Presidential Dollar Coin Production Suspended

Woops, thought I was in the roll searchers thread

 

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They wanted to have a press release for their new changer and had to whip up something to point to even if it wasn't really new. Haven't you seen other companies do that?

Actually I believe the authorizing legislation does specify them as being made for circulation. The reason you can't get them at the bank was because the banks could not specifically order them as they could the president dollars. And since the Fed had plenty of dollar coins on hand they weren't ordering any themselves. So if for some reason the banks did order dollar coins outside the ordering period for the next president dollar issue they got mixed dollars that the Fed had on hand. This meant the NA dollars piled up at the mint so they started offering them in the direct ship program. If they were not circulation coins the mint would not have offered them at no premium.

 

Fred, I feel a bit insulted by you calling me, and other people who like, and want the half dollar to circulate, "fanatics". So what if the half is large? If you saw many of my other posts, I proposed REDESIGNING the half to be smaller, anyway, just as the president of NAMA said it would probably have to be, in order to circulate. And YOU are a dollar coin fanatic, so whats the difference?

Also, didn't you read another person's post here, where another member wrote to their Congressman in support of eliminating the $1 bill and he quoted "My Congressman assured me that the "popular paper dollar" would be protected"? Seems your idea for the $1 coin is a futile quest.

Furthermore, Canadian $2 coins ate about the same size as a U.S. half, and you said that vending machines (which all accept Canadian $1 and $2 coins come from the same company as the machines that accept the U.S. $1 coin) can be "taught" to accept a U.S. $2 coin, which I would want to happen, because two $2 coins would be better than four $1 coins to carry.

I think for the good of us all, we should write to our Congressmen, advocating a $2 coin, in order to cut the production needs of $1 coins in half. There was talk of it years ago when they also talked about ramping up $2 bill production. They were keeping a U.S. $2 coin as an open option.

 

Doug, you are correct. I stand corrected. In the NGC Registry, there are separate slots for the 2000-2008 coins (Sacagawea dollars with eagle reverse), and for the 2009-present coins ("Sacagawea dollar with native american reverse -- I had to refresh myself). The PCGS type sets also have such a designation. The confusion I was stating between the two does exist though. Full series sets for the Sacagawea dollars do not exist for 2000-2008 separate from 2009-present. The coins (as a series) are usually collected as an "unbroken" series from 2000-present. There are a few people who stopped collecting in 2009 because they were upset with the change in design of the reverse.

As for the Jeffs, I don't collect Jeff nickels as a series, so I couldn't really care less about where they draw their lines. In fact, the modern Jeffs after the Westward Journey series are such an abomination, I'm not sure how they are collected. Afterall, the 2006 issues were supposedly included as a part of the Westward Journey series (According to the US Mint), but then they just kept the ugly design for the 2007-present issues too.

 

I was in line at the grocery store last summer and someone was trying to use silver eagle bullion coins to pay for their purchases. They argued with the clerk that they are silver dollars.

 

What I call my coin "collections" end at 1964 (except for the silver proof coins and the First Spouse series). Of course that's not to say I don't have them all. I hoard Mint sets all the way from 1965 to present looking for elusive die varieties (mostly proof dies used on circulation coins). I've set aside ten (10) rolls each of the Prez & Sac dollars...and Kennedy halves (when I can find them) with the idea of one day searching them for varieties, also. Are those "collections"? ...I would say "no". In my mind, there's a big difference between a "Collection" and a "Hoard". You can create a collection from a hoard, but not the other way around.

...not exactly sure why I started this post. :grandpa:

 

I am a car wash owner and the $ coin gets discussed over on the car wash forum from time to time as well. I will add to two segments of the discussion.

Regarding the acceptance in vending machines. I bought two machines (like used for snacks) back in 1991 to vend car wash items. I didn't specify any certain acceptor or coin acceptance. They both came with Coinco 9300 series (9302-LF I believe) acceptors, which had the dip switch for the $ coin. I flipped it to "accept $" and it immediately was accepting SBAs.

Regarding "Carrying around a pocketful of coins". Well, that statement just doesn't hold water at all. Undoubtedly, if they kill the $ bill the banks will just order $2 bills instead. Whenever that were to happen, there would not be any reason to get over one $ coin as change. Change would most likely be handed out as follows.

$9 = 5,2,2
$8 = 2,2,2,2 since this would be simpler for most cashiers that 5,2,$coin
$7 = 5,2
$6 = 2,2,2 same reasoning as $8 applies
$5 = 5
$4 = 2,2
$3 = 2,$coin
$2 = 2
$1 = $coin

The coin is really only needed and most likely would only be used when 1 or $3 is required.

 

I would rather have the $5 bill, the $2 bill and the dollar coin. I hate carrying a bunch of $1 bills as it is, and I would also not like carrying a wad of $2 bills either (even though I love $2 bills and would love to see them in general circulation)

Again, I would rather take the $5 bill and the dollar coins, otherwise $2 bills would accumulate too quickly.


The coin is really only needed and most likely would only be used when 1 or $3 is required.[/QUOTE]

What happens when we go to the "$2 coin"? :devil:

 

Even if you don't want the extra 2's for the $8 or the $6 you still don't need more than a single dollar coin.

 

Thats why I was saying, I have no problem taking that one dollar coin. After all, using all $2 bills instead of actually using the dollar coins as needed kind of defeats the whole purpose of having a dollar coin in my opinion.

 

The reason I said that most likely multiple twos would be used for 6 & 8 is just from real life experience. Around here, it seems that most cashiers are not direct descendants of Einstein. I can picture them doing the 2-4-6-8 more often than actually using what brain they have and figure out that 5-2 & dollar coin works. Also, it will be easier to pluck 4 bills out of the same slot as opposed to a single from three different points in the drawer.

 

I understand that. But I would rather they not stay a edited and learn how to use a dollar coin in different situations where they are needed. I meant nothing bad toward you or your idea. I just feel that, giving out all of those $2 bills would defeat the purpose of the $1 bill, which is to save money. Which is really why we should go the way of the Canadians and issue a $2 coin as well, to save even more money, because, lets face it, if the $1 bill is eliminated, and the $2 bill is embraced, you KNOW those $2 bills are going to wear out just as fast as $1 bills do now. Not only that. A $2 coin would save money on less minting of $1 coins as well. :yes:

 

It is my understanding that the savings comes from the cost of storage of these coins. Since no one is using them and the mint is required to make way more than they need, they have to keep them securely stored. Thus, they must keep building new secure warehouse to put them in. It is also my understanding that the new law is reducing the amount of them to make until there is a demand for them. Getting rid of the paper dollar would help in that regard.

 

One, it doesn't cost $50 million a year to store these things.

Two, if it did ending the production would not save $50 million a year because they would still be having to store the ones already on hand for the next twenty years.

The cost of the new warehouse, which they won't need now, was $600,000.

 

I would imagine that $600,000 for the new warehouse didn't include security coverage, administration expense, operation expenses for utilities etc... or loss of revenue on the land it would be built on. Like the Post Office, they don't pay taxes to the municipalities or the federal government.