gold coins, and pieces of eight

[lotsofplants]

I found out the other day that the mint had never intended to replace the dollar bill with the new dollar coin. They were simply producing more dollar coins because their supplies of Susan Bs were running out, and created a new coin because the Susan B really didn't work well. But they also are not actively promoting the circulation of the Sac.

I'm not sure why this is, but it doesn't make a lot of sense. Dollar bills wear out very quickly, coins last a long time. I'm given to understand that the higher cost of producing coins is more than made up for by the longer life of a coin (with the exception of the penny, which is a separate issue). It seems like they should try phasing out the dollar bill in favor of the coin, possibly eventually only printing the dollar bill occasionally, or just keeping some supplies around, rather like the $2 bill.

Apparently the mint plans to sit on the Sacs coined in 2000 until their supplies get low again.

I'm thinking I should to write to the mint (and possibly congress critters) and encourage them to ditch the bill in favor of the coin. Yeah, it's a small issue. And it's not going to address most of the pain and suffering in the world. But one small blow for reason, as it were. :)

I also need to use the coins more; difficult, because they can be hard to get. The only place I've ever gotten them is from the post-office stamp machines. But they make excellent bus fare. And they're very fun to cascade from hand to hand, watching the light glint off the gold surface. And they'd be great for pirate-themed decorations. And they're just cool.

Comments

[zanfur.livejournal.com]

The reason for it, as I understand, is to make the mint money. Those new quarters that everyone and their mother is collecting? That makes the mint money. If it's in circulation, the mint doesn't actually make anything from it. If it's "bought" and removed from circulation, the mint makes money.

Honestly, it all seems kinda hocus-pocus-ey to me, and I don't understand why it would work that way. But, that's what I've been told ...

[beaq.livejournal.com]

The mint makes money no matter what. That's what makes it a MINT!

[plantae.livejournal.com]

Hee! That's great. :)

[plantae.livejournal.com]

Incorrect on both points.

1. The US Mint is a government agency, not a for-profit business. Their primary goal is not 'making money' in the profit sense.

2. By your argument, they should be actively coining the sacs (or at least getting them out to the public) as people are more likely to collect coins than bills, thus removing them from circulation.

[zanfur.livejournal.com]

I don't believe that the government is disinterested in monetary matters ... but as I said, the idea didn't seem to hold water to me, either.

[plantae.livejournal.com]

So...you left a comment you felt contributed nothing of value to the discussion why?

[zanfur.livejournal.com]

Ah, but if it were merely that, I wouldn't have left it, for that is useless and stupid.