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[Combined]The Return of the Dollar Coin?/Mint suspends production

[Combined]The Return of the Dollar Coin?/Mint suspends production

Old Oct 24, 11, 11:25 pm
  #1  
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[Combined]The Return of the Dollar Coin?/Mint suspends production

Congress may soon decide the fate of our favorite commodity. Encourage your congressman to support minting coins since we are running out of red ink to print currency.

By Davis Turner, for USA TODAY

The Government Accountability Office says about $1.1 billion in $1 coins showing U.S. presidents sit unused in vaults.

Lobbying interests on both sides are ramping up their efforts in the expectation that Congress could decide the issue after more than 25 years of debate. Mining interests, vending companies and mass transit agencies support the coin. Paper and ink producers and some small retailers oppose it.

"You have this gigantic deficit. You have this supercommittee, and Congress is looking for savings anywhere they can," says former representative Jim Kolbe, R-Ariz., a longtime coin advocate.

The move to a coin would cost money in the short term, but eventually save money because paper currency lasts about 42 months — while coins theoretically last forever. Moving to a coin could save $5.6 billion over 30 years, according to the Government Accountability Office.

"You're not going to find that kind of savings that involves no tax increase and no cut to anybody's program," Kolbe says.
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Old Oct 24, 11, 11:34 pm
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I'd love to see a two dollar coin as well, like the Canadian two dollar coin, the British two pound coin, and the two euro coin.

I'd be happy to help put them into circulation.
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Old Oct 25, 11, 12:13 am
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Oh absolutely! These conservative politicians have to get with the times!

A dollar today is worth the same as one of those bicentennial quarters from 1976. Check the government's inflation calculator at the BLS website -- if you ask it how much 100 in 2011 would have been worth in 1976, it tells you 25!

http://www.bls.gov/data/inflation_calculator.htm

If people back then were willing to carry around coins worth that amount, then it's the same as us carrying around dollar coins nowadays.
If only there was some way to get these things from the Mint circulating to the banks....


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Old Oct 25, 11, 4:16 am
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Oh I'm so in! But they wont do it.

They wont because of two reasons:

1) it's logical.

2) they will recall some [NPR] reporters who wanted fame so badly they stopped a bunch of frequent fliers and they don't want to make coins possible just to support frequent fliers, not even for a minute. (That's what they may actually think just to find a way to not do it!)

Ya know, people ARE like that.

I will never ever forget years ago back in college when my friend and I went to this campus store where they had a snack bar, some video games and a change machine.

We needed to get quarters to do laundry and there was this big sign up that said, "no change for laundry available at the cash register - use change machine" with an arrow pointing to it. Okay, so well, we tried to use it but it seemed to be newly out of order.

So we went to the register to nicely explain to the guy working there but he was adamant. "Sorry, no change," he grunted! We couldn't even get him to change a $5 bill to 5 $1 bills. Well, I grabbed a candy bar and my friend got a coke from the soda machine and wouldn't ya know it: They guy actually said, "Sorry, I'm not selling these things to you two because I know you are only buying them to get change."

I'm not kidding.

To this day I kinda wish I kilt that guy. Like I said, people ARE like that.


MM
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Old Oct 25, 11, 7:02 am
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Some of you must really be desperate if you keep trying to bring back the dead goose. Next time try to not kill the goose. Use your scamming (sorry I mean creative ) minds and come up with other ways.
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Old Oct 25, 11, 7:19 am
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Gradual introduction

The Federal Reserve Bank for Puerto Rico and the Virgin Islands should stop providing paper one dollar bills to banks there and instead only provide the Susan B. Anthony dollar coins.

Similarly, the federal reserve for Hawaii should withdraw paper dollar bills and only provide the coins there.

Then Alaska.

Then parts of the mainland that are somewhat isolated from lanes of commerce (i.e. interior cities in Montana, etc).

The vending machine industry can adapt better if it is a gradual rollout.

Finally, the "sinjuerage" on coins is better than paper money.
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Old Oct 25, 11, 8:18 am
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Look QL_714, we have a zombie economy so why not bring back the dead goose? Besides everyone is being creative - haven't you heard the dynamite exploding in the trout pond!

Originally Posted by QL_714 View Post
Some of you must really be desperate if you keep trying to bring back the dead goose. Next time try to not kill the goose. Use your scamming (sorry I mean creative ) minds and come up with other ways.
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Old Oct 25, 11, 8:50 am
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However unlikely it is to happen, I'd love to see it. I'm not too sure that they'd really get back into circulation by re-allowing CCs as many people here just purchased then returned them to the bank, sending them right back to the vault.
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Old Oct 25, 11, 8:55 am
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Originally Posted by AlohaDaveKennedy View Post
Besides everyone is being creative - haven't you heard the dynamite exploding in the trout pond!
This is exactly what I am talking about. This is so “old school”.
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Old Oct 25, 11, 9:57 am
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Let's get rid of the penny!
As of March 2008, it costs about 1.7 cents to mint a penny (from wikipedia).
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Old Oct 25, 11, 10:45 am
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Originally Posted by QL_714 View Post
Some of you must really be desperate if you keep trying to bring back the dead goose. Next time try to not kill the goose. Use your scamming (sorry I mean creative ) minds and come up with other ways.
Do we really need to start up again? No where in this thread does anyone mention shipping coins or the coin scheme till we get here. It's over, stop beating the horse.
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Old Oct 25, 11, 12:33 pm
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Aside from churning coins, I really liked using $1 coins on road trips.
I would take a roll and use it for tips to valet, hotel, and bus drivers.
Now I'm actually having to change $20 bills to $1 bill at the grocery, and it's just a hassle.
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Old Oct 25, 11, 12:50 pm
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personally i'd avoid the dollar coins and stick w/ paper...
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Old Oct 25, 11, 12:53 pm
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I miss having two and one dollar coins (Aussie)... and I detest pennies!

How strong is the textile lobby at the moment?
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Old Oct 25, 11, 1:12 pm
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Originally Posted by LegalEagle View Post
Finally, the "sinjuerage" on coins is better than paper money.
OK, I give up. Even randomly hitting 10 characters on my keyboard (resulting in "jasehcuien") comes up with 772,000 results. "Your search - sinjuerage - did not match any documents"'.
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