New Dollar Coin

[THL]

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WASHINGTON - Maybe Susan B. Anthony and Sacagawea should not take public rejection personally. It's not easy overcoming people's indifference to dollar coins, even those honoring such historic figures.

An AP-Ipsos poll found that three-fourths of people surveyed oppose replacing the dollar bill, featuring George Washington, with a dollar coin. People are split evenly on the idea of having both a dollar bill and a dollar coin.

A new version of the coin, paying tribute to American presidents, goes into general circulation Thursday. Even though doing away with the bill could save hundreds of millions of dollars each year in printing costs, there is no plan to scrap the bill in favor of the more durable coin.

"I really don't see any use for it," Larry Ashbaugh, a retiree from Bristolville, Ohio, said of the dollar coin. "We tried it before. It didn't fly."

Two recent efforts to promote wide usage of a dollar coin proved unsuccessful. A quarter-century ago, it showed feminist Susan B. Anthony on the front; then one in 2000 featuring Sacagawea, the Shoshone Indian who helped guide the Lewis and Clark expedition.

The latest dollar coin will bear Washington's image, followed later this year by those of John Adams, Thomas Jefferson and James Madison. A different president will appear on the golden dollar coins every three months.

The series of coins will depict four different presidents per year, in the order they served.

Congress voted to create the new dollar coin, betting that this series would be more popular than its recent predecessors.

The Susan B. Anthony dollar put the image of the women's rights activist on a small silver coin that looked a lot like a quarter. The U.S Mint was left with millions of unused coins.

As for the Sacagawea dollar, gold in color, millions of the coins also piled up in bank vaults for the same reason: lack of demand.

People say they just prefer the traditional greenback.

"The dollar bill is lighter, takes up less space in a clutch or a man's wallet and paper money counts easier and stacks up easier than metallic coins," said Nena Wise of York, Pa.

People have strong feelings about their money, even the penny.

A congressional effort to reduce the need for the cent piece failed even though it costs more to produce the copper-colored coin than the coin is worth.

When people were asked whether the penny should be eliminated, 71 percent said no, according to the poll of 1,000 adults conducted Nov, 28-30. Some fear that getting rid of the penny will cause product prices to be rounded up, perhaps increasing inflation.

In other poll findings:

_53 percent said they carry their loose change collected during the day to use for future purchases.

_42 percent put their loose change in a jar or piggy bank each day.

_48 percent said they use cash for purchases under $10.

_28 percent said they usually use cash in such cases, but sometimes use credit or debit cards, according to the poll with a margin of sampling error of plus or minus 3 percentage points.

Rather than a high-profile ad campaign like the one used to introduce the Sacagawea dollar, the Mint is trying a more grass-roots approach. The agency is talking to the Federal Reserve, banks and vending machine operators to stir up interest in the new dollar coin.

Supporters of the new presidential dollar coin point to the success of the 50-state quarter program. Begun in 1999, this program has introduced millions of people to coin collecting for the first time.

For Richard Wander of Albany, N.Y, the dollar coin is a welcome addition because he is "kind of a collector."

"I think it's good to have both," he said. "Instead of taking time to put four quarters in a parking meter, you could put in a dollar.

"But I think dollar bills are part of the economic system," he said, "and they work fine."

The presidential coins will be the 14th dollar coin series produced by the Mint going back to 1794. The Susan B. Anthony replaced the Eisenhower dollar in 1979.

Before the Eisenhower dollar's introduction in 1971, there was a gap of 36 years when the Mint did not produce a dollar coin after the last Peace dollar was minted in 1935.

The public can start getting the Washington dollars on Thursday from commercial banks that have placed orders with the Federal Reserve, which handles coin distribution for the Mint.

U.S. Mint Director Edmund C. Moy said he was encouraged by the initial demand for the new coin. The Fed has ordered 300 million Washington dollars so far.

Poll: Americans want to keep dollar bill - Yahoo! News

[Stan187]

I seriously hope we get rid of the penny. Imagine stuff actually cost one dollar instead of 99 cents, just like in every other country. It'd be simpler.

[jame$thegreat]

I actually like the idea of dollar coins, they are very versitile. Not only are they easier to count when in your pocket they are useful when boarding a bus and not wanting to carry 8 quarters per trip. I think that as long as you dont spen them as a quarter their fine. I have no problems with getting rid of the dollar bill, coins are more efficient and much easier to carry.

[highsea]

I'll stick with bills.

I never use coins. I hate them. They just pile up until I get around to going to the coin counter once a year or so and trade them all in. I have about 25 lbs worth right now, lol. Guess it's about time to see if I can go jam the machine...

[leib10]

Me too. I hate pennies especially. I have a little pocket in my truck that is full of change, at least half of which are pennies.

[RustyBattleship]

The problem with the new dollar coins is size. Exactly the same problem with the previous two designs that were put in circulation. They are smaller than a half dollar and when fishing around in your pocket for a quarter at the toll booth you might be paying a dollar. And they won't give you three tickets in change.

Pennies have to stay around. For example, in Southern California sales tax is 8.5%. So if you buy something for a dollar, you still have to pay 8 1/2 cents -- oops. California has to round that up if it's 1/2 cent or above so you pay 9 cents. But if there are no pennies to give you change, the sales tax will be 10 cents.

A financial boon for the State, but a deeper hole in YOUR pocket. Don't ever think the State will be a nice guy and round DOWN sales tax so you have an even purchase ending in a nickel, dime, quarter, etc. This gives them the perfect opportunity to RAISE the sales tax.

[CMartel]

If they don't want to stop the penny, at least stop making so many of them. I bet I am like a lot of other people who just take their pennies and toss them into a jar. I probably have 10,000 of them.

If they cut the penny production, those horded pennies might make their way back into circulation.

[jame$thegreat]

If they don't want to stop the penny, at least stop making so many of them. I bet I am like a lot of other people who just take their pennies and toss them into a jar. I probably have 10,000 of them.

If they cut the penny production, those horded pennies might make their way back into circulation.

Also they cost more to produce than they are worth, its just simple efficiency to not produce anymore for the time being, or forver which I would opt for.

[RustyBattleship]

Also they cost more to produce than they are worth, its just simple efficiency to not produce anymore for the time being, or forver which I would opt for.

So you would rather pay an extra four cents in sales tax to round up to the nearest nickel or dime? Remember, if the sales tax comes out to $2.26, don't depend upon a generous State legislature to allow that to be rounded down to $2.25.

The solution is to go back to 1943. Copper was valuable for the manufacture of ammunition cases (of which hundreds of tons have been left in the battle fields, sunk in the oceans or tossed in dump sites). So pennies were made of zinc.

Hmmm. Remember Operation Trinity? The first Plutonium atomic bomb? Copper was too valuable to supply the Los Alamos lab for "minor" experiments and tests. So they used Silver for wiring instead. It has a greater electrical conductivity than copper and only cost one dollar per Troy ounce.

[Debbie]

[QUOTE=RustyBattleship;343434]The problem with the new dollar coins is size. Exactly the same problem with the previous two designs that were put in circulation. They are smaller than a half dollar and when fishing around in your pocket for a quarter at the toll booth you might be paying a dollar.

You would think by now someone would have thought that the american public doesn't like the size of last two dollar coins placed into circulation and could really care less what is on the front and the back. They changed the color with the last one but that didn't spur on a love affair. It's all about the size of the blasted thing. Make it larger than a half dollar, color it green and maybe it will get some use and won't stockpile like the last two versions.

[jame$thegreat]

So you would rather pay an extra four cents in sales tax to round up to the nearest nickel or dime? Remember, if the sales tax comes out to $2.26, don't depend upon a generous State legislature to allow that to be rounded down to $2.25.

The solution is to go back to 1943. Copper was valuable for the manufacture of ammunition cases (of which hundreds of tons have been left in the battle fields, sunk in the oceans or tossed in dump sites). So pennies were made of zinc.

Hmmm. Remember Operation Trinity? The first Plutonium atomic bomb? Copper was too valuable to supply the Los Alamos lab for "minor" experiments and tests. So they used Silver for wiring instead. It has a greater electrical conductivity than copper and only cost one dollar per Troy ounce.

RustyBattleship there is no doubt that you have a point but I just plain dont like the penny not only is it impractical it is just plain annoying to carry, spend and have around. Ever pick up a gallon jug of pennies? You would think they are the densist material known to man!! They just take up so much goddamn room! I for one (when I'm 18) will vote for the first president that vows to dispose of the enemy pennies!!

(anyone see the anit-dime website? its hilarious I'll find it again and edit the URL in )

Dimes Must Die (check it out)

[omon]

i like dollar coins, so much better to have 5 coins than 20 or more when i take the bus,(fare is $5 on my bus) i usualy use metrocard, but sometimes i forget to refill it. always have 5 dollar coins in my valet.

[Stan187]

i like dollar coins, so much better to have 5 coins than 20 or more when i take the bus,(fare is $5 on my bus) i usualy use metrocard, but sometimes i forget to refill it. always have 5 dollar coins in my valet.

Daaaaamn that must be tha magic school cuz that's expensive man!

[RustyBattleship]

Ever pick up a gallon jug of pennies? You would think they are the densist material known to man!! They just take up so much goddamn room!

Not a gallon. but a quart or two at a time. Sure, they fill up the pockets and ever so often I dump them in a jar. A few years ago when I had nothing else better to do I rolled them and stored them in a drawer. Then when my wife and daughter were trying to scratch together a few more bucks for their vacation to visit relatives in Hungary, I gave them all the pennies. (My wife worked at a bank so it was easy to convert them to Traveler's Checks).

Now when I get a jar or two of pennies, I just go down to Albertson's Supermarket and feed them through a machine that gives me cash. Then if their Vodka is on sale I -----. Well, you get the idea.

I follow my grandfather's advice (from the Depression days). "Watch your pennies. The dollars will take care of themselves."

But alas, I must admit that if the material of a penny costs more than a penny, then something else has to be done. As I suggested earlier, why not Zinc as they did in WW II?

Besides, what else would our juveniles do to play "penny pitch" with?

[SnowLeopard]

The last time I insisted on dollar coins was back in the 80's. I had to pay back a regiment mate who had taken some of my stuff in holding. So I got a few Susan Anthony's, wrapped them up in a few dollar bills, and threw it at him. Only wish I had had a wrist rocket.
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("Let me leave you with a sense of humor." Uncle Arthur disappears leaving Darrian holding a soggy $25 dollar bag of pennies which promptly splits. "How's that for a cents of humor?" as Uncle Arthur's laugh disappears into the heavens, (w,stte), "Bewitched")