Circulating Dollar coins

well, i see them all the time, but i am using them for a crazy saving plan. my bank has literally tons of them each time i go in. every two weeks when i receive my paycheck, i head into the bank to deposit it and i take the end numbers of my check as dollar coins. that is, if my check is 117.14, i will make a deposit of 110.00 and get the rest in dollar coins. i take them home and toss them in a jar. whenever i go in for any banking i come home with some. at the end of the year or so i take them, deposit them and make a contribution to my ira.

that said, i actually do see them from time to time around town, but i think it may be that i live in a college town and well, to be honest, everyone here will use any money, no matter what it looks like.

 

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sounds like you need a raise ! :smile:mouth:

 

while that certainly is the case, i used fake numbers on purpose.:smile

 

I find it amazing that no one has seen these in circulation.... I live about an hour and a half from Philly, so maybe thats why I see them frequently? I also work at a bank and see a lot of them there too. A fair amount of people come in looking for them.

Doug you're right about our gov't being a ship of fools, and I'm not a Dem either, however, I do like the presidential dollars, even though they are unneeded. They are more of a novelty than anything else. I just received my 2008 Proof Pres Coins yesterday and I must admit, Van Buren is one jacked up looking guy. My cat is even more attractive than him.

 

i have a customer who owns a mini mart and he brings in dollar coins all the time. so i would say they are getting out in circulation somewhat

 

I do see the dollars occasionally, my wife actually has one in her "change box" where she puts her extra change.

I am another person who thinks we should do away with the paper $1. It would save the country a lot of money as coins outlast paper by a huge margin.

It is not about individual freedom of choice, but about the freedom to make smart choices for the economy. If paper was the absolute best solution, why don't we have all our money in paper? Fractional currency could certainly be created, but it would wear out very quickly.

 

The mint still has not taken my suggestion.

I say they start working with insurance companies that insure convenience stores against theft AND work directly with convenience stores.

When a thief robs the Kwik-E-Mart, they almost always grab just the paper. Most of the paper in the drawer is $1 bills, especially since the cashier drops $100+ into the drop safe everytime that get more of the larger bills than they need.

Well, replace the $1 bills with $1 coins and you would significantly reduce the loss to theft. Such a change-over could lead to lower insurance premiums and fewer claims as a store owner may choose to eat small losses versus filing a claim. For stores that choose to self-insure against theft, this would translate into smaller losses.

 

But coins also cost a lot more to manufacture and transport. We have to look at total cost, not just one factor.

I have yet to see any hard math about total cost or savings of the two approaches. It would be interesting to see how that compares to massive waste and pork everywhere else. I'll bet it's microscopic.

 

Both are important. It's not all one way or the other.

 

The question can also be posed "If coinage was the absolute best solution, why don't we have all our money in coinage ?" Hopefully, many reasons present themselves and need no discussion.

There was a time when precious metal was mandatory and few would accept paper, so coinage was mandatory. That's one reason we don't make all our money in paper. No one seriously proposes all money in paper (paper 5c ? 10c ?), just like no reasonable person proposes all money in coinage.

It doesn't have to be all one way or the other (coins vs. paper). It makes sense for small denominations to be coinage and larger denominations paper. The question is where to crossover from coin to paper. Some folks think that should be at the $1 denom, others at $5.

Much ado about nothing. It's just not a compelling issue for 95% of the population. Virtual money is best, and an increasing portion of commerce.

Over time, there will be more $1 coins circulating, partially due to vending machines. Increased product prices will make $1 coins more attractive there. More and more, folks will put in a $5 bill and get $1 coins as change.

 

Gonna keep it? Probably rare!

 

I got some in change last summer at the Richmond National Battlefield Visitor Center. Although perhaps it's sad that I can remember specific instances of what I got in change. I couldn't tell you the last time I got one of the new $5 FRN in circulation. The local bank does carry the dollars though. I'll go in and get 3 or 4, put the best in my collection, and then spend the rest.