| Author |
 Topic  |
|
|
n/a
deleted
146 Posts |
 Posted - 02/19/2007 : 22:55:10
|
Poll Question:
Will the new dollar coin 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
CollectorCode: M22/?:US:US1P1958:US5N1961:CA1P:AO/Ag8
|
|
|
|
n/a
deleted
479 Posts |
Posted - 02/24/2007 : 23:38:15
|
Chalmers Johnson famously said,
"Things that can't go on forever, don't"
The writing is on the wall, in my opinion.
No other country issues paper money as small as the US Dollar.
I challenge anyone to show me a link to a credible website that shows any nation that prints a paper bill that trades for less than one us dollar, good luck.
The Economist magazine is pushing us to accept a credit card / plastic based currency.
Visa and Mastercard, would love this, too.
If the George Washington coin doesn't catch on, the the John Adams coin might,
If that one doesn't catch on, then the Grover Cleveland coin might.
At some point, these will catch on.
I'm sure of it.
..................................................................................................
You must be logged in to see this link.
Paul Craig Roberts urges people to
DUMP DOLLARS! |
 |
|
|
pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 02/25/2007 : 14:42:02
|
History is the best teacher.
When the US had silver dollars in circulation, paper dollars/banknotes were widely used in the eastern states and parts of the west. Some in the west and south preferred dollar coins over paper money, but for the most part silver dollars sat in bank vaults, that is why so many silver dollars can be found in very fine condition or better.
Unless the government stops making paper one dollar bills, then the dollar coin has little chance of catching on. If the government did stop printing one dollar bills, it might create a greater feeling of uneasiness around the world concerning the U S Dollar, somethng the government wants to avoid.
Besides, the government would have to reduce the staff at the Bureau Of Printing if the dollar coins replace the dollar bills. When was the last time you heard of the government willingly reducing its workforce?
My guess, the paper dollar stays.
|
|
|
|
n/a
deleted
479 Posts |
Posted - 02/25/2007 : 17:04:50
|
My interpretation is that there is a turf war between the Mint and the Fed.
The Mint makes metal coins and the seingorage on them.
The Bureau of Engraving and Printing makes paper dollars for the Fed, but the Fed reaps the siengorage.
It seems obvious that the Mint wants the siengorage of the one dollar units AND that the Fed wants to keep that siengorage.
The mint has made several attempts at coining dollars, but the Fed is unwilling to give up the profits that they reap from these ones.
So far so good for the Fed, and so far too bad for the mint, but perhaps the mint has developed a method this time around that will upset the balance.
The mint can rely on some people buying up the coins for their collector value.
Also, casinos, vending machines, etc. create a demand for the coins.
By standarizing the factors weights, size, content, thickness, etc. the Mint guarantees that these will be usable in vending machines.
By Changing the design on the obverse on a regular basis, the mint guarantees a modicome of interests in the coin itself.
Add in the fact that no other nation issues paper with such a small value and I think time is on the side of the mint.
These coins may not be accepted overnight, but over years and years AND still more years, the plan laid out, In my Humble Open-yawn, has time on its side.
One more factor that I just have to mention.
I personally dislike the Fed more than I dislike the mint.
I would rather the seingorage go to the mint than to the fed.
I'm just one person, but as time goes on, I plan to tell everyone who will listen that by using paper dollars they are enriching a tiny group of banksters, but that by using metal coin dollars they are helping to offset their own tax burden.
Peace!
..................................................................................................
You must be logged in to see this link.
Paul Craig Roberts urges people to
DUMP DOLLARS! |
Edited by - n/a on 02/25/2007 17:09:11 |
|
|
|
n/a
deleted
103 Posts |
Posted - 02/25/2007 : 18:06:38
|
Atheist, I plan to use them. I have not bought any yet because I'm letting the collectors have a shot at them first. But as soon as there's a lot, I'll load my pockets up with them.
*****************
The above post is intended for entertainment purposes only and in no way reflect the opinions of the flesh and blood person writing the text. All writings under the screen name "copperhead" are merely a characterization of the personna created. |
Edited by - n/a on 02/25/2007 18:10:03 |
|
|
|
Cerulean
Penny Hoarding Member
USA
993 Posts |
Posted - 02/27/2007 : 08:21:35
|
quote:
Originally posted by Atheist
If the George Washington coin doesn't catch on, the the John Adams coin might,
If that one doesn't catch on, then the Grover Cleveland coin might.
At some point, these will catch on. I'm sure of it.
That's what I think the Mint's up to. The Susan B. coin was made furiously for two years, and then slowed to a trickle (and a secondary run in 1999). The Sacagawea coins was made furiously for two years, then slowed to a trickle just as abruptly. People encountered these coins for a brief period before they disappeared, and in time Susan B. and Sac became notorious as temporary novelties, a flash in the pan.
But the new dollar coins are a series. The Mint has dedicated itself to making them in large batches for the next decade and beyond. Even if only 5% of Americans collect them, this is a slow but steady way to put them in circulation. I bought a roll last week, saved the best one as a specimen, and spent the rest. As myself and other collectors repeat this process four times a year for a decade, then the new dollar coin will feel less and less like a novelty to stash away, and more and more like a coin that's here to stay, to circulate.
It's all about the tiny reminders. The Susan B. only happnened once. The Sacagawea only happened once. The presidential dollar will be seen over and over again for a decade.
Also, Atheist... I echo your sentiments about the turf war between the Fed and the Mint. But keep in mind that the Fed is fighting a turf war against VISA and Mastercard, too. As e-Money becomes prevalant, as cash is used less and less, the Fed loses a part of that seignorage that it battles the Mint over. My spending hierarchy is coins, credit, bills. Or as I've become fond of saying...
"Paper, plastic, or polymetallic?"
--------------------------
Penny Search Totals:
881 zincs (1982-2006) 77.1%
254 coppers (1959-1982) 22.2%
6 wheats (1940-1952)
1 dime (2004)
|
|
|
|
Ryedale
Administrator
USA
523 Posts |
Posted - 02/27/2007 : 11:47:06
|
My perception of the new coin……..Fun Factory Token, but this is going to be fun.
My Bank had none in stock for the release, I found that strange first of all. I asked if they could order some for me, they said yes but there’s a $1000 minimum. I said OK they were kind of shocked. They should be in next week. I figured, they are cash, and if you watch Ebay, you see that rolls of the state quarters that are not being produced anymore, almost always sell over face value if still in original packaging, some of them significantly. Also I am paying face for $1000 and they can always be spent at face value, for dinner with the family or let the kids earn them by doing phony baloney kid jobs around the house for spending money, kids will work for gold coins.
Also 3 months goes by rather quickly, and the next issue will be released in April or May, so being able to secure a box at face, I should be ok. If there is a glut and they are not selling on ebay, I can use them when I fill the truck up. Hand them two (or three) rolls of dollars. I think this will be a fun experiment too, It will put into perspective just how many dollars it cost's to live. I use credit cards for gas right now. It will be fun to go to a store, and pay for a grocery order with rolled fun factory dollars.
I am going to sit on them at first for 3 to 6 months; this should be enough time to get feedback from Ebay and dealers, if they are being perceived as “collectable”. I once was at a dealers place, and he had new SAC dollars for 3 dollars each. I asked, "Why are they $3 a piece?" He said so intelligently "Cause their mine” I though a minute…….. "Brilliant" buy a worthless (Intrinsic value) fiat coin at face, and sell it for a 200% profit. I do not know how many he sold, but there must be something behind it. The only way this will backfire is if the sheeple wake up, and quit the collecting of such items, and paying over face value. I think I'm safe, at least for now. No matter what, I can spend them for a dollar each. Ryedale
Ryedale
Hoard Copper Pennies,
The market will develop |
|
|
|
n/a
deleted
479 Posts |
Posted - 02/27/2007 : 11:55:53
|
Cerulean:
It is my understanding that the FED reaps seigngorage on all kinds of money, even digits.
Here's an interesting little video on how this is supposed to take place:
Go to:
You must be logged in to see this link.
This video explains how money is "made".
..................................................................................................
You must be logged in to see this link.
Paul Craig Roberts urges people to
DUMP DOLLARS! |
|
|
|
Country
1000+ Penny Miser Member
USA
3121 Posts |
Posted - 03/23/2010 : 19:16:42
|
Looks like it's only collectors who are interested in these coins.  |
---> Come to the new and improved realcent: http://realcent.org
The things that will destroy America are prosperity-at-any-price, peace-at-any-price, safety-first instead of duty-first, the love of soft living, and the get-rich-quick theory of life.
– Theodore Roosevelt
|
|
|
|
Ardent Listener
Administrator
USA
4841 Posts |
Posted - 03/23/2010 : 19:42:33
|
| Having the bank teller actually hand them out instead of paper dollars might be a good start for people to start using them. |
Realcent.forumco.com disclosure. Please read.
All posts either by the members, moderators, and the administration of http://realcent.forumco.com are for your edification and amusement only. It is not the intent of realcent.forumco.com or its host to provide investment, medical, matrimonial, legal, security or tax advice and nothing posted here should be considered to be so. All rights reserved.
Think positive. |
|
|
|
Country
1000+ Penny Miser Member
USA
3121 Posts |
Posted - 03/23/2010 : 19:50:28
|
quote:
Originally posted by Ardent Listener
Having the bank teller actually hand them out instead of paper dollars might be a good start for people to start using them.
I think an even better idea is for banks to limit paper dollars to their commercial customers. Give them the dollar coins and then you'll see these dollar coins circulate.  |
---> Come to the new and improved realcent: http://realcent.org
The things that will destroy America are prosperity-at-any-price, peace-at-any-price, safety-first instead of duty-first, the love of soft living, and the get-rich-quick theory of life.
– Theodore Roosevelt
|
|
|
|
Ardent Listener
Administrator
USA
4841 Posts |
Posted - 03/23/2010 : 20:01:12
|
quote:
Originally posted by Country
quote:
Originally posted by Ardent Listener
Having the bank teller actually hand them out instead of paper dollars might be a good start for people to start using them.
I think an even better idea is for banks to limit paper dollars to their commercial customers. Give them the dollar coins and then you'll see these dollar coins circulate.
Precisely, only in America would the government mint produce a coin that isn't put into circulation. Now once a coin is in circulation and then hoarded out.........well, that's another story. |
Realcent.forumco.com disclosure. Please read.
All posts either by the members, moderators, and the administration of http://realcent.forumco.com are for your edification and amusement only. It is not the intent of realcent.forumco.com or its host to provide investment, medical, matrimonial, legal, security or tax advice and nothing posted here should be considered to be so. All rights reserved.
Think positive. |
|
|
|
garnede
Penny Collector Member
USA
386 Posts |
Posted - 03/23/2010 : 20:31:10
|
| The only way the dollar coin will start seeing use is if they scrap the dollar bill. |
|
|
|
zerocd
Penny Hoarding Member
555 Posts |
Posted - 03/23/2010 : 22:13:12
|
I think dead out of the gate. No interest for them around here. Tellers say "can't give them away"
Must be why I buy $100 of every type....
I buy them to put away just like new rolls now. I found two more boxes of LP4's today and now have four total. Some I hope to trade.
Well I do think there will always be a small premium for a Uncirc for any coin at some point.
I have gotten two in change in the last year.
JMHO
0CD |
|
|
|
cesario
Penny Pincher Member
129 Posts |
Posted - 03/24/2010 : 00:09:34
|
quote:
Originally posted by garnede
The only way the dollar coin will start seeing use is if they scrap the dollar bill.
Scrap the Onesie Bill for the $2 Bill, then introduce the Dollar Coin.
|
|
|
|
Cerulean
Penny Hoarding Member
USA
993 Posts |
Posted - 03/24/2010 : 13:08:11
|
I know of a few places that have committed themselves to using the $1 coin exclusively:
1) The Washington DC Metro system
2) Silver Dollar City theme park in Branson, Missouri
3) Certain shops within Disney them parks (rumored)
I've also seen them used infrequently in coin shops and at coin shows. |
Sorting Map
2010 First Finds Contest
Are you a Buffalo Hunter?
Wanna take seignorage away from the Fed? Spend *any* coins!
We cannot afford this government.
Cerulean's Standing Offer: $3/lb shipped for foreign coins |
|
|
|
PreservingThePast
1000+ Penny Miser Member
USA
1572 Posts |
Posted - 03/24/2010 : 17:09:23
|
quote:
Originally posted by Cerulean
I know of a few places that have committed themselves to using the $1 coin exclusively:
1) The Washington DC Metro system
2) Silver Dollar City theme park in Branson, Missouri
3) Certain shops within Disney them parks (rumored)
I've also seen them used infrequently in coin shops and at coin shows.
To the best of my knowledge, #3 is true. We had heard the rumor earlier in 2009 and it took quite a while before it actually was implemented in shops in the Liberty Square area of the Magic Kingdom and at the shops in America at Epcot--both of these are theme parks at Walt Disney World in Florida. I don't know if they also have the program going at Disneyland in California. I love getting them, but it is my understanding that many that receive them in change are not quite as happy about it as I am. Hence, my being able to swap with friends down there for the coins they received in change. I bought two rolls of the 2009 Native American Dollar Coins, one roll at Epcot and one roll at the Magic Kingdom, to have as gifts for our son and his wife since they were married in 2009. I have gotten a few of the 2010 coins at Epcot now too.
However, I don't know how long it will continue. I'd like to see it expanded to the Presidential Dollar Coins, as well.
I myself love getting and using the dollar coins and the half dollars.
I was able to get a few of the Ike dollar coins the other day for face value. If I had been able to get twenty-one of those in 2008, I probably never would have begun searching through rolls of coins. Strange how our paths are directed!
Enjoy your coin searches, everyone, and have fun spending those dollar coins. |
|
|
| |
Topic |
|
|
|
Poll: Will the new dollar coin work?
Forum Locked
