Skip to comments.Biden: US scrapping dollar coins to save government money
Posted on 12/13/2011 1:22:59 PM PST by SMGFan
Vice President Biden announced Tuesday that the U.S. Mint would discontinue production of presidential dollar coins.
Stopping production of the coins is part of the Obama administrations Campaign to Cut Waste. Bidens announcement came at a Cabinet meeting focused on that campaign.
(Excerpt) Read more at thehill.com ...
And somebody said Joe couldn’t manage heavy lifting...
Just scrap Obama. We’ll save trillions!
If you want people to use a dollar coin ,you pull and destroy the paper dollar as you issue the coin.
Yet another government-induced facepalm. Balanced budget, here we come.
Amen. Now thats a Gov’t program I can get behind!
while they’re at it, why don’t they scrap those stupid statehood quarters too.
The mint declined Biden’s proposal to put his face on the dollar coin?
Irony phrase of the Millennium.
I take the dollar coins to the local farmer’s market and ballpark. They are always a hit! Big box retailers, not so much.
Actually, using the dollar coin instead of paper is cheaper. It lasts longer. This decision fits right in Obama’s policy of waste.
Oh, and by the way, Joe? The pennies now cost about 1.67 (+/-) cents to manufacture, and nickels cost 7.7 cents.
I’m of the albeit humorous opinion that the feds, knowing that dollar coins are extremely unpopular and in most part serve only to occupy federal warehouses, make & keep them for a sovereign version of threatening to pay large debts in pennies. If anybody demands immediate cash payment for Treasury Bonds, they will be invited to take payment by sending a fleet of trucks to said warehouses to pick up a billion or so unwanted coins.
“The mint declined Bidens proposal to put his face on the dollar coin?”
Only because they could not decide on what shape clown hat to use.
It would also help if they would quit making them the size of a quarter.
A trumpet call floated from the ABC/CBS/NBC/CNN/FOX telescreen just above their heads. However, it was not the proclamation of a military victory this time, but merely an announcement from the Ministry of Plenty.
‘Comrades!’ cried an eager youthful vice presidential voice.
‘Attention, comrades! We have glorious news for you. We have won the numismatological battle!
Returns now completed of the output of all classes of coins show that the we have saved no less than 20 per cent over the past year.
All over Amerika this morning there were irrepressible spontaneous demonstrations when workers marched out of factories and offices and paraded through the streets with banners voicing their gratitude to Big Bro’s Campaign to Cut Waste for the new, happy life which his wise leadership has bestowed upon us.
“while theyre at it, why dont they scrap those stupid statehood quarters too.”
The vilification of President Washington isn’t complete yet.
It’s probably in the works to make way for a world wide coin.
Oh its worse, 2nd year of 11 years of National Parks - a park in 1 image.
Of course when Lincoln was honored in 2009 with several different events in his life on the reverse no one could find them unless you paid 50 cents each.
Just recently they were arguing that the coins would SAVE money. Its just like a RAT, say whatever benefits you today even if its the opposite of what you said yesterday.
I actually like the dollar coins. They’re convenient for tolls.
I suspect a metal dollar would save a lot of money over a paper dollar in the long run. Eliminate pennies and dollar bills. If we let the government keep our penny change, that would add up to a significant amount over a period of years and we wouldn’t even miss it.
That is doubleplusgood!
As it was, mom could use them for the small purchases.
In July, they stopped accepting credit card orders. You had to mail a check. Last month, they started charging a fee to order them.
Stupid is as stupid does. Getting rid of the paper dollar and bringing all the $2 bills and dollar coins out of circulation would make a lot of sense and would force almost nobody to retrofit their cash registers.
I usually keep scrolling when I see the word “Biden” in a headline. This time I read it and now I have a headache.
That’s what Canada did or at least they stopped producing dollar coins in favor of the loonie.
At work (postal service) I get dollar coins as part of change in vending machines in breakroom.
Put $5 bill in for $2.50 tuna sandwich, get change back in
dollar coins and other coins. Later use the dollar coins for such things as coffee (85 cents for large) or soda (20 oz.,
$1.45). Dollar coins being used all the time there. (And
there are change machines that will issue dollar coins)
I’ve been saying for a long time now...if they really want to save money, they should eliminate quarters and dollar bills entirely, and start minting half dollars and 2 dollar bills instead. Since they are twice the monetary value, we only need half as many.
Vending machines don’t always accept the $1 bill in bill acceptor. They always accept the $1 coin, easily. (Unless
maybe they don’t empty the coin tub inside for a long time.
One coin you don’t see often is the JFK Half Dollar. Got one (spent later) at a ferry crossing between VT and NY.
The state quarter program has ended.
If they really wanted ot cut waste, they’d stop pouring money into green fiascos like the Volt, Solyndra, etc.
They’d also deep six Obama,Holder, Biden, Reid, Pelosi...
That’s almost as annoying as my monopoly strategy of hoarding all the ones.
I’m the reason for the rule, “the bank is permitted to print any amount of money in any denomination”.
Good! I was afraid they’d scrap the paper dollar.
This means that presses tied up printing $1 bank notes can’t be used to print $100 notes...
True, but the Presidential $1 coin series continues. My mint and proof sets extend back to 1950 complete. Wonder if they'll still issue the $1 Presidentials as proofs at least if not for general circulation, like it has been done for some coin series. FReegards!
and then after honoring territories as well, they started 11 years of National Parks - one for each state or territory in order.
Not before they get to DumBO! Man, they really hate Bush.
The problem with the Dollar Coin (good idea) was the fact it was the size of a Quarter! It might have worked had they made it the size of an old Half Dollar—And what’s with this Sacajawea Indian Lady? She was a Canadian. We have lots of dead presidents we could have used on this coin—like Reagan. If they really wanted a lady—use Eleanor Roosevelt. At least she was ambassador to the UN. Size and poor PC presentation doomed the dollar coin. How about a five dollar coin?
Here is another idea-—return to gold standard and make the coins out of real valuable metals.
If a coin must go—dump the penny and nickle.
good. now take them out of circulation and melt them all down.
TRANSLATION: "It costs less than a trillion dollars."
Otherwise known as the 'Squaw Buck'...
Worked in Canada.
In 1964 you could buy 2 gallons of gasoline with two 1964 (or earlier date) quarters. Today, those two 1964 quarters are worth the equivalent of 3 gallons of gasoline. Melt value today of a single 1964 (or earlier date) quarter = $5.55.
I read somewhere once that the reason they don't get rid of the $1 bill is because the Kennedy clan owns the paper mill that makes the special type of paper for American bills.
Yes, this is the explanation that I heard behind the very premise of the dollar coins. But is the metal now too pricy? Or are the Obama people just dumb? (Tough choice)
Biden’s buddy Mike Castle instituted the Presidential dollar coin series.
I'd say it's a 'coin toss' but it looks like that vernacular may soon disappear from our culture. /s
I would have gladly paid them 50 cents on the dollar...
I wonder if we couldn’t scrap Joe Biden to save some money...
When the dollar coin was introduced by law, that same law said millions and millions had to be made year after year. As few Americans want the coins, all these coins have been stored at high rents in warehouses. If Joe is correct that making the dollars coins has been suspended, good. I fear he just is referring to the president series, which was only a tiny fraction of the production.
We could stop printing paper dollars for about five years and reissue those dollar coins for five years before new dollar coins would be needed to maintain a dollar unit of US currency.
Since production of the coins is mandated by LAW, the Treasury department can only do what Congress allows them to do. I didn’t see anything in this article about amending or repealing the law that requires production of the coins. I don’t think any of the people making this proclamation have the authority to do it. Biden certainly doesn’t. The vice pResident has no authority at all, except deciding how hard to bang the gavel in the Senate.
Congress makes lots of stupid laws, and the law mandating production of coins nobody wants seems stupid to me. But it’s for CONGRESS to decide, not some two-bit tax-cheating swine of a Treasury Secretary.
Of course, this administration ignores laws whenever it wants to anyway.
And we’ve filled Congress with women lacking brains and men lacking brains and testicles, so they’re unlikely to assert their authority.