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Thread: What do we think of the US $1 coin?

  1. #1
    Cyburbian Joe Iliff's avatar
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    What do we think of the US $1 coin?

    U.S. Mint launches first presidential $1 coin
    Courtesy of Yahoo! News: http://news.yahoo.com/s/nm/20070215/...aTaHzce0VZ.3QA

    So we here in the US had the silver dollar coin, the Eisenhower, later Susan B. Anthony dollar. Then we had the golden, smooth-edged Sacagawea dollar coin. Now we're putting all the dead presidents on golden $1 coins.

    Many other countries have currency amounts like this only in coins and not in paper money: Canadian loonie and toonie, British 50 pence coin, 1 and 2 British pound coins, 100 Japanese yen coin, the Australian 1 dollar coin, and 1 euro coin.

    So the discussion questions are:
    -Will America adopt using a $1 coin if the $1 bill is still in circulation?
    -Should America switch to a $1 coin and stop printing $1 bills?

    For the non-USers . . . do you like having more valuable currency amounts in coins but not bills?
    JOE ILIFF
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  2. #2
    Cyburbian
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    With the failure of the SBA and Sak dollars, I don't think a coin dollar and paper dollar can co-exist. They will need to stop printing paper dollars.

    Modeled on the mint's popular 50 State Quarters Program, coins depicting each president will be released in the order in which they served,
    Does Grover Cleveland get 2 coins?

  3. #3
    Super Moderator kjel's avatar
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    As you said many places already have a $1 coin, but most of them have dispensed with the paper dollar so there isn't much option. Here though, unless they hit upon a design that markedly differentiates the $1 coin from the quarter without being unwieldy AND eliminated the paper dollar it's not going to catch on. I wonder what the cost savings would be because a paper note has an average life span of about 18 months and coin has one of 30 years.
    "He defended the cause of the poor and needy, and so all went well. Is that not what it means to know me?" Jeremiah 22:16

  4. #4
    Cyburbian Tide's avatar
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    If the treasury wants us to use the coins then do away with the bills it's as simple as that. I know the current $1 coins are cumbersome at first but they could make the coins thinner, they are really hefty. Vending machines also need to accept these coins in a wider range of places. \

    From a former coin collector's point of view I would say it's amusing they use collectability as an argument to rotate the face every few months. Would you want something if I told you it was limited edition 1:250,000,000 ??? It's worth a dollar and will be for probabaly 50 years, only then will they maybe be worth something and only if in great condition.

    Savemattoon "Does Gover Cleveland get 2 coins? --- yes the article said he will have 2 since he was the only president to serve 2 non consecutive terms.
    @GigCityPlanner

  5. #5
    Cyburbian geobandito's avatar
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    When I moved to Canada last year, I found it a bit cumbersome to get a big pile of coins back as change and then have to store it all somewhere. Now when I go back to the States, I find it a bit cumbersome having to stuff big piles of one-dollar bills in my wallet.

    I guess it's six of one... but I think I like the coins better.

  6. #6
    Unfrozen Caveman Planner mendelman's avatar
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    I think the image of Washington (and the others for this year) are somewhat clumsy looking.

    Though, I would certainly spend them but people didn't give me odd sideways looks when I do. Sometimes it's more hassle.

    Actually, what is the problem with Congress clutching to the paper dollar anyway? They are way more expensive to produce and have a much, much shorter life span than a coin (~18 months for paper, 30+ years for coins).

    But hasn't inflation decreased the value of a dollar to the point that a dollar coin would make more sense for daily use?

    And isn't it about time to get rid of the 1 cent coin? Just make the 5 cent coin the smallest denominated coin and have all transactions rounded to the nearest 5.

    Quote Originally posted by savemattoon View post
    With the failure of the SBA and Sak dollars, I don't think a coin dollar and paper dollar can co-exist. They will need to stop printing paper dollars.
    Exactly.
    Does Grover Cleveland get 2 coins?
    Yes, but they're not consecutive.
    Quote Originally posted by kjelsadek
    unless they hit upon a design that markedly differentiates the $1 coin from the quarter without being unwieldy
    Also, perhaps it's time to completely rethink the entire coin and paper money design system. The coins we currently have (except the dollar coin) are currently sized as they are because at one point (about 1900) the size represented the equivalent value of their metal, but since inflation in the 1960s (and 1980s) the coins' metal has no relation to the "value" of the actual coin. It's all fictitious and much like the "value" assigned to paper money. I don't see why we can't completely overall the sizing of the coins to be more rational and also add new value designations (20 cent, 2 dollar, etc. coins).

    (sorry took awhile to put the post together)
    Last edited by mendelman; 15 Feb 2007 at 2:58 PM.
    I'm sorry. Is my bias showing?

    Let's not be didactic in this profession, because that is a path to disillusion and irrelevancy.

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  7. #7
    Cyburbian Jeff's avatar
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    They dont rip nor do they burn...about the only thing they are good for.

    These will be collectors items like the others.

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    Cyburbian otterpop's avatar
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    I like the dollar coin. The problem the Susan B. Anthony had was it was about the same size and color as a quarter. People didn't want to pay that much attention to their change.

    The Sacagawea is distinguishable from the quarter and was more marketable. I wish it had been in greater circulation. I have two, but am reluctant to spend them.

    I would use a dollar coin. Substitute it for the paper dollars? I have no problem with that.

    I love the loonies. The toonies are ugly. My first experience with Canadian metal dollar was a movie theater in Fort McLeod. I saw "Blaze."
    "I am very good at reading women, but I get into trouble for using the Braille method."

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  9. #9
    Cyburbian biscuit's avatar
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    The Mint could put my face on the $1.00 coin and I still wouldn't use them. Coins are cumbersome and a giant pain to carry around in your front pockets, especially when wearing a suit. All the coins that make it through the threshold of the biscuit house get deposited in the 5 gallon glass water jug, so I suppose making a switch could exponentially raise the amount we save.
    Last edited by biscuit; 15 Feb 2007 at 3:17 PM.

  10. #10
    Quote Originally posted by mendelman View post
    And isn't about time to get rid of the 1 cent coin? Just make the 5 cent coin the smallest denominated coin and have all transactions rounded to the nearest 5.
    Can we get an AMEN? How 'bout a HALLELUJAH? The penny makes no sense especially given it costs more to produce than its face value. Be gone with you, you miserable wretch. Go!

    I think the success of the Canadian coins is the nicknames -- "loonie" and "toonie" are just cool (like all canukistanian things, IMO ). We need a nickname for the new dollar coins -- "georgies"?
    On pitching to Stan Musial:
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  11. #11
    Cyburbian
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    Quote Originally posted by Tide View post
    ISavemattoon "Does Gover Cleveland get 2 coins? --- yes the article said he will have 2 since he was the only president to serve 2 non consecutive terms.
    What??!! you mean I was supposed to read the entire article?

  12. #12
    Unfrozen Caveman Planner mendelman's avatar
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    Quote Originally posted by Gedunker View post
    We need a nickname for the new dollar coins -- "georgies"?
    Not bad, but then there will also have to be "tommies", "jamies", etc.
    I'm sorry. Is my bias showing?

    Let's not be didactic in this profession, because that is a path to disillusion and irrelevancy.

    Six seasons and a movie!

  13. #13
    Cyburbian Brocktoon's avatar
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    The best about the Sacajawea coin was you could exchange it for real money...to paraphrase Marge Simspons.

    These coins are nothing more than a conspiracy by the US Mint and the Treasury Department to increase the savings rate.

    If I could use a $1 coin outside the post office I might jump on the band wagon but every time I get one I either give it to a co worker with young children or through it in with the change pile.

    I was hoping the end of the signorage would spell the end of the penny but the Illinois Congressional delegation keeps finding a way to keep us with the penny.
    "If you don't like change, you're going to like irrelevance even less" General Eric Shinseki

  14. #14
    Cyburbian michiganplanner's avatar
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    Gentlemen, gentlemen, gentlemen

    Think of the countless 18 to 2x females toiling away on poles in smokey clubs to put themselves through college. How will they feel being pelted with coinage for the work that they do?

    Clearly, this is a major oversight by those pushing the $1 coins.
    I'd be more apathetic if I weren't so lethargic.

  15. #15
    Cyburbian Fat Cat's avatar
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    Fat Cat

    If you look at some of the old silver dollar coins, they were larger and there was no chance of confusing them with a quarter. but I guess this would probably make to much sense to make them a different size. After all the nickle, dime, quarter and penny are all ---oh wait a minute they are all different sizes

  16. #16
    Gunfighter Mastiff's avatar
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    Quote Originally posted by Gedunker View post
    Can we get an AMEN? How 'bout a HALLELUJAH? The penny makes no sense especially given it costs more to produce than its face value. Be gone with you, you miserable wretch. Go!
    If it weren't illegal... and it is... I go buy $1000 worth of pennies, pick out the pre-1982 pieces, melt them into solid copper blocks sepearate the zinc, and sell them at the scrapyard for a profit!
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    Cyburbian otterpop's avatar
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    Quote Originally posted by michiganplanner View post
    Think of the countless 18 to 2x females toiling away on poles in smokey clubs to put themselves through college. How will they feel being pelted with coinage for the work that they do?

    Clearly, this is a major oversight by those pushing the $1 coins.
    Ah, I had not thought of that. Now I will have to seriously rethink my position. I certainly wouldn't want a stripper to risk head injury. Some of my best friends are strippers. At least that is the impression they always gave me.
    "I am very good at reading women, but I get into trouble for using the Braille method."

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  18. #18
    Cyburbia Administrator Dan's avatar
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    Will America adopt using a $1 coin if the $1 bill is still in circulation?
    No. See the SBA dollar and the Sacky. When it comes to currency, Americans tend to be VERY conservative, changing only when they're forced to.

    In the not-too-distant past, coins were money. For day-to-day errands, paper currency really wasn't necessary.



    Over time, they gradually became change, and we're now too used to that. We forgot what it was like to use coins as real money.

    Should America switch to a $1 coin and stop printing $1 bills?
    Yes. Not going to happen, though, as long as Senator Ted Kennedy remains in office. (Yes, I'm a liberal, but still ...) Crane Paper is located in Massachusetts, and historically Kennedy blocked all efforts to scrap dollar bills when dollar coins were introduced in the past. Given the choice of saving $500,000,000 a year (according to the GAO) if it switched to dollar coins, or saving 10 jobs in Massachusetts, we've chosen the latter.

  19. #19
    Cyburbian mgk920's avatar
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    Quote Originally posted by savemattoon View post
    With the failure of the SBA and Sak dollars, I don't think a coin dollar and paper dollar can co-exist. They will need to stop printing paper dollars.


    Does Grover Cleveland get 2 coins?
    Yes, Cleveland gets two coins. All of the nitty-gritty is available at http://www.usmint.gov

    Enjoy!

    BTW, I have felt for years that the USA should just stop making $1 banknotes in favor of the coins. The biggest thing preventing it is the Congressional delegation from Massachusetts, this because the paper is made by Crane and Co, based in Dalton, MA with their main mill in Pittsfield, MA.

    The *ONLY* countries left in the world with banknotes of such low value as the USA $1 are in the Third World. This, IMHO, is totally pathetic. Most other countries in the 'First' World have coins that translate to over USA$2 (the Canadian $2 is the smallest 'biggest' coin at about USA$1.65) and start their banknotes at over USA$5 (the Canadian $5 banknote is the smallest at about USA$4.35). Some foreign coins are nearly as high as USA$5.

    Quote Originally posted by michiganplanner View post
    Think of the countless 18 to 2x females toiling away on poles in smokey clubs to put themselves through college. How will they feel being pelted with coinage for the work that they do?

    Clearly, this is a major oversight by those pushing the $1 coins.
    Don't be so &$@*@! CHEAP!
    Use $5 bills, you'll be AMAZED at how much and how fast the quality of the performances improves!



    Mike

  20. #20
    Cyburbian Coragus's avatar
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    Lincoln's coin will only be good in the north.

    Franklin Roosevelt's coin will be spent, but somehow it just won't seem to go away.

    Nixon's coin will quit working after about 80 cents worth of value.

    Ford's coin will be used, even though no one elected to use it.

    Reagan's coin will forget what it's worth.

    Bush the First's coin will only get one go around in circulation.

    You don't even want to know about Clinton's coin.
    Back home just in time for hockey season!

  21. #21
    Cyburbian GeogPlanner's avatar
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    Quote Originally posted by Dan View post
    Given the choice of saving $500,000,000 a year (according to the GAO) if it switched to dollar coins, or saving 10 jobs in Massachusetts, we've chosen the latter.
    Ahem, that's called economic development.

    My future Mrs. scorned me once for paying with a Sak. She said it confuses people. Personally, I like the $1 coin because it will get me to save more $ as I dump my change each day at home.
    Information necessitating a change of design will be conveyed to the designer after and only after the design is complete. (Often called the 'Now They Tell Us' Law) - Fyfe's First Law of Revision

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  22. #22
    Cyburbian Joe Iliff's avatar
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    Quote Originally posted by michiganplanner View post
    Think of the countless 18 to 2x females toiling away on poles in smokey clubs to put themselves through college. How will they feel being pelted with coinage for the work that they do?

    Clearly, this is a major oversight by those pushing the $1 coins.
    I think I saw Quagmire use a debit card once, and then he got slapped for it. So maybe it didn't work . . . . or maybe it did.
    JOE ILIFF
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  23. #23
    Unfrozen Caveman Planner mendelman's avatar
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    I want an omelette for 85 cents...damn it.
    I'm sorry. Is my bias showing?

    Let's not be didactic in this profession, because that is a path to disillusion and irrelevancy.

    Six seasons and a movie!

  24. #24
    With apologies to Coragus:

    Woodrow Wilson's dollar will be worth $1.14

    William Howard Taft's will be twice as thick as the normal dollar

    William McKinely's will be the size of a ha'penny

    Andrew Jackson's will be made of hickory
    On pitching to Stan Musial:
    "Once he timed your fastball, your infielders were in jeopardy."
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  25. #25
    Cyburbian otterpop's avatar
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    Quote Originally posted by Gedunker View post
    With apologies to Coragus:

    Woodrow Wilson's dollar will be worth $1.14

    William Howard Taft's will be twice as thick as the normal dollar

    William McKinely's will be the size of a ha'penny

    Andrew Jackson's will be made of hickory

    The Franklin Pierce will have a hole in it.

    The Grant will be available, but only after you apply to your state legislature and provide 50 cents of matching funds. If your application scores high enough, you should receive your Grant dollar in two years.

    The Dubya dollar will be minted by Halliburton, but will cost more than $1, due to cost overruns.
    "I am very good at reading women, but I get into trouble for using the Braille method."

    ~ Otterpop ~

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