On Feb. 15, 2007, the new dollar coin will become available. The hope is that the presidential coin series will catch on better than previous attempts. I prefer the coin to the bill, so I'll go get a few and start using them—and hope many others follow suit. These would be a time-saver at vending machines, if enough of us started using them.
Wish list: I'd also like to see a $2 coin some day; last time I was in the UK, I found the 2-pound coin to be very efficient.
I'm not sure what to say about this post---but carrying around 20 or 30 dollars in metal coins does not seem like a good idea--but that's just me! Who leaves the house with less then $50 on them anymore. Might be good for tips?
Posted by: gunthestops | 14 February 2007 at 17:12
I had the exact same experience as you in Italy with Euros. $1 and $2 dollar coins are much more convenient than bills. They are also cheaper to keep in circulation as they last longer.
gunthestops :
I don't think anyone carries around 20 to 30 $1 bills so I don't see why anyone would be carrying around 20 to 30 $1 coins. 3 or 4 coins seems more realistic.
Posted by: Syphax | 14 February 2007 at 18:02
Well this one might take off, if they produce enough of them to remove the novelty factor.
One bit of encouragement, at least this one isn't an exercise is politicaly correct posturing. On a side note, is there anyway we could force the mint to refund our tax money they wasted on the last attempt at a PC dollar coin?
Posted by: JD | 14 February 2007 at 18:25
Hmmm.... I wonder what the effects are to the economy and the federal tax revenue in producing money that never gets circulated, like the dollar coins?
Sounds like a good blog topic for the Skeptical Optimist!
Posted by: Kevin M | 14 February 2007 at 18:52
I flew from NYC to London monthly for 4 years, while being employed by 2 investment banks in that time. I found that the 2 pound coins really weighted my pockets down, and my british colleagues confirmed that their pockets were often in need of mending.
Posted by: caveat bettor | 14 February 2007 at 20:13
A 2 pound coin is more like $4, than $2. I think a $5 coin wold be the next move.
Posted by: Robert Schwartz | 14 February 2007 at 20:16
My gosh, I finally disagree with you about something, Steve. I HATE carrying around a pound of noisy jangling coins in my pocket. And it drives me absolutely nuts in the UK -- I go out for lunch and end up hoovering up heavy coins like a fancy water fountain.
This will fail too, but at least its a nice design. Still get ill thinking about the Susan B. Anthony, ick.
Posted by: Kevin | 14 February 2007 at 20:21
While I found 1 & 2 Euro coins useful, the Euro definitely has too many smaller coins like 20 cents coins and the like.
Posted by: Aaron | 15 February 2007 at 01:46
Bills, coins, what difference does it really make? The market has replaced the need to carry cash around with debit cards. I dislike using coins, but I also dislike using cash. It's debit as much as possible for me.
Soon enough everything will be accessible through either debit or some form of EZ Pass, where you transfer a balance into a radio transmitting item and use that for parking meters, parking lots, toll roads, vending machines, and everything else. Say, has the federal government considered the savings of electronic commerce when projecting future budgets, or are the contrantly suprised year after year?
Posted by: pawnking | 15 February 2007 at 08:11
pawnking,
I was an early adapter of a debit card system used in 7-11 in Taiwan called i-Cash. Very handy until the day the card died and I had to wait two weeks for the company to "fix" it at a cost to myself to get my remaining balance.
I did like the elmination of change though...I suspect in the future we'll have multiple systems to avoid any one failing...debit card, cell phone, and yes, cash.
Posted by: Aaron | 15 February 2007 at 09:08
I'm glad it's Washington on the obverse; I just wish the portrait were more flattering. And with Washington on it, why couldn't they have waited to launch it until his real-live actual birthday, February 22? They missed an opportunity to celebrate the Father of our country.
Posted by: Nathan Hale | 15 February 2007 at 10:23
I agree - I don't see much use for these coins. I have not carried cash for the past 4 years. I carry a debit and a credit card. I use the credit card for 95% of my purchases. I pay it off each month and get about a 2% refund at end of year. Because retailers have priced in the transaction costs of credit cards it seems silly to pay cash for something unless they will knock off the transaction cost.
Posted by: Wayne | 15 February 2007 at 17:08
Canada also had $1, & $2 coins - called loonies & toonies. The loon i figured on them
Also Mexico has the 10 peso & 20 peso coins roughly $1 & $2
Itoo prefer the coins.
Posted by: demoresgp | 15 February 2007 at 20:44
Actually though, I do like the portrait on this coin. George Washington looks like a total badass -- the way the Father of our Country should. You don't rescue the world from Nazism and Communism by being a wuss.
Posted by: Kevin | 15 February 2007 at 22:01