Kings Bay submarine base moves to dollar coins
Paul Anderson
prompted by an ex-state representative, to use dollar coins instead of
dollar bills because of the huge cost savings involved.
<http://www.kingsbayperiscope.com/stories/061710/kin_kb4.shtml>
Paul
ste...@no.spam.sbcglobal.net
not used cash there lately so don't know if it is still going on.
Bruce Remick
"Paul Anderson" <paulra...@charter.net> wrote in message
news:paulranderson-B6C...@news.charter.net...
The article, like most others with an agenda, claims that coins are
recyclable, implying that dollar bills aren't. Unlike coins, bills also are
produced from renewable resources. The article may be accurate when it
cites that coins have a 20 to 30 year life, but that has little to do with
our dollar coins, few of which have are likely to have ended their life
while sitting in storage. They could last for a hundred years or more.
Imagine the true "huge savings" if dollar coins had not been minted at all
during the past forty years. These articles always point out the potential
"huge savings" of dollar coins over paper dollars, but they usually seem to
ignore the cost of having minted millions of largely-unused dollar coins
over the past 40 years. It's surprising to read that printing of dollar
bills alone costs a half billion dollars a year as the article claims, but I
assume they did some research on that. The article also quotes the Mint as
suggesting our dollar coins be used essentially as tokens and small change.
I do agree with that usage, but apparently not enough others do to warrant
continuing to crank more and more dollar coins out every year. By the time
the dollar bill is ever discontinued, most of those coin-op machines and
toll booths will have long since switched to convenient electronic or
plastic payment.
Nonetheless, an interesting experiment at Kings Bay. I wonder if we'll ever
see a report of the results.
shreadvector
> "Paul Anderson" <paulrander...@charter.net> wrote in message
You've seen this information in the past, when you have previously
posted one of your anti-dollar coin messages, but here is some of the
info again.
The article incorrectly (as most articles/reporters do) reports on the
500,000,000 savings. it is not printing costs. This comes from the GAO
report prepared many years ago. It is the savings to the treasury
because issuing dollar bills requires borrowing to turn the paper
"note" into a 'dollar'. Minting a coin creates a dollar without any
borrowing, so there is a "profit" called seingoirage which is the
difference between face value and mannufacturing cost. For dollar
coins that is huge.
Dolar coins are recyclabel because when they get worn, they are
returned to be melted down and made into new dollar coins. They melt
the clad coins, add the necessary metal to get the mix right for the
outer cladding layers and produce new stock. Same as melting down the
leftover bits of the sheets of clad metal that come off the giant
rolls that they stamp the blanks from. As a coin collector and reader
of coin related news, you should know these facts already. They also
covered all this on the big TV show on how coins are made (from a few
years ago, but not that long ago since it featured the Sacagawea
dollars).
I agree that it would be good to see a report and perhaps it will be
part of the Mint annual report or the "barriers to circulation" report
they are supposed to do every year.
And YES, it would be nice to simply remove the one big giant barier:
stop printing the rag dollar.
Bruce Remick
"shreadvector" <fred.e....@alum.mit.edu> wrote in message
news:e88b3fac-bd4b-4835...@v12g2000prb.googlegroups.com...
=============
As I have said in the past, I am not against the dollar coin per se, just
skeptical of the way it has been promoted and produced while the dollar bill
continues to prevail.
=============
The article incorrectly (as most articles/reporters do) reports on the
500,000,000 savings. it is not printing costs. This comes from the GAO
report prepared many years ago. It is the savings to the treasury
because issuing dollar bills requires borrowing to turn the paper
"note" into a 'dollar'. Minting a coin creates a dollar without any
borrowing, so there is a "profit" called seingoirage which is the
difference between face value and mannufacturing cost. For dollar
coins that is huge.
Dolar coins are recyclabel because when they get worn, they are
returned to be melted down and made into new dollar coins.
===========
When was the last time you ever handled a recent "worn" coin of any
denomination, let alone a dollar coin? Your claim would be relevant if our
dollar coins were wearing out at a rate that requires them to be replaced.
They don't wear out in storage. Meanwhile, while millions sit waiting, the
Mint(s) have continued to produce 1.5 billion or so more in the past two
years alone.
===========
They melt
the clad coins, add the necessary metal to get the mix right for the
outer cladding layers and produce new stock. Same as melting down the
leftover bits of the sheets of clad metal that come off the giant
rolls that they stamp the blanks from. As a coin collector and reader
of coin related news, you should know these facts already. They also
covered all this on the big TV show on how coins are made (from a few
years ago, but not that long ago since it featured the Sacagawea
dollars).
I agree that it would be good to see a report and perhaps it will be
part of the Mint annual report or the "barriers to circulation" report
they are supposed to do every year.
And YES, it would be nice to simply remove the one big giant barier:
stop printing the rag dollar.
=================
Maybe we'll see that one day.
shreadvector
> "shreadvector" <fred.e.shec...@alum.mit.edu> wrote in message
>
> - Show quoted text -
I do see worn coins. The eges are worn down from repeated machine use
and the obverse and reverse show wear (i.e.they are 'worn down"). I
have not weighed or measured them, but the coin processing equipment
at coin depots and armored carriers will reject the undersized (by
weight and size) coins. They then return them per the published
procedures.
They do not sit in storage as you claim. They circulate, hence the
boxes of commingled dollar coin rolls.
Buy a box a week from your bank and chart the mix of coins over time.
Jerry Dennis
> =============
>
> As I have said in the past, I am not against the dollar coin per se, just
> skeptical of the way it has been promoted and produced while the dollar bill
> continues to prevail.
>
> =============
Preaching to the choir, sadly. The way the government promotes
anything goes to prove how seriously incompetent they are.
(Obligatory political rant... Vote all professional politicians out of
a job. End rant.) Even though WE could get dollar coins circulating
easily enough, politics always manages to interfere with progress.
Forest, trees, etc.
Jerry
(Old joke) If the opposite of "pro" is "con," is the opposite of
"progress," "CONGRESS?!"