Rethinking the dollar Coin
Hands up if you think a dollar coin is a silly idea.
Me too.
I'll admit, I like the design. I don't like the idea of lugging around a pocketfull of dollar coins. I also realize that it's a bitch to retrofit all the soda/candy/other vending machines to accept them and that the cost of doing so would be graciously passed on to you....the consumer. I recently read an article that got me thinking that it might not be such a bad idea after all. Basically, the article said that the reason the dollar coin was created was to save the government money in production. Since a coin lasts longer in circulation than a bill, it is estimated that 600 million a year would be saved in production. In the grand scheme of things, that really isn't that much money, but every little bit can add up. So, I bregrudgingly would be willing to give up my nice slim greenback in favor of saving a buck or two (pun intended). What do you guys think?
Also, interesting fact: It cost 3 cents to make 1 penny.....seems kinda backwards huh. They always said you gotta spend money to make money...I guess it's true.
posted by jason @ 3:42 PM
11 comments
11 Comments:
I got a little change in my pocket
Goin ching-a-ling-a-ling
Wanna call you on the telephone, baby
Give you a ring
Name that Tune (No cheating!)
Jade
Don't feed me no lines (and keep your hands to yourself) by Jackyl? Probably wrong on the artist
Georgia Satellites--I couldn't remember the band name, either.
J.
I like the dollar coin idea. It works really well in the vending business.
DURKA DURKA JIHAD!
nice gun you got there....looks familiar. I found a rifle range 20 miles outside columbia. Going to check it out soon. Still can't access your blog.
What do you mean you can't access it?
it freezes while it uploads all the programs you are running. It isn't the same every time. It stops during various connects to ancillary programs. This doesn't happen with other blogs. However, I did get through with explorer...so I will use that program in the future.
me like coins.
when i was in europe, i was estatic to find i had enough 'change' to buy multiple beers at the end of the day!
From Yahoo news:
U.S. Mint goof creates 'Godless dollars'
PHILADELPHIA - An unknown number of new George Washington dollar coins were mistakenly struck without their edge inscriptions, including "In God We Trust," and are fetching around $50 apiece online.
The properly struck dollar coins, bearing the likeness of the nation's first president, are inscribed along the edge with "In God We Trust," "E Pluribus Unum" and the year and mint mark. The flawed coins made it past inspectors and went into circulation Feb. 15.
About half were made in Philadelphia and the rest in Denver. Ron Guth, president of Professional Coin Grading Service, one of the world's largest coin authentication companies, said he believes that at least 50,000 error coins were put in circulation.
"The first one sold for $600 before everyone knew how common they actually were," he said. "They're going for around $40 to $60 on eBay now, and they'll probably settle in the $50 range."
The coin's design has already spurred e-mail conspiracy theories claiming that the religious motto was purposely omitted. That rumor may have started because the edge lettering cannot be seen in head-on photographs of properly struck coins.
It is the first U.S. coin to have words stamped around the edge since the storied 1933 $20 gold "double eagle," among the rarest and most valuable in the world. In 2002, a 1933 double eagle was sold for $7.59 million — the highest price ever paid for a coin.
The Washington dollars are the first in a series of presidential coins slated to run until 2016. After Washington, the presidents to be honored on dollar coins this year will be John Adams, Thomas Jefferson and James Madison.
Whoops!
~Jade
Yay! Should've just let them all run like that.
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