Presidential Dollar Coin Production Suspended

Thank You.

What you just typed is the exact reason that nothing ever gets done.

There's always a better idea that somebody else has. So many different ideas (get rid of the half, get rid of the cent, get rid of the nickel, redesign this, redesign that) that nobody can agree on anything.

The net result: Nothing, even the simplest of things, ever gets done! But by gawd.............. we're workin' on it!

 

Log in or Sign up to hide this ad.

Now that's just danged funny. Actually, though, it was my grandfather that wore the suspenders.....

Yeah, I know. People are so danged phobic about having a few coins in their pocket or change purse. You'd think they were sentenced to the salt mines and be expected to carry out heavy labor........

 

The major reasons the $1 coin isn't popular in my opinion:
1. Most people know these exist, but people see them so infrequently that they just hoard them
2. The $1 bill is WAY more popular, and a lot easier to use, therefore, the $1 coin doesn't circulate
3. Not many places hand these out as change (and if they do, the first reason applies)

 

Too many coins in your pants ?

 

the article I read said they would be producing enough to meet collector demand.

 

But we will have to pay a premium instead of getting them for face.

 

There's no way (imo) ANY Administration would make a significant change the the nation's currency in an election year. This change isn't significant, but dropping the $1 bill would be.

Any idea if this may affect the First Spouse series? I suspect it will continue as normal.

 

Well, in commiseration, I was at the bank yesterday when I spotted two halves, so I asked to buy them - then I saw they had a $2 bill, and asked to buy it also. The teller was only to glad, and proffered 5 more $2 - and the teller next to her said "I have a load of $1 coins - want them?". So I did, and now they know I'll be back to take the 'weird' currency off their hands! Every $2 that I spent yesterday (3 of them) prompted [positive] remarks, the classic was a liquor store clerk (in his twenties) who asked "Are these new?".

My work cafeteria & coffee shop is now also used to $1 coins due to me! Yay!

 

Preidental Dollar coins being cut off by White House to save 50 million dollars

Just saw this being posted on internet. Unless you stop making dollar bills the coins will never really get out there. Many stories about foreign governments using our coins in their ecomonies. I wonder if they will still make for collector sets?

 

Yes. The coins will be minted to collector demand.

Of course, this is simply a move by the current administration to make it appear like they are trying. The legislation which is still on the floor has yet to be passed. One of those bills calls for the elimination of the one dollar federal reserve note and hopefully it'll get the attention it really deserves since eliminating that will save $184 million a year.

 

Info on that legislation and how to contact your congress person to gt them to co-sponor it and get it moving:

http://dollarcoinalliance.org/

http://dollarcoinalliance.org/get-involved/

 

Well since the number of NA dollars made depends on the number of President dollars struck you will see their mintage plummet as well.

If it runs through 2016 and they produce the last eligible president (currently Ford) the program ENDS. That is in the authorizing law.

What amazes me is that no one seems to be addressing how this $50 million "savings" is going to result in the LOSS of $300 million in senoirage profits being paid into the General Fund each year. $300 million dollars that will have to be replaced with additional borrowing.

They are going to finish it. They just aren't going to make them for circulation anymore.

 

I believe Ford would be minted, then [currently] Reagan, as 2 years have to have elapsed since a president's death. If Carter were to die before 2014, he'd be included too.

 

The Mints production schedule stops at Ford. It stopped at Nixon until Ford died. Apparently the mint is sticking to the language in the law that requires the presidents to be honored in the order in which they served. With that interpretation they can't jump over Carter to honor Reagan. Now if Carter dies before 2014 then it will run through Reagan. The language of the law is a little vague and can be interpreted to either allow or to not allow a president to be skipped. The Mint chose to not allow skipping.

 

I thought the way the act was written , Reagan was the last President in the series. 2016 was supposed to be Nixon Ford & Reagan.

 

That's almost worth jumping in front of a bus.

 

Well, if Mr. Carter is blessed with longevity as his predecessor and successor, Mr. Carter will be age 92 in 2016.

 

I think what Condor pointed out though is, the Act didn't specify the allowing or disallowing of skipping Presidents, so it's up to the Mint, who have chosen to not skip Carter and not produce Reagan unless Carter dies before 2014. According to the act I think, if Carter doesn't die before 2014, producing any more Presidential dollar coins will take another act of Congress unless the Mint decides to go ahead and skip Carter and create the Reagan dollar in 2016, then any others would require a new act.

So if the mint doesn't skip Carter and Carter doesn't die before 2014, we can expect it to end with Ford.

 

I only heard the suspension apply to Presidential dollars. The Native American dollars are part of a completely different bill. But they still could be impacted. As I recall, the Mint is required to strike at least 20% of the total amount of coin dollars minted as the NA dollars. If the total amount of coin dollars is lower, then maybe they will also make less NA dollars.

Irony of Ironies today: For the first time EVER, I received a Presidential dollar at McDonald's in change today. (That is, without asking if they had any.)