Bill would stop production of Presidential dollars

Senator Vitter has introduced a bill that would repeal the Presidential Dollar Coin Act of 2005:

“Even though many in Congress, including myself, hoped that dollar coins would eventually save taxpayers money, it’s turned out to be one of those unnecessary and, quite frankly, wasteful programs that we should eliminate,” Vitter said. “Banks and credit unions are increasingly returning the dollar coins to the Federal Reserve because people don’t want them and aren’t using them. So the most sensible thing to do is for Congress to quit spending taxpayer dollars producing and storing the unwanted coins.”


Well, if passed this would leave an incomplete Presidential set. Perhaps they could continue to finish the series by serving only collectors. They still strike the half dollar, but only for collectors. Maybe that's where the Presidential dollars will end up.

Perhaps they should think about eliminating the paper dollar instead. I also note that this applies only to the Presidential dollars and not the Native American dollars. I use Direct Ship to get Native American dollars every year and I spend them. I have to say, however, I've never gotten one back in circulation and have never seen a circulated example of recent dollar coins.

http://vitter.senate.gov/public/ind...ecord_id=4850fb47-c4dd-2074-b4e9-80e5a92c55a2

 

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I've got a set of P & D mint state presidential dollars up to date. I'd be sorry to see the business strikes discontinued. If they discontinued the set before I could complete it, then I might just spend the presidential dollar coins I've collected so far.

They should do whatever is expected to be best for the economy. For this reason alone, it might be best if they discontinued the paper dollar.

 

It's always made me a bit angry that dollar coins aren't liked by the public. I just wish they would discontinue the paper dollar...

 

After the report of the growing hoard of unused dollar coins, I figured that it was only a matter of time before such a bill was introduced. If they do eliminate the dollar coin, I too hope that they will continue providing them for the collectors.

 

I imagine they would as long as it was profitable.

That would be hard to do...as you said the dollar coin isn't like by the public. It would take an act of Congress to get rid of the bill...and it's the same public that elects the people in Congress. Thus...why would they introduce a bill to do something unpopular and risk their jobs?

But, I agree...the dollar coin and no bill would be better.

 

I hope they dont stop the presidential dollars. Im still looking for the ones Im missing to finish up the set to present date. I only have like 5 of em, and dont want to have to pay a premium to finsih a circulated collection.

 

A circulated collection? Where have you found them circulating?

I'd be in favor of continued production, but my idea is the mintage for each coin is not to exceed the mintage for half dollars in that year. Basically, just for collectors.

 

When I realised how much I had tied up in face value, I turned mine back into the bank last month. I had one roll of each president issued. Instead I bought some gold coins which have a much better chance increasing in value.

 

I would also be sad to see the series cancelled as I have been collecting them as well. I have never seen on in circulation here in Louisiana. I guess it would be bittersweet if they cancelled the series becase I am tired of having to spend $2 per coin at coin shows and ebay to get a coin that should be able to pull from circulation for free.

 

An easy way to find them in circulation is to find a vending machine that accepts $5. The machines I've encountered will eject dollar coins out for change.

 

Doesn't the government realize that they DO have a choice? Eliminate the $1 coin OR eliminate the $1 bill? Why not just come out, and say "Okay America. This is it! No more $1 bills! Time to start using $1 coins to save money, and if you are not happy with those, start using $2 bills. But also expect $2 coins in about five years or so!"

Now THAT would be the thing to do.

 

If the Presidential dollars are reduced to the low numbers that are minted and then rolled for numismatic sales, there will be impact on the Native American versions, which must be minted in a quantity of no less than 20% of the total mintage of all dollar coins.

Most likely (or for example), if the only dollar coin versions that are minted are for just numismatic sales, only 8 million Presidential dollars will be minted, 2 million per President broken down to 1 million per Mint, per year. The single annual design of the Native American dollars would also have 2 million total coins, divided evenly between the two Mints employed for circulation coinage.

Our coinage system is a relic of a long ago era in the 19th century. If the dollar coin becomes a vestige of numismatic sales, this coin joins the half dollar on the same level of mintage and circulation use. This will leave four coins for circulation, two of which, namely the cent and five-cent coin, having metallic content that exceed their face value. The dime and quarter dollar, with heavy emphasis on the quarter dollar as the workhorse of the coinage system, are the main coins of commerce. Everything else in circulation will be paper in our fiat monetary system. The hard money bullion coins, silver, gold and platinum Eagles, will outstrip the mintage of the two largest denomination coins intended for circulation.

This situation, in my mind, makes the coinage system a dysfunctional relic dating back to 1857.

 

The whole system needs to be changed.

kill the worthless penny for starters

kill the nickel too, or change it to Canadian specs....might work for a few years ?

That leaves dimes and quarters as the minor coins, good enough actually.

Killing the paper dollar and using the dead president dollars is the best solution, I'd do that and copy Canada with a $5 smallest bill, but I'd not also make a $2 coin like Canada. The half is long dead.

I don't see the $1 bill going away, so yes just make a few million dead-prez dollars a year for collecter sales...and kill the Sac.

Now we also need bills larger than $100. You had $1,000 and larger bills 40+ years ago, now the biggest bill is about enough to gas up your truck, WTF !

 

Nobody buys stamps anymore, so the USPS vending machines ( if working) won't put many coins in circulation.

 

you would sure have a lot of collectors with nothing hardly better to collect

 

All I ask is that they just keep making the proofs.

 

Actually it could be done without one. The only thing that has to happen is the Fed just stops ordering them and fills orders from banks with dollar coins and two dollar notes.

 

Any bill that sparks Congressional conversation of our out-dated, valueless coinage is a good thing...imo. I can't wait to begin collecting the new silver $20 coins. :thumb:

 

I agree with this 100%. The general public has always been resistant to changes in currency. Sometimes we have to be lead, kicking and screaming, to do the right thing. If Congress were really serious about saving taxpayer money, just eliminate the paper dollar bills and start distributing the coins. If not, and we just stop producing the coins, we still have the problem of the billion already made that we still have to store(and which are guaranteed to then never be used) or melt them for scrap. Senator Vitter, your efforts to save us some taxpayer dollars is applauded and is needed. For once just do the right thing.

 

It wouldn't work if you just eliminated the cent piece and the nickel because that would add to inflation, automatically. Just melt all those president dollars and cut the losses. Continue minting the set for collectors, I'm sure there's many ppl who collect em and move on. :thumb: