Yet another dollar coin

[navychop]

The mint is about to release yet another dollar coin. The failure of old Susan B. Anthony and Sacagawea have not deterred them from taking another crack at it.

The new dollar coin will be the same size as the old ones, "gold" colored and have portraits of presidents on it. The first four get released in 2007.

They feel the "gold" color and presidential images will help people not confuse them with quarters, which is why the previous attempts failed (at least in part). I carried a Sacagawea around for a few months and the "gold" color does not hold up.

Note that the British pound coin is way different in size than any other coin and other countries seem to follow that philosophy. Who came up with this size and why won't they admit defeat and resize it? Yes, I know about the vending machines, but they'll catch up.

See this CNN article for more.

Do you think they'll succeed in establishing the dollar coin this time around?

 

[Mr Tony]

no dollar coin will succed. There are too many people who will STILL think its a quarter (even if you put a giant $1 stamp on it). I had some of the older ones and when I gave them to the cashier, she was confused that they were dollar coins and not quarters.

Heck, the post office thought they were fake

 

[Neutron]

Why do we need dollar coins?

 

[jayn_j]

Why do we need dollar coins?

Because a bill lasts months and a coin lasts years. Simple as that. The maintenance costs of putting a dollar bill into circulation are too high.

I realize that it is a political hot potato, but the only way to move forward on this is to start minting dollar coins AND stop printing bills.

 

[navychop]

Apparently Grover Cleveland will have two coins. He is the only president elected twice, with someone else elected in between his two terms.

 

[Stargazer]

They should start making $5 and $10 coins as well. They last for years and probably wouldn't be able to be counterfeited as easily. It would also be great for vending machines.

 

[Kentstater72]

I realize that it is a political hot potato, but the only way to move forward on this is to start minting dollar coins AND stop printing bills.

Stop making paper dollars, stop making pennies. Now there is a place in the change drawer for dollars.

 

[navychop]

Well, if we stop making pennies, we either get into some complicated rounding or drop nickels and quarters also. Of course, that would solve the size competition with dollar coins.

 

[Greg Bimson]

Stop printing dollar bills? That's sacrilege...

...and the only way a dollar coin gets accepted by the public. Ask Canada about the loonie. And then the toonie.

 

[BobMurdoch]

Kill the penny, it's useless.

Kill the Dollar Bill. Think of the Soda machine loading fiasco... We need a coin to succeed, but it needs to be bigger so there is no confusion with any other coin.

Time also to make a $2 coin and a $5 coin. You can keep $5 bills if you must, but inflation has made most transactions require bills, and they need to reset things top where they were 50 years ago (ie. coins should be enough to get you that soda or candy bar)

 

[Stargazer]

I think the dollar coin should be circulated instead of the penny. Pennies are trivial. They could use the money they put towards making pennies into making dollar coins. They could then take the dollar bill out of circulation saving money going this route. If they quit making the nickel in the future then they should start making a $5 coin, quit making the dime a ten dollar coin should come out, and so on.

 

[Peter Parker]

So what will we pass out at strip clubs? you would think that these bureaucrats would have thought of that.

 

[BobMurdoch]

So what will we pass out at strip clubs? you would think that these bureaucrats would have thought of that.

Silly, you just put it in her "coin slot".

 

[jayelem]

I like collecting coins, so I would welcome any new coin type.

Only thing is that in the last 7 years they have already done that with State Quarters and Lewis and Clark Nickels, seems like overkill , and the Lincoln cent will hit the 100 year mark real soon , so thats another coin type coming our way.

 

[navychop]

OK, jayelem, you are in a better position than the rest of us to figure this one out.

Do you think this new dollar coin will be accepted by the public? Will the presidents make it any more acceptable? Any prior history in coins replacing paper to guide us? What happened when the paper pound note went away?

 

[jayelem]

OK, jayelem, you are in a better position than the rest of us to figure this one out.

Do you think this new dollar coin will be accepted by the public? Will the presidents make it any more acceptable? Any prior history in coins replacing paper to guide us? What happened when the paper pound note went away?

The only way to encourage people to use Dollar coins is to eliminate the Paper currency $1

I don't think the Presidents will make them more acceptable.

Don't know about the paper pound , but I have been in Cuba and they use $1 coin or 1 Peso coin, Did you know that Cuban currency traded 1 for 1 against the U.S. Dollar in the 50's and prior, Cuban coins were minted in the U.S. also, Cuban paper currency also has braile embedded markings on the notes for the blind.

Coinage durability makes more sense to replace a Dollar Bill that deteriorates quickly due to circulation, it's the smart thing to do.

But like everything, it has to be passed as a bill and Congress has to approve , I could see George Washington become the official image on a Dollar coin if a paper dollar was removed.

 

[Stargazer]

Your right, doing away with the dollar bill will make more people accept the dollar coin but forced by most. The dollar will turn into pocket change. At this point it would make sense to replace all bills with coins if they want to save a MINT! The question is, can the coins be duplicated as easy as the bills? The presidents that were on the bill should appear on the coin replacement. Maybe they should have both coins and bills for a while until coins are more accepted. Does all money have to be round? Maybe the higher currency coins should be square or rectangular so that they are not confused with the lower currency?

 

[navychop]

Well, the bill authorizing the new dollar coin specifically forbade dropping the dollar bill. So we won't see the paper dollar bill fade anytime soon.

Might be a bit different to carry a couple hundred dollars in "coins" in your pocket. It would change fashion- we'd all need reinforced pockets! :haha

 

[Claude Greiner]

Until big stores like Walmart start handing them out as change, its gonna be very hard to get these coins in the hands on the american public.

The first thing that needs to happen is for the goverment to go to Coke and Pepsi and pay them something to make their vending machines accecpt dollar coins. Once people knows those machines will accecpt dollar coins, alot of people will want to start carrying dollar coins in their pocket because its a pain sometimes to insert paper money in the vending machines!


As far as the penny, its so pathetic that people won't even bother bending over to pick one up if they see it on the ground. The pain from picking it up aint worth it!

I remember back when I was in school about 10-15 years ago, we would throw pennies at the kids we didn't like. Sometimes we would even throw a nickle since it had a little more weight to it.

If you really wanted to piss someone off I remember sometimes we would throw quarters just because they can do alot of damage, but it was kind of stupid because the person you where throwing it at would actually pick it up and put it in his pocket.

 

[cybok0]

if you buy postage stamps out of the vending machine it will give you change in dollar coins.

when i was at niagara Falls in Canada i noticed the soda machines accepted dollar coins, thought that was a good idea.