The Presidential Coin Scandal

New York Sun
July 14, 2011

Just before we get into the burgeoning scandal of the presidential coins, let us review the facts in respect Bernard von NotHaus. He is the man who is facing the possibility of years in prison after being convicted in Federal Court in March of the felony of counterfeiting because he issued a coin, called the Liberty Dollar, that is made out of silver. We’ve issued two editorials about Von NotHaus, one in March and another in June. He may yet be sentenced to years of prison even though his silver medallians kept their value while the the paper money being issued by the Federal Reserve has been plunging. In terms of Federal Reserve notes, Liberty Dollars are worth much more than when Von NotHaus issued them.

Now feature the latest news out of Philadelphia, where, according to ABC News Radio, it turns out that the United States Mint has been cranking out something it calls “$1 Presidential Coins” even though nobody wants them. ABC reports that these “manganese brass dollars have proven unpopular with a public that prefers paper.” The mint is now scrambling to find a place to store the slugs. It reports: “ABC News went to one such storage facility, the Federal Reserve in Baltimore, where the coins are in plastics bags and cardboard boxes, stacked one on top of another, creating several aisles of presidential coinage worth millions of dollars.”

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Yea, we could use another billion or so of these things.

 

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Unless the BEP stops printing $1 bills, and I mean like today, those boxes and bags will continue to pile up. NOONE wants these. Another problem....registers don't have a slot for them, not while $1 bills still circulate. So, Joe Q. Public doesn't want them, retailers don't want tham....noone wants them, not even collectors.

 

Technically thats not true. It should say the public doesn't even know they exist, as I'm sure the vast majority have never heard of or seen a presidential dollar. That doesn't mean they prefer paper, it means that paper is all they are handed to use. I don't see anybody going to the bank and asking for ones. It's what we are given as change for transactions. We use what we are given. As for their value, a dollar is a dollar, whether it be made of silver or mud. I don't see anyone complaining about having a wad of US dollars when they cash in their bullion, so which has the "real" value in the end?
Guy

 

There was a lot of publicity about that warehouse
storing bags of dollar coins.

I wonder if some crooks are planning the
"heist of the century".

 

There has been quite a bit uf publicity about the coins as of late. In fact just Sunday they were featured on NBC's world news.

 

It wouldn't do them any good to steal them. They couldn't spend them without creating attention. Who wouldn't remember getting a handful in change and a probable ID on the person who gave them to you.

 

So true... and as long as the public stays ignorant to the existence of dollar coins, I'll be able to continue selling them at my local flea market at $1.50 a pop. I have yet to meet a single customer who is aware of them.

 

One of my friends still thinks they're made of gold.

 

Lord, another hoard tantamount to the Morgan hoard of the late 19th and early 20th centuries

 

LOL.. I cant' wait to see them in "GSA" boxes!

 

And guess what if they quit printing those rag bucks every eighteen months there won't be enough of them to fill the gap. But they will last for twenty or so years in circulation.

 

Ask yourself this question: "Which do I prefer, paper or a coin?"

The unequivocal answer will always be: Paper.

The government needs to eliminate "The Choice" or else the dollar coin will never survive. Neither will the government for that matter since their "ignorance" regarding the matter has now taken world wide attention.

None of the other super powers are so stupid as to offer thier citizens a choice between two circulating monetary devices and then sit back and wonder why the coin isn;t chosen. None.

And now, we have some hair-brained Congressional folks that have the audacity to claim that the government has simply wasted 300 million dollars on producing the Dollar coins when the reality is that if they would have eliminated the dollar bill in 2000 with the release of the Sacagawea Golden Dollar, they would have saved 100 Million dollars (if not more) by now.

It takes an idiot to run a country of this size or should that be a "Village of Idiots"?

 

Two years ago, I bought prepaid Gift Cards for both of my sons and paid for them with 8 rolls of Presidential Dollars.

No ID Required.

 

Bravo! And I'm not kidding. If you can sell these for $1.50 then I applaud you.

The entire problem with our "Politically Correct Democracy" is that it allows those folks who do not have a lick of common sense, to make the rules! I know that the coffee is hot and if I spill it in my crotch, IT'S GONNA HURT! But it's my fault, not theirs!

 

Correct!

However, the news (if you could call it that) always revolves around the mis-cnception that folks "don't want a dollar coin" instead of how the dollar coin would fit perfectly within the economic system AND Save the Government Hundreds of Millions of Dollars in production costs.

 

You know, I should order some from the direct ship program. I mean, I'd like to get these things circulating. Really, you shouldn't have more than a couple in your pocket at a time, like with dollar bills currently.
I do have one issue, or concern, you may say. If they eliminate the paper dollar, how will strippers cope? I mean, you can't tuck a dollar coin into a thong. I suppose you could drop it in a jar, but then the dancers would probably have to share tips, which may not be fair. And if strippers start wearing fanny packs to hold the dollar coins, that'll be the death of the industry right there.
Anybody know how that works in Canada? You can only tip a minimum of $5 at a time maybe?

 

Thank You!

 

Well, they're (goobers) gonna have to do a fifty million dollar study to see if that's how much they can save.

BTW, how much have the goobers spent promoting these coins?

 

This lawsuit is often used as a "stupid person wins ridiculous lawsuit" scenario, but you have to look into it. Been a while since I read up on this, but let me see what I remember about it. The coffee at that McDonalds was about 20-30 degrees hotter than other fast food places keep it, and much hotter (50-60 degrees?) than it is when you make it at home. The spilled coffee caused the woman to require multiple skin grafts because the burns were so severe. A reasonable person would not expect to need 3 surgeries when spilling a coffee. Also, the woman just asked McDonalds to pay for medical bills only, which was something like $10,000. McDonalds countered with a ridiculous offer, something like $500. So they took it to court to get the medical bills paid for, and the jury added a large pain and suffering award to the small medical bill cost.
So the case isn't as cut and dry as you may thing after reading an abstract or just a headline on yahoo.com.

 

Exactly.