Today's a big day for the United States Mint and for dead presidents. A day after wall street set record highs, the U.S. Mint is making what they call "historic change" by releasing a new $1 coin program.
Between today and 2016, four new $1 coins will be realesed each year. Each coin will feature the portrait of a U.S. President on the front and an image of the Statue of Liberty on the back. Even the edges will be etched with designs.
The presidents will be featured in the order of their service. Thus, the first four presidents, realeased this year, are Washington, Adams, Jefferson, and Madison.
Past efforts to introduce $1 coins have not been well-received by the public. The Susan B. Anthony dollar was often confused for a quarter. Even after a notable marketing effort, the recent Sacagawea dollar barely saw the light of day.
This program is more like the state quarter program. Perhaps it will take off. You can see the new coins and learn more about the program at the U.S. Mint's website.
http://www.usmint.gov/mint_programs/index.cfm?action=golden_dollar_coin
Will you trade in your paper for a pocket full of change?
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Comments: 39
For the dollar coin will catch on in the U.S., the paper dollar must be withdrawn. The government has recently said they will not do that.
Dollar coins would eliminate that kind of thing completely.
I can see that they'd be good for vending machines, but I personally prefer the paper. Coins are too easy to lose, and a dollar is still valuable to me.
Incidentally, I wonder if the vending machine companies are eager to reprogram all their machines for these coins -- do they think they'll catch on?
I like the idea of a dollar coin and look forward to seeing them, just as it's fun to look at the new quarters when they first appear. But I don't like a lot of change clanking in my pockets. That said, I don't really like dollar bills fattening my wallet either. I prefer larger bills.
But then, don't we all?
So, while I'll look forward to discovering the new coins, just as with the quarters, and while I'll probably want to collect a few of each one, I'll stick to my credit card for the real spending.
I have more than once saved sufficient pennies to make a "major" purchase - a TV when I was in college, a sofa when I was a newlywed...
As for dollar coins? The "Sues" never caught on because of their size. They were too similar to a quarter, and people didn't notice until it was too late that they'd dropped a dollar, rather than 25 cents.
Being female and trotting around a purse full of whatever all the time, I'm fairly conscious of every ounce that goes on my shoulder. I'd far rather carry a small wad of paper bills, than the equivalent in coinage that is large enough to differentiate from a quarter.
Sorry - but I disagree with you on all points.
I don't think it will catch on until they do away with paper either.
But I find it weird that the Susan B. Anthony dollar was a "failure" in the gov't's eyes...so they keep the size but change the color with the Sacajawea coin. The big complaint from the public on both those coins is that they are too close in size to the quarter. so now they try again to make it popular...but they put George Washington's face on them? wait didn't they listen to the complaints. Why make it look even more like a quarter?
I think they're trying again because they can't figure out why it doesn't work here when it's a simple thing in most other countries, as several people have pointed out. I get the arguments against coins (the weight), but that issue should be the same everywhere.
And hasn't ANYBODY today even HEARD of Armand Hammer?
Personally, I think the dollar coin would have gone over better if it was smaller and thicker (like the British Pound coin). Retailers don't want the dollsar coin primarily because their cash drawers don't have enough room to have space for both dollar bills and dollar coins. If the Government wants the dollar coin to be fully accepted, they will have to phase out the paper dollar. The easiest, but slowest way to do it would be to replace them with coins as they wear out.
As for the questions about the silver dollar and the 50 cent piece, they stopped minting them. They weren't used very much and were indeed too large and heavy to be practical. If you've ever handled one, you would understand why the silver dollar was nicknamed the "cartwheel".
Lost soul, I would disagree with you on the value of a penny, the U.S. congress just passed a law making it illegal to melt pennies down for their metal value. The penny in metal value is 1.2 cents Just think that $10 face value jar of pennies sitting in your closet at home is really worth $12 talk about precious metal!
Oh yah the same with the nickel it's actual metal value is 7 cents.
Many have speculated as to why the dollar coin has never caught on, but I believe I have discovered the real reason… and yes people it is a conspiracy.
My vast research (15 minutes on the internet) has led to the discovery of the following important information.
The standard cash register tray has room for 5 coins and 5 bills, there's just no room for another coin! And this also goes to the demise of the two dollar bill there was just no room in the cash drawer.
Before the new dollar coins become acceptable dozens of cash register manufacturers will have to create new trays capable of holding 6 coins rather than the now standard 5.
Millions of dollars will have to be expended by these companies to retool their factories millions of retail outlets will have to buy the new cash trays for their registers.
But it doesn't end there if the cash drawer manufacturers really want to do the right thing they will have to make room for the lowly two dollar bill.
And that would lead to even greater costs of businesses having to purchase completely new cash registers or new cash drawer systems, check out stands would have to be enlarged to accommodate these new larger cash drawers.
It's due to vast corporate collusion that has led to the demise of the dollar coin (and the two dollar bill) I say we need new and effective government regulation to force these money grubbing greedy companies to accept this new currency.
; - )
Netlore Archive: Email rumor claims the motto 'In God We Trust' was omitted from the new one-dollar U.S. coin issued in February 2007
Description: Email flier
Circulating since: February 2007
Status: Partly true
http://urbanlegends.about.com/library/bl_dollar_coin.htm