Does anybody actually think that the "New" dollar coin will succeed this time 'round?

Question

I can see that it will be more fun for collectors, in that it will have a different design for each president each three months. Does anybody care to wager how far they will get before if and when it is discontinued... Adams...Monroe...Lincoln... or perhaps (my personal favorite) James Knox Polk ?

Also... Does anybody know how far they are intending to go with the presidents?? Will the current president, George W. Bush be put on the last one? or the next president -- Hillary, or whomever it is --?? I thought there was some restriction that only dead people could be put on coins. If you could add this information if you know it, thanks!

Answer 1

I agree with you. Collectors will like the dollar coin, but the general public won't want to use them. If the paper dollar was discontinued or pulled out of circulation then I think people would use the coins, but I don't think they would really like it. Most men only carry a wallet and a coins do not stay in there well. As far as when they will stop, I'll guess Van Buren.

**Edited to add: Yes, the United States will not put any president that is alive on money. Only dead presidents. Dictatorships put their current leaders on their money and democracies only use past.

Answer 2

I hope it succeeds. As someone who works for tips, I think it would be better than a quarter buck and hour raise. If a customer wants to tip you now, he can easily just give you a buck. If they don't have $1 bills, he might just dump all his pocket change. Or if he doesn't have any pocket change, he will have to fork over a $5.

With regard to the issuance, they are releasing a new one every 3 months in the order that the presidents served. One condition is that the president must not have been living for at least 2 years before the their coin is released. Once the program ends in 10 years, it cannot be extended without an act of Congress. As part of the 2005 Coinage Act, the US Mint is also required to mint an additional 1 Sacagawea coin for every 3 Presidential $1 coins that are released (barf!). This is despite the fact that the Federal Reserve has over 93 million Sacagawea dollar coins becoming rusty in their vaults around the country. So whether or not Jimmy Carter will have a coin issued in the order he served will depend on his health... in 10 years. At 82 years of age, he seems to be going pretty strong (though Reagan died at 93).

Answer 3

It is hard to say, the odds are really stacked up against it at this point. It is another example of government bungling.

They really needed to get the dollar coin right about the time the vending machines were converting over to paper money changers. Those things are much more expensive than coin handlers, and they would have loved a viable dollar coin at that point.

Instead we had the Eisenhower dollar, 4 of which were guaranteed to make you walk funny and wear a hole in your pocket.

Then they came out with the Susan B, which was SUPPOSED to have an octagonal shape. They realized the problem was the size, so they reduced it, and made it completely impossible to tell from the quarter. So they sit there and tell you it is NOT the same size, but I got some from the main dispensor of them, the post office, went into the lobby, and made a further purchase with my change, and THEY thought the darned things were quarters. If they can't tell, who can?

So then came the Sakawhatever. Actually I thought that one could make it. Right size, different color, milled edges. Nothing. You could not get them in change.

So I can't see where sticking dead presidents on the coins is going to get them to circulate at this point. 20 years ago, yes.

While we are on the subject, when was the last time you got a half dollar in change? They still make those you know. Let alone a $2 bill.

-Dio

Answer 4

The "unadvertised" reason they keep minting "special" coins is as a cheap way to reduce the government deficit.

Many people will choose to buy and save a certain number of any new coin (like the state-themed quarters). when you give the Bank a dollar bill in exchange for what is basically a collector's token, you are effectively taking $1.00 out of circulation. That's a dollar the government gets subtracted from the deficit. It also helps hold the lid on inflation.

It a win-win deal.

I'll buy a whole roll of James K Polk dollars...

Answer 5

They'll probably be more popular with collectors. One of the problems with the last attempt was vending machines and other coin-operated machines. They wouldn't take the dollar coin, at least not in my area, so most people ended using the paper dollars or quarters anyway.

Edit: the online article that I read indicated that they would issue the coins for presidents in the order that they served AND the president had to be dead for at least 2 years to be on the coin. So, it sounds like they're planning to skip over the live or recently-deceased presidents.

Answer 6

I think it will catch on better than the last two. Like how the state quarters have had success, in my opinion. They will have 4 presidents per year so by the time they get to the current presidents (Bush, Clinton, Bush, Carter) It will be a little more than 10 years from now, so they will either be dead or the program will be discontinued. I personally think that they might get as far as Wilson, which will be 7 years from now.

Answer 7

coins are heavy but many will collect them. I just bought a 2006 silver proof set from the us mint with the last sackajewia. Other bulk coin sackajawea bags and rolls for 2006 are sold out.

The new 2007 coin sets will be out in the Spring but will not include the new dollar coin. It will be coming out seperately from a coin set. I would buy 2006 sackajeweia and try to get ahold of the new coins that are uncirculated or proof. the 1999 silver proof set I bought for 34 dollars is now 3-4 hundred dollars.

The coin will last unless it quickly loses its luster as quick as the sackajewia coin. It became dark real quick.

Answer 8

Unfortunately, just like in business, people keep their cushy and overstuffed salaries by submitting ideas that sound good on paper regardless of whether or not they will actually work.

The idea behind dollar coins is always to save money for the US Mint and keep currency in circulation. The idea is that because the coin would last longer, they would not have to be constantly taken back in, destroyed and re-printed, potentially saving millions of dollars of tax-payer (paper) dollars.

The drawback is that people are used to using paper for denominations of $1.00 or more, and are not likely to want to carry around all sorts of additional coins that are heavy, fall out of your pocket, and look like quarters or nickels.

That is why we have the oh so successful Jefferson $2.00 bill, the Susan B Anthony dollar coin, the Kennedy dollar coin, the Saka-whovee coin, the Eisenhower half dollar, and now who knows what else.

And no, it will not succeed.

Answer 9

They aren't going to last and then the post office will give them to you in change when you use the stamp machines just like the "gold" ones. A lot of stores ask that you don't use the dollar coins-they don't have a tray in their cash registers for them.

I give them about a year until they're discontinued. The novelty will wear off in about three months.

Answer 10

I seriously doubt it will continue to be minted after the last President, even though it looks worlds better than the last two incarnations. America just doesn't want a dollar coin, not right now, anyway. I say wait for inflation to make the penny completely obsolete, then try again with the dollar coin.