A $2 coin

During 2011-01-06, the Central Bank of the Argentine Republic opened (until 20 January) a public licitation process to acquire 300 million coin blanks from a foreign nation. An interested part should have considered that Argentina desires "blanks of bimetallic conformation, with ring of golden alloy and nucleus of silvery alloy". The Mint of Finland's proposal was accepted. To finalize and accommodate the planchets, should cost 33 million USD.
Argentina accepts 100 exemplary blanks that are presented within a month. In less than 120 days, 50,000 blanks are brought to the country; until the completion of the total quantity, 50,000 blanks continue to arrive in 30-day lapses. The official exchange of bills to coins is scheduled to commence during the proximate November. A representative from the Finnish part specified that "everything's marching well".
The Argentine mint declared the presence of a cockade within the coin's design. Two-peso coins will possess a bigger size than the current, one-peso coins. A qualified spokesman said that the addition of a new, denominational coin has no relation with the country's inflation. The two principal reasons of the inclusion are "a lack of coins in circulation, and the eventual elimination of the 2$ bill".

If the U. S. eliminates the bills of one and two dollars, could it be efficient to add a two-dollar coin? In the above example, Argentina pays 33 million USD for the possible production of 600 million ARS (about 146 million USD). The census of 2010 registered 40,091,359 people inside of the republic.


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Technical specifications of the blanks.
1. Element: blanks to mint coins of 2$.
2. Quantity: 300.000.000 (three hundred million)
3. Technical characteristics:
--3.1. Alloys. Chemical composition:
---3.1.1. Ring: CuAlNi 2. Al: 5,0-6,5%; Ni: 1,8-2,2%, Cu: 91,5-93,0%.
---3.1.2. Nucleus: CuNi 25. Ni: 24,5-25,5%; impurities: <0,6%, Cu: the rest.
--3.2. Conductivity: 5,5% IACS ± 0,5% IACS
--3.3. Unitary weight: 7,20 g ± 3,5%
--3.4. Weight by 100 blanks: 720 g ± 1%
--3.5. Height of the border: 15-25% of the resultant thickness in the center of the blank
--3.6. Diameter:
---3.6.1. Ring (external): 24,30 mm ± 0,03 mm
---3.6.2. Nucleus: 17,00 mm.
--3.7. Ovality: maximum 0,05 mm
--3.8. Hardness: 75-95 HV-30

 

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IF the US eliminated the one AND the two dollar notes then yes a $2 coin would make sense. So far there have been no serious proposals to eliminate the two or introduce a $2 coin. We have the $1 coin but after 32 years we still haven't gotten them to remove the dollar note.

Argentina sure plans long term. 300 million planchets at 50,000 planchets a month will take 500 years to coin all of them.

 

The fifth point (under the "general specifications" heading) of the official licitation form clearly states:
"Inside of the 120 counted days, to part from the reliable notification of the approval of samples of fabrication--50.000 blanks. Inside of the 30 following days to the first delivery and every 30 days, successively, until to complete the totality--50.000 blanks."

 

In other words, 50k blanks per day until they have 'em all.

 

During April of this year, Argentina's biggest newspaper company (Clarín) published that 50,000 blanks are expected to arrive in "30-day lapses". The company's information derives from the licitation form...which is rarely modified. This past May, an agent (Marcos Hayzus) from The Mint of Finland concurred with Clarín's words about the delivery. Other examples where amounts didn't change:
In June of 2009, Argentina called for 200,000,000 blanks to be utilized for the production of 1$ coins. The country specified "60.000" in less than 120 days and, following the first delivery, "35.000" in 30-day lapses...until the culmination of the totality.
In May of 2008, Argentina called for 77,000,000 blanks to be utilized for the production of 1$ coins. The country specified "17.000" in less than 120 days and, following the first delivery, "6.000" in 30-day lapses...until the culmination of the totality.

One should maintain in mind that about 20% of the Argentine population does not live in a populous, "organized" area. The nation doesn't produce a significant quantity of coins. Some major cities do not longer use coins for the machinery of public transportation. It is a country in development where certain merchandise is still quite cheap to acquire. In numerous areas, one can buy six kilos of vegetables for less than 50 U. S. cents. Throughout the next 70 years, it shouldn't be necessary to insert more than 30% of 146 million USD in 2$ coins.
Besides, the use of 50¢ and 1$ coins is still enormously popular within the republic. During the last decade, "2007 was the year when the most quantity of coins was thrown into the market". The Central Bank declared that, in 2007, 462.9 million coins (of various denominations) were exchanged for bills. Excluding the first article in law 26.179, where difference(s) below 5¢ should go in favor of the consumer, a tremendous amount of vendors doesn't care about losing some cents. The Central Bank didn't explain why coins are "missing" from circulation; however, in the black market, one can easily sell 40 pesos in coins for 50 pesos in bills.
According to the "Communication 'A' 4846" that was promulgated by the Central Bank in 2008-09-25, "the entities that don't subminister at least an amount of $ 20.- (pesos twenty) in coins at demand of the public in general, be or not a client, will be passible of the application of the sanctions established in the Art. 41 of the Law of Financial Entities, previous summary". Well, various entities don't respect the previously mentioned words. Last year (while visiting ARG), an HSBC bank and an Itaú bank didn't give me a single coin. I was arguing (I have Argentine citizenship) with one of the tellers, and he told me: "we don't adhere ourselves to that, here". While leaving the bank, the security guard insulted me for "elevating the decibels".

 

Correction to my anterior post: "Communication 'A' 4846" was actually promulgated during 2008-09-26.

 

That still reads as 50,000 blanks in the first 120 days once samples are approved, and then 50,000 blanks within 30 days after the first delivery and then 50,000 a month there after. As I said, at that rate it will take 500 years to coin the 300 million called for. I suspect they mean 50 million blanks every thirty days. That would only take 6 months or ten months total.