$1 coins not prevalent in Mount Pleasant -- Michigan
Arizona Coin Collector
http://media.www.cm-life.com/media/storage/paper906/news/2008/11/17/News/1.Coins.Not.Prevalent.In.Mount.Pleasant-3546736.shtml
College Media Network - Michigan
$1 coins not prevalent in Mount Pleasant
By: David Veselenak
Issue date: 11/17/08
James Felton said the dollar coins released
by the United States Mint starting in 2007
have not seen much use for several reasons.
"They get pretty heavy in the pockets," the
chairman of finance and law said. "They
would have to quit making the paper bills
(for the coins to be used more)."
The United States Mint began producing
gold-colored dollar coins in 2007 featuring
the United States presidents. The program
will release four different coins each
year, going in the order in which the
presidents served. The coin depicting
Martin Van Buren, the eighth president,
was released Thursday.
The Mint released the coins in an order to
save money on creating dollar bills,
according to a Nov. 15 story in the Muskegon
Chronicle. If dollar coins were used in
place of dollar bills, the savings to the
Mint would be $522.2 million, the newspaper
reported.
Grand Rapids has been selected by the Mint
as a city to encourage businesses and
consumers to use the coins. Other cities
involved with the program include Austin,
Texas; Portland, Ore.; and Charlotte, N.C.
While these cities are involved with heavily
marketing the coins, Mount Pleasant bankers
said they have not seen an increase in
consumer use of the coins.
"They're not very popular with our customers,"
said Janelle Pretzer, a customer sales
representative at Independent Bank, 623
Washington Ave. "We can sit on $1,000 of
them for months."
Pretzer said customers who do ask for the
dollar coins are requesting them simply
for the novelty of owning them and are
not planning on spending them. Coin
collectors are also still hunting for the
new state quarter series, which depicts
images from each of the 50 states. The
last quarter, depicting Hawaii, was
recently released.
"The (state) quarters are the big products
everyone wants, not the dollar coins,"
she said.
The United States Mint saw coin collectors
hoarding the Sacajawea gold dollar coins
from 2000 to 2002, causing the Mint to
cease production, the Chronicle reported.
Tammy Kenny, a teller supervisor at
Isabella Bank, 139 E. Broadway St., said
businesses and banks need to accommodate
the coins before they can be widely
circulated.
"The drawers for money don't have a spot for
dollar coins," she said. "If we started
incorporating those, (they would be used)."
Kenny said Isabella Bank does not see many
people asking for rolls of the dollar coins.
When they do, it's usually for collecting
purpose, she said.
Although Felton agreed the dollar coins
could save the Mint money on production
costs, he believes a larger-denomination
coin would have been a better solution.
"I wish they would have made a $5 coin or
a $2 coin," he said. "Maybe a $2 coin or
$5 coin, that wouldn't be too bad."
..
Dave Allured
<snip>
> Tammy Kenny, a teller supervisor at
> Isabella Bank, 139 E. Broadway St., said
> businesses and banks need to accommodate
> the coins before they can be widely
> circulated.
>
> "The drawers for money don't have a spot for
> dollar coins," she said. "If we started
> incorporating those, (they would be used)."
There is the tie-in with retiring the penny again. Pennies belong in
the penny dish on the counter for self service. This will allow the
predominant 5-slot cash drawer can be redisignated (left to right)
stamps and spare rolls; $1; quarter; dime; and nickel. Hanging on to
the obsolete penny perpetuates the no slot and too heavy change
arguments against the needed dollar coin.
--Dave
Arizona Coin Collector
"Dave Allured" <nos...@nospam.com> wrote in message
news:4921AC...@nospam.com...
Hello
The penny is not going away.
Both the lame-duck 110 congress, and
The new 111 congress support the
Existence of the penny.
In 2009 there will be four different designs
On the reverse side of the penny. See the link
Below.
http://www.usmint.gov/pressroom/index.cfm?action=press_release&ID=947&formSearchString=penny&formBool=AND&formYear=ALL&group=1
Getting rid of the penny would only increase
The cost of everything. If you take the
Assumption that a business will just
Charge you less, they want. Business
Survives by making a profit. They will always
charge higher if the penny was removed.
It affects charities that need and collect
Pennies. Go to any small local food store
And see if they have a box to place your
Pennies near the cashier counter.
Charities collect thousands of dollars
From pennies every year.
What is do see is new cash register machines
In the future to accommodate all the current
Coins being used in general commerce. Instead
Of having four slots, the new machines would
Have five slots.
$0.01 Penny
$0.05 Nickel
$0.25 Quarter
$0.50 Half-dollar
$1.00 Dollar
The biggest shortage those cashiers have to
Deal with is $5.00 and $10.00 bills. It is
Bad enough that when someone tries to pass
A counterfeit $50.00 or $100.00 bill. Were I
Live, a lot of the business will not expect
Anything greater than a $20.00 dollar bill
To discourage the counterfeiters.
.
malanu...@aol.com
>
> What is do see is new cash register machines
> In the future to accommodate all the current
> Coins being used in general commerce. Instead
> Of having four slots, the new machines would
> Have five slots.
>
> $0.01 Penny
> $0.05 Nickel
> $0.25 Quarter
> $0.50 Half-dollar
> $1.00 Dollar
There are SIX coin denominations of coins currently circulating. Y
You forgot the Dime:
$0.10 Dime