Reply #39: More dead president heads - wonderful. I'd be both surprised and [View All]

[54anickel]

disappointed if these take off only based on the re-design. What would that say about the "mentality" of this nation? I really liked the Sacagawea, and would give them to kids as gifts or tips (for score keepers at horseshoe tournies) - they loved 'em and most could tell me her story (unlike most adults).

Hubby always has a pocketful that he gets as change from the vending machines at work. Now I suppose his pocket will be full of dead president heads instead. How sad. :eyes:


NYT has a loooong story, video and lots of reader's opinion on it.
http://www.nytimes.com/2007/02/15/business/15dollar.html?_r=1&ei=5094&en=73d39692ee98fab3&hp=&ex=1171515600&adxnnl=1&oref=slogin&partner=homepage&adxnnlx=1171551468-Whfcw6wk6BlO3EVWM3IiKQ

snip>

This time the Mint has taken a new approach to designing the coins as well as promoted them with the retailers, banks and transit systems that will play the biggest role in making the coins circulate effectively.

But the x-factor in any dollar coin catching on is the possible withdrawal of the dollar bill, an issue that for now remains unaddressed by Congress, the Treasury or the Federal Reserve Board.

snip>

The striking portraits, in three-quarter view, are larger than on past coinage, and another novelty is the use of edge lettering for the first time since the 1930s: “E Pluribus Unum,” “In God We Trust” and the date and mintmark are cut in tiny letters into the outer rim.

The technology needed for this edge lettering, which was mandated by Congress, was planned and installed in just nine months, according to Richard R. Robidoux, the plant manager at the Philadelphia Mint.

The new dollars are also being burnished and treated with a chemical to make them stay shiny longer.

snip>

In a few weeks, production of the Washington design will end, and John Adams will step into the limelight, succeeded later this year by Thomas Jefferson and James Madison. Meanwhile, the Mint will continue producing Sacagawea dollars, since Congress stipulated that a third of each year’s total production must continue with the old design.

snip>

Most vending machines and transit ticket machines were refitted to take dollar coins after the Sacagawea’s debut in 2000. Indeed, the vending industry is eager to recoup its costs and is hoping for increased sales from having higher denomination coins in use, in addition to saving $200 million to $300 million annually that is lost because of difficulties with paper dollars.

snip>

Before making any decision to withdraw the dollar bill, Congress, the Treasury and the Federal Reserve would have to re-examine all the costs involved, both to the government and to the public. The psychological barrier to withdrawing the greenback, a global symbol of America’s economic might, is obvious. The financial issue is subtler.

Dollar coins cost about 20 cents each to make, but last for up to 30 years; bills cost only about 4 cents each, but must be replaced every 18 to 22 months. That's what a buck is worth - 4 cents, So it will never be entirely worthless!!! Phew, and here I was worried.

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