I just got this via the WINS list. --------------------------------------------------------- WASHINGTON - Sacagawea couldn't do it. What about George? Seeking to increase the popularity of dollar coins, the legislator behind the successful state quarters will propose a similar program on Tuesday featuring portraits of former U.S. presidents on the dollar coin. Rep. Mike Castle, R-Del., who originated the 50-state quarter program, along with Rep. Carolyn Maloney, D-N.Y., will propose starting the presidential dollars in 2006, featuring four presidents a year in the order in which they served. The coins could become popular collectors items, like the quarters, and might also encourage people to replace paper dollars with coins. Dollar coins would save the government as much as $500 million a year because they last longer than paper dollars, according to a 2002 report from the General Accounting Office, the investigative arm of Congress. But consumers have so far been unwilling to scrap their $1 bills, and efforts to cut paper dollars from circulation have been met by stiff resistance. The new dollar coins, which according to tradition will not include presidents who are alive, would replace the highly unsuccessful Sacagawea coins, which were introduced in January 2000, for the life of the nearly 10-year program. The coin legislation must pass both chambers of Congress. The legislators are proposing the Statue of Liberty appear on the reverse side of the coins. "The dollar coin is clearly one that has not taken off the way it should," Castle says. "We need to do something to really energize it and my sense is this will." Millions have been collecting the state quarters since the program's start in 1999. As of the halfway mark of the program, the U.S. Mint made about $4 billion from the quarters. When people collect coins, they take them out of circulation. The Federal Reserve, which circulates the money, then has to buy more coins from the Mint. The Fed pays the full face value of the money, giving the Mint a profit. Castle hopes the presidential dollars would have a similar effect. The Sacagaweas, also known as "Golden Dollars" for the coins' color, have cost 13 cents to 31 cents to produce, depending on volume. Mint director Henrietta Holsman Fore said her agency was ready to work with Congress. "It helps Americans to reconnect with their country," she said. Other details about the proposal: · The Mint would make commemorative, $10 "bullion" coins of the presidents' spouses. · Grover Cleveland will be on two coins because he served non-consecutive terms. · The dollar coins would retain the gold color and be the same size as the Sacagawea. The legislation comes as the government begins circulating nickels commemorating the Lewis and Clark expedition and the Louisiana Purchase.
Well as this news concerns DE representatives, I have been included in some of these discussions. I have worked with our legislators to redesign our nations coins. We lost our battle over the five cent coin. (I know Jody loves this fact). The new bill will be heading to the floor of the house in the next few weeks. As dealers and collectors we need to keep an eye out for this bill, so that we may contact the representatives for our state and let our feelings be known. Let us keep our fingers crossed.
ND, I don't love the fact that you lost any kind of battle. I hate to see anyone work hard, and then fail to suceed.
Jody, that is not what I meant. Sorry for the confusion. I meant that you love the fact Jefferson will remain on the five cent coin.
I think the new dollars would be a good way for the Mint to make some seignorage <sp>, but they only way they are going to actually get a circulating dollar coin is to have the BEP stopping making paper. Too many people, given the choice, will stick with paper. Take the choice away from them, and they will use coin.
The new avatar is the $20 Gold Confederate States of America coin. It isn't easy getting it under the 8kg file limit.
As far as getting rid of the paper dollar goes, this is an old story. The mint has been requesting this action for many years. Their logic is correct. Coins have an average circulation of 38 years, while paper notes circulate 18 months. Now the BEP claims that it can produce a handful of notes for the price of each coin. I believe the current price of a completed note is approximately 8 cents compared to the 19 cents it takes to make a dollar coin. Now each number will change depending on the amount of coins or notes produced. Most civilized countries have eliminated the dollar note. Why we hold out is anyones guess. It could be the same logic used in keeping America out of the metric system. Until the government quits giving the people the choice in the matter, we will always have a paper dollar.
Typical government brilliance. Those are the two strongest complaints about the failed Sack of shoo-shoo dollar, the "golden" finish which turns brown and the size. If Congress really wanted to save the money they're losing on printed currency, they should make the Federal Reserve pay all costs of printing the fiat paper and striking the clad and plated coins. The Fed creates new money out of thin air and loans it to Congress to spend and Congress pays printing and minting costs for the coins and currency. This is about as smart as anything else that comes out of Congress, though.
They might make them from Nordic Gold alloy the Swedish government developed for their coins. The Poles used it for their 2 zloty coins in the 90's and they're nice looking coins. Maybe if they struck them in that NG alloy and made them the size of the Polish 2 zloty they would have a successful coin. Of course, they'd probably put some politician's head on the coin and ruin it, though. I think a good obverse would be a bust of a new Lady Liberty with a buffalo on the reverse. Afetr all, both Liberty and the bison have been eliminated in the wild and are both domesticated and raised inside fences nowadays. That would be good symbolism for a dollar which will buy what a silver 3 cent piece once bought.
