USA TODAY ---- U.S. Mint tries to get consumers to use dollar coins
Arizona Coin Collector
I like using the dollar coins. I do not consider anyone not
Using them less patriotic. Think of the tax dollars used
For advertising.
The U.S. Mint now has in storage 92.7 million uncirculated
Sacagawea Dollar coins. They can used 12-million to pay for
The advertising.
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FROM:
http://www.usatoday.com/money/advertising/2008-10-19-dollar-coins-mint-ads_N.htm?csp=34
U.S. Mint tries to get consumers to use dollar coins
By Barbara Hagenbaugh, USA TODAY
WASHINGTON - The government is trying to convince consumers that dollar
coins are greener than the dollar bill.
The U.S. Mint is spending about $12 million on a pilot project to
promote the presidential dollar coin by appealing to Americans' duty
to protect the environment while saving the government money. The
campaign, which may be expanded nationwide, stresses that coins last
longer than dollar bills, are recyclable and could save tax money if
more people used them.
TELL US: Will you use dollar coins? Why or why not?
"You'll want to get out and do your part, too," says one of the TV
ads, which features an animated Statue of Liberty buying a hot dog
on the streets of New York City with two dollar coins.
In addition to TV, the four-month program includes radio, Web and
newspaper advertising, and partnerships with banks and retailers
that are giving out the coins as change. Ads featuring the
gold-colored coins are even plastered on city buses and trains.
It is starting in four cities - Austin; Charlotte; Grand Rapids,
Mich.; and Portland, Ore. - and may be expanded if successful. The
Mint will be closely tracking bank orders for the coins in the four
cities through November to gauge the program's success.
"The ultimate measure right now is how many more dollar coins get
ordered and get put into circulation," Mint Director Ed Moy says.
Dawn Walker, training general manager at Bruegger's Bagels in
Charlotte, says people are asking for the coins after she put up
signs advertising that they carry the dollars featuring U.S.
presidents. The favorable response has been a surprise, she says,
noting people rejected the coin featuring Sacagawea, which
preceded the presidential series.
"It's a great idea," she says of the Mint program. She says being
involved is good public relations for the bakery.
The Mint's campaign is the latest attempt by the government to
get consumers to spend, not just collect, dollar coins. But it's
unclear if after decades of largely rejecting the money,
consumers will respond. In the past, consumers and retailers have
complained dollar coins were too heavy and more difficult to
carry compared with bills and too close in size to quarters,
leading to confusion. Many cash registers don't have a slot to
hold the coins.
"Until Congress decides to stop the dollar bill, these efforts
are going to be difficult to succeed," says François Velde,
economist at the Federal Reserve Bank of Chicago and co-author
of the book The Big Problem of Small Change.
Greater use of dollar coins instead of bills in everyday
transactions would save the government hundreds of millions of
dollars a year. Coins last about 30 years, more than 16 times
longer than dollar bills do.
Dollars vs. quarters
The Federal Reserve estimated in 1995 that replacing dollar
bills with coins would save $500 million a year. The savings
would likely be much bigger today, because there are far more
$1 bills in circulation now.
"The saving potential is very large," Velde says.
The Mint has a constant reminder of its uphill battle: The
agency holds in storage more than 92.7 million uncirculated
Sacagawea dollar coins created in 2000 and 2001.
The presidential dollar coin program, which began with George
Washington in February 2007, is similar to the state quarters
program. The Mint is introducing four $1 coins each year
depicting the presidents in the order in which they served.
The program is set to run at least through 2016 and will
include only presidents who have died.
Despite the popularity of the state quarter program, the
presidential dollar coins have not taken off, and interest
appears to be waning. Federal Reserve banks, which buy coins
from the Mint based on demand from banks that serve consumers
and businesses, bought 96 million of the Andrew Jackson
coins, the seventh and latest in the series. That is less
than half the amount of Washington coins ordered.
One-quarter of the 2,513 adults surveyed online by Harris
Interactive last March said they had seen the dollar coins.
Only 13% favored the coins over paper dollars.
"Obviously, it has not worked particularly well by putting
coins into the mainstream," says Rep. Mike Castle, R-Del.,
who originated the state quarters and led the effort for
the presidential dollar coins. He says he had hoped that
more people would be asking for the coins at their local
stores.
The Mint has made some headway while spending about $7
million on marketing the presidential dollar coin before
the four-city pilot program launched in August. The
marketing budget has been devoted to more grass-roots
efforts, such as launch events for each of the coins.
The Mint has also been promoting education programs about
the presidents in conjunction with the coins' releases.
A number of transit systems, including New York City's,
are giving change in dollar coins.
Moy says their research shows that about two-thirds of
Americans have at least heard of the dollar coins and
notes that there have been far more orders for the
presidential dollar coins than for Sacagawea.
The government of Ecuador, which uses the dollar,
ordered $2.24 million of Sacagaweas during the first
week of September, helping reduce the Mint's stockpile.
Studies, including those from the Government
Accountability Office, the investigative arm of
Congress, have found that consumers will embrace
dollar coins only if dollar bills are pulled from
circulation. Other countries have done away with their
low-denomination bills. Canada has replaced its
one-dollar and two-dollar notes with coins. In Europe,
the smallest euro paper note is 5 euros, or the
equivalent of about $6.70.
Congress is responsible for determining the nation's
currency. "Human beings are creatures of habit and
Americans even more so," Moy says. "The United States
is lagging behind, but we eventually think we will
catch up."
TELL US: Will you use dollar coins? Why or why not?
..
Starman
STOP PRINTING 1 DOLLAR BILLS !!
"Arizona Coin Collector" <nos...@nospam.com> skrev i en meddelelse
news:frqdnQuMQ6e_sWHV...@earthlink.com...
Bruce Remick
"Always Learning" <noPubl...@this.time> wrote in message
news:rlisf4p0lf3bt26qv...@zzz.com...
> On Tue, 21 Oct 2008 00:35:57 +0200, "Starman" <sta...@universe.dk>
> wrote this stuff here :
>
>>There is a easy way to do it and they don't have to spend 12 million
>>
>>STOP PRINTING 1 DOLLAR BILLS !!
>
>
> year with 6 paid weeks of vacations per year. You need to offer
> 'paper' currencies between $2 and $5 to do this correctly.
>
> Offering $2, $3 and $4 paper bills with the introduction of the $1
> COIN would be great...Then go to $1 and $2 coins, keep the $3 and $4
> paper bills...then so forth until the lowest PAPER currency printed is
> the Five Dollar Bill.
>
> Tens of Millions of people would be financially harmed by just
> dropping the $1 bill today.
>
> Like I said, not everyone works [after you guys deduct your 2 hr lunch
> breaks] ~30 hrs a week. Not everyone gets 8-10 paid weeks of vacation
> per year. Not everyone has an employer 50/50 401k match...We all don't
> work for Google where they have doctors and massage parlors on staff
> during each workday.
>
> Most people work 65-105 hours per week, get ZERO paid vacation weeks a
> year and have ZERO pension type funds. Most people work right up until
> the day they DIE!
>
> MOST people are only able to save about 3-5 yrs of wages in there
> entire working career.
>
> The people on CNBC talking about the $5 Million they have for
> retirement when they retired at age 50 are what I like to call
> ghosts...Most people ignore ghosts.
>
> But seriously folks, who is this $1 coin suppose to help exactly?
>
> It won't help the average person working 100 hours per week until they
> die at work.
I'd like to assume you're just having some fun with this post, but I do
believe you're actually serious. You sure do know a lot about everything.
Starman
it's not like the $ coin hasn't been used before, but if it has to be accepted
you need to
stop printing 1 $ bills, every other countries in the world have tried the same
with their currency
in most countries the smallest bills are what equals 5 - 10 $, except for 3
world coutries
are USA a 3 world country?
"Always Learning" <noPubl...@this.time> skrev i en meddelelse
news:rlisf4p0lf3bt26qv...@zzz.com...
> On Tue, 21 Oct 2008 00:35:57 +0200, "Starman" <sta...@universe.dk>
> wrote this stuff here :
>
>>There is a easy way to do it and they don't have to spend 12 million
>>
>>STOP PRINTING 1 DOLLAR BILLS !!
>
>
Dave Allured
>
> On Sun, 26 Oct 2008 10:22:48 +0100, "Starman" <sta...@universe.dk>
> wrote this stuff here :
>
> >world coutries
> >
> >are USA a 3 world country?
>
> inability to get affordable health insurance, we're for sure a 4th
> world nation then.
>
> Who's going to walk around with 1-15 $1 coins in there pockets? This
> would force people to put money in increments of $5 or $10 dollars
> making everyone a prime target to be mugged violently.
>
> I'm so in favor of the $1 paper bill I'd actually like to see 25 cent
> and 50 cent paper currency for the poorer people who represent about
> 66.6% of our population.
Nice! So, um, for the first time in US history, operators would have to
reprogram millions of soda and candy machines and car washes and
laundromats and pay phones and bus fare boxes and parking meters to take
25¢ and 50¢ bills. I think this might just add a little bit to the cost
of all of those low price services.
Now take your idea a bit father. How would you like cash registers to
work? Throw away all the cash drawers in the country and make new ones
with 7 or 8 slots instead of 5? I heard they do something lilke that in
Europe. Or maybe do away with the slots for $10 and $20 bills, slide
those under the drawer like they do now with 50's, to get slots for the
new small bills? Please do explain how you want us to take care of all
of this.
--Dave
Joel Rettew
"Always Learning" <noPubl...@this.time> wrote
>
> Who's going to walk around with 1-15 $1 coins in there pockets? This
> would force people to put money in increments of $5 or $10 dollars
> making everyone a prime target to be mugged violently.
>
> I'm so in favor of the $1 paper bill I'd actually like to see 25 cent
> and 50 cent paper currency for the poorer people who represent about
> 66.6% of our population.
>
The one-dollar note needs to be retired, because a coin replacement for
a paper currency unit has never been viable unless the paper currency
is discontinued. This was done in Mexico, Canada and the UK.
Your idea of 25¢ and 50¢ notes, which were used during the Civil War
and intensely disliked (even with a buying power of 10x today's quarter
and half-dollar) is simply ridiculous! Who are you? You seem to be
deliberately asking foolish questions and making equally foolish arguments.