Gold & Silver Forum - journalists run down dollar coin

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journalists run down dollar coin

I tell you what. I love dollar coins even these non-PM ones. I love em. These bozos in the newsrooms dont know Sh*t from Shinola. I may just email this ignoramus and tell him whats best.

http://www.projo.com/lifebeat/conten...F.202c6d7.html

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previous failed introductions, the coin dollar is back. And it�s just as popular as ever.
�I don�t want the stupid thing,� said Ed Mullen of Warwick, who wrote a letter to the editor of the Providence Journal when he recently received a coin dollar as change.
This week the U.S. Mint released another installment of the presidential coin dollar series. It started in February with George Washington on the coin�s face, and now moves on to our second president, John Adams. And every three months hereafter, for at least the next 10 years, the coin will honor successive presidents.
For those of you who haven�t had Mullen�s shopping experience � receiving dollars as change � your chance is coming again.
The Sacagawea dollar coin, which honored the Native American guide of Lewis and Clark, was introduced in 2000. The Susan B. Anthony dollar coin, which honored the suffragette leader, was introduced in 1979.
Neither coin caught on, perhaps because they�re coins.
�People just don�t want to have coins in their pockets,� said Steve Innarelli, owner of American Rare Coin in East Providence. �We�ve gotten to the point where everyone empties their pockets of change at the end of every day.�
Coin dollars are heavier and bulkier than paper dollars. As long as paper dollars are used, according to Ken Podrat, owner of Podrat Coin Exchange, a coin shop on Providence�s East Side, the coin dollar won�t be. �Every other country in the world has figured that out: France, Canada and England,� he said.
The Presidential $1 Coin Act of 2005 is modeled after the 50-State Quarter Program, which will wrap up next year. Both coin programs were brought about by legislation introduced by Rep. Michael Castle (R) of Delaware. In his legislation to create the presidential coin dollar series, he did not stipulate that the paper dollar should be removed from circulation.�I believe that the paper dollar is still an institution in this country and for that reason will be very difficult to remove,� Castle said.
A coin dollar is more cost-efficient than a paper dollar, according to Michael White, a spokesperson for the U.S. Mint. The paper dollar lasts 18 months; the coin 30 years. �There are cost savings related to that,� he said.
There�s also some profit to specialty coins. Some people get them but don�t use them. They collect them, essentially giving the government a monetary contribution beyond the usual revenue from minting coins, called the seigniorage.
�As these coins are collected and taken out of circulation, the Mint needs to produce more, thus creating revenue for the government through seigniorage,� Castle said. �Therefore, I am encouraged that the presidential dollar coins will be more popular than previous dollar coins.�
But because the dollar coins are being mass distributed, some who engage in numismatics say they�re not considered serious collectibles.
�So many were made,� Podrat said. �Their value is as money.�
However, the coins could pique an interest in currency and history.
�The most positive thing you can say is that it�s a way for young people to collect coins without spending a lot of money,� Innarelli said. �If you spend $1.50 for an uncirculated George Washington coin dollar, you�ll still get a dollar for it. There�s not much risk. Your kids can learn about the presidents. The best part about the state quarters is that kids are paying attention to the states. The coin dollar could do the same thing with the presidents.�
The size, weight, color and metal composition of the presidential dollar coin is identical to the Sacagawea dollar coin. It�s gold in color and a little bigger than a quarter. Unlike other U.S. coins, it does not have its mint date and the phrases �E Pluribus Unum� and �In God We Trust� on either face, but on its edge. And the word �liberty,� which appears on all U.S. coins, does not appear on the presidential dollar coin. Instead, the backside of the coin features an image of the Statue of Liberty.
The relative popularity of dollar coins depends on who you ask, and, maybe, when you ask. In February, just before the series debuted with the George Washington coin dollar, Market Strategies Incorporated conducted a telephone survey of 3,000 adults: 82 percent said they would accept the dollar coin in a transaction. However, last month Coinstar, which among other products sells coin-counting machines, conducted a similar survey of 1,010 adults: 60 percent were aware of the coin dollars; 16 percent were using them; 31 percent were saving them; and 25 percent were avoiding them.
Apparently the average, non-coin-collecting American isn�t excited about the dollar coins.
Mullen, for example, wants no part. A couple of weeks ago he conducted a cash transaction in a post office and a received a dollar coin as change.
�I rejected it. I said, �No, give me a dollar bill. Take this thing back.� The clerk said, �Oh, you, too.� �
brourke@projo.com

Re: journalists run down dollar coin

so he has two anecdotes and a coinstar survey which shows 1/4 of respondents avoiding them, to declare it a failure. the conclusion does not follow from the "evidence" such as it is.

Re: journalists run down dollar coin

I think the mint should produce $1 debit cards with each President's likeness. :bull-emoticon: Best of both worlds. Spend the debit and keep the card! Why not, we Americans collect everything else.

Typical story, thanks Anty Ep. These same journalists said the same garbage when the mint produced a new silver coin, too. The only time there was not a criticism was JFK's half-dollar.

The Great Ag

Re: journalists run down dollar coin

Were silver dollars ever very popular? I can remember when I was a kid growning up in the '40's and '50's that they were viewed as a novelty if you ever saw one...and that one would be a coin that somebody gave as a gift to someone else.

I never saw one in circulation....seems like they too were failures except that they as opposed to S.B.A.'s, Sac's, and President dollars, had real value.

Re: journalists run down dollar coin

Quote:

The Sacagawea dollar coin, which honored the Native American guide of Lewis and Clark, was introduced in 2000. The Susan B. Anthony dollar coin, which honored the suffragette leader, was introduced in 1979.
Neither coin caught on, perhaps because they�re coins.

I can understand why you might feel this guys article is biased - but, to be honest - he has a point!

The quote above is exactly what Q. David Bowers says in his excellent book on coins. And those coins were the last two dollars in the last, what, 35 years?

So is it only recently that people have disliked coin dollars?
(They are heavy as hell compared to paper - try carrying $50 in both in your pocket and see which YOU prefer!)

Well, same thing happened with the Morgan dollars in their time, no one wanted them, they were hardly collected till a discovery of a lot of rarer-date ones were found in a bank in the early 60's and sold, mainly as novelties, and the Morgan dollar took off as a collectable.

Don't get me wrong - I love the old Morgans, and the Peace dollar which, somehow, seems to not have attracted the same collectors status of the Morgans........

But these new Presidential dollars? Bah!

Now, had they had the sense to make them of silver - then MAYBE I would have been more interested.

And what bonehead figured they should do the Presidential dollars in gold colored clad and the Presidential wifes in gold???

The subtle message here - "Behind every great man stands an even greater woman" - tho you couldn't probably name more than 3 and tell me what they did!

((I have to run now before my wife walks in and sees the last line! :rofl: ))

Cheers!

Re: journalists run down dollar coin

The presidential dollar coins aren't clad, they're made of the same junk alloy they make the Sacagewa dollars out of. It has the least intrinsic value of any alloy used for coins in America and does not wear well.

Re: journalists run down dollar coin

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Originally Posted by goldminer (Post 615426)

is that right? i didnt know that

$1 Euro coins are in plenty good circulation. I've been to Scandavia, and they had coins in excess of that value in circulation which I found most pleasant to use. Why Americans disdain a coin in favor of the crumply, dirty, ever more worthless dollar bills I do not know.

Re: journalists run down dollar coin

I am possibly a distinct minority here but I like them. I will try to follow the same pattern with each release: buy two rolls, save one and put the other into circulation. I haven't found any Adams yet.

You guys may just want to get some of the early dates. Remember the 1999 state quarter set?

Re: journalists run down dollar coin

Quote:

Originally Posted by Master_Ho (Post 615466)

But these new Presidential dollars? Bah! Now, had they had the sense to make them of silver - then MAYBE I would have been more interested.

if they were the same dimension what would they have had to do to accomplish that make it 10% silver? otherwise people would pull them out of circulation. plus we all KNOW the dollar will continue to depreciate over time.

hell these are being pulled out of circulation and they have virtually no intrinsic value.

Quote:

And what bonehead figured they should do the Presidential dollars in gold colored clad and the Presidential wifes in gold??? The subtle message here - "Behind every great man stands an even greater woman" - tho you couldn't probably name more than 3 and tell me what they did!

Tell you who figured that, some feminist tw*t. Can I say that here?

Re: journalists run down dollar coin

I don't want them. I feel like an idiot carrying around "play" money.

Now if they were silver.:clap2:

Re: journalists run down dollar coin

Quote:

Originally Posted by elroy (Post 616030)

I don't want them. I feel like an idiot carrying around "play" money.

Now if they were silver.:clap2:

you dont feel like all those clad dimes and quarters are play money? they're no different.

Re: journalists run down dollar coin

Quote:

Originally Posted by elroy (Post 616030)

I don't want them. I feel like an idiot carrying around "play" money.

Now if they were silver.:clap2:

I'm generally in favor of the dollar coin. I'd rather carry and spend metal than paper. I don't particularly care for the "$" on the reverse, that looks cheesy.

Also, the US Mint gets around 90 cents of seingorage on dollar coins, while I'm sure the BEP doesn't sell FRN's to the FED at face value. So I say take a bite out of FED and spend as many of those dollar coins as you can! I just got 6 rolls of John Adams the other day. I'm saving 2 rolls for the short/medium term to see how the dollar coin roll market develops, but then I'm spending the other 4 rolls.

Re: journalists run down dollar coin

The Old Morgan dollars weren't very popular or in moderate use during the 19th century. Reason : pockets often tore loosing the coin or coins one had.

Most documented uses of Dollars in circulation were in the Western states (Wyoming, Utah, Montana, etc) and often only in mining towns.

They make good 'poker chips' too......

The U.S. postal service transferred money via train using bags of Morgan Dollars.......remember Jesse James ? ....he often robbed the Postal Car of the train carrying those dollars.

The rest constituting of nearly 75% of all Morgans minted were stored in US treasury vaults of which more than half were re-melted after the Pitman act of 1918.

Dollar coins were really never popular though the old ones are tied to the Old West and folklore.........

:beer:

Re: journalists run down dollar coin

FWIW - there are around $7-million in Susan B Anthony dollars stored at Fort Knox (from memory)