Circulating Dollar coins

I picked up a roll today from the bank. As someone else said, as soon as I spend them they'll go right back to the bank. I've shown them to a few coworkers that didn't even know they existed so that's something, I guess.

I shoot the breeze from time to time with the cashier's in our company cafeteria. I may let them know that it's perfectly fine to give me change using dollar and half dollar coins if they have any.

 

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I got 7 or 8 back in change a couple of weeks ago. The cashier ask me if I minded because she was out of dollar bills. I did not mind at all. They are worth a dollar after all.

 

where do they go ?

Do they just get saved by the public ?

I see a huge backlog developing.

 

Most will probably sit in vaults until George Jetson's boss finds an angle and sells them on TV (or whatever TV may be in the future).

 

These are just Sacawaga (sp) dollars with dead presidents instead of the more attractive image. No reason it should work now.

 

RTD ticket machines give them out as change (as well as SBAs and Sacagaweas) so in the Metro Denver area they actually circulate quite a bit. Usually people receive them as change from the ticket machines and spend them close to where they get on or off, especially near light rail stations. Once the vendors receive them though they usually deposit them to banks so they don't have deal with them... so the circulation path is usually RTD machine to RTD passenger, to a vendor, to the bank... I suppose eventually some of the dollars have to be recirculated to the machines again... but they are circulating, technically.

Ever since the buzz about the Washington smooth dollars started, there's also been a circulation path that starts at the Denver Mint's gift shop... they have a machine there that dispenses the latest president dollar for face value. Many people get a bunch of them to look for errors, then spend the ones they don't keep, or deposit them at the bank. Errors don't seem as common from Jefferson to the present so this has died down a bit, but it's still a big source for president dollars getting into circulation (many coin collectors, or people just getting them for the novelty of it, will get a few from the machine... keep one or a few of them, and spend the rest.)

Post Office vending machines used to be a source of circualting small dollars too, but most post offices have phased out stamp vending machines that take cash in favor of automatic postal service units that take credit or debit cards, so that source is basically closed off now for the most part.

 

Colorado is more progressive than most of the nation ( I once lived in Co Springs). Nationally this coin will never work.... unless we go Canadian style:

$5 bill is smallest paper, no more $1 bills. Their Loonie and twonie work, because you have no choice but to use them.

I don't even think you need the deuce, you'd never have more than 4 of the $ coins at a time... just like you never have have > 4 quarters. Halves no longer are a circulating coin, not sure about in Canada.

Force the use, it will work.

Modern coins last virtually forever. I have never seen a clad coin that was worn out, like an old AG Barber Silver dime.

Nickels are tough too, never seen an AG Jefferson, rarely a Buffalo, only really V-nickels.

Cents... never seen an AG memorial either, rarely even see a copper one anymore ! the zinc ones must just get thrown away or something, so they make 10 billion more every year... never seen an AG one of those either !

For practical purposes, coins last forever. Once minted it will circulate until lost , or until it becomes worth more as metal and Gresham's law takes over. A coin really never needs replacement from wear unlike paper monies.

Coins ( and paper money) will be a memory within 20 years anyway, we surely won't be using cash in 2030, but I don't expect to live that long anyway... I'm old.

Ikes and mini-dollars... never seen a worn out one either

Coins are tough buggers that can stand a lot of use, unlike paper

 

Ive seen them being given back as change in vending machines (the ones that accept 2 and 5 dollar bills)

 

If the coin worked, you would not post about getting one in change... that implies its unusual to get one.

Would you post that you got a quarter in change ?

 

This is reality: I get a check for $60 from somebody I don't trust too much, don't want it bounce at my bank, take it to issue bank to cash...ask for halves,$2 bills anything odd

No halves, I say give me the dollar coins, they have ten....so $50 cash and the coin.

I get the ten coins , leave them in my wife's car to spend for her addiction to Dunkin donuts coffee. I've told her these are coins you can spend, they are money. I told her many times these are dollars , not quarters...spend them.

They wind up in a little plastic cup in my kitchen cupboard

build they will come....

mint it, if they don't want they won't use it !

 

We live west of Tampa and have seen them in cash drawers but have never gotten one in change. Somebody is using them. My bank ,BAC, only gets a few rolls when they come out.Gotta be quick if you want a roll.They're not my cup of tea. I never liked the Sacs either. Like others I'd cherry pick the rolls and spend the rest. At first when I'd spend them I'd get that puzzled look like they came from Chucky Cheese,now they seem to be a little more accepted. John

 

I see them regularly as change from vending machines - post office, food. Never in any other circulation - not once. Nor do I care whether or not they circulate.

Greater Metro Austin, Texas - population ~800,000+

 

And there's the key... "you have no choice but to use them".

Why is that good ? Forcing people to do what they clearly don't want to do ?

Why is that "progressive" ?

Here in America, we're free to choose, and our choice is clear - given $1 bills and $1 coins, almost everyone prefers the bills.

 

America is anything but free. Canada is much more free. The gov't can issue whatever it wants as money, or confiscate it from you for no reason.

How would you like to have been a Japanese-American in about 1942 ?

 

Are we interested in a political discussion ? If so, move it to the appropriate forum - which is not here. In the meantime, check your PM.

 

Please Keep the discussion on topic COINS and off Politics

 

Only at a local coin shop, the owner enjoys giving out dollar and half-dollar coins for change.

I wish the vending machines at work would take them. =(

 

I was about to post that making all vending machines take and give golden dollars would be a big help. However, out of curiosity, I tried them in 3 of the vending machines here at work and to my surprise 2 of them took it. They gave me back 4 quarters, though, when I hit change return. (BTW, yes I do carry around about 5 pres/sac dollars most days )

 

The dollar coins do circulate in a limited fashion.

Their largest use is for "transit tokens". This is what finally depleted the SBA inventories in 1999 and necessitated the SBA's emergency re-minting in 1999

Another large use is change machines. Particularly ones that change $20 dollar bills. The Oklahoma Toll Road change machines are an example.

Those of latino and oriental ethnicities prefer the $1 coin as well. Ecuador is the most obvious example, but here in this country they use them as well.

While the demand is no where near the demand for the $1 Federal Reserve Note, there is demand, and the coin is not unneeded. It serves a niche roll now. They have learned their lesson and are not over minting the coins, collectors and general use is keeping the vaults cleaned out.

-most Vending machines are tooled to take them- They just don't have any labeling to that effect!

For my own part, I buy roll upon roll of the things and spend them for anything and everything.

 

The vending machine that didn't take my dollar coin is an older snack machine. I contacted the vending company suggesting they update the older machine--the coin taker, not the whole machine, I mean.