Presidential Dollars are overproduced yet no one has any

You are doing your part. Now Walmart, K-Mart, Target, Safeway, King Soopers, A & P, and all the other BIG retail establishments need to do their part.

 

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i really dont think people will go to carrying dollar coins over paper willingly. Dollar coinage for circulation has never worked in this country except for a little while out west with the morgan and people have had plenty of opportunities to use them. The simple fact is this: People simply do NOT like carrying change around in their pockets..... I have tried numerous times to exchange golden dollars for paper dollars at work and everyone is reluctant to trade. I would say at least 80% of people that I know absolutely hate to carry change in their pockets. Granted, most people I know are under 30 years old, but I think it is as simple as that. now if we are forced to, of course we will adapt to dollar coinage.........

 

Future use

I'm afraid they may become the cents of tomorrow~land.

Think of the money saved by them coming out of the closets and used in vending machines.

No need to produce more, less expense to store and worth less than a snore.

Really, I think there will be a time when they are circulated. Toll booths, parking minutes, a piece of popcorn, stick of gum, poker chips in a Prez~y anti game.....stuff like that.

If you don't believe me just ask your kids if they think you know anything about the future.

 

The ONLY way it will happen (as with ANYTHING) is if it's forced on them by not producing the paper dollar.
Canada moanded about it but adapted.
Australia moaned about it but adapted.

I don't see this country being any different.

As for carrying change, most folks don't carry that many dollar bills anyway as they are always the first to go. I'd much rather have 5 twenties in my pocket instead of 100 one's. I rarely accumulate more than 10 one's at any one time anyway since I'll spend them first to maximize pocket space.

BTW, I do use my pants pockets for cell phone, keys, change, and bills despite my wife's protests. I also carry a ball point pen around where ever I go since I hate using "public" pens. Ugh!

As for the dollar coins never being used in the past, that's very true. Their existance was solely to act as backing for the Silver Certificates where any bearer of said certificates could walk into any bank and demand one dollar in silver in exchange. Banks had to comply therefore they kept silver dollars on hand. The coins really had no other purpose until the gambling casino's started using them in slot machines and the gaming tables. As a kid in the 50's, you rarely ever saw a cash drawer that had an adequate supply of silver dollars. They just were not used and the only time you ever saw them in daily commerce was if someone just returned from Vegas or Reno and happened to forget to turn them in before they left. Of course, coin collectors were a different breed of cat!

Yes, the day will come when all Americans will be forced to adapt to the changing economy as I just don't see any other way to effectively save those production costs. We won't like it but we will adapt.

 

Just Guessing

I'm just guessing~
but having a medium of exchange that can be dug up after the polar caps welt and drown the lowlanders is about as good as having no plan at all. Or stuff that melts in water?

How many years until nobody has "Hard Currency" in their non~pockets?

I'm thinking some things just last longer than others in recognizable forms.

Even if there are Too Many of them.

 

The Canadian dollar bill is gone (and the two also). The British pound note is gone. The Australian dollar bill is gone. It could happen here.

 

I buy them through the $1 coin direct ship $250 at a time. I use them to buy lunch at work. I use them to buy the paper when I'm on the road. I use them to buy coffee. I like them. Other countries use $1 and $2 coins extensively. Those coins are popular. The $1 coin here in the US is not popular. I spend them but I've never received one as change other than through a stamp machine or subway machine.

 

To touch on the "themes" of this thread...

Frst, if you think limited popularity or scarcity in circulation equates to value or 'true scarcity", see the Kennedy Half dollar. That should pretty much put an end to THAT thinking.

Next, I believe 19Lyds is correct...the $1 coin...ANY $1 coin...will become accepted when there is no other choice. It's really not so much an issue of one being "better" than the other for daily use, so much as it's an issue of 'we've always done it that way". Take the $1 bill out of circulation, and you'll hear grumbling from everyone for whom it's a habit...until the habit is broken. Inside of 10 years, nobody will think anything about pulling a few $1 coins out of their pocket to pay for a transaction.

I really don't, to be honest, understand why more politicians AREN'T seizing on this issue. Here's an opportunity for ANY politician to say "Look...we've got a way to save BILLIONS of dollars, without cutting ANYONE'S funding, without costing ANYONE their job, without taking away ANYONE's entitlement. I'm for it, and will push for its passage!" HOW can that be politically unwise??

I too am doing my part. My wife and I do nearly all of our business in cash, and regularly ask for, carry, and use $1 coins.

Finally for me, the $1 "prezies" are among my favorite coins minted in the last 100 years, to be honest. I LOVE the "classic look" of the edge lettering, the usage of coin for teachable moments, even the color. I think they're "neat", attractive, "old timey", and a host of other things that simply make them enjoyable. I'm collecting a set for just that reason..simply because I like them.

 

I agree that unless the dollar is dropped, widespread adoption won't be driven by need. Take the 2 options though, the dollar is not removed and the unpopular coins (with a 10 year supply already in place, and STILL growing) sit idle with small amounts distributed through the Direct Ship. This ultimately means the Mint and lawmakers who voted to create them in the first place failed in their attempt to save the country money. The coins will probably be distributed painfully slowly over several decades possibly. However, if I want to create a set of all the coins to give my kids and grandkids, I'm going to have to pay those fly by night coin guys with heavy markups to get one of each.


In absence of that, the dollar is replaced and the coins are forcibly and by need, circulated throughout --- heavy demand begins. If you want a set of all Presidents, it will take time but you might choose to just buy a set from the fly by night coin guys.

So maybe you're right, there is no premium off the top, a premium 'might' be created by those wanting to collect sets to share with their kids and grandkids or for display purposes.

 

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Besides the possibility that saving production costs may spell the end of the single greenback, do you think the public would cry out against the corporate monopoly that supplies the paper to the engravers, 60% of which goes into making ones? I agree, it undoubtedly comes down to "have to" because it won't happen with "want to."

 

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I know my family accumulates change because paying with paper bills takes less time. We all come home and empty our pockets and coin purses so we don't have to carry so much around. If the paper one's went away it would be about the same story with the dollar coin taking the place of some of the rest of the coins, but I can see that it might cut down on the total amount of change being carried because those relatively bigger golden dollars would be as easy to pull out as the old paper one's and would get spent first more often.

 

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To chip in on the scarcity issue. Just playing with the massive numbers produced and probable future events, there really is a very small likelihood that the Prez $'s will ever be uncommon. I know that some don't count collectors of moderns as collectors at all, but I just wanted to point out that the Mint estimate of 10 to 15 fold increase in the number of collectors in the last decade caused by the popularity of the statehood quarters. This means that precious metals collectors are way outnumbered by modern collectors, many of the latter are likely to at least try collecting the ATB's and golden dollars. Scarcity in circulation will limit availability, but there will be significant numbers stashed in the sock drawers of America. Speculation on moderns only makes sense in similarly massive terms and is more heavily dependent on varieties and errors.

 

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Why I collect them? My bank orders them, which makes it easier than everything else I collect.
Why I like collecting them? I take the opportunity to read about their life and three months between releases almost isn't enough time. Where and how they grew up, their education, their contemporaries, what was happening in America and the world during their life and especially during their term of office. The national problems, issues and debates. Their personal beliefs and their public policies. Earlier this year I read a new book on the War of 1812, in which many subsequent presidents played a part, helping me better appreciate the variety of personalities and how different were the many roads that lead to the White House. Fascinating. Try it.

 

That's like people who say you have no taste in music if you don't like the same music they do. Heh. I'm collecting them into an album because it's fun and I think they'll make a neat set to pass along to one of the grandsons.

 

Kind of like when we switched to the metric system?

 

I think the biggest reason these coins don't circulate has to do with the complete botch job of the original Susan B. Anthony coin in the late 70s which locked them into a dollar coin that still is very close to the size of a quarter. We have since had the very PC native American dollar and now every president up to Buchanan. They have been produced in silver and gold colors and so forth. In other words, no one knows what in the hell this thing is supposed to look like which to coin collectors this seems obvious, but not to the average person. There is no continuity or connection to anything. In contrast, everyone knows what a dollar bill looks like.

What they should have done was to have kept the original Ike size, placed Washington on on side, an Eagle on the other, and simply produced that in quantity for the next 25 years instead of the litany of token looking abominations which we are stuck with now. And they needed to offer up a PM (silver version).

 

Nice point Phil! I truly believe we are different than any other country that ever existed and the majority carry a "pride" about them that says: We really don't give a rats @ss what the rest of the world does, we are going to do something because we want to! Don't make the mistake that I'm saying we are better than any other country(which i think we are IMO). How long this "pride" lasts, I don't know....... Just a different perspective.................. switched to the metric system! LOL!

 

Folks, if you do not want dull Pres dollars, once they are in a binder, put them in a box that will hold 2-5 PSI of nitrogen. Nitrogen will not allow oxidation. Pretty dollars. Or just put the rolls in the box. That'll produce to toning, but I have not tried it yet. The State Park quarters are being collected by a smattering of folks. A caution on the State Park quarters: Early releases are quality challenged. If you go thru three boxes and get perhaps ten 66-68. you are lucky. Putting a set of high grade first year will only be possible with VIGOROUS hunting, and OMG. EBAY purchases. Complete sets of the first year Pf70 are gonna skyrocket next year. IMHO.

 

What the heck are you talking about?

 

I regularly spend $1 coins. Just recently, a clerk asked "is this a dollar"? Next time someone asks me that, I'm going to tell them "No, it's one of those new $5 coins. Didn't you hear about them?"