Bill would stop production of Presidential dollars

If this goober yahoo was truely on board with eliminating waste he'd be pushing for the elimination of the paper dollar....

 

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lets not get political....

 

I sent him an email explaining that. Eliminating the dollar note would result in the dollar coins actually going into circulation so the government wouldn't have to spend millions of dollars to build a secure facility to store them, plus the additional ongoing cost for security. And since it would also result in and increase in the production of two dollar notes to a level approaching that of the current one dollar notes there would be close to a doubling of profits from seigniorage turned over to the general fund by the BEP. Probably to the tune of several hundred million dollars a year. In short eliminating the dollar note increase money coming into the general fund, eliminating the dollar coin DECREASES the money coming in. (Same profits from the BEP and the loss of about 300 million a year from the Mint's profits.)

 

Well they can be bulky in one's pocket, or pocketbook. This is a repeat of history though on the dollar coin, same thing occurred in the late 19th century with the Morgans. Except back then, only half the country loved them, west coast dwellers, as they were used mostly in gambling houses.

 

Let's go all in and bring back paper fractionals! Sure it'll cost more money but they're less bulky and I love them!

 

Comes from seeing Canadian 50 cents coins selling at only a little above face value. The mintage of them is only in the hundreds of thousands because they're only minted for collectors, but the demand isn't there so they don't carry much of a premium.

Here's an informational example, not sold by me or anyone I know. No bids on it.

Here's another informational example, of the Anthony dollar. No bids.

 

I dunno. It's hard to speculate or predict the future when we don't know if a metal will go up drastically in the next 20 years. People didn't know to hold onto their Morgans when silver was at $5 an ounce.

I actually have three Susan B. Anthony's. My father-in-law gave them to me b/c someone paid with them at his shop. That's also probably why no one is bidding on them yet. They're still in circulation.

 

Yeah. I occasionally chide myself for not getting into gold ten or eight years ago. The funny thing is, I had an e-gold account and saw the metal rising but the significance never kicked in. We learn as we go.

I know someone who hedged his bets in 1968, when Canada switched from silver coins to nickel. He bought and held 50 1968 nickel dollars and about the same number of 1967 silver "goose" dollars. Twenty years later, the 1968 could only be sold at face value but the gooses had appreciated a lot.

In the investment world, that's known as "hedging."


Anyways: there's nothing wrong with having a liked coin that's not worth much. You can show it around without depreciating it!

 

The fact that the gov't is spending over half a million dollars (I read $650,000 in the latest issue of CoinWorld) just to build an addition to the Fed reserve in Dallas, to house the 'overflow', shows that there SHOULD be an end to minting these, at least for general circulation, and make them specifically for collectors, much like the Kennedy half. It's like putting an addition on your house just because you have too many clothes to fit in your closet. The American public has shown they just don't like the dollar coin, and that was proven back in 1979-1980, with the SBA. If the gov't wants us to use the $1 coin, then they absolutely have to stop printing the $1 note, period...if not, they'll be building more additions to house the coins that haven't even been minted yet.

I don't see these ever becoming an 'investment' vehicle (but, and thats a BIG 'but'...IF they rise due to discontinuation, I do have two sets of FDCC's from the mint for every issue...one gets opened for my Dansco, and the other gets put into a box, and put away). No coin should be collected for that purpose...not circulating coinage, anyway. JMHO.

 

There's another political factor I'd like to point out. The rational some posters have been using for discontinuing the $1 bill - it's for the public's own good; they should learn to like it - was the same rationale behind TARP. These days, pushing through an unpopular measure is likely to be interpreted as an attempt to bully the public through the law. All it takes is one major talk-radio personality deciding it's "liberal" and away we go.

I have no dog in the fight, as I'm Canadian, but that's what I see from the outside.

 

What do most people do when they run out of closet space? Do they build the addition or get the clothes back into circulation by donating them to goodwill? Typically they put them back in circulation. Now the government could either put the coins back in circulation by discontinuing the dollar note, or they can build the addition. They will build the addition.