Billions of sackies

The bill authorizing the new President dollar coins says....Beginning January 1, 2007, and ending upon
the termination of the program under
paragraph (8), the Secretary annually shall
mint and issue such `Sacagawea-design' $1
coins for circulation in quantities of no less
than 1/3 of the total $1 coins minted and
issued under this subsection.''

So, the mint "MUST" produce 1 sackie for every 2 Pres dollars produced during the entire program (10+ yrs).

If the Pres. coins are one quarter as popular as the state quarters we will have Billions of sackies sitting around in the reserve doing nothing. :desk:

 

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Those things are about the least popular coins the Mint has ever made. I don't know of anyone that collects them, saves them and tryingto spend them is a real riot. Most people in stores look at you as if you were trying to rob the place if trying to spend them. I find them in change so I'm afraid to use them myself thinking if mixed up in my pocket I'll blow away 3/4 of dollar with each used as a quarter.

 

"billions of sackies"...........great.

 

Yeah, but just think... Every time the Mint coins a SAC Dollar, they've made about 97 cents profit for the government.

 

Not if they keep them in their vaults. There they only collect dust and a very expensive storrage fee. There goes the profits!

 

Well I have a small collection of them. A mint roll or 2 of each, a couple of each type proofs. It's all part of my collection of dollar coinage. I can't afford (or better yet haven't gotten the bug for) Morgans, but I have (most) every dollar in (most) every variation since 1921. So it's a start.

On the other hand, it's really counter productive to blast someone that collects a particular coin, (after all, I may find your collection of Venezuelan Coconut tokens equally mind-numbing ) I like them and collect them, same for Susan B.'s If they make them for 10 more years I don't mind.

My major beef with them is:

A. they tarnish badly when exposed to the elements.

B. they are little pedastal pieces instead of productive useful coinage. I would be more excited about them if they fixed a. above and put them back into circulation. Making them only for collectors for the past 4 years is a bit silly from a financial point of view. I won't go into my opinion on ending the 1$ bill, since there are alot of collectors, and saying I think they should stop making them is stomping on their toes

 

Whether you think we should get rid of the $1 bill or not... it's pretty clear that no $1 coin will circulate effectively as long as there's a $1 bill around. No $1 coin will ever replace the $1 bill as long as people have a choice about it.

 

They actually look nice when the are ciruclated. No doubt the ugly ones you see are ones that got handled and then sat around. If they get handled often they turn a nice brassy color with lighter high points.

 

Hate to admit it, but I believe you may be right on this one.

 

glaciermi - You are correct. Every coin ever made is collectible. And nobody knows what will be the "hot" item 25 years or more from now. It could very well be the things that are the most unpopular today. If you manage to complete your collection of post-1921 dollar coins, it will be a pretty nice collection to own.

 

Does anyone know if Bush has signed the Presidential Series legislation yet? If not, any idea when he might?

 

Hi,
I'm probably in a minority but I think circulating money of any kind is on the way out with respect to usage.
I use a bank card (debit card) for 99% of my purchases.
They are taken just about anyplace in my area. I think I have the same $1.00 bills in my wallet now for about a month
What do you think about the thought that cash and coins may be a thing of the past someday?
Have Fun,
Bill

 

As an individual on a shoe string budget I must caution that circulated coinage and bills will be around for a while yet. I do see the move to plastic happening soon but not for a good 10 years yet. BTW for those of you that don't like carters quarters or the sac's I have to ask. Have you ever used them regularly. I have found that there is little inconvience and I actually enjoy ratteling some cages when the ignorant don't know what they are.

If you learn nothing else in life you need to learn what money is in all of it's forms!

 

I can't imagine it going away all together, but I can imagine soon that much of the circulating cash will be gone. Here's what I can't figure out though:
RIght now, when the government needs more cash - they just print more money. If they no longer make any cash, how will they 'make more money'? Will they just increase the balance in an account?

I think that there are enough small $ transactions to keep cash around for a while. One thing I havn't seen (yet)- a pop machine, newspaper machines, parking meters that takes debit cards.

 

I doubt cash will ever totally be out. Even in today's world, some people dont understand the concepts of writing valid checks, using debit or credit cards, etc.

 

I always use hard cold cash...and that is they way my family has been for years....

And waht do you want to bet that people will say OH...these dates are RARE....there are twice as many President Dollars so that makes these RARE!

Speedy

 

Just think, by the year 2010 there will be 10 billion people on the earth. That means that each person can only have one Sacajawea dollar and 3 presidential dollars. So if your only limited to 4.. there you go.. rare...

 

I myself use plastic 99% of the time but when I stop at the bank I usually get a few dollar coins SACs or SBAs to spend just to see the reactions. The bank even occasional has fresh new $2.00 bills that everyone thinks they only made in 1976. Its a hoot to spend those!

 

I find that pretty scary. Big Brother can track you when you spend electronic money.

 

Lets see...by 2010 alot of things can happen...there might not even be a mint to mint the coins...that would be RARE!

Speedy