Is the Obama administration going to dump the Presidential Dollar?

And in forty or fifty years, when the dollar has dwindled to a few percent of its current value, perhaps we'll see the same thing again -- a rush for bags of coins at face value, when their metal value is almost as high. Isn't that exciting​?

 

Log in or Sign up to hide this ad.

Me personally, if the government made a coin that was slightly smaller, maybe put in 20% silver, and not base it on the overused "presidential" theme. I think it would have been a hit. Canada and other nations that have adopted a $1 coin has made it work because they did think outside the box and just implement it without dragging it into legislation for 3 years. I think the main driver is to create a coin that would win over the public's emotional appeal. A gold toned dollar with the gaudiest designs won't do that in my opinion. It never won me over because the US mint never consulted with me or the public about the program and what it can do to enhance our monetary system. The US mint probably doesn't believe in focus groups using real people to test their products, and that's a shame... Sorry about the rant, I'm maybe just a little bitter because the program was a huge waste of resources and money.

 

Good post BU. I had forgotten about the issue with the cartwheels (the size and not the luster) and the gambling industry. The dollar slots were also the reason why the Ike dollars were pushed and congress contemplated bring back the peace dollars in '64 as well.

 

If they really wanted to save money we would all be useing plastic not dollars of any kind and that to would do away with the need for coins.For those that want the coin dollar id say it may be a risk that you wouldnt want to take.When all plastic is used the goverment will get all taxs on all money.How many of us pay cash to get something cheeper and with no taxs?When we go plastic the goverment will get any and all taxs they once lost with cash purghase.Id be careful what i wished for.The post office is already at risk due to email and with nothing to print i see the mint headed that way,Our goverment would save billions but we taxpayers wouldnt see much chane in the amount of taxs we already pay.

 

I never consider the government as losing money because they fail to tax something. It's like when we're told that the government can't afford to give us a tax cut as though it is their money and not ours. But that is another timeless argument. As for the OP's question, I don't think anyone will dump the dollar coin for now, just restrict it's production.

 

Personally I think this is a bit of folklore as well. I do think they were more widely used in the west but I don't really think they were that readily accept in the west either. If they were so eagerly accepted and widely used why do we still have TONS of BU dollars from the western mints? Partially because of high mintages, but there should also be a disproportionately high number of well circulated western mint dollars.