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Old 08-22-2011, 05:10 PM   #1
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The US Mint is making millions and millions of presidential $1 coins that nobody uses so they are going into storage. This is scheduled to continue into 2016 when almost 2 billion of these will be in storage.

I might send this link to my senators and rep for comment.

Coins Costing Taxpayers? | Video - ABC News
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Old 08-22-2011, 05:16 PM   #2
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I always have some in my pocket, and spend an average of about ten a week.
I love the things.
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Old 08-22-2011, 05:37 PM   #3
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Hmmm - depending on where you live - stay away from vending machines.



heh heh heh - I think the quarter still has legs tho. Vs half dollars and dollars.
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Old 08-22-2011, 06:27 PM   #4
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Every vending machine around here, including the self-scan machines at the supermarket, takes the dollar coins just fine, and knows their value. Parking meters, too.
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Old 08-22-2011, 07:17 PM   #5
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I don't like $1 coins.

A couple of times, I got stamps from the post office vending machines and got $1 coins back in change. In a week or so, they are gone from my wallet cuz I used them as quarters!!!
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Old 08-22-2011, 08:32 PM   #6
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The US Mint is making millions and millions of presidential $1 coins that nobody uses so they are going into storage. This is scheduled to continue into 2016 when almost 2 billion of these will be in storage.

I might send this link to my senators and rep for comment.

Coins Costing Taxpayers? | Video - ABC News
Maybe they're planning to send us a package of dollar coins every month when Social Security runs out of money.
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Old 08-22-2011, 08:37 PM   #7
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Maybe they're planning to send us a package of dollar coins every month when Social Security runs out of money.
A great suggestion! The govt 'disposes' of excess inventory, we keep getting SS, and the Post Office stays in business shipping the packages!

Feever, maybe you should run for office. We need some innovative thinking like this in DC...
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Old 08-22-2011, 10:00 PM   #8
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For awhile you could buy them from the mint at face value with a credit card, get free shipping and points, then spend the cash. I did $250 worth for the novelty.

Some people were gaming the system and just returning them to the local bank for the points. I think they might have killed that program as a result.
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Old 08-22-2011, 10:36 PM   #9
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This is why the Chinese are afraid to cash in their Treasuries for dollars...
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Old 08-23-2011, 01:33 AM   #10
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here's a similar thread at bogleheads: What would it take to make the penny disappear?
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Old 08-23-2011, 01:44 AM   #11
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We switched over from the $1 & $2 bills in Australia some years ago, have coins for both. Bet thing they ever did, you are often surprised at how much money you actually have in your wallet when it is in coins.

1 and 2 cent coins were phased out years ago and bills are rounded up or down to the nearest 5 cents if paying by cash. There is now talk that the 5 cent coin will be the next to go. I say good riddence to the fiddly little things.
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Old 08-23-2011, 06:38 AM   #12
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I hate pennies. The darn things are like cock roaches. If pennies were banished cash registers would have an extra tray for $1 coins and everything would be hunky dory.
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Old 08-23-2011, 06:54 AM   #13
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I love pennies. They, like donheff says, are cock roaches. They pile up in my penny savings bucket. Every year or so we cash them out ($400-$1000) and use them as "found" money for whatever fun fits our fancy at the time. I would miss this ritual if they went away. I admit that over the years it has become more difficult to cash them in since banks no longer will count them so either you package them yourself or pay a huge percent to have them done elsewhere.
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Old 08-23-2011, 08:12 AM   #14
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Tadpole, I use my change collected all year right before Christmas to buy presents. I take the coins to one of the Coinstar machines that will pay in gift certificates rather than cash, and doesn't charge the 8% fee as a result. You might try that. I do remember rolling change as a kid, though.
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Old 08-23-2011, 09:09 AM   #15
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Our little hometown bank will count its customers' change for free. I'll be happy to take care of your loose change--just send it on up!
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Old 08-23-2011, 09:20 AM   #16
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Our little hometown bank will count its customers' change for free. I'll be happy to take care of your loose change--just send it on up!
Same here; they have a coin counting machine in the lobby. Just dump in your coins, take the receipt to the teller, and you can either deposit or get the cash (no account required to use)...

A bit better than CoinStar IMHO...
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Old 08-23-2011, 09:50 AM   #17
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I have one of those $1 Presidential coins. They used a lighter alloy that makes the coin feel like plastic IMO.
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Old 08-23-2011, 10:23 AM   #18
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Canada converted to $1 coins (and later $2 coins) many years ago. People resisted, but it's actually better now that everyone is used to it. Don't you Yanks get irritated trying to feed beat-up $1 bills into vending machines that won't read them?
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Old 08-23-2011, 12:35 PM   #19
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Making coins or bills, whatever, both will be obsolete soon enough. How many years before neither is used as we switch to electronic cash at point of purchase?
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Old 08-23-2011, 01:01 PM   #20
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Making coins or bills, whatever, both will be obsolete soon enough. How many years before neither is used as we switch to electronic cash at point of purchase?
Electronic payment (wave your phone at the machine) is already becoming common in parts of Europe, so that's a natural question.

However, I think it might underestimate [sorry, I guess that's misunderestimate ] the inertia of the average American.

AFAIK, there are only one or two tiny countries in the world besides the USA that still use anything but the SI metric system, but I don't see us making much of an effort to upgrade in that area.
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