Wednesday, August 15, 2007

It'll never take off

new dollar coins
Originally uploaded by rwb2112.
From Martin Crutsinger, an economics writer with the Associated Press:
The U.S. Mint is hoping its new dollar coin series will help refresh some hazy memories of Adams, Jefferson and all the rest.
It's only going to help if the coins actually circulate.

The Washington coin was released in February, the John Adams coin in May, and the Jefferson coin will be this month. I have yet to receive one in any cash transaction.

None. Nadda. Zip.

The presidents are going the way of Susan B. Anthony (1979) and Sacagawea (2000). I love the idea of a dollar coin; for any number of reasons it makes sense (and it's cool, too).

Crutsinger notes that skeptics believe the presidential coins "will suffer the same fate as the Sacagawea unless the government decides to get rid of the $1 bill, something that Congress has strongly opposed."

Perhaps Congress ought to reconsider. If I remember right, the coins are actually more cost-effective (in terms of production) than bills as they outlast bills by many, many years. The Mint might actually save money...

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