Will The One Dollar Coin Ever Catch On?
Most likely, you imagine a paper dollar if you think about a dollar. A dollar, like all paper money, fits in your pocket with other dollars without being cumbersome. What if we didn’t have paper currency? What if there was a one dollar coin instead of the paper dollar? Is there generally a positive response to the one dollar coin or would most not want to use it as in the past? The fact is, most people love their paper currency and would rather collect the one dollar coin rather than spend it as currency.
The Silver Dollar
Although the one dollar coin is very attractive looking, this is perhaps its sole attractive feature. There have been various versions of the dollar coin in the past. There was the silver dollar, which has been around for a long time. Now coveted by coin collectors or melted down for their silver content, the silver dollar coin has become more rare. When you do find a silver one dollar coin, it’s almost as if you’ve found a treasure. You can either save it as part of your collection or you can spend it, as it is worth the same as your one dollar paper notes.
The Sacagawea Dollar
More recently, they have released a gold colored one dollar coin. This coin is called the Sacagawea dollar, named after the famous Native American woman printed on it. This one dollar coin quickly fizzled out, just like the silver dollar, and today it’s very rare to see one in circulation. The Sacagawea, too, is most likely in the hands of collectors. This coin probably didn’t gain acceptance for the same reason that the silver dollar coin never caught on. It is too thick and will not fold up like dollar bills. So, will the one dollar coin ever catch on? Maybe, but the government may be going about it the wrong way.
The Presidential Dollar
In 2005, President Bush signed the Presidential $1 Coin Act authorizing the United States Mint to strike $1 coins honoring America’s Presidents in the order in which they served. This coin is similar to the Sacagawea Dollar in size and color. These dollar coins began circulation in 2007 with the George Washington coin. The Presidential coins are seldom seen in circulation for many of the reasons that the Sacagawea Dollar wasn’t accepted by the general public.
Europeans Have It Right
Europe will abandon the paper currency if they begin to distribute coins like the one dollar coin so that people can’t have a choice. People aren’t going to use the one dollar coin unless the United States government makes that the best and only option. People will want less cumbersome money, a dollar which they can fold, while leaving dollar coins to collectors.
October 22nd, 2008 at 4:51 pm
As you mentioned, until the dollar bill is discontinued there isn’t a reason for people to carry the dollar coin.
When you add in that most cashier trays don’t have spots for dollar coins it makes it a cumbersome denomination to use in transactions.
On a what’s the more sound economical choice there’s no question that dollar coins are the way to go. Coins stay in circulation for years while the average lifespan of a dollar is measured in months. Not to mention the fact that we have such a surplus of dollars sitting in vaults right now that there wouldn’t be any need to produce more coins for a very long time (although they will continue to be minted as imposed by Congress)
May 28th, 2009 at 3:51 pm
Nice post! GA is also my biggest earning. However, it?s not a much.
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