southsider2k5 Posted November 20, 2006 Share Posted November 20, 2006 http://money.cnn.com/2006/11/20/news/dolla...dex.htm?cnn=yes U.S. mint pushes new $1 coin Hopes that images of past presidents will entice consumers to break their reluctance to dollar coins; Nixon coin slated for 2016. November 20 2006: 9:19 AM EST WASHINGTON (Reuters) -- The U.S. Mint is hoping that Martin Van Buren and Millard Fillmore can do what Susan B. Anthony and Sacagawea couldn't - get Americans to use dollar coins. The Mint on Monday revealed the design of the new U.S. $1 coin, which will be issued in a series that will eventually include the faces of each U.S. president. Design of the new $1 coin, part of series that will include the faces of each U.S. President. Video More video CNN's Valerie Morris reports on the airline industry and other business news. (November 17) Play video It will release four new presidential dollars each year, starting with George Washington, John Adams, Thomas Jefferson and James Madison in 2007. The Van Buren dollar will be released in 2008 and the Fillmore in 2010. Richard M. Nixon, who resigned in disgrace in 1974 in the wake of the Watergate scandal, will appear on the coin in 2016. The Mint is hoping the continually changing faces will entice consumers to break their traditional reluctance to use dollar coins. "We think Americans are going to want to collect the series, and that will drive the coins through the economy," said U.S. Mint Director Edmund Moy. He hopes to avoid the fate of the Susan B. Anthony dollar, which was issued in 1979-81 and again in 1999 to honor the women's sufferage pioneer. But due to its size and silver color, it was too easily confused with a quarter and is now largely distributed as change from mass transit system ticket machines. The gold color Sacagawea dollar followed in 2000, showing the Native American guide to 1804 explorers Merriwether Lewis and William Clark and her infant son. But limited Sacagawea quantities led to too many being stashed away by collectors, reducing circulation and thus familiarity, said Rod Gillis, head of education at the American Numismatic Association in Colorado Springs, Colo. The presidential dollar coin will be similar in size and color to the Sacagawea, but will bear no inscription on the obverse or face side. "In God We Trust," "E Pluribus Unum," the issue year and the mint mark will appear on the edge. Although he said the coins will be a boon for collectors and teaching children about past presidents, its success will be limited by Americans' attachment to paper dollars. "As long as we have the paper currency out there, dollar coins will never be successful," Gillis said. "We're going to have to discard the $1 bill or mass produce so many of these coins so they'll be out there at retailers." Moy said the Mint's successful 50-state quarters program helped push usage of the coins as even collectors spent their duplicate versions. He is hoping that the presidential dollars will be freely spent as well. Parking meter effect Also helping prospects for the coin is inflation, he said, noting that parking meter prices are a dollar or more per hour in many cities and snack machine prices are rising, too. In fact, the vending machine industry could save $1 billion from a full switch to dollar coins by eliminating costly maintenance on balky bill acceptance slots, he said. The U.S. Treasury also could save billions from a switch because coins last 30 to 40 years in circulation compared to about 18 months for paper currency. A number of other countries, such as the United Kingdom, use coins exclusively for their single-unit currencies. However, Congress' 2005 act to create the new dollar coin specifies that the program is not intended to supplant the paper dollar bill. Moy said the Mint "has learned a lot" from past dollar coin efforts and will be working more closely with the Federal Reserve to match supply of the coins with demand. However, it will face a dilemma sometime in the next decade if it sticks to its four presidents-a-year schedule. The law specifies no living former president can appear on a coin, but chances are high that Bill Clinton and George W. Bush will still be alive when it comes time for their dollars in 2017. Quote Link to comment Share on other sites More sharing options...
sox4lifeinPA Posted November 20, 2006 Share Posted November 20, 2006 "We think Americans are going to want to collect the series, and that will drive the coins through the economy," said U.S. Mint Director Edmund Moy. if by "drive the coins through the economy" you mean "horded by old people and assholes alike"....then yes... Quote Link to comment Share on other sites More sharing options...
NorthSideSox72 Posted November 20, 2006 Share Posted November 20, 2006 What is up with the mint's obsession with these things? Have they not yet figured out that they are heavy, inconvenient and unwanted by American consumers? We are getting more and more AWAY from coins, and these clowns are spending money trying to move us backwards through some sort of novelty. Quote Link to comment Share on other sites More sharing options...
southsider2k5 Posted November 20, 2006 Author Share Posted November 20, 2006 QUOTE(NorthSideSox72 @ Nov 20, 2006 -> 09:33 AM) What is up with the mint's obsession with these things? Have they not yet figured out that they are heavy, inconvenient and unwanted by American consumers? We are getting more and more AWAY from coins, and these clowns are spending money trying to move us backwards through some sort of novelty. This time they were smart and are moving them as "collectables" feeding off of the state coin frenzy. Quote Link to comment Share on other sites More sharing options...
NorthSideSox72 Posted November 20, 2006 Share Posted November 20, 2006 QUOTE(southsider2k5 @ Nov 20, 2006 -> 09:43 AM) This time they were smart and are moving them as "collectables" feeding off of the state coin frenzy. I guess I don't see how that's smart - the government doesn't make any sort of revenue from it. Its just added cost. I think its a waste. Quote Link to comment Share on other sites More sharing options...
Balta1701 Posted November 20, 2006 Share Posted November 20, 2006 QUOTE(NorthSideSox72 @ Nov 20, 2006 -> 07:33 AM) What is up with the mint's obsession with these things? Have they not yet figured out that they are heavy, inconvenient and unwanted by American consumers? We are getting more and more AWAY from coins, and these clowns are spending money trying to move us backwards through some sort of novelty. I believe that the reason they keep pushing these is that it's a lot cheaper to produce a dollar coin than it is to produce paper dollars (could be wrong on that though). Quote Link to comment Share on other sites More sharing options...
Soxy Posted November 20, 2006 Share Posted November 20, 2006 Ahhh good. More crap for my mother to obsessively collect and hoard. Thanks US Mint. Quote Link to comment Share on other sites More sharing options...
knightni Posted November 20, 2006 Share Posted November 20, 2006 They're making a Nixon coin huh. Are they making a Reagan and possibly a Ford coin? Quote Link to comment Share on other sites More sharing options...
Balta1701 Posted November 20, 2006 Share Posted November 20, 2006 QUOTE(knightni @ Nov 20, 2006 -> 09:40 AM) They're making a Nixon coin huh. Are they making a Reagan and possibly a Ford coin? It seems like they're doing it chronologically, so I'd assume in 2016 or 2017, yes. Quote Link to comment Share on other sites More sharing options...
knightni Posted November 20, 2006 Share Posted November 20, 2006 I only ask because you have to be dead to be on a coin. Quote Link to comment Share on other sites More sharing options...
sox4lifeinPA Posted November 20, 2006 Share Posted November 20, 2006 QUOTE(knightni @ Nov 20, 2006 -> 01:06 PM) I only ask because you have to be dead to be on a coin. from the article However, it will face a dilemma sometime in the next decade if it sticks to its four presidents-a-year schedule. The law specifies no living former president can appear on a coin, but chances are high that Bill Clinton and George W. Bush will still be alive when it comes time for their dollars in 2017. RIF. Quote Link to comment Share on other sites More sharing options...
knightni Posted November 20, 2006 Share Posted November 20, 2006 HOORAY FOR PA! Quote Link to comment Share on other sites More sharing options...
sox4lifeinPA Posted November 20, 2006 Share Posted November 20, 2006 QUOTE(knightni @ Nov 20, 2006 -> 01:14 PM) HOORAY FOR PA! at least it wasn't green... HOORAY FOR MR KNIGHTNI! Quote Link to comment Share on other sites More sharing options...
FlaSoxxJim Posted November 20, 2006 Share Posted November 20, 2006 QUOTE(knightni @ Nov 20, 2006 -> 01:14 PM) HOORAY FOR PA! Ah Hah!! A candidate endorsement if ever I saw one!! Quote Link to comment Share on other sites More sharing options...
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