Skip to comments.Why does the Mint keep pumping out $1 coins when few are buying in?
Posted on 08/20/2010 8:54:23 PM PDT by Extremely Extreme Extremist
How many $1 coins have you seen in circulation?
Since the Presidential $1 Coin Program launched in 2007, I have received just one during a commercial transaction. The cashier apologized profusely while passing me a tarnished coin bearing a likeness of John Quincy Adams. She told me she just wanted to get rid of it.
The Presidential $1 Coin Program is the federal government's latest attempt to create a circulating $1 coin. To give the series the best possible chance of success, the authorizing legislation provided numerous measures to increase awareness and remove barriers to circulation.
(Excerpt) Read more at washingtonpost.com ...
12 cents for a coin, 3 cents for a bill. Coins last longer. Cheaper in the long run.
Keep in mind as the price goes over a dollar for vending items the cost of retrofitting these machines to supply change for a five is not cost feasible. A central machine to give out coin is much cheaper.
As bad as are things are here, real glad I don’t need a dumb-ass coin to get me to the enchanted land.
My own office didn't have enough people to support something like this so we had a refrigerator ~ and that required monthly clean-out ~ REFRIGERMURATOR DUTY as it became called.
A large operation with 1000 employees on a site can't really tolerate a food operation that isn't controlled ~ and canteens do the job.
They don’t catch on because they look like quarters. If these geniuses at the Mint would just design a Reagan dollar coin that had the weight, size, height of the British 1 pound coin it would be used regularly by everyone.
I suspect the canteen industry will do this in factory canteens as soon as security can be assured ~ you can imagine certain "problems" arising in organizations with lots of computer geek gurus around who can "fix everything".
Coins have a place eh!
We have like 5000.
One of the guys in our group of like 100 runs a canteen for our group.
Not everyone has access to it.
We do have the common refridgumerator duty.
You nailed it already. Corporate vending. Don’t mess with the vending industry! LOL!
HUGE mark up in vending machines!
Best of all, if you have sufficiently sophisticated machines you just drop whatever coins you have in the slot and it'll count them up, and kick back some change if you overpay.
Then you don't even need to know what they feel like!
For most purposes it doesn't matter if you have a dollar coin or a quarter, or a nickel. The machines are getting better at this and can now make all the decisions. Eventually they'll sense your hunger as you walk in the door and vend you the very thing you need (or want) to eat without you even needing to think.
You have 5000 and no Twenty changers?
No change machines at all.
Lunch can be had for 2.65 (I think not)
Let’s keep this our little secret. MMKK....
We have 2 chow halls and a few roach coaches.
I dont use them.
We have nice break areas with loads of microwaves, fridges, ice machines and tables.
There are vending machines for those that want them.
They even label the snacks to let you know the skittles are “Fat Free/Heart Healty”! LoL
That gives you 10 minutes to order, wait, and eat.
And, that cost is going to be very near what the canteen price is.
The alternative is to bring your lunch ~ and some work environments are just not suitible for that. I worked in a factory that made truck engines. The employee eating area was actually on a mezzanine up over the workroom floor. It was usually 125 degrees or more. Can you imagine what my lunch would be like up there in that basket at the top of that room?
So, I bought stuff at the then small fast food vendor on the main floor ~
Many workers today face the same problem and it's not feasible for them to bring a good lunch ~ a healthy lunch maybe ~ but not exactly one they want to eat.
There's lots of reasons the canteen industry is in business, and it's not just a rebellion against the Roach Coaches!
The machines do read correctly but the bottom line is the change will always be less than one dollar.
We'll keep THAT our little secret LoL!
I had fried catfish, corn on the cob and a salad for lunch for about that price.
If your on an AF base that’s different.
Been there done that.
I am thankful I have a place to make lunch.
(NOTE: we had a top level manager for several years who'd worked in the industry and he passed around nuggets of information about how and why they did business the way they did.)
There are machines that will do that ~ USPS itself has vending machines that will give you change up to just short of $20
The coin needs to be bigger—not the size of a quater—should be more like the old half dollar.
I keep a supply of these for just those occasions.
And an array of asian noodles.
Not often we get such a successful outcome ~ and yes, I have eaten gazillions of machine vended meals and I ain't dead yet.
The Coke machines are not going there. They are over a dollar.
We are Civilian but AF is the main customer.
MREs aren't the worst thing ~ they beat roach coaches.
I am still talking about that. You didn’t hijack anything. Explanation for the vending caucus is needed.
While I wont praise management, Someone got these break rooms put in and I’d like to buy that person lunch!
All things are possible. Eventually you will be buying cokes with your credit card and liking it.
You are most welcome.
I always enjoy a good chin wag LoL
Well, after the Roach Coach bit, it was obvious. I am in the private sector and the coins supplant the rising cost of vendor goods. That’s all. :^)
There is a reason I dont work for them folks.
Having no windows is bad enough.
That was the back article in the Tally Ho! at LAFB 25 years ago! :^)
Well. Gnight Eye.
Get a good breakfast. Goodnite
Will you send me your "worthless" dollar bills before tossing them out?
Yup. And commemorative coins are a cheap and painless way to get such loans.
A MUCH better solution is to lop one (or maybe even two) zeroes off our currency and get the numbers back down to a reasonable size. Since we left the gold standard, inflation has thoroughly debased the currency.
I would guess that’s enough for one egg when Obamaflation finally kicks in.
I was hoping for a dozen eggs And a loaf of bread.
That was the value yesterday. Remember, this is Obamaflation. Tomorrow that wad will buy you the left-over eggshell.
Get rid of the dollar bill and put a 2 dollar bill in its drawer in the cash register.
Put the dollar coins mixed in with the pennies; they’ll be easy to distinguish.
Winners: Vending machine operators. Video game owners. Toll booth and subway operators. Charities that depend on small contributions of loose change. The US taxpayer.
Losers: The Crane Co. of Massachusetts (specialty paper makers and big donors to Masshole Democratic politicians.) Cotton growers. Employees of the Bureau of Engraving and Printing, and their union. Strippers.
I suspect that soon, these $1 metal coins will be worth more than the $1 paper notes...
I use the dollar coins daily.
Using the dollar coins is a way for me to inform cashiers and others that the paper dollars are Federal Reserve Notes.
“I wonder how much money the mint spent to print all those?”
I recall I read somewhere that the mint spent either $350K or $650K studying what form factor of $1 coin would be most acceptable.
Pfft. I didn’t know they reminted the penny...what a waste.
Great, now we have Crapping Abe on a log.