Suspended or cancelled Presidential dollars

Suspended or cancelled Presidential dollars for circulation

The Mint has stated that on Dec. 13, 2011, it will not strike Presidential dollars for circulation, although it will continue to produce circulation-quality coins for collectors.

My guess is that suspension of the circulated dollar is soon to be followed with cancellation, If so what's to become of the 1.4 billion presidential golden dollars currently stashed away in the federal reserve vaults ?

I believe the current metal value of a presidential dollar is $0.066. Do you think they will eventually just melt them down ? Or maybe have a another GSA sale in future ?


Dave

 

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Like the millions and millions of 1979-1981 SBA Dollars that were stored away in vaults the Presidential Dollars will eventually be released into circulation. Like the SBA, it may take a couple of decades (or longer) for the oversupply of Presidential Dollars to be released.

 

From what I heard - if the Mint does NOT produce another dollar coin for the next 10+ years or so, they can suffice the demand for a dollar coin with what is in the various Reserve Bank vaults! The question I'm left with is why they don't take some of those "back" and reuse them somehow to produce the Chester A Arthur and up! My suspicion for the delay in the Chester A Arthur is that the Mint got an underwhelming number of pre-orders. I also suspect there many people, when they realized they would not be able trade a paper dollar for the latest coin at their local bank anymore and would have to pay extra on the secondary market, decided to stop collecting the set and "dumped" or spent their coins. So unless demand suddenly spikes for a dollar coin, who knows.

 

Maybe, just maybe, the powers that be will do the right thing one of these days and get rid of the paper dollar. That would be the most econimically sensible thing to do. Then they could actually use the coins for what they were intended for.

 

Click on the “get involved” link and send a message to your Representative and Senators to replace the rag-dollar with the dollar coin and save us 4 to 10 Billion Dollars.

http://dollarcoinalliance.org/

http://tinyurl.com/7nerv6w

http://tinyurl.com/7xzhg7b


http://tinyurl.com/7rvjlrc

 

Lots of articles and here is just the latest:

http://tinyurl.com/7dgff6a

 

My favorite comicbook cover from the early 1950's (just wondering how deep those billion+ coins would be if they were in Scrooge's "money lake"):

 

I knew he had a money pool, didn't know he had a lake.

 

God forbid they slip millions of these in GSA slabs, they still wouldn't sell and there would be more money going to waste. Even in 100 years, there will still be a surplus of these, long after they stop making the final coin in the series.

 

No. 1.4 Billion is the total of all dollar coins: Presidential, Native American/Sacagawea, and SBA.

Back in 1999, the SBA supply ran to ZERO and they had to make 41 million more to satisfy demand because the Sacagawea dollars were not ready until the following January 2000. Naturally, some SBAs have circulated and they return to the comingled mix of dollar coins.

 

I'll take one for the team and take all those dollar coins off the Federal Reserves hands, I gots plenty of space in my backyard. :yes:

 

Good old Fred, he never gives up the fight. He is even outspoken on Wheres George, a site that primarily focuses on tracking one dollar bills! The admin of Wheres George recently made a pro-$1 bill thread on the forum over there and he said no one is to post any pro-dollar coin rhetoric inside of it. It is pretty safe to conclude that this rule was mostly geared towards a single activist poster who just won't give it up. What defense do these few dollar coin people have now adays? Heck, the government has increased the average lifespan of the dollar bill to over 50+ months now due to improved screening of currency at FRB processing facilities.

It may be concluded that 99.5% of the people that want dollar coins to replace paper dollars are those involved in the mining industry. The other 0.5% represent a few dense individuals who are against freedom of choice and freedom of selection for the majority in choosing what currency they wish to use. It's over Fred, the time has long since come and gone to face the music.

 

The number produced is not the number in inventory/storage. Huge numbers shipped and circualted and are in circulation or in people's 'collections'.

Actual inventory numbers are on the web. i don;t have time to look them up for you, but here is some info from last year:

http://www.gao.gov/new.items/d11281.pdf

The current surplus inventory of ALL dollar coins at the Fed is 1.4 Billion. The original estimates were that they would need 4 Billion to stop printing dollar bills. The Crane Paper Co and their puppets have been fighting this logical transition.

 

@NOS,
personally I have no preference in either dollar bills or dollar coins. I just would like the Presidential series to continue so I can continue collecting them. It is just something I enjoy collecting and even though the Fed is stockpiling them, it would be nice if they would let those of us collecting them to still be able to buy them and get the excess coins off "their hands".

 

As pointed out, over 2,376,250,000 presidential dollars have been minted since 2007. Throw in the Native Americans and SAC's and its a significant number.

I think the 1.4 billion figure in "Federal Reserve Storage" may be accurate since folks also need to remember that a lot of banks have boxes and boxes of these in their vaults.

At some point in time, the American public will have to shed their "holier than thou" attitudes and face the economic reality that regardless of the convenience, the paper dollar is an expensive waste and with just a little bit of effort, billions could be saved.

It's just that simple.

From a coin collectors standpoint, presidential dollar collectors should pay attention because when the series comes back due to the elimination of the paper buck, it'll be very popular.

 

bank

:d

 

You will have no trouble continuing to be able to buy them. They will be on ebay, at select banks and dollar coins will still be minted for the collector market. You will be able to buy these through the Mint itself if you want.

Dollar coins will yield in a net-loss for the taxpayers should the dollar bill ever stop being produced. Doing so would add millions to the national debt and deficit. Don't believe the rhetoric that they will save the government money. 99.5% of the supporters for eliminating the dollar bill have ties to the mining industry in some form or another. The other 0.5% are ignorant and are against freedom of choice. Dollar coin enthusiasts can still buy and use dollar coins if they want to. What these activists want to do is take away your ability and choice to be able to continue to use dollar bills. This is a complete double standard.

Furthermore, the cost of shipping dollar coins is in itself very expensive. Coins are heavy. Banks often pay $7.50-$10+ per box of coins for their vaults. If you were involved in the transportation of coins and currency which would cost more in fuel? A $1,000 box of dollar coins or a $1,000 bag of 10 straps of $1 notes? I rest my case.

 

True but the problem is , is the Mint isn't even selling the new ones. The Arthurs went from a Feb 16, 2012 date to a TBD date, so collectors can't even the collectable rolls yet. Or why not let the collectors buy the surplused coins through the Direct Coin Program with the 12.50 fee that they imposed at the end?