Originally Posted by
jamesteroh
I wish NPR would have included in their story how people are spending the coins. The reporter made it sound like we all order 10s of thousands of these coins a month and take them directly to the bank.
Since NPR has such a fascination with the dollar coin this month, they need to run a story on how we are spending these and some of the problems we run into with them such as some merchants not accepting or wanting them, or some people not even knowing what they are.
How many of them are you really spending? Yea, you go to the farmers market once a week and blow a roll or two. A couple times a week you might buy a soda through a vending machine. But are you truly going through 40 rolls every ten days?
If you were a merchant, would you want someone dumping several rolls of these on you? If you're a plumber and someone wanted to pay you in $500 in singles wouldn't that annoy you? What would you do with that $500? You'd go deposit it directly in the bank.
I also paid my property taxes with them, all $3,000 worth. The guy thought it was pretty funny...so did I. We both joked about it. But was I circulating them to the public? No. They're just going to end up depositing them in the bank at the end of the day. That's where the majority of the rolls end up going.
I'd be willing to bet than 95% of the coins ordered in this program go right back in the bank in their rolled form.