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<p>[QUOTE=&quot;Peter T Davis, post: 4410, member: 1&quot;]I just got this via the WINS list.</p><p><br /></p><p><br /></p><p>---------------------------------------------------------</p><p>WASHINGTON - Sacagawea couldn&#039;t do it. What about George? Seeking to</p><p>increase the popularity of dollar coins, the legislator behind the</p><p>successful state quarters will propose a similar program on Tuesday</p><p>featuring portraits of former U.S. presidents on the dollar coin.</p><p><br /></p><p>Rep. Mike Castle, R-Del., who originated the 50-state quarter program, along</p><p>with Rep. Carolyn Maloney, D-N.Y., will propose starting the presidential</p><p>dollars in 2006, featuring four presidents a year in the order in which they</p><p>served.</p><p><br /></p><p>The coins could become popular collectors items, like the quarters, and</p><p>might also encourage people to replace paper dollars with coins. Dollar</p><p>coins would save the government as much as $500 million a year because they</p><p>last longer than paper dollars, according to a 2002 report from the General</p><p>Accounting Office, the investigative arm of Congress. But consumers have so</p><p>far been unwilling to scrap their $1 bills, and efforts to cut paper dollars</p><p>from circulation have been met by stiff resistance.</p><p><br /></p><p>The new dollar coins, which according to tradition will not include</p><p>presidents who are alive, would replace the highly unsuccessful Sacagawea</p><p>coins, which were introduced in January 2000, for the life of the nearly</p><p>10-year program. The coin legislation must pass both chambers of Congress.</p><p>The legislators are proposing the Statue of Liberty appear on the reverse</p><p>side of the coins.</p><p><br /></p><p>&quot;The dollar coin is clearly one that has not taken off the way it should,&quot;</p><p>Castle says. &quot;We need to do something to really energize it and my sense is</p><p>this will.&quot;</p><p><br /></p><p>Millions have been collecting the state quarters since the program&#039;s start</p><p>in 1999. As of the halfway mark of the program, the U.S. Mint made about $4</p><p>billion from the quarters. When people collect coins, they take them out of</p><p>circulation. The Federal Reserve, which circulates the money, then has to</p><p>buy more coins from the Mint. The Fed pays the full face value of the money,</p><p>giving the</p><p>Mint a profit.</p><p><br /></p><p>Castle hopes the presidential dollars would have a similar effect. The</p><p>Sacagaweas, also known as &quot;Golden Dollars&quot; for the coins&#039; color, have cost</p><p>13 cents to 31 cents to produce, depending on volume.</p><p><br /></p><p>Mint director Henrietta Holsman Fore said her agency was ready to work with</p><p>Congress. &quot;It helps Americans to reconnect with their country,&quot; she said.</p><p><br /></p><p>Other details about the proposal:</p><p><br /></p><p>· The Mint would make commemorative, $10 &quot;bullion&quot; coins of the presidents&#039;</p><p>spouses.</p><p>· Grover Cleveland will be on two coins because he served non-consecutive</p><p>terms.</p><p>· The dollar coins would retain the gold color and be the same size as the</p><p>Sacagawea.</p><p><br /></p><p>The legislation comes as the government begins circulating nickels</p><p>commemorating the Lewis and Clark expedition and the Louisiana Purchase.[/QUOTE]</p><p><br /></p>

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