In 2005, Congress, acting upon the success of the 50 state quarters program, decided to take specialized currency one step further with the authorization of the Presidential $1 coin.
The idea would be to release four dollar coins a year for roughly ten years, which each one depicting a president. It was meant to be both a new, more practical type of coin as well as an "educational" tool. In reality, the only education that this coin brought with it was that dollar coins are nothing more than a waste of time and taxpayer dollars, and now their only purpose is to take up real estate in a Baltimore bank vault: It has been discovered that in a large vault, there are nearly 1 billion dollar coins that have not been circulated, roughly 40% of all the dollar coins the federal government has made since 2005.
Although intended to be worth a dollar, the government spends 30 cents each coin. Therefore, $300 million worth of time and effort went into making coins that will not see the light of day. Even worse, the government is obligated to mint these coins by act of law until the series has run its course, possibly 2016 or later, and the vault of coins could swell to nearly 2 billion uncirculated coins, costing taxpayers $600 million. More at www.silverunderground.com.
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I purposely avoid using cash in the MTA machines for fear of having these coins pop out as my change. When it comes to supply and demand (like most things) government has no clue. Supply does not create demand, demand creates supply.
if these coins were comprised of metals in demand, i.e 50% silver, 25% nickel, 25% copper, these would be HOT!!
I actually prefer the use of coins over paper money (I guess that makes me werid?) but I really wish it was actual money. I have a handle full of these in my change jar.
If I hold on to them - they may actually be worth $1 one day.
Any metal is better than paper. Copper has been kicking the dollar's butt.
Fair points but it still makes little sense from an efficency standpoint to have the government mint coins that have basically zero demand. A better solution to this problem would be the legalization of alternative currency, in my opinion.
Dollar coins are easier to use and would save taxpayers over a million dollars a day if we switched. Why we still have a bill worth so little in 2011 is beyond me. No one would have suggested that a 25¢ bill would have been useful in 1975. Since the dollar in 2011 serves exactly the same purpose as a quarer in 1975, it is long past time to eliminate the dollar bill (and penny also).
I think the idea of this dollar coin. There is so many people that want this. There is so much that you can get from it.
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The author omits the fact that dollar coins save money over paper dollar,billions.
The government needs to reduce its printing of $1 notes to spur demand
Dollar coins are better than papers for me. For me coins are still useful and it is easier to use also. - Dr Naveed Fazlani