http://www.usatoday.com/money/2007-08-15-jefferson-coin_N.htm "Will Jefferson Dollar Buck The Trend?" Worth a look... many of the points made in the piece have already been made here. But always interesting to read a Mass Media story about coins. There is also a piece about the Lincoln Cent minting costs in the print edition, but I can't seem to find it online.
i think the government should just get rid of the one dollar bill. Then people would be forced to use dollar coins. Also because of the worry about prres coins looking like quarters. It only takes what 6 cents to make the dollar coins? Why not make them a little bigger. Smaller than the half dollar, but only a little smaller. If the article from usa today is correct, simply by getting rid of paper dollar bills, would save us more than 500 million dollars That sounds good, y not do it.
One of the banks I go to always ask people if they want any. I asked why. They said they thought there would be run on those so they ordered lots and lots and there they sit. No one wants them.
Carl said enough but here's more from the article. "Federal Reserve banks, which buy coins from the Mint based on demand from banks that serve consumers and businesses, have bought fewer coins with each president. Fed banks ordered approximately 303 million George Washington $1 coins and 200 million John Adams $1 coins, the second in the series, according to the Fed. The initial order for the Jefferson coins is 170 million. " Ok, that's 673 million dollars that have been ORDERED. How many will end up just sitting in vaults or at the Fed? "The government spent more than $67 million to promote the Sacagawea coin, the $1 coin that preceded the presidents, from 1998 to 2001. The promotion included a national advertising campaign and a float in the Macy's Thanksgiving Day Parade. Faced with little demand, the Mint stopped producing the Sacagaweas in 2002, except for collectors." ...our last failure and it only cost 67 million. Do we spend that much to promote a $1 dollar note? "This time, Congress allotted $5 million over the first year to promote the presidential dollar coins. The Mint has engaged in a more grass-roots campaign with no advertising. Instead, it is trying to build interest in the coins with events like the one held Wednesday in the nation's capital. " Ok, that's a little better but.... "Moy says the Mint has gotten the go-ahead from Congress to spend money on a national advertising campaign that will begin in three to six months." ...here we go again! So..... "Studies, including those from the Government Accountability Office, the investigative arm of Congress, have found that consumers will embrace dollar coins only if dollar bills are pulled from circulation." Let "Big Brother" tell you what to do. "He has tried to spend the dollar coins, but has just about given up. Many cashiers assume they are quarters and tell Pooser he owes more money. Others just ask him what they are, leading Pooser to explain to cashiers what the dollar coins are and how much they are worth." Final point here. How many dollar coins are sitting in banks, reserves etc.? Does anyone get paid to make sure they don't just disappear? Hmmm, food for thought. They may only cost 6 cents to make but they cost a lot to store as very few people actually want them.
