New US Dollar Coins - What's the problem?

If the Mint will let me order boxes of these things on my Rewards Card w/free S&H...
Sure, why not?

 

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Under the context of the newly signed law, a solution that would allow for there to be space to store all of the new designs that will be made and for them to at least have a chance of circulating is for pre-existing stockpiles of older design dollar coins to be destroyed (not too unlike what happens when a new currency design is issued). I would estimate that from 5% +/- annual removal of extant dollar coins over the next decade would be sufficient in making room for these new designs.

 

Make coins just to destroy them? Who came up with this brilliant idea?

 

It can be thought of as a New Deal WPA-type of project. It'd be a win-win all around for metal recyclers, die engravers, mint employees, forklift operators, storage vault managers, etc.

 

So what’s the point here? I’m assuming they are going to sell the coins for a premium over face. By the sounds of it they are going to be the same copy paste design we’ve had for a while, so why make it non circulating? And if the answer is because no one would use them, then why make them at all? Make these silver/gold, and a lot of these frowns will turn upside down.

 

The charter of the U.S. Mint is to..."mint coinage for commerce". The only coin that can actually be spent is the quarter...and that's for (what used to be) a 1¢ gumball.
...sad.

 

I know that the idea of circulating dollar coins has never really taken off - the introduction of £1 and £2 coins here took some time to catch on and now the idea of a note representing such a small amount of money does not appeal.

I wonder who these specifically designed sets are minted for? I have a full set of ATB and complete to date States set and like them and learn from them but by and large these are taken from circulation. Kids must still collect something and if nothing else, will probably have a look to see where that park or state is. The mint must love me - and the millions and millions of other trivial collectors who are effectively taking all this cash out of (your) economy.

The fact that the designs - and I could argue this of the Presidential dollar series - are not of taste is valid but until dollar coins are fully circulated all pointless.

 

@yakpoo that ship sailed - you missed it. And they're not destroyed... they'll just be minted in small numbers.

Face it, 57*4M is just another 28% added to the stash.

Also, with a collector's program like this, the mint needs to cover it's costs - that's why a bag of $25 face sells for $33 plus s/h.

Problem there, is it the fewer the number of collectors the more they have to charge each of them to cover the costs... pretty soon you get down to Jack's share is 20 million and Tom your share is 20 million. But at least you each get enough dollar coins to fill a swimming pool.

 

Hmm. I'm not sure of your definition of "us," but I would think more than 0.06% of cointalk participants buy proof sets annually and will end up shelling out for these things.

 

Interesting idea. But the Mint is probably going to be too busy turning out congressionally mandated garbage to think of it.

 

Anyone see the design proposals for the 2018 entrant in this series?

https://www.usmint.gov/news/ccac-meetings/2018-american-innovation-dollar-coin

OMG these things are horrible!!! Please tell me the reverse design shown is just a spaceholder - don't re-use the Presidential Dollar again...

Wow these are ugly. I like dollar coins, but if this is a sign of things to come, I won't be collecting these.

 

I'm just curious, how many of you guys collect either Sacs or Presidential Dollars?

I really just don't understand the hate for something you haven't even seen yet.

 

I have complete series of both in PF 69 UC... As well as the Suzie B's... Ikes are my next dollar series to complete.

 

Well then! Not bad for a Newbie's first serious post.

I look forward to your insights. As soon as I have something interesting to ask about.

 

Since the new dollar coins aren't for circulation their mintages will also be relatively low, but still high enough that everyone that wants one will be able to have it. 4 - 5 million coins for each one.

My estimate is closer to 20 years. Stockpile drawdown is somewhere around 6 million coins a month. At that rate they will be gone in about 20 years. And the CNN article was from 5 years ago, the reason more coins came back in than were distributed in the previous year was because they were all the coins that had been shipped out to people buying boxes to get their 2% cash back or frequent flyer miles.

And what finally caused them to catch on? They stopped the £1 notes.

Yes they are horrible. You notice there is nothing to tell people WHY George Washington's signature is on the coin. Why he is considered an "American Innovator". Makes the coin meaningless. And no the "reverse" design is not a placeholder. If you check the legislation it pretty much specifies that the OBVERSE design is the same as the reverse of the Presidential dollar. Statue of Liberty $1 and In God We Trust.

 

Horrible design. Lack of imagination. Isn't there anything we can do as collectors to stop thi? Probably have to write Congress and as usual, our voices will go unheard.

 

Are the other designs available for viewing?
All I am seeing here are the Washingtons.

 

Want to be heard in Congress?

Write a hundred Congress Critters in the actual letter and enclose $10,000 in cash in each letter.

 

Just might pull young, impressionable, idealistic collectors into the mix........broughha, ha...........

 

Where by they'll discover the classics, and not be able to afford them.........