Are Merchants Not Accepting the $1 Coins?

Like everyone else I initially thought the $1 coin would survive if the public accepted it. Now I'm starting to wonder if it isn't the merchants who are not accepting the coin and instead of giving it back out as change, are taking the coins back to the bank.

The reports from the banks showing they have sufficient coins in their vaults to last 10 years are proof of the vast holdings and large supply.

If merchants don't accept their role in circulating the coin, despite the efforts of those, like me, volunteering to circulate and spend them via the Direct Ship program, the program will fail.

The average person, a full 4 years into the program, is more than likely still going to be 'surprised' when they see one of the Presidential or Sacagawea coins.

 

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I go to two family owned grocery stores here in San Francisco and I asked them for change instead of the $1 bill(s). Then I turn around and spend them at the local drugstore to buy lottery tickets and a liqour store to do the same. Still come across some Susan B's and only 2 Native American's. Off course, all my dollar coins and Kennedy's go into fare boxes and parking meters.

 

I gather you spend the $1 coins in circulation all the time.

Out of curiosity... how often have you had a merchant reject the $1 coin ?

 

I know your question wasn't directed at me, but: I spend $1 coins all the time. I've never had it rejected. Never, not once.

Mostly, I use it to pay folks where I otherwise would have paid by check, so, e.g., my kids' lunch money, my kids' school trips, the firewood guy, the guy who trimmed my tree ($100!), my kids' guitar teacher, etc.

 

I had received hundreds of the newer gold dollar coins. Since then, I have used them all over town for various purchases, usually gas. There weren't any merchants that didnt take them, or even look at me funny.

However my wife works as a bartender, and she has only ever received one in over a year she has worked there. The guys at my work have never seen them, so i sold a bunch to them too.

 

What I meant is that merchants are rejecting circulating the coin by not giving it back out as change, thereby disencouraging further circulation --- I did not mean they are literally refusing to accept the coin for transactions.

 

Ahhh, ok.

I don't recall ever getting one in change. OTOH, I don't ever recall seeing one in the cashier's till, either!

 

There widely accepted!! After all there still money!!

 

That's exactly my point. They are accepting them but then they are depositing them all at the bank so there wouldn't be any remaining to give back to their customers in subsequent days.

 

I use them and like them---the Sacs are great, the prezes are heinously ugly.

Received a 2009 Native American in change from a Thai restaurant. Nice to snag.

 

Here's my 2 cents:
1. I don't use them
2. If I get them as change, they go with the rest of my change into a bucket until the end of the month. (At the end of the month and after going through it, I take the change to my bank, and replace it with silver rounds, or other silver coin).
3. I don't like to carry them; I'd rather have 4 1's of paper than 4 coins weighing in my pocket.
4. THE ONLY WAY FOR THIS PROGRAM TO WORK IS FOR THE FED TO REMOVE 1$ BILLS FROM CIRCULATION. THE ONLY WAY!

 

I see sacs and presidential dollars in tills quite often. I always request 1 or more as part of my change. I am hoarding presidents for some reason, even though I know they are relatively worthless and really have no longterm potential.

 

Where have all the dollars gone . . . (with apologies to PP&M)

Here is a link to the December 22, 2009 article Source: CoinNews.net

 

Thanks namvet. This was the article that prompted me to believe most merchants are just returning the coins to the banks and not circulating them.

 

That's assuming merchants get them in the first place. I also presumed they were simply sitting mostly at the Federal Reserve because when banks ordered them they were just sitting at the banks . . . .

 

I spend at least $100 a month in dollar coins and maybe another $50 in half dollars (when I can get them). I've never had a problem with them being accepted. I can honestly say that I've never gotten either in change.

 

I'm assuming banks are like any other store and if they have ordered too much of anything will stop ordering it (ask me about how long it took to get a strap of $2 bills) where the law of supply and demand takes over. But in this case, their orders are added to by the coins coming back from merchants and consumers resulting in the massive oversupply sitting in the bank vaults.

There is an incentive right now for some consumers to spend them (directship and the interested members of the coin collecting community) but it seems there is no incentive there for the banks or merchants to recirculate them.

 

....i spend them as often as i can. i spent some the other day and the clerk started

chatting with me about them. seemed like a budding collector to me with a lot of

questions about the dollar coins. and one question she had was "why is it i never

ever seen anything about these dollar coins on TV or in the paper or on the radio

or in any magazines? that was one question i couldn't answer.

 

Not only is the public not informed, members of the gov't branches are not informed! I bought a money order with some Sac's at the post office and the clerk needed to check with the manager to see if they can accept them.

 

Yep!!