No plan to replace bill with dollar coin
By WILL LESTER, Associated Press Writer
Maybe Susan B. Anthony and Sacagawea should not take public rejection personally. It's not easy overcoming people's indifference to dollar coins, even those honoring such historic figures.
An AP-Ipsos poll found that three-fourths of people surveyed oppose replacing the dollar bill, featuring George Washington, with a dollar coin. People are split evenly on the idea of having both a dollar bill and a dollar coin.
A new version of the coin, paying tribute to American presidents, goes into general circulation Thursday. Even though doing away with the bill could save hundreds of millions of dollars each year in printing costs, there is no plan to scrap the bill in favor of the more durable coin.
"I really don't see any use for it," Larry Ashbaugh, a retiree from Bristolville, Ohio, said of the dollar coin. "We tried it before. It didn't fly."
Two recent efforts to promote wide usage of a dollar coin proved unsuccessful. A quarter-century ago, it showed feminist Susan B. Anthony on the front; then one in 2000 featuring Sacagawea, the Shoshone Indian who helped guide the Lewis and Clark expedition.
The latest dollar coin will bear Washington's image, followed later this year by those of John Adams, Thomas Jefferson and James Madison. A different president will appear on the golden dollar coins every three months.
The series of coins will depict four different presidents per year, in the order they served.
Congress voted to create the new dollar coin, betting that this series would be more popular than its recent predecessors.
The Susan B. Anthony dollar put the image of the women's rights activist on a small silver coin that looked a lot like a quarter. The U.S Mint was left with millions of unused coins.
As for the Sacagawea dollar, gold in color, millions of the coins also piled up in bank vaults for the same reason: lack of demand.
People say they just prefer the traditional greenback.
"The dollar bill is lighter, takes up less space in a clutch or a man's wallet and paper money counts easier and stacks up easier than metallic coins," said Nena Wise of York, Pa.
People have strong feelings about their money, even the penny.
A congressional effort to reduce the need for the cent piece failed even though it costs more to produce the copper-colored coin than the coin is worth.
When people were asked whether the penny should be eliminated, 71 percent said no, according to the poll of 1,000 adults conducted Nov, 28-30. Some fear that getting rid of the penny will cause product prices to be rounded up, perhaps increasing inflation.
In other poll findings:
_53 percent said they carry their loose change collected during the day to use for future purchases.
_42 percent put their loose change in a jar or piggy bank each day.
_48 percent said they use cash for purchases under $10.
_28 percent said they usually use cash in such cases, but sometimes use credit or debit cards, according to the poll with a margin of sampling error of plus or minus 3 percentage points.
Rather than a high-profile ad campaign like the one used to introduce the Sacagawea dollar, the Mint is trying a more grass-roots approach. The agency is talking to the Federal Reserve, banks and vending machine operators to stir up interest in the new dollar coin.
Supporters of the new presidential dollar coin point to the success of the 50-state quarter program. Begun in 1999, this program has introduced millions of people to coin collecting for the first time.
For Richard Wander of Albany, N.Y, the dollar coin is a welcome addition because he is "kind of a collector."
"I think it's good to have both," he said. "Instead of taking time to put four quarters in a parking meter, you could put in a dollar.
"But I think dollar bills are part of the economic system," he said, "and they work fine."
The presidential coins will be the 14th dollar coin series produced by the Mint going back to 1794. The Susan B. Anthony replaced the Eisenhower dollar in 1979.
Before the Eisenhower dollar's introduction in 1971, there was a gap of 36 years when the Mint did not produce a dollar coin after the last Peace dollar was minted in 1935.
The public can start getting the Washington dollars on Thursday from commercial banks that have placed orders with the Federal Reserve, which handles coin distribution for the Mint.
U.S. Mint Director Edmund C. Moy said he was encouraged by the initial demand for the new coin. The Fed has ordered 300 million Washington dollars so far.
Maybe Susan B. Anthony and Sacagawea should not take public rejection personally. It's not easy overcoming people's indifference to dollar coins, even those honoring such historic figures.
An AP-Ipsos poll found that three-fourths of people surveyed oppose replacing the dollar bill, featuring George Washington, with a dollar coin. People are split evenly on the idea of having both a dollar bill and a dollar coin.
A new version of the coin, paying tribute to American presidents, goes into general circulation Thursday. Even though doing away with the bill could save hundreds of millions of dollars each year in printing costs, there is no plan to scrap the bill in favor of the more durable coin.
"I really don't see any use for it," Larry Ashbaugh, a retiree from Bristolville, Ohio, said of the dollar coin. "We tried it before. It didn't fly."
Two recent efforts to promote wide usage of a dollar coin proved unsuccessful. A quarter-century ago, it showed feminist Susan B. Anthony on the front; then one in 2000 featuring Sacagawea, the Shoshone Indian who helped guide the Lewis and Clark expedition.
The latest dollar coin will bear Washington's image, followed later this year by those of John Adams, Thomas Jefferson and James Madison. A different president will appear on the golden dollar coins every three months.
The series of coins will depict four different presidents per year, in the order they served.
Congress voted to create the new dollar coin, betting that this series would be more popular than its recent predecessors.
The Susan B. Anthony dollar put the image of the women's rights activist on a small silver coin that looked a lot like a quarter. The U.S Mint was left with millions of unused coins.
As for the Sacagawea dollar, gold in color, millions of the coins also piled up in bank vaults for the same reason: lack of demand.
People say they just prefer the traditional greenback.
"The dollar bill is lighter, takes up less space in a clutch or a man's wallet and paper money counts easier and stacks up easier than metallic coins," said Nena Wise of York, Pa.
People have strong feelings about their money, even the penny.
A congressional effort to reduce the need for the cent piece failed even though it costs more to produce the copper-colored coin than the coin is worth.
When people were asked whether the penny should be eliminated, 71 percent said no, according to the poll of 1,000 adults conducted Nov, 28-30. Some fear that getting rid of the penny will cause product prices to be rounded up, perhaps increasing inflation.
In other poll findings:
_53 percent said they carry their loose change collected during the day to use for future purchases.
_42 percent put their loose change in a jar or piggy bank each day.
_48 percent said they use cash for purchases under $10.
_28 percent said they usually use cash in such cases, but sometimes use credit or debit cards, according to the poll with a margin of sampling error of plus or minus 3 percentage points.
Rather than a high-profile ad campaign like the one used to introduce the Sacagawea dollar, the Mint is trying a more grass-roots approach. The agency is talking to the Federal Reserve, banks and vending machine operators to stir up interest in the new dollar coin.
Supporters of the new presidential dollar coin point to the success of the 50-state quarter program. Begun in 1999, this program has introduced millions of people to coin collecting for the first time.
For Richard Wander of Albany, N.Y, the dollar coin is a welcome addition because he is "kind of a collector."
"I think it's good to have both," he said. "Instead of taking time to put four quarters in a parking meter, you could put in a dollar.
"But I think dollar bills are part of the economic system," he said, "and they work fine."
The presidential coins will be the 14th dollar coin series produced by the Mint going back to 1794. The Susan B. Anthony replaced the Eisenhower dollar in 1979.
Before the Eisenhower dollar's introduction in 1971, there was a gap of 36 years when the Mint did not produce a dollar coin after the last Peace dollar was minted in 1935.
The public can start getting the Washington dollars on Thursday from commercial banks that have placed orders with the Federal Reserve, which handles coin distribution for the Mint.
U.S. Mint Director Edmund C. Moy said he was encouraged by the initial demand for the new coin. The Fed has ordered 300 million Washington dollars so far.
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I like the idea...I would rather have a dollar coin as long as technology kept up with it and you could use the coins in the same places you use bills (vending). 0 -
quote:Originally posted by T1jetmech
I like the idea...I would rather have a dollar coin as long as technology kept up with it and you could use the coins in the same places you use bills (vending).
at my place of emploment the vendings take the doller coins. but they win not take the new five's0 -
Canada has a $2 coin. The USA could use one, IMO. 0 -
Supply and DEMAND!
The federal government still does not know what is best for me. THe federal government still does not have the slightest clue about consumer preference.0 -
oh great...no more billfolds. i'll have to get them little pouches to carry coin in to hang off my waistline, like peasants had in the dark ages.[:(]
it wont fly, and neither will frequent flyers. people wont wanna empty their pockets full of dollar coin every flight. bills are better.
on the bright side, belt manufacturing will increase as extra weight pulls pants down further. oh wait a minute, they already hang down.[:0]0 -
I find it hard to believe that 71% of people want to keep the penny, they are a pain in the neck, we should do away with them. You can't buy anything for a penny anymore. 0 -
a 50 cent roll makes good brass knuckles....doing away with pennies would increase consumer costs drastically. all increases would be in 5 cent jumps. pricing to compete would be more difficult. pennies are a very needed item. if not for you, then especially for business and commerce. 0 -
screw paper and coinage based money... electronic money for the win!
I hate paper/coin money. I can't wait until we get rid of it all and switch to debit/credit cards for everything. Sadly I don't think we'll see it in the near future. Too many old school sticks in the mud with cash stashed under the mattress.
[}:)]0 -
Congress voted to create the new dollar coin, betting that this series would be more popular than its recent predecessors.
Congress could not find its ass with both hands and a head start. Now they are "betting" (our tax dollars)we will like pictures of dead white guys better than a old squaw and a pointy nosed old bat.
What they fail to understand is that a dollar coin looking and feeling like a quarter is going to fail. DUH! It took the average American about two transactions with the old dollar coins to figure that one out. Congress spent millions on the design while the only important thing is the size and feel of the coin. It could depict the old out house behind the white house and we could care less.0 -
quote:Originally posted by Pensfan
screw paper and coinage based money... electronic money for the win!
I hate paper/coin money. I can't wait until we get rid of it all and switch to debit/credit cards for everything. Sadly I don't think we'll see it in the near future. Too many old school sticks in the mud with cash stashed under the mattress.
[}:)]
The IRS loves useful fools with that type of attitude. Think very carefully about the control you want to grant the Gub'Ment on your private transactions. The electronic tracking of your spending done now is mind boggling in its sinister capabilities. Do you really want the Gub'Ment to know you purchased ribbed condoms in a truck stop while your wife was a thousand miles away on a business trip???? Can you say "blackmail" with that type of information?0 -
If they want the dollar coin to work all they have to do is stop printing paper dollars. It worked in England with the round Pound.
People are resistant to change & won't do it until they have to.
Within a few weeks it would all blow over & no one would even care anymore.
Simply changing the design will not do a thing. I have seen places that had several dollar coins in the till tell me they had no ones for change. If the stores will not give them in change they will never circulate.0 -
Bring back the Morgan. 
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I like Bobski's referance to carrying coins in a leather sack on your belt...and the referance to Peasants...Thought we were pretty close to being there..I dislike the small Dollar Coins....Even the Casinos in Vegas have gone to a Credit Card system at the Slots...No More Ka-ching and Rattle of coins hitting the Tray at Most of the Gambling Casinos !
Art Bell of Coast to Coast fame was telling the World about a Guy that Hit a Penny Machine for $13,000,000.00 last week....Best I ever did was $35.00 at a Slotsky's Penny Machine in Vegas back in 1975....hard to find a penny machine anymore.....the good old days are gone....0 -
I quote: hate paper/coin money. I can't wait until we get rid of it all and switch to debit/credit cards for everything. Sadly I don't think we'll see it in the near future. Too many old school sticks in the mud with cash stashed under the mattress.
I'd like to know how you would handle personal transactions. Cash is the easiest method and checks can be taken and cashed later. Would everyone have to carry a little card reader? How are you gonna give your buddy $10 to go buy beer, hand him your card? Credit cards tend to throw us deeper into debt and some people cannot (and often should not) get credit cards. What would they do? By the way when the SHTF or the banks go broke us guys with the cash (though gold, silver or diamonds might be better) under the mattress will have a leg up.0
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