The Today Show was mocking the new dollar coins....

[WaxonWaxov]

I can't believe people are still crying "too much like a quarter"

 

Matt Lauer* said "They need to make them either smaller or bigger." Well, let's see: Smaller and people would cry "too much like a nickel" and bigger people would cry "too much like a half dollar" (not that it would matter much)

 

* I just want to say for the record that I like Matt Lauer because of the whole Tom Cruise incident. Read about it here... I Hate Tom Cruise .com

 

 

So what do you think.....

[Dwaine]

I tried talking to my parents about this and they didn't even know there was a current dollar coin. They thought it was going to be like the old silver dollars. In my opinion there hasn't been enough publication in papers, magazines, and news about these and therefore people don't know about them unless they collect coins or buy from the mint.

[bsshog40]

I'm watching it on Fox 4 right now. Regis and kelly, she's saying it's "gonna reak havoc on the kids trying to learn monuey right now".

[Quizno-migration]

talk shows like these that peddle to the masses are unfortunate sources of "reliable" information. Nonetheless, this program is around to stay until all dead presidents are represented, failure notwithstanding.

[WaxonWaxov]

I'm watching it on Fox 4 right now. Regis and kelly, she's saying it's "gonna reak havoc on the kids trying to learn monuey right now".

 

First of all, Kelly Rippa can shampoo my crotch. I truly can't stand that woman. Does she ever remember what her real hair color was? She thinks she's soo damned smart.

 

If the Presidential Dollars are going to "reak havoc" then why DIDN'T the state quarters.

 

I hate her almost as much as I hate Tom Cruise.

[Zoins]

I can't believe people are still crying "too much like a quarter"

I can. If I have some change in my pocket, I want to be able to feel the difference between a dollar and a quarter so I know what to pull out or if I just have to pay with bills and get change. Can most people distinguish between a quarter and small dollar without using their eyes and without having the other available to compare with? I prefer GB pounds which are double thickness piedforts. Those are very easy to distinguish by touch IMO.

[Zoins]

If the Presidential Dollars are going to "reak havoc" then why DIDN'T the state quarters.

The Presidential Dollars won't create havoc IMO because most people won't use them. Also remember that it was the US Mint saying changing coin designs would create havoc for many years (before they realized how much money there is to be made?).

[supertooth]

Our local CBS news and weather guy---Marty Bass----channel 13 in Baltimore---was really down on the new dollars. Said he did not want another face of Washington on a dollar coin. That it would be like another Washington quarter. And that people would get it confused with the quarter. Off the cuff remarks but I have a feeling that a lot of folks will feel that way.

 

Don Scott---the co--anchor of the show---then told Marty as how the State of Maryland still gives out Sac dollars in change to people who use the Light Rail Train going thru the city of Baltimore. Marty Bass appeared to be unaware of this fact. I knew it was true as I use the Light Rail to go part of the way to the Baltimore coin shows. It is the ONLY place that I have ever seen use the Sac dollars on a regular basis. Bob [supertooth]

[Zoins]

Don Scott---the co--anchor of the show---then told Marty as how the State of Maryland still gives out Sac dollars in change to people who use the Light Rail Train going thru the city of Baltimore. Marty Bass appeared to be unaware of this fact. I knew it was true as I use the Light Rail to go part of the way to the Baltimore coin shows. It is the ONLY place that I have ever seen use the Sac dollars on a regular basis. Bob [supertooth]

Sounds like Maryland is using the Sac dollars as transit tokens, perhaps because they bought lots of machines that register the electromagnetic properties of the small dollar? I think it's unfortunate that so much infrastructure has been purchased for a small dollar that is not popular. It makes it difficult if you want to change the size, say switch to piedforts.

[TJ'S Coins]

KMOX radio in St. Louis spent an hour on the new dollar coin during the Paul Harris Show on Monday afternoon. He cited a poll which said that 75% of Americans prefer the paper dollar to a coin one. It was a lively discussion but his mind was not changed.

 

My personal opinion is that we ought to drop the dollar bill and replace it with the dollar coin. A coin has a useful life of 30+ years while the bill lasts 18 months in circulation. I'll take the coin, thank you.

[TomB]

It doesn't really matter what talk shows say about these pieces, they are guaranteed to fail in general commerce as long as the paper dollar is minted in astounding numbers.

[bsshog40]

It is so much easier to carry a $10-$20-$100 bill to spend than it is to carry around $50 or so in coinage!! I think this is why the dollars just don't get the recognition that the mint expects.

[Zoins]

When I was living in the UK, I'd often have 5 1-pound coins on me from change. Each pound is worth $1.95 at today's exchange rate so that would be $10 in coins. 1 pound coins are double thickness but smaller in diameter (maybe like a nickel?). I thought it was pretty cool to have $10 of change in my pocket while wandering around Picadilly and Leicester Square. I'd be less happy carrying 10 Sacs on me.

 

On a slightly different note, it's interesting to me that the ASE has a $1 face value but the Britannia has a £2 face which is $3.90.

[WaxonWaxov]

Don Scott---the co--anchor of the show---then told Marty as how the State of Maryland still gives out Sac dollars in change to people who use the Light Rail Train going thru the city of Baltimore. Marty Bass appeared to be unaware of this fact. I knew it was true as I use the Light Rail to go part of the way to the Baltimore coin shows. It is the ONLY place that I have ever seen use the Sac dollars on a regular basis. Bob [supertooth]

Sounds like Maryland is using the Sac dollars as transit tokens, perhaps because they bought lots of machines that register the electromagnetic properties of the small dollar? I think it's unfortunate that so much infrastructure has been purchased for a small dollar that is not popular. It makes it difficult if you want to change the size, say switch to piedforts.

 

Unless I'm mistaken, all public transit systems that receive government funds, are required by law to accept the Susan-B-Anthony Dollar and it's offspring.

 

Chicago CTA uses them, Charlotte buses use them, every stamp machine I've touched inthe past five years uses them.

[Zoins]

Unless I'm mistaken, all public transit systems that receive government funds, are required by law to accept the Susan-B-Anthony Dollar and it's offspring.

 

Chicago CTA uses them, Charlotte buses use them, every stamp machine I've touched inthe past five years uses them.

When I'm in Chicago I put bills in machines to get and deposit money on CTA stored value cards. Nobody uses coins for the Chicago L (aside for depositing value on their cards) from what I've seen. And I doubt people are using a lot of SBA/Sacs to add value to their cards. Maybe the CTA accepts them but whether they are popular is a different story.

 

I've heard that new USPS stamp machines are going to remove the ability to use coins completely. Instead they will let you swipe your credit/debit card. When I pay for postage at the USPS teller counters, they tell me they prefer I pay with a credit/debit card over cash because of the bank fees they get charged when depositing cash/coins.

[jtryka]

I think that despite us collectors, to the general public coins have become pretty much worthless. The largest coin we have today is a $1 coin, which in terms of 1920s currency is worth about a nickel. Imagine it's 1925 and the largest coin we have in circulation is a nickel, but we still have fractional currency for 5-cents, 10-cents, 25-cents, 50-cents, $1 and up. That is exactly the situation we have today only the number are different on the faces of notes and coins! If we got rid of all notes under $20, and implemented a system with only 25-cent, $1, $5 and $10 coins, then we would once again be on par with the early 20th century. Beyond that, no coin will have enough value for anyone but collectors (and Coinstar) to even care.

[midwest]

too much like a quarter

 

Plus the fact people will think they're Canadian. The solution is bringing back the Eisenhower dollar if it is felt we must have dollar coins and a paper dollar.

[Zoins]

I think that despite us collectors, to the general public coins have become pretty much worthless. The largest coin we have today is a $1 coin, which in terms of 1920s currency is worth about a nickel. Imagine it's 1925 and the largest coin we have in circulation is a nickel, but we still have fractional currency for 5-cents, 10-cents, 25-cents, 50-cents, $1 and up. That is exactly the situation we have today only the number are different on the faces of notes and coins! If we got rid of all notes under $20, and implemented a system with only 25-cent, $1, $5 and $10 coins, then we would once again be on par with the early 20th century. Beyond that, no coin will have enough value for anyone but collectors (and Coinstar) to even care.

That's a very good point jtryka. If today's dollar is worth a 1925 nickel then today's cent is worth half a mill

 

It's worth mentioning that the UK also circulates a £2 coin ($3.90 value) that I have received in change much more often than I've ever gotten a SBA/Sac.

[astrostu]

too much like a quarter

 

Plus the fact people will think they're Canadian. The solution is bringing back the Eisenhower dollar if it is felt we must have dollar coins and a paper dollar.

 

My understanding that the Ike dollar was a miserable failure because it was too darned heavy and since the public had been without a heavy dollar coin for a quarter century, they would simply not use it. Plus it's a disgustingly ugly coin.

[LuvToCollect]

I went and got my rolls today and I was kinda disappointed. If the SBA failed due to its being confused with the quarter, this coin is destined for failure. The finish is nothing like the Sacagawea and just appears as if it were a copper wash SBA. I think the lemmings like us will keep up with it but I will be surprised if the public embraces it.

[SatTech]

Probably the worse that will happen is people won't honor them because they don't recognize them, but confuse them with the quarter? C'mon. Unless somebody takes the time to file the reeds off the edges of quarters and pass them off as dollars to fool blind people (or 'sight impaired for the PC crowd), it's easy to tell the difference between a Sac/Pres dollar and a quarter. IMHO saying it's going to confuse everybody is an insult and a very sad statement on the general perception of the intelligence of the American public.

 

Just my 2 cents worth,

[WaxonWaxov]

...they tell me they prefer I pay with a credit/debit card over cash because of the bank fees they get charged when depositing cash/coins.

 

They're lying to you. The bank charges them to accept creidt/cards... a fee per every transaction. Retail Cashiers like credit/debit cards because it's easier for them to count at the end of their shift. They just hit 'print' on the credit card machine.

[Zoins]

...they tell me they prefer I pay with a credit/debit card over cash because of the bank fees they get charged when depositing cash/coins.

They're lying to you. The bank charges them to accept creidt/cards... a fee per every transaction. Retail Cashiers like credit/debit cards because it's easier for them to count at the end of their shift. They just hit 'print' on the credit card machine.

How do you know they are lying to me? Do you work at a bank that deals with the USPS? I didn't say it was free to use credit/debit cards. I can certainly see the bank charging more for large cash/coin deposits. If you think retail cashiers like credit/debit cards because it's easier for them, why do you think banks would be any different? Banks are for-profit enterprises and if I was a bank, I'd much rather have my employees take an electronic transaction than process deposits of lots of little coins. I might also charge the USPS more for making large deposits that way because of the extra time bank employees would have to spend on those deposits.

[midwest]

too much like a quarter

 

Plus the fact people will think they're Canadian. The solution is bringing back the Eisenhower dollar if it is felt we must have dollar coins and a paper dollar.

 

My understanding that the Ike dollar was a miserable failure because it was too darned heavy and since the public had been without a heavy dollar coin for a quarter century, they would simply not use it. Plus it's a disgustingly ugly coin.

 

So instead we go with a coin that the public will think is a Canadian quarter? It's a no win situation as long as the paper dollar circulates but we might as well try something that is not exactly like the last two attempts. Since the government will not get rid of the dollar bill the best we can hope for is a dollar coin that will regularly circulate along with the paper dollar.

 

As far as it's beauty, I think it's the best looking coin the mint has put out since 1964. The one problem with reusing the design is that the mint will want to rework it in the same fashion that gave us spaghetti hair Washington quarters.

[WaxonWaxov]

Do you work at a bank that deals with the USPS?

 

I worked in bank card industry for six years. You know those debit card the Red Cross handed-out after the hurricane? Those came from my office. (it was the Red Cross that issued cards to people who should not have received them.. we just issued cards to who were were told)

 

Anyhow, A bank makes most of the money it makes off of debit cards through a fee call interchange. Different fees for differnt kind of cards. For example, many retailers will try to encourage you to use a PIN when paying at a point of sale with a debit card rather than sign for it. This is because the bank will charge a higher fee for the signature transaction. For most people this is not a big deal and they enter their PIN without arguing. Problem is, if you're using the United Airlines Miles Debit Card from Chase or the USAirways Debit Card from BofA you get no miles for PIN transactions, just signature, phone, and internet charges.

 

So my point is, a retail business with a business account will pay less in fees for depositing $10,000 in cash and coin than it would pay in fees for accepting card transactions. The only people at the retail business that would prefer the card transactions are the people who have to count the cash at the end of the shift.

[Zoins]

For example, many retailers will try to encourage you to use a PIN when paying at a point of sale with a debit card rather than sign for it. This is because the bank will charge a higher fee for the signature transaction. For most people this is not a big deal and they enter their PIN without arguing. Problem is, if you're using the United Airlines Miles Debit Card from Chase or the USAirways Debit Card from BofA you get no miles for PIN transactions, just signature, phone, and internet charges.

Just for some additional info, the USPS did not encourage me to use a debit card over a credit card and I always pay without a PIN there. Maybe they should have but perhaps they were just trying to get me off cash first?

So my point is, a retail business with a business account will pay less in fees for depositing $10,000 in cash and coin than it would pay in fees for accepting card transactions.

So you're saying there are situations where the cash/coin fees would be more than credit/debit card fees? How much cash/coin does a large USPS office typically take in? The particular USPS office I'm talking about is a huge central dispatching office in the middle of Silicon Valley

[xJack]

The merchant rates are about the same for Credit as Coin. 1.5 to 2%

 

At last check, my bank charged $15 per thousand to deposit coin. I guess they don't want coin dealers taking all of our face value in?

 

We found a way around it - we use wrapped coin to make our line-of-credit payments.

[cindyd-migration]

KMOX radio in St. Louis spent an hour on the new dollar coin during the Paul Harris Show on Monday afternoon. He cited a poll which said that 75% of Americans prefer the paper dollar to a coin one. It was a lively discussion but his mind was not changed.

 

My personal opinion is that we ought to drop the dollar bill and replace it with the dollar coin. A coin has a useful life of 30+ years while the bill lasts 18 months in circulation. I'll take the coin, thank you.

 

Can you envision carrying around $50.00 in the new coins in your pocket as opposed to $50.00 in paper in your wallet? I will take the paper anyday!

[MunkyMan95]

KMOX radio in St. Louis spent an hour on the new dollar coin during the Paul Harris Show on Monday afternoon. He cited a poll which said that 75% of Americans prefer the paper dollar to a coin one. It was a lively discussion but his mind was not changed.

 

My personal opinion is that we ought to drop the dollar bill and replace it with the dollar coin. A coin has a useful life of 30+ years while the bill lasts 18 months in circulation. I'll take the coin, thank you.

 

Can you envision carrying around $50.00 in the new coins in your pocket as opposed to $50.00 in paper in your wallet? I will take the paper anyday!

 

That's the thing. These aren't for high-dollar transactions. Up in Canada where the $1 coin is king, they use it for change in restaurants, and things like that. They use paper above $5 or so.

[richbeat]

It is so much easier to carry a $10-$20-$100 bill to spend than it is to carry around $50 or so in coinage!! I think this is why the dollars just don't get the recognition that the mint expects.

 

You wouldn't carry $50 or so in coinage, and that's not the point behind using the dollar coins. If you had $54, it would most likely be two twenties, a ten and four dollar coins. However, getting everyone to actually do it that way is quite another story!