GAO Backs $1 Coin to Replace $1 Bill

[madfranks]

Link Here (http://www.numismaster.com/ta/numis/Article.jsp?ad=article&ArticleId=18689)

http://www.numismaster.com/images/uploaded/60807/ArtLargImg18689.jpg

Replace the $1 bill with a $1 coin and the U.S. government could save $5.5 billion over 30 years. That’s what the Government Accountability Office reported March 4. It’s a recommendation the GAO has made four times over the past 20 years. Back in 2000, it estimated a $522 million annual savings if the coin became the financial vehicle of choice.

The U.S. government already has $1 coins available for the public to use. It’s just that folks haven’t really taken a liking to them.

There are five different $1 coin designs in circulation: the Eisenhower coin, the Susan B. Anthony coin, the Sacagawea coin, the Presidential series and the Native American series.

From 1979-2009, 4.213 billion of the $1 coins have been placed in circulation, according to the GAO report. And about 1.1 billion $1 coins are held in storage by the Federal Reserve banks because of the limited public demand, according to Federal Reserve officials.

Governments favor replacing bank notes with coins because of lower production costs. The Canadian government estimated it saved $450 million between 1987 and 1991 by replacing notes with coins. However, the latest survey conducted by the GAO shows that 64 percent of Americans prefer the $1 note to the $1 coin.

“We have previously recommended to Congress replacement of the $1 note with a $1 coin and, in view of the ongoing significant estimated federal financial benefit, continue to support this prior recommendation,” the report concludes.

[Uncle Salty]

Dollar coins are a good idea. Just make them so they are significantly different in size than the quarter. Just like the English pound coins.

Just do it!

[po boy]

I thought they already had one called the SAE? ;D

[VX1]

Firstly, how in the world can it cost less to strike a metal coin (no matter the composition) than it does to throw a bit of ink on some paper linen? That seems backwards. Seems like every step of the process, from materials through delivery, would be more expensive with coins. But, if that’s the way they want to go, fine by me.

Second, please correct me if I’m wrong, but aren’t coins a better (more Constitutional) type of fiat currency than the FRN, in that they come directly from the US Treasury and are not debt-based?

A few months ago, I got that viral E-mail going around that said “Don’t accept the new dollar coin, because it doesn’t have IN GOD WE TRUST on it!”, only use the paper “dollar”. (http://www.snopes.com/politics/religion/dollarcoin.asp) My response, in trying to educate others, was along the lines of: The new coin was closer to God’s money than the Federal Reserve Note, because at least the coins are not debt-based. By shunning the new coin, in favor of the existing paper note, you are accepting the devil’s money, whether it has God’s name on it or not. My thought is, it is as much a travesty and smack in the face, that they put “IN GOD WE TRUST” on the evil, wealth stealing FRN, as it is that they used the portraits of many of the Founding Fathers who were adamantly against debt-based paper currency. Is that an accurate assessment?

[bootstrap]

Firstly, how in the world can it cost less to strike a metal coin (no matter the composition) than it does to throw a bit of ink on some paper linen? That seems backwards. Seems like every step of the process, from materials through delivery, would be more expensive with coins. But, if that’s the way they want to go, fine by me.



Coins last typically 30+ years in circulation

Paper notes last arround 18 months in circulation

The savings on using coins is through less replacement costs over the life of the coin.

[Ponce]

Use the star of David on one side and no one will use it for sure.......at this time everytime that I buy sumething and I am given coins in return they all go into my my five gallons jar.......the same will happen to the new coin dollar.

First post on a snowy day..........good morning to one and all.

Is it snowing anywhere else besides here? or is this a conspiracy against Ponce?.

[VX1]

Firstly, how in the world can it cost less to strike a metal coin (no matter the composition) than it does to throw a bit of ink on some paper linen? That seems backwards. Seems like every step of the process, from materials through delivery, would be more expensive with coins. But, if that’s the way they want to go, fine by me.



Coins last typically 30+ years in circulation

Paper notes last arround 18 months in circulation

The savings on using coins is through less replacement costs over the life of the coin.



Ah yes, good point. It never occurred to me that the government would ever look that far into the future. Watch them invest in these dollar coins, and then have to dump them all for the IMF’s Bancor in a few years.

[Twisted Titan]

No matter what they "save" They will quickly find a way to squander it all and then start bitching about the coins.


T

[TheNocturnalEgyptian]

Firstly, how in the world can it cost less to strike a metal coin (no matter the composition) than it does to throw a bit of ink on some paper linen? That seems backwards. Seems like every step of the process, from materials through delivery, would be more expensive with coins. But, if that’s the way they want to go, fine by me.

Second, please correct me if I’m wrong, but aren’t coins a better (more Constitutional) type of fiat currency than the FRN, in that they come directly from the US Treasury and are not debt-based?

A few months ago, I got that viral E-mail going around that said “Don’t accept the new dollar coin, because it doesn’t have IN GOD WE TRUST on it!”, only use the paper “dollar”. (http://www.snopes.com/politics/religion/dollarcoin.asp) My response, in trying to educate others, was along the lines of: The new coin was closer to God’s money than the Federal Reserve Note, because at least the coins are not debt-based. By shunning the new coin, in favor of the existing paper note, you are accepting the devil’s money, whether it has God’s name on it or not. My thought is, it is as much a travesty and smack in the face, that they put “IN GOD WE TRUST” on the evil, wealth stealing FRN, as it is that they used the portraits of many of the Founding Fathers who were adamantly against debt-based paper currency. Is that an accurate assessment?



Yes, coins are far more constitutional. You'll notice that currently, coins come from the U.S. Mint - meanwhile paper currency comes from The Bureau of Printing and Engraving, but is controlled by the federal reserve (Did I get that right, Sparky?)

Please be aware also that if the Federal Reserve tried to mint coins, it would be unconstitional.

As far as "In God We Trust", yes, that sick joke on our usury-based fiat paper is along the same lines as including Andrew Jackson's portrait on the most popular bill, the $20. Jackson hated bankers to his last breath, his tombstone read nothing more than, "I killed the banks". They aren't honoring him with his appearance on the $20, they're openly mocking him.

I'm not hugely religious but
Ezekiel 18:13 says that he who accepts usury shall surely die, and his blood shall be upon his own head. "In God we Trust" on usury based money.....

Just whose god do they trust?

[Sparky]

Yes, coins are far more constitutional. You'll notice that currently, coins come from two entities, The Bureau of Printing and Engraving, and the U.S. Mint - meanwhile paper money comes from the federal reserve.

Please be aware also that if the Federal Reserve tried to mint coins, it would be unconstitional - but it's okay for them to print paper.

...


The Federal Reserve prints no money. All paper currency is made at the Bureau of Printing and Engraving, and all coins are produced by the U.S. Mint.

In essence, the Fed controls the supply of money, but not the supply of currency.

[TheNocturnalEgyptian]

Whoops, my mistake. Thanks, Sparky.

[Cobalt]

The only way they will get the public to use $1 coins is if the paper ones are removed from circulation, until then it will just be another expensive failed attempt like all the others

[VX1]

Yes, coins are far more constitutional. You'll notice that currently, coins come from two entities, The Bureau of Printing and Engraving, and the U.S. Mint - meanwhile paper money comes from the federal reserve.

Please be aware also that if the Federal Reserve tried to mint coins, it would be unconstitional - but it's okay for them to print paper.

...


The Federal Reserve prints no money. All paper currency is made at the Bureau of Printing and Engraving, and all coins are produced by the U.S. Mint.

In essence, the Fed controls the supply of money, but not the supply of currency.


But, does the Treasury have to issue a bond to the Federal Reserve when it has the Mint produce coins, as it does when is has the Bureau of Printing and Engraving print new FRNs?

[Sparky]

Yes, coins are far more constitutional. You'll notice that currently, coins come from two entities, The Bureau of Printing and Engraving, and the U.S. Mint - meanwhile paper money comes from the federal reserve.

Please be aware also that if the Federal Reserve tried to mint coins, it would be unconstitional - but it's okay for them to print paper.

...


The Federal Reserve prints no money. All paper currency is made at the Bureau of Printing and Engraving, and all coins are produced by the U.S. Mint.

In essence, the Fed controls the supply of money, but not the supply of currency.


But, does the Treasury have to issue a bond to the Federal Reserve when it has the Mint produce coins, as it does when is has the Bureau of Printing and Engraving print new FRNs?

From the U.S. Mint site:

The United States Mint is responsible for enabling commerce by minting and issuing circulating coins in amounts that the Secretary of the Treasury determines are necessary to meet the needs of the United States.

As for producing FRNs, this may be true, but I'm not sure. I found it hard to track an answer to this.

[Serpo]

In Australia they have 1 and 2 dollar coins for a long time now.

5c is now lowest coin and even that is worthless.

1 and 2 cent coins dont exist anymore as they became worthless(inflation)

soon 10c coin will be lowest coin value......

[Sparky]

In Australia they have 1 and 2 dollar coins for a long time now.

5c is now lowest coin and even that is worthless.

1 and 2 cent coins dont exist anymore as they became worthless(inflation)

soon 10c coin will be lowest coin value......


Was there much public resistance to the coins? I know they probably had no choice because they removed the paper dollars (right?), but were there an "outcry" before and after the switch? Do people now feel it was a good move, or do they still dislike it?

[ximmy]

Didn't we use to have 20 dollar coins?

[Serpo]

In Australia they have 1 and 2 dollar coins for a long time now.

5c is now lowest coin and even that is worthless.

1 and 2 cent coins dont exist anymore as they became worthless(inflation)

soon 10c coin will be lowest coin value......


Was there much public resistance to the coins? I know they probably had no choice because they removed the paper dollars (right?), but were there an "outcry" before and after the switch? Do people now feel it was a good move, or do they still dislike it?


It never seemed like a big deal , the only thing is they made the two dollar coin smaller than the one dollar coin which caused the biggest out cry.In New Zealand it is the other way round so if you travel between these two a lot confusion can over take a person.

You will find coins are better and notes start at 5$

[sirgonzo420]

Didn't we use to have 20 dollar coins?


Yep... some people still do.


http://www.usacoinbook.com/us-coins/coronet-liberty-head-double-eagle-gold-twenty-d-no-motto.jpg

[madfranks]

Didn't we use to have 20 dollar coins?


Yep... some people still do.


http://www.usacoinbook.com/us-coins/coronet-liberty-head-double-eagle-gold-twenty-d-no-motto.jpg




Every US coin ever minted with a face value over one dollar was gold.

[big country]

Coins don't stay in a g-string as well as bills. No wonder the public doesn't want coins!

[Serpo]

Coins don't stay in a g-string as well as bills. No wonder the public doesn't want coins!


Yea thats right they do weigh more and change becomes unpleasant but what some people do is take all the coins out they get in their wallet and save them in a big jar ect.

[osoab]

Think of the strippers. :o ;D

[SLV^GLD]

Coins don't stay in a g-string as well as bills. No wonder the public doesn't want coins!
Interesting you should point this out. Strippers offer the illusion of their sexual desires for you in much the same way paper money offers the illusion of intrinsic value. When studied to any real depth the illusion of honesty and even dignity falls away.

[madfranks]

Coins don't stay in a g-string as well as bills. No wonder the public doesn't want coins!


Yea thats right they do weigh more and change becomes unpleasant but what some people do is take all the coins out they get in their wallet and save them in a big jar ect.


Both men and women used to carry coin purses to hold their coins. The modern wallet has no place for coins. I watched a very old Mickey Mouse cartoon where he takes Minny out for a date and he pulls out a coin purse and pays for the movies with what looks like a silver coin.

[AndreaGail]

Coins don't stay in a g-string as well as bills. No wonder the public doesn't want coins!


Yea thats right they do weigh more and change becomes unpleasant but what some people do is take all the coins out they get in their wallet and save them in a big jar ect.


Both men and women used to carry coin purses to hold their coins. The modern wallet has no place for coins. I watched a very old Mickey Mouse cartoon where he takes Minny out for a date and he pulls out a coin purse and pays for the movies with what looks like a silver coin.


just think of all the coins modern"trendy" new purses could hold ;D
http://cdn02.cdn.socialitelife.com/wp-content/uploads/2010/05/halle-berry-huge-purse-photos-05262010-02-200x265.jpg

[Sparky]

Coins don't stay in a g-string as well as bills. No wonder the public doesn't want coins!


But there's a coin slot.

[Sparky]

Coins don't stay in a g-string as well as bills. No wonder the public doesn't want coins!


Yea thats right they do weigh more and change becomes unpleasant but what some people do is take all the coins out they get in their wallet and save them in a big jar ect.


Both men and women used to carry coin purses to hold their coins. The modern wallet has no place for coins. I watched a very old Mickey Mouse cartoon where he takes Minny out for a date and he pulls out a coin purse and pays for the movies with what looks like a silver coin.


I think this is a major factor why the dollar coin doesn't catch on. Men carrying coin purses looks effeminate. They have some men's wallets with a built-in pocket, which is better. But they really need a wallet with four dollar coin slots in one of the panels.

[Tumbleweed]

If they started making coins with silver there'd be lot's of demand for them.

[Glass]

In Australia they have 1 and 2 dollar coins for a long time now.

5c is now lowest coin and even that is worthless.

1 and 2 cent coins dont exist anymore as they became worthless(inflation)

soon 10c coin will be lowest coin value......


The interesting thing about the $1 and $2 coins is the colour of them. All sub dollar denominations are silver in colour (nickel actually) and all dollar denominated coins are gold in colour although not gold in content.

When someone asked me why I thought gold or silver was money I pulled out a 50cent piece (silver) and a $1 coin and asked them, why is one coloured silver and the other coloured gold? Why those colours? What could that mean?

In Canada the $1 and $2 are also both gold as are the 1 pound and 2 pound coins in the UK. Why is that?

Jeans have a small coin pocket on the right hand side. Gentlemens trousers often have a small coin pocket sown in to the inside of the waist band near the right hand pocket. A wallet with a coin pouch belongs in the trash can. A wallet is for notes and other paper but not coins.

[ximmy]

Jeans have a small coin pocket on the right hand side. Gentlemens trousers often have a small coin pocket sown in to the inside of the waist band near the right hand pocket. A wallet with a coin pouch belongs in the trash can. A wallet is for notes and other paper but not coins.


I think that was originally a watch pocket... thus pocket watch... ;D

[Glass]

Jeans have a small coin pocket on the right hand side. Gentlemens trousers often have a small coin pocket sown in to the inside of the waist band near the right hand pocket. A wallet with a coin pouch belongs in the trash can. A wallet is for notes and other paper but not coins.


I think that was originally a watch pocket... thus pocket watch... ;D


It would be a small watch for such a pocket. The waist coat was usually the place for a pocket watch although not everyone was a dandy back in the day so I guess it's possible that pocket was watch compatible.

Although there is a lot to be said for something that is "pocket size".
http://www.youtube.com/watch?v=HiAyiFFkg6o

[madfranks]

Coins don't stay in a g-string as well as bills. No wonder the public doesn't want coins!


Yea thats right they do weigh more and change becomes unpleasant but what some people do is take all the coins out they get in their wallet and save them in a big jar ect.


Both men and women used to carry coin purses to hold their coins. The modern wallet has no place for coins. I watched a very old Mickey Mouse cartoon where he takes Minny out for a date and he pulls out a coin purse and pays for the movies with what looks like a silver coin.


I think this is a major factor why the dollar coin doesn't catch on. Men carrying coin purses looks effeminate. They have some men's wallets with a built-in pocket, which is better. But they really need a wallet with four dollar coin slots in one of the panels.


Also, it just occurred to me that nowadays you'd have to carry a lot of coins to match the dollar amount one usually carries in their wallet. I usually carry between $60 to $100 in my wallet, and if I wanted to carry that much in coins, it'd really weigh me down. Back in the pre-33 days, a small coin purse could carry a couple bucks in silver and a few small gold coins, and that would be more than enough.

[VX1]

Coins don't stay in a g-string as well as bills. No wonder the public doesn't want coins!


Yea thats right they do weigh more and change becomes unpleasant but what some people do is take all the coins out they get in their wallet and save them in a big jar ect.


Both men and women used to carry coin purses to hold their coins. The modern wallet has no place for coins. I watched a very old Mickey Mouse cartoon where he takes Minny out for a date and he pulls out a coin purse and pays for the movies with what looks like a silver coin.


I think this is a major factor why the dollar coin doesn't catch on. Men carrying coin purses looks effeminate. They have some men's wallets with a built-in pocket, which is better. But they really need a wallet with four dollar coin slots in one of the panels.


Also, it just occurred to me that nowadays you'd have to carry a lot of coins to match the dollar amount one usually carries in their wallet. I usually carry between $60 to $100 in my wallet, and if I wanted to carry that much in coins, it'd really weigh me down. Back in the pre-33 days, a small coin purse could carry a couple bucks in silver and a few small gold coins, and that would be more than enough.


Yes, that’s an important point. If we went back to using real money, a 1oz gold coin would weigh less and take up less room than $1400 in 20-denominated bills. Even more so, if that 1oz was representative of the true amount of existing currency, and was priced beyond $10,000. The real problem here is that they are trying to make monopoly money out of coins, which doesn’t work well.

[mick silver]

as high as stuff getting you may need a gold coin to pay for it before long

[steyr_m]

Firstly, how in the world can it cost less to strike a metal coin (no matter the composition) than it does to throw a bit of ink on some paper linen? That seems backwards. Seems like every step of the process, from materials through delivery, would be more expensive with coins. But, if that’s the way they want to go, fine by me.

Second, please correct me if I’m wrong, but aren’t coins a better (more Constitutional) type of fiat currency than the FRN, in that they come directly from the US Treasury and are not debt-based?

A few months ago, I got that viral E-mail going around that said “Don’t accept the new dollar coin, because it doesn’t have IN GOD WE TRUST on it!”, only use the paper “dollar”. (http://www.snopes.com/politics/religion/dollarcoin.asp) My response, in trying to educate others, was along the lines of: The new coin was closer to God’s money than the Federal Reserve Note, because at least the coins are not debt-based. By shunning the new coin, in favor of the existing paper note, you are accepting the devil’s money, whether it has God’s name on it or not. My thought is, it is as much a travesty and smack in the face, that they put “IN GOD WE TRUST” on the evil, wealth stealing FRN, as it is that they used the portraits of many of the Founding Fathers who were adamantly against debt-based paper currency. Is that an accurate assessment?



I thought the “IN GOD WE TRUST” appeared on the edge

[VX1]

Firstly, how in the world can it cost less to strike a metal coin (no matter the composition) than it does to throw a bit of ink on some paper linen? That seems backwards. Seems like every step of the process, from materials through delivery, would be more expensive with coins. But, if that’s the way they want to go, fine by me.

Second, please correct me if I’m wrong, but aren’t coins a better (more Constitutional) type of fiat currency than the FRN, in that they come directly from the US Treasury and are not debt-based?

A few months ago, I got that viral E-mail going around that said “Don’t accept the new dollar coin, because it doesn’t have IN GOD WE TRUST on it!”, only use the paper “dollar”. (http://www.snopes.com/politics/religion/dollarcoin.asp) My response, in trying to educate others, was along the lines of: The new coin was closer to God’s money than the Federal Reserve Note, because at least the coins are not debt-based. By shunning the new coin, in favor of the existing paper note, you are accepting the devil’s money, whether it has God’s name on it or not. My thought is, it is as much a travesty and smack in the face, that they put “IN GOD WE TRUST” on the evil, wealth stealing FRN, as it is that they used the portraits of many of the Founding Fathers who were adamantly against debt-based paper currency. Is that an accurate assessment?



I thought the “IN GOD WE TRUST” appeared on the edge


That’s my understanding too, but the creator to the viral E-mail either thought it wasn’t on there, or the government was “edging” out God with its placement. It was causing a stink in some Christian circles (some of the same Christians duped into believing that Jews are God’s chosen ones) and I wanted to help them see the err in their logic.

[madfranks]

I thought the “IN GOD WE TRUST” appeared on the edge


http://i2.squidoocdn.com/resize/squidoo_images/-1/draft_lens1958237module9252451photo_1209032698Pres Dollar-Stack.jpg