New dollar coin

[Skylace]

The United States is honoring our Nation?s Presidents by issuing $1 circulating coins featuring their images in the order that they served, beginning with Presidents Washington, Adams, Jefferson and Madison in 2007. The United States Mint will mint and issue four Presidential $1 coins per year, and each will have a reverse design featuring a striking rendition of the Statue of Liberty. These coins will have several features that are unique to United States circulating coinage. Although the size, weight and metal composition of the new Presidential $1 Coin will be identical to that of the Golden Dollar featuring Sacagawea, there are several unique features that make this new coin very distinctive.
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I am all for the one dollar coin. However, the people at the mint are not too clever. They seem to think that the reason the coin hasn't taken off is because it didn't have presidents on it? Not realising that both the Susan B. Anthony (which could easily be mistaken for a quarter) and the Sacagawea (which looked like a token game piece) were badly designed and that's why they failed. Not to mention the fact that they let people lobby to keep the bill instead of actually saying "This is the way it's going to be". I don't think it will take long before this idea crashes and burns (or clinks and melts!)

[Kezza]

Just for clarification......

I have a friend who is a manager at the U.S. Mint. They have been trying for years to get US citizens to give up the dollar bill in favour of the dollar coin. It makes fiscal sense, obviously, since coins last longer than bills.

However, the U.S. Mint does not produce bills, those are produced by the U.S. Bureau of Engraving and Printing (USBEG) and issued by the US Federal Reserve Banks. It is the USBEG/Federal Reserve that is heavily influenced by the paper lobby and it is that agency's responsibility to say "nope, sorry, the lowest demonination we'll issue is a $5.00 bill", not the Mint.

From wikipedia, which sums it up well:
"New notes printed to replace worn out notes (which have been withdrawn from circulation) bring in no net revenue to the government to offset the costs of printing new notes and destroying the old ones." Thus, the paper lobby benefits!

The Mint is one of the few US government agencies that actually makes money for the citizens (through the sale of collector's coins, proofs, etc) whilst the USBEG does not.

[Skylace]

Thanks for the info.

I'm sick and tired of these paper lobby people. It's just plain silly. We use paper for tons of things and I am sure they would survive just fine without making one bloody style of bill.

I am surprised the manufactors of the inks used for it aren't trying to complain either. Or maybe they are and I didn't know!

[faceless]

With the Federal Reserves being owned privately, and not in the hands of the government directly it's not really a surprise that there's this kind of situation. They take a few backhanders from the paper lobby and then refuse to change their position - keeping all the profits within their own small, but hugely influential, world.

[eefanincan]

Here in Canada we have the one and two dollar coins, and soon to be the five dollar coins. No Prime Ministers on them, only the queen on one side. On the $1 coin there is a loon, hence the nickname, "Loonie". The $2 coin has had various animals on it over the years and we just call it the "Toonie". I could take or leave them, but think they do make more sense than paper money as they do last longer. It is a little easier to spend them since they just seem like "change" in your wallet. Wish the gov't would just leave it at the $1 and $2 coins as I'm gong to need a bucket to carry all my coins if they change over any more!!!

[fritz]

The American people love there one dollar bill myself included.Maby if they would stop making it the same size as the quarter it might be accepted.Maby get rid of the half dollar and make the one dollar coin that size it would be accepted.By the way American dollars are not made from paper. There made from a mixture of cotton and linen and only one company makes it.