Confused over 2012 Dollar Coins

I thought that Congress forced the US Mint to halt the production of Presidential and Native American Dollar coins. It seems that rolls of these 2012 coins are being sold by the Mint. Maybe I'm confused. I also believe that the Dollar Coins will still be included in both the Mint as well as the Proof Sets. Please advise.

 

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I think that the Federal Reserve has stopped ordering dollar coins from the US Mint

here is a statement from the Fed's

http://www.frbservices.org/files/communications/pdf/fedcash/121311_presidential_coin.pdf

 

They'll stop after 2012. The 2013 sets are the ones that will stop being in circulation and only for collectors.

 

Funny part is Congress told the mint to make them the Executive branch says stop....Funny part is they would save the taxpayers money if they shut down the printing presses making Dollar bills in the long run.
The wisdom coming out of Washington is hard to perceive at this time.

 

Oh, it's probably because of the cotton growers and chemical companies treating Congress to breakfast, lunch and dinner at the mere hint of legislation to do away with the one dollar bill.

Chris

 

from now on the kennnedy halfs the sac dolars and presidental dollors are only minted to demand for collectors and not put in circulation in less done by a collector

 

Kinda doubt it's cotton growers........There are only about 22,000 bails of cotton used per year for US currency and over 20 million bails produced in the US alone. Not a lot of lobbying money for 0.0011% of cotton use.

 

I know. It was just one of my ridiculous moments because of the stupidity of keeping the one dollar bill.

Chris

 

They ordered the production for circulation discontinued. Production for sale directly to collectors can continue.

 

You call it studipity in keeping the one dollar bill when it is coins that are by and large obsolete and should cease to be used for circulation. For starters, the penny should be removed from circulation. All cash transactions would then be rounded up or down to the nearest nickel. Now, why force upon the populous changing over to a dollar coin when society should instead be looking beyond using coins as cash? It is time to get over abolishing the one dollar bill in favor of a dollar coin when there is a bigger, better and modern viewpoint to embrace.

 

I agree with your point about the cent, but it is also stupidity to keep a note that has an average lifespan of less than 18 months when a coin (it doesn't matter what it is made from or how big or small it is) can last 30+ years.

Chris

 

I don't know if you got the memo but the dollar bill now averages about 56 months: http://www.federalreserve.gov/faqs/how-long-is-the-life-span-of-us-paper-money.htm

Also, as has been discussed, the costs to changeover to the exclusive use of dollar coins far exceeds the costs of keeping the dollar bill in circulation, even if the dollar coin averages 30 years. The time to changeover to the dollar coin was back in the 1980s when the cost to have done so would have been minimal and economical. The cost of base metals have gone way up since then. The government missed the window to replace the dollar bill with the dollar coin. We should now progress forward and look beyond the use of coins in circulation in their entirety.

 

Thanks for that update.

Chris

 

I think that must be a typo. There have been lifetime figures for the dollar not published for years and they have ranged from as low as 9 months to as high as 36 months and now all of a sudden it jumps to 56 months and they expect us to believe they last 50% longer than a 10 dollar bill? Then why are three fourths of all the notes printed ones and they say most of those are to replace worn out notes? If they lasted so much longer then the fives and tens and nearly as long as the twenties why aren't they having to replace tons of fives and tens? I think that figure should be 1.8 years. It would fit much better with all of their previously published life span figures.

 

You would think that if the Mint reduces the amount of Presidential Dollars they are minting from hundreds of millions to just minting enough for numismatic purposes, the price of these little jewels would go up... Yet, this hasn't happened! Can someone please try and explain this???

 

Wow.

56 Months huh?

Thats still w-a-a-a-a-y shorter than 30 years folks!

 

It's like the difference between $1.99 and $2.00. Perception makes the $2.00 look like twice the price.
56 months just looks like more than 30 years, so people use the comparison to make their phony argument more effective.

 

[QUOTEThe price does go way up to get them the mint charges about 1.5X face for them.[/QUOTE]

No, prior to 2012, you could get these for face value at your local bank. At the same time, the Mint was charging about $36.00 plus shipping for a $25 roll. Today, they charge the same amount, YET the mintage has dropped drastically. The same on eBay. I know. I have collected these for my grandchildren since they started.

Based on supply and demand factors alone, you'd think that if they drastically reduced the mintage, they'd charge more for these than the same $36 plus postage.

 

I used to think the same thing but I assure you the figure given out by the government is accurate. You really need to update your figures and general understanding of what drives the printing of currency. This is not the 1990s anymore where countless dollar bills are being printed. The printing of dollar bills has gone down a lot over the last decade due to a reduction in demand for them. This is due to people using less cash than they used to.

Comparing the printing of dollar bills to fives and tens has now become apples to oranges. The paper used for fives and tens has been changed from what it was with the old style 1995 and earlier series as the government has designed the newer fives and tens to wear out more quickly than they used to due to their desire to change designs every seven years. In a nutshell the government has reduced the quality of paper used for new fives and tens but have continued to use stronger paper for dollar bills because they still want those to circulate as long as possible as there are no plans to change or modify the dollar bill in any way.

That adverb is a matter of opinion and frankly I wouldn't care if a dollar bill lasted for five months because the startup costs to transition to the exclusive use of a dollar coin still wouldn't be economically viable.