Austin retailers roll out $1 coins - U.S. Mint points to switch benefits
Arizona Coin Collector
FROM:
http://www.kxan.com/dpp/news/local/austin_retailers_roll_out_1_coins
Austin retailers roll out $1 coins
U.S. Mint points to switch benefits
Last Edited: Friday, 12 Dec 2008, 12:04 PM CST
Created On: Friday, 12 Dec 2008, 11:23 AM CST
Natalie Stoll
AUSTIN (KXAN) - A total of 221 Austin retailers
are participating in the $1 coin program,
including local restaurants, boutiques and small
businesses. The coins are also accepted by all
federal agencies and Austin buses and cabs.
The United States Mint claims there are several
benefits to switching to the $1 coins. They are
100 percent recyclable, last longer than paper
bills and could save the United States billions
of dollars.
The U.S. Mint began circulating the first four
Presidential coins in 2007. Presidents Harrison,
Tyler, Polk and Taylor are being honored in 2009.
The Statue of Liberty adorns the back.
A Real Change Exchange armored vehicle will be at
the Gateway Shopping Center on Research Boulevard
Thursday night. The vehicle offers a place where
people can exchange their paper bills for $1 coins.
..
RWF
news:arKdncFJys22Vd_U...@earthlink.com...
> The United States Mint claims there are several
> benefits to switching to the $1 coins. They are
> 100 percent recyclable, last longer than paper
> bills and could save the United States billions
> of dollars.
First they claimed "millions" in savings, now it's "billions".
How much longer before the Mint's PR flacks start promising "trillions"
in savings?
Memo to US Mint: Stop making coins nobody wants and THAT will save
taxpayer money!
Bruce Remick
"Arizona Coin Collector" <nos...@nospam.com> wrote in message
news:arKdncFJys22Vd_U...@earthlink.com...
>
> http://www.kxan.com/dpp/news/local/austin_retailers_roll_out_1_coins
>
> Austin retailers roll out $1 coins
>
> U.S. Mint points to switch benefits
>
> Last Edited: Friday, 12 Dec 2008, 12:04 PM CST
> Created On: Friday, 12 Dec 2008, 11:23 AM CST
>
> Natalie Stoll
>
> AUSTIN (KXAN) - A total of 221 Austin retailers
> are participating in the $1 coin program,
> including local restaurants, boutiques and small
> businesses. The coins are also accepted by all
> federal agencies and Austin buses and cabs.
>
> The United States Mint claims there are several
> benefits to switching to the $1 coins. They are
> 100 percent recyclable, last longer than paper
> bills and could save the United States billions
> of dollars.
Coins are 100% recyclable whereas paper is not?? While they may last
longer, especially given their current lack of acceptance, might dollar
coins also cost more to produce, handle, and transport, especially with
designs changing four or five times a year? A piece of paper with $1
printed on it should cost much less than a metallic alloy coin with $1
stamped on it.
It's getting tiresome listening to "experts" still trying to convince the
public that it is preferring the wrong thing. Either get rid of the paper
so there's no longer a choice, or accept the fact that the public continues
to embrace the $1 bill and considers the $1 coin of little more use than as
an occasional token.
shreadvector
> "Arizona Coin Collector" <nos...@nospam.com> wrote in messagenews:arKdncFJys22Vd_U...@earthlink.com...
>
> > The United States Mint claims there are several
> > benefits to switching to the $1 coins. They are
> > 100 percent recyclable, last longer than paper
> > bills and could save the United States billions
> > of dollars.
>
> First they claimed "millions" in savings, now it's "billions".
> How much longer before the Mint's PR flacks start promising "trillions"
> in savings?
> Memo to US Mint: Stop making coins nobody wants and THAT will save
> taxpayer money!
The savings to the US Goverment per year are more than the 500 Million
documented many years ago. The wording in the statement you commented
on is too vague to argue with as it could mean the entire USA
(goverment plus economy/business) or it could mean over some undefined
period of time. Poorly worded so it does not help explain clearly to
the "nay-sayers".
Stopping the coins will cost money as they make a huge profit on them
as has been explained before. Google it.
And it would be illegal to stop producing them.
malanu...@aol.com
>
> Stopping the coins will cost money as they make a huge profit on them
> as has been explained before. Google it.
>
Yes, Fred. "They" are making money off the $1 coins, and it is costing
"US" the tax payers, money to pay to mint all of those $1 coins that
are mostly, not being used. I think majority of the people would
rather have the costs to vendors, associated with redesigning the $1
bill, to be passed on them by the vendors, than using new $1 coins.
Sad story, but probably true.
shreadvector
That response is 100% wrong. You obviously do not understand anything
about how coins and 'paper' money are handled from an accounting
standpoint. Of course, all of this has been presented to you many
times in the past. Please go and re-read it.
The dollar coins are not "not being used", so stating such lies will
not make them true. They only make you seen like you are delusional.
They make them and they distribute them to the Federal Reserve and
they in turn distribute them to banks. They are gone from most banks
very fast. Sure, some banks have them left over and the dollar coin
haters (or paper money lobby) will point to those few examples and try
to claim 'failure', but that is just more lies. Most banks get a box
of dollars and they are gone fairly quickly.
From what I've observed, the biggest problem is that most banks do not
re-order another box or two (or more). They simply get a new box
automatically when each new President comes out and they do not
comprehend that they can re-order them as normal money.
Note I said "most", not "all". There are many banks that do order more
boxes and that is because some customers (individuals and merchants)
are using them. Of course the vast majority have not switched from
paper to coin because of all the reasons stated in the past (inertia
being the greatest reason).