Report on unused $1 coins

http://www.npr.org/2011/06/28/137394348/-1-billion-that-nobody-wants?sc=fb&cc=fp#
I have read it because audio us not available until tomorrow. I thought this may be of interest.

 

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That is interesting…I wonder if they will stop producing the Presidential Dollars as a result.

However, the title of “$1 Billion That Nobody Wants” is misleading because I’ll take the one billion dollars that nobody wants.

 

That's a bunch of coins. I wouldn't mind some of that overflow, I could put them to good use.

 

THe gov't sure knows how to spend out money. If they are not beening used then either melt them, give that money as a "donation" to a foreign country that is in dire need of help or give them to me.

 

I agree, they should donate the money to a country in need - the USA. How any of these guys, from both parties, can sleep at night is beyond me.

 

they can't without an act of congress.

 

This is why I think it is so foolish to buy high grade Presidential dollars in TPG slabs at a premium. The government will eventually release these coins and flood the market. TC

 

Then Congress should pass a bill canceling the useless series of coins.The dollar coin never really worked.....thus you had thousands of bags of BU Morgans stored for nearly 100 years. Peace dollars didn't circulate too well, j'ever see a well worn one ?

Ike's failed and SBA's, Sac's, Trade dollars, etc. A silver, silver dollar is too heavy. a mini dollar can't exist with a paper dollar.

 

It's not that nobody wants them, it's that nobody gets them in change. I don't want disgusting, smelly, torn-up, dirty one dollar bills, but guess what...thats what they give me at the store and the drive-thru and the gas station, so thats what I'm forced to use.
Guy

 

I just got rid of all my Presidential rolls and State Quarters that were just siting around and going no where. I'm glad I did.

 

It's still the fault of the gov't !

They need to do a feasibility study before minting billions of coins. Canada is the model, the Loonie is the same damn coin with a different design. It works fine there, with no paper bill under $5 !

You'll never get people to use the coin when they are used to paper money.

IT IS SO DAMN SIMPLE !

 

It works fine in Australia too Doug, and there they have no change below .05, no bills below $5 AND a $2 coin

 

if you hold rolls of presidential dollars or state quarters, you aren't really a coin collector....you are hoarding that crap.....presumably because you think ( wrongly) that it will go up in value.

Tell me how the guy that has been holding circulated bicentennial quarters and $2 bills since 1976 has done with that.

 

they actually sleep? i thought they just rested upside down from the ceiling like the evil little critters they are.

anyways i wouldnt mind a pile of coins XD

 

Wow, I guess I'm not a collector then either...
Will they not go up in value if the gov't cancels the series midswing? Not saying they (Congress) will, however.
I'd imagine just the release of this article by NPR will prompt some sort of buying, sooooo..... yeah.....
I'll hold on to my 4 rolls of each P and D ever released, and the proofs to boot, even theough I'm no collector.

 

Good quotes:

"Through the bags, one could see Sacagawea mingling with Suffragette Susan B. Anthony and rubbing edges with some of America's early chief executives. Glaring fluorescent lights coaxed an occasional shimmer from the dollars, which are made mostly of manganese brass and have a gold color."

"Destroy them," he said. "People will not accept these coins. Nobody in America wants to use them. As long as they have a paper currency, they will use that."

"the benefit to the government would come only from the profit it makes by manufacturing each coin for 30 cents and selling it to the public for a dollar."

"Castle says the coins should continue to be produced, but in smaller numbers."

"Is the nation waiting with bated breath for us to get to the Calvin Coolidge coin? No! Maybe we should call a halt to this whole thing."

 

The way I look at it is, it is likely that they will stop printing and minting currency before much longer anyway and all your money will just be 1 and 0's in your banks computer. When that happens, all physical currency will be obsolete, there for more valuable. But of course, I could be wrong.

 

They HAVE done that feasibility study. We have paid to have that study done four times since 1974. All four times it came back with the same recomendations. Drop the one cent piece. Drop the half dollar. Issue a small size dollar in between the size of the quarter and the half dollar. Stop issuing the paper dollar. We paid for it in 1974 and ignored all of it. We paid for it around 1977 and ignored all of it except making the small size dollar. We paid for it again around 1997 when the provision was added that the small size dollar should be a different color and visually different enough that it would not be confused with the other coins. We changed the color of the dollar coin and the design and ignored everything else. Several years later we stopped making half dollars for circulation. And we paid for it again around 2006 and ignored all of it. I believe on of the other recommendation in the 2006 study was to change the alloy of the five cent piece.

The Model for the Loon dollar was the SBA and to some extent the British pound coin. The Canadians looked at our SBA, saw why it failed (the failure to remove the dollar note), took a clue from the british about changing the color to make it distinctive, and the highly successful Loonie was born. And every other country that has tried it has succeeded as well. Why because they all avoided the mistake we made and removed their paper unit after the coin came out. The US was the first country to come out with a small size unit coin, and we are the only country where it has failed. And it is because we are the only one that didn't withdraw the paper note.

What they missed was the quarters became popular because it was something different on a coin people use everyday. Changing the design on a coin no one has ever seen or ever does see does nothing to increase its popularity.

There is the key right there. If the Fed would stop ordering dollar bills form the BEP and would send out dollar coins and twos when their supply of dollar notes gets low and banks are ordering dollars, the problem would take care of itself without Congressional action. (They would probably want to step up their ordering of two dollar notes from the BEP as well.) This would seem to be the best of all choices. Congress doesn't have to act, the dollar coins WILL go out into circulation, and the BEP will continue printing note preventing, or at least reducing, layoffs at the BEP and Crane Paper.

 

Well now that a major political blocker of the stopping of printing dollers is out of the way. We might see those coin dollars that will last twenty plus years versus the eigtheen months the rag buck last come out of the vaults.

 

I'll take all of those $1 coins...and build a money bin for them and rename myself "Uncle Scrooge McDuck" and go swimming in the coins from time to time. :hail::devil::yes: