Some more reading between the lines to see this country's future...

morphball · #1 02-12-2007, 11:38 AM

Poll: Americans want to keep dollar bill

The article seems mundane if you read it, simply about the fact the the general public wants to keep the dollar bill instead of switching to a dollar coin.

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...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.

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Here is the interesting part...

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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.

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Ask yourself Why is Congress buying more and more Dollar coins when there is no demand and the vaults are filling with them?

It could be that they are so inept that they continue to do stupid crap. or, could it be that our Congress is aware that the dollar is going to crash?

Face it, we are a debtor nation and at this point we really have no available means to pay our debts that will not result in political suicide for the people who institute them. There is an easier solution, however, that is simply to erode the value of the debt. Moreover, you can do this gradually so your average voter won't be able to point the finger at you, which is all you care about if you are Congressman or Congresswoman.

Dan. · #2 02-12-2007, 12:17 PM

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It could be that they are so inept that they continue to do stupid crap. or, could it be that our Congress is aware that the dollar is going to crash?

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How is a paper dollar any different from a coin dollar? If the dollar crashes, it crashes in all its forms.

TomCollins · #3 02-12-2007, 12:23 PM

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It could be that they are so inept that they continue to do stupid crap. or, could it be that our Congress is aware that the dollar is going to crash?

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How is a paper dollar any different from a coin dollar? If the dollar crashes, it crashes in all its forms.

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Coins can be melted for at least some value.

cardcounter0 · #4 02-12-2007, 01:03 PM

The dollar coin is an 80% copper slug. Copper is currently selling for $2.44 a pound.

aheravi · #5 02-12-2007, 01:05 PM

I don't have a source for this, just remember it from some article/show a couple of years ago--it actually costs more than $1 to PRINT a $1 bill. I think the U.S. is the last major nation to have its base unit of currency in bill form.

Doesn't logic dictate going to coins?

TomCollins · #6 02-12-2007, 01:07 PM

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The dollar coin is an 80% copper slug. Copper is currently selling for $2.44 a pound.

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Could be worth more than a dollar someday. Also is more valueable than a piece of paper.

bobman0330 · #7 02-12-2007, 01:16 PM

So, the government is stockpiling MILLIONS and MILLIONS of dollars for use in evil schemes?

Or, possibly, the government is involved in some sort of bizarre reverse-seigneurage scheme wherein they coin millions of coins at their own expense, all the while planning for them to plummet in value so they have to melt them down, at which point they can CASH IN on the raw materials they bought and paid to coin and melt down.

Meanwhile, Congress cackles and gleefully rubs its hands together as it plans to unleash the forces of inflation, despite not having power over monetary policy...

Truly we live in dark days.

morphball · #8 02-12-2007, 01:16 PM

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It could be that they are so inept that they continue to do stupid crap. or, could it be that our Congress is aware that the dollar is going to crash?

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How is a paper dollar any different from a coin dollar? If the dollar crashes, it crashes in all its forms.

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It's only different because coins are predominantly used for inexpensive purchases, such as soda machines, bus token's etc. If the dollar were to lose it's value, a can of coke would cost say $2 instead of $50 to $1 currently charged. You would obviously want to use dollar coins over quarters in this scenario. Same for parking meters, air pumps at the gas station, etc. etc.

morphball · #9 02-12-2007, 01:22 PM

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I don't have a source for this, just remember it from some article/show a couple of years ago--it actually costs more than $1 to PRINT a $1 bill. I think the U.S. is the last major nation to have its base unit of currency in bill form.

Doesn't logic dictate going to coins?

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Not correct.

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Federal Reserve Notes are printed by the Bureau of Engraving and Printing (BEP), a bureau of the Department of the Treasury. The Federal Reserve Banks pay the BEP only the cost of printing the notes (about 4¢ a note). In contrast, the Fed pays the United States Mint—another Treasury bureau—face value for coins, as coins are direct obligations of the Treasury

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Federal Reserve Note

Pretty good ROI for ordering say, $100 dollar bills, don't you think?

whiskeytown · #10 02-12-2007, 02:26 PM

I have easy access to the dollar coin from a change machine at work - I can get 20 for $20 bucks -

I like them - I'd rather have a few slugs in my pocket then pieces of paper that fall out without making noise, go thru the laundry and don't work in dollar bill changers, plus it's fun to give them for tips and watching people get bugged about it.

seriously - it's all fiat money - all worthless if the US Military doesn't back it up under threat of invasion - so I don't care if it's coin or paper, but I'm starting to really like the coins in meters and coke machines

RB