the new dollar AND that after an initial release, purchasers of dollar coins MUST take MIXED new and old dollar coins.
Made all the WORSE by the mints refusal to demonitize the HATED Susan B Anthony.
I own a restaurant and tried to give out Golden dollars, the overwhelming general response was along the lines of "we hate that because of the mess that happened with the Susan B Anthony".
POLITICS and force are driving this new dollar release, not common sense and free choices. hence, it may be DOA |
|
|
|
pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 11/05/2006 : 17:21:31
|
I seem to recall some years ago on some news program that in the United Kingdom, on the Isle of Man (I think) they were trying to introduce a Pound Note made with polyester threads instead of paper, since polyester would last longer.
To tell the truth, a coined dollar has always been a hard sell to the American public.
People disliked carrying around so many heavy coins to make purchases when our dollar coins were silver.
For the most part, buying power wise, a dollar made of silver back then would be the equivalent of $20 in purchasing power today, perhaps even more when you factor in inflation.
|
|
|
|
Cerulean
Penny Hoarding Member
USA
993 Posts |
Posted - 11/08/2006 : 08:21:39
|
As a dollar coin advocate, here's what I've heard:
* Yes, at least one third of all dollar coins minted each year must be Sacajaweas. You have the congressmen from the Dakotas to thank for that. The upshot of this is that in order to meet expected collector demand for Presidential dollars (assuming it doesn't catch on like the State Quarters), the Mint will also have to ramp up mintage of the Sac dollars each year for almost a decade, creating a large stockpile. This should be sufficient to meet dollar coin demands well into the 2030s. If the $1 coin does not catch on now, it will likely be a few decades before the Mint tries again.
* The Presidential $1 Coin Act does not call for the Susan B. to be retired, but for the Mint to study the issue and report to Congress early in '07. The expected result is retirement of the SBA design from circulation.
* I have not read anywhere else that dollar coin purchasers *MUST* accept mixed rolls. There is no wording to that effect in the Presidential Dollar Coin Act. That said, rolls are very likely to be mixed anyway, since there will be three types of $1 coins still floating around.
* Considering that the Presidential series is identical to the Sacajawea coin in size and composition, there should be minimal calibration of vending machines required, if any. I postulate that it would be more expensive for the USPS to remove vending machines than to 'retool' their machines to accept a coin functionally identical to one they've been handling for 6 years. It would be stupid of them to follow through with that threat, and this is the first place I've heard of it.
* Several trade groups representing American retailers have been lobbying Congress since the 1980s for a dollar coin. Gov't accountants and Mint officials have been championing the budgetary savings of dollar coins. Trust me, Congress *wants* a dollar coin to catch on. The only thing stopping that from happening is the continued existence of the dollar bill. And keeping the dollar bill alive is the trade union of Bureau of Printing & Engraving employees, those folks who make the dollar bills. They are defending their jobs by defending the $1 bill, and have proposed legislation to prevent the demise of said bill. Google search the phrase "Save the Greenback Act". That's it; they are the only ones left that I know of defending the $1 bill in front of Congress.
After all... don't we already treat $1 like pocket change? |
|
|
|
Metalophile
Penny Collector Member
USA
320 Posts |
Posted - 11/08/2006 : 12:54:00
|
I carry and spend the dollar coins as well as half dollars and $2 bills. Some cashiers have never seen half dollars, and I have to explain what they are. I often use $2 bills when leaving tips at restaurants.
I also regularly pester the guy who fills the vending machines in the building where I work to try to get them to set the machines to accept dollar coins. The Mint has been loathe to demonitize anything. It looks like we'll be plagued with SBA's for years to come because once they're in circulation and no longer uncirculated, they have no collector value. I try to spend them in vending machines because I hate hearing cashiers complain that they look like quarters.
I've noticed that at my local post office they've already removed the vending machine that spits out the dollar coins for change. It had been "out of order" for some months before. Maybe they're having maintenance issues with those.
Metalophile |
|
|
|
n/a
deleted
26 Posts |
Posted - 11/08/2006 : 20:17:46
|
quote:
Originally posted by Cerulean
As a dollar coin advocate, here's what I've heard:
* Yes, at least one third of all dollar coins minted each year must be Sacajaweas.
So just what can they do with the Sacajaweas if people ONLY want the presidentials??
* quote:
I have not read anywhere else that dollar coin purchasers *MUST* accept mixed rolls.
true, the wording only says they're "during an INTRODUCTORY period... will be able to obtian unmixed coins" and assumed that meant afterwards unmixed coins would not be available.
IMO if they follow thru on this, it will dramatcially HURT acceptance.
quote:
* Considering that the Presidential series is identical to the Sacajawea coin in size and composition, there should be minimal calibration of vending machines required, if any.
I agree. For those who currently accept Sacajawea. but all do not. I JUST bought a coin payphone for my restaurant and had to pay an extra $100 to have it accept dollar coins.
quote:
I postulate that it would be more expensive for the USPS to remove vending machines than to 'retool' their machines to accept a coin functionally identical to one they've been handling for 6 years. It would be stupid of them to follow through with that threat, and this is the first place I've heard of it.
You must be logged in to see this link. office vending machine
Heres the link for MANY stories describing it, I'm surprised you missed it.
quote:
Trust me, Congress *wants* a dollar coin to catch on. The only thing stopping that from happening is the continued existence of the dollar bill.
So you're saying we need FORCE to get people to do what they won't freely choose? You are SCARY. Personaly I like choice and lack of FORCE.
quote:
Google search the phrase "Save the Greenback Act". That's it; they are the only ones left that I know of defending the $1 bill in front of Congress.
It'd be a mistake to look at Google search as definitive.
MY cynical conspircy theory mind tells me that the Federal Reserve HATES the thought of a successful dollar coin. OUR Govt profits off coins, the PRIVATE Fed profits off dollar BILLS/Notes.
quote:
After all... don't we already treat $1 like pocket change?
no,
Look I have a TON of PERSONAL experience here. I own a busy restaurant and spent the last two years trying to force dollar Coins down customers throats. (ad gimmick, to make an impression)
They HATE the pocket change and LOVE their folding stuff.
It's a denial of reality to talk any other way.
Come visit me and try for yourself.
Dollar coins COULD work, but not with a hateful FORCEFUL political garbage method of pushing them down our throat.
They need to be DESIREABLE, SBA recalled at full face value replacement, and no undesireable mixture forced into the mix. then teh paper dollar will die a proper death (instead of an evil murder) |
|
|
|
Canadian_Nickle
Penny Hoarding Member
Canada
938 Posts |
Posted - 11/08/2006 : 21:56:59
|
| Meh. Paper or coin, the fed is insuring that US dollars will all be worht sh!te in the future. At least the coins will have a six cent melt value. That's about what this f'd up currency will be worth. |
|
|
|
n/a
deleted
73 Posts |
Posted - 11/13/2006 : 04:50:50
|
quote:
Originally posted by Metalophile
I carry and spend the dollar coins as well as half dollars and $2 bills. Some cashiers have never seen half dollars, and I have to explain what they are. I often use $2 bills when leaving tips at restaurants.
I also regularly pester the guy who fills the vending machines in the building where I work to try to get them to set the machines to accept dollar coins. The Mint has been loathe to demonitize anything. It looks like we'll be plagued with SBA's for years to come because once they're in circulation and no longer uncirculated, they have no collector value. I try to spend them in vending machines because I hate hearing cashiers complain that they look like quarters.
I've noticed that at my local post office they've already removed the vending machine that spits out the dollar coins for change. It had been "out of order" for some months before. Maybe they're having maintenance issues with those.
Metalophile
I've been considering getting $2 bills and spending them just to see how many people don't have a clue, probably would work best at fast food restaurants staffed by teenagers. Even one of my coworkers who is in his mid 50's thought I was full of it one day when I mentioned the $2 bill so I pulled one out of my billfold and showed it to him. I had been carrying it for years, my grandmother had given it to me in a birthday card with a note saying I'd never have $0 in my billfold because I'd never spend the $2 bill and she was right.
Personally, I like the Susan B. Anthony...I occassionally get them in change as a quarter so 75 cents profit for me  . |
|
|
|
Metalophile
Penny Collector Member
USA
320 Posts |
Posted - 11/13/2006 : 10:17:42
|
I don't know whether it's an Urban Legend or not, but I heard one or two cases when the cashier when presented with $2 bills thought they had to be counterfeit and called the cops on those spending them. Be careful.
Metalophile |
|
|
|
n/a
deleted
146 Posts |
Posted - 02/19/2007 : 22:50:27
|
The other day, while at the bank, I got three of those new Washington dollar coins. Some other people were there as well, one person bought a roll of them.
After I brought these coins home, I realized how wrong I was about the dollar coin catching on. They are still the size of quarters, and probably would not be accepted by anyone, at least not anywhere I know. I can imagine one of the cashiers at the store where I work giving someone a dollar coin and getting a customer angry asking "what the (#$* is this???"
Fun to collect, though, despite the fact that they probably won't be valuable, since like the state quarters everyone else will collect them.
--
"The best way to destroy the capitalist system is to debauch the currency. By a continuing process of inflation governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens." -John Maynard Keynes
CollectorCode: M22/?:US:US1P1958:US5N1961:CA1P:AO/Ag8 |
|
|
|
Metalophile
Penny Collector Member
USA
320 Posts |
Posted - 02/20/2007 : 02:40:58
|
I went to a bank on 2/16, and asked for four rolls. All of the tellers only had a few, so I came away with 10. Already spent two. First one the cashier had never seen one before, and looked at it for about 5 seconds before accepting it. She's seen me in that store before, so I think trusted me. Second one I left as a tip at a restaurant. I didn't stick around to see the recipient's reaction.
The thing I don't like about the new dollar coin is that it says "$1" on the back. The "$" sign makes it look like fake money. There's just something wrong with it.
The other thing I don't like about Sackies and the new presidential dollars is that after a little while this alloy starts to look like old gaming tokens. 
See the other thread on these dollars under "General Discussion". Circulating these dollar coins might take a (very) small bite out of the FED. I know their melt value is very low, but my philosophy is, metal is better than paper. The fact that the gubmint gets the seingorage is better than the FED getting it.
Metalophile |
|
|
| |
Topic |
|
US $1 coin info
Forum Locked
