Dollar coin is a losing battle

[stonej]

http://www.amonline.com/blog/2008/12/20/dollar-coin-is-a-losing-battle/

[Dave Allured]

stonej wrote:
>
> http://www.amonline.com/blog/2008/12/20/dollar-coin-is-a-losing-battle/

Interesting. "... the entire budget for printing all U.S. currency is
$578.5 million ..."

Nice number. I wonder what the total of all transaction fees charged
annually in the U.S. by all credit card companies is.

--Dave

[shreadvector]

On Dec 20, 7:07 am, stonej <sto...@mail.lib.msu.edu> wrote:
> http://www.amonline.com/blog/2008/12/20/dollar-coin-is-a-losing-battle/

I posted a response (and mis-spelled my name!):

The $600 Million dollar figure is not the cost of printing the dollar
bills. This was explained in the GAO report printed many years ago and
it seems that nobody who argues against the dollar coin has ever read
this report. The treasury must borrow money to issue dollar notes
(”bills”) and they do not borrow to issue dollar coins. Minting dollar
coins makes a profit. Read the report: http://www.gao.gov/archive/2000/gg00111r.pdf

[Arizona Coin Collector]

"shreadvector" <fred.e....@alum.mit.edu> wrote in message
news:af2c1ffd-2c68-44bf...@40g2000prx.googlegroups.com...

http://www.gao.gov/archive/2000/gg00111r.pdf

------------------------------------------------------

Hello shreadvector

Thank you for sharing the 2000 General Accounting Office
report. I not only save the PDF file, but bookmark the
above link. Congressman Jim Kolbe who's name is on the
PDF file, is the same Arizona congressman that introduce
the 2002, "Legal Tender Modernization Act", and the 2006
"Currency Overhaul for and industrious Nation (coin) Act".
Both of these would have removed the 1-cent Penny ($0.01),
as a unit of currency. Both bills failed to advance in
both house, and died when Congress adjourned. He ended
up getting booed by both parties (Republican and
Democratic), on getting rid of the penny.

I do support having the metal base of the (1-cent) penny,
and the (5-cent) nickel change to steel. Have the coins
treated with a copper and nickel coating for appearance.
The cost per coin would be cheaper.

I also support the 2000 report that is on the above
link to stop replacing worn out dollar-bills with
dollar-coins to reduce cost. If anything, the may happen
with the news 111 congress.

..