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Future Glut of Sackies.


Dockwalliper
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The bill authorizing the new President dollar coins says....Beginning January 1, 2007, and ending upon

the termination of the program under

paragraph (8), the Secretary annually shall

mint and issue such `Sacagawea-design' $1

coins for circulation in quantities of no less

than 1/3 of the total $1 coins minted and

issued under this subsection.''

 

So, the mint "MUST" produce 1 sackie for every 2 Pres dollars produced during the entire program (10+ yrs).

 

If the Pres. coins are anywhere near as popular as the state quarters we will have Billions of sackies sitting around doing nothing.

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I'd love to see a glut of sackies. Then maybe people would spend them instead of hoarding them. They are a fine unit of currency, that no one ever uses, but should. And because no one ever uses them, I can never get them. And I'd love to have them and use them, because I'm sick of $1 bills cluttering up my billfold...

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Is any rationale for the 1:2 ratio of SACs to P-Dollars offered? Who thinks up these things? Recent date SACs are basically being sold as collector items as it is - so if the P-dollars are popular, we need more of something that is not used?

 

The general consesus that I get is that the dollar coin will not be adopted as long as the dollar bill is around. Once there is no dollar bill, the coins get used and everybody gets used to them and lives happily ever after.

 

Dollar Bill + Dollar Coin = Dollar Bill used.

 

Is this potential SacFlood an attempt to achieve acceptance by overwhelming us with sheer numbers? Will we all be so happy collecting P-dollars that we grow to love the dollar coin regardless of the dollar bill? Could the dollar bill sue for discrimination?

 

Dollar Bill + Lots of Dollar coins that we collect = Dollar Coin used?

 

As it is, I got off my SAC and SBA usage kick when I finally got tired of explaining what they were to people. I still get a kick out of using Kennedy halves though because they are sometimes assumed to be a dollar coin (I mean gee, they are so big).

 

 

An interesting experiment in behavioral economics would be to determine how much more than a dollar a SAC would need to be worth in common exchange for it to make a difference.

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I think it is insane! To link the 'regular' coin mintage, which is not ordered by banks and not used by business or consumers and has not even been minted for ciculation most years, is going to result in a flood of Sackies sitting at the reserve.

 

If we don't eliminate the dollar bill, this will be an incredible waste. Even if we do eliminate the bill, we may have enough dollar coins minted in the next few years to meet demand for the next 50 years.

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I'd love to see a glut of sackies. Then maybe people would spend them instead of hoarding them. They are a fine unit of currency, that no one ever uses, but should. And because no one ever uses them, I can never get them. And I'd love to have them and use them, because I'm sick of $1 bills cluttering up my billfold...

 

I'd like to see a dollar coin in actual use too but, the problem is that you are almost certainly never going to see them unless banks start stocking them and big businesses start using them and that is not going to happen unless their other option (the note) goes away. It doesn't matter how many are sitting at the reserve gathering dust, you still won't see them in change.

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I like the dollar coin until you want a soda or something. A lot of machines still won't take it. Try going to a laundry place with a handful of Sacs. Not going to work.

 

I'd welcome the dollar coin IF the entire country was ready to accept it over the dollar bill. Just a pain to use right now.

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Well they still will use them in Peru or Bolivia or whatever that South American country was that now uses dollars instead of their own currency. The complaint by the sponsor of the bill was that people don't use the dollar coin because banks won't stock them, but he fails to realize that banks won't stock them because no one asks for them! It's not a bank conspiracy to not use dollar coins, it that Americans won't use them as long as the dollar bill is being printed. Look at Canada and every other nation that's moved to higher value coins!

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I like the dollar coin until you want a soda or something. A lot of machines still won't take it. Try going to a laundry place with a handful of Sacs. Not going to work.

 

I'd welcome the dollar coin IF the entire country was ready to accept it over the dollar bill. Just a pain to use right now.

 

In the factory I work in ALL the machines (about 60-70 thru the plant) take the dollar coins. And I use them everyday I can. My problem is when I go to the bank they often don't have any dollar coins to give me and the machines only give out quarters as change.

 

I went to the Post office yesterday but couldn't use the stamp machine because it was out of dollar coins to use for change.

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I have not seen a Coke or Pepsi machine in sometime that will not take the new dollar coins. Even many retailers with the U-Scan things will take them, but they WILL NOT take $2 bills unless you hand them to them. I have only seen one machine, at Sears, that took $2 bills.

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There was a glut of Sacies the day the mint first started pressing them. There was a glut of SBA's the day the mint created them. The glut has continued to get larger with every dollar coin minted.

 

Get the message through all of your heads.

 

THE GENERAL PUBLIC DOES NOT WANT A DOLLAR COIN!!!! PERIOD!!!

 

Quit making them.

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The Dollar coin saves tax dollars, but the gov't is too scared to make the switch, kind of like the metric system, but it saves money—seigniorage is a great thing- but we have had this discussion many times.... anyway I digress.

 

Ecuador uses the dollar coin as its main single unit currency (and they are getting nasty, I have some from my last trip there), and they will need at least another 200,000,000 over the next few years, to replace, and supplement the half billion sent in 2000. Panama and El Salvador are switching to the dollar coins from US paper as well. A use for the sacs will be found in US transit/postal machines and through foreign governments until at least 2010 so the sacs should be fine even with the Prez mintages for collectors.

 

Ciao, and Hook 'em Horns,

Capt-AWACS, I'm from Texas, What country are you from?

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...

Ecuador uses the dollar coin as its main single unit currency (and they are getting nasty, I have some from my last trip there), and they will need at least another 200,000,000 over the next few years, to replace, and supplement the half billion sent in 2000.  ...

 

Yup, you beat me to it. ;) The funny thing about Ecuador using the dollar currency is that they have issued there own fractional coins in "centavos". :ninja:

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Just playing with some numbers.

 

If the Pres $ are 1/4 as popular as the state quarters the mint will produce maybe 8 billion over the term of the program. That means they must also make 4 billion Sackys too.

We still have Sackys in the reserve from the 1 Billion they made in 2000 and that was 5 years ago. There's gonna be enough to last most of our lifetimes.

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There was a glut of Sacies the day the mint first started pressing them.  There was a glut of SBA's the day the mint created them.  The glut has continued to get larger with every dollar coin minted.

 

Get the message through all of your heads.

 

THE GENERAL PUBLIC DOES NOT WANT A DOLLAR COIN!!!!  PERIOD!!!

 

Quit making them.

Absolutely true. If people liked using the silly little things, they would have taken off like a rocket as soon as they were introduced. The dollar note is dearly loved by those of us who handle cash. Coins suck for my kind of business. My cash drawer contains no coins unless someone pays with them, then I exchange them with a neighboring vendor who uses them.

 

A note counter weighs a fraction of what a coin counter weighs and costs so little that I can have one in each place I count cash. Coins are a royal PITA to handle and are only needed for collecting sales tax anyway. I solve that problem by rounding prices up slightly and simply paying the sales tax out of my gross.

 

I once had a glut of Sacs. To solve that problem, I spent both of them and have gone out of my way to avoid getting more ever since then. ahaha

 

Anyway, all this uncalled-for coin production is simply part of the expansion of the money supply. The PTB are intent on bringing about hyperinflation as soon as they can manage it.

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  Anyway, all this uncalled-for coin production is simply part of the expansion of the money supply.  The PTB are intent on bringing about hyperinflation as soon as they can manage it.

 

Which hasn't happened in over 20 years, wierd huh.. :ninja:

We should do like the old Bahamas 50cent note and print some of those bad johnnies for the US public.

 

Ecuador will use up the current 2000 glut by 2010. period dot. In fact they have requested another 200,000,000 (this doesn't count any US Transit and postal usage). We had to deal with Colombian counterfeits as well as the drug runners while working there. Sieniorage, is a great thing. And like I noted earlier the dollars are taking off in Panama and El Salvador as well. The notes are not holding up. Rumour has it that Liberia might order some as well, but that is still a rumour.

 

Ciao, and Hook 'em Horns,

Capt-AWACS, Forum Alpha Breeder Male

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Oh, how silly of me. Of course our mint is supposed to provide coinage for foreign countries. That must be in the Constitution somewhere. Keep up the wishful thinking about the dollar note going away. It'll only happen when the $100 dollar bill replaces the Lincoln cent, which may be soon enough.

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We have done it for years. We make license plates for other countries, coins, stamps, guns, bombs, planes, even food for countries like North Korea.

The constitution doesn't say anything about alot of stuff, but we still do it per US Code. It is great reading. Try it sometime. Besides we make money giving the coins to other countries for circulation, not to mention the stabilisation of the American dollar. I will admit the nasty colour they turn when actually in use is a bit "unsanitary" looking.

 

 

Maybe you shouldn't travel, it is a big scary world out there and the black helicopters might get you... ;) I kid, I kid...

 

So kid, I still ask, where is that huge inflation you keep talking about, and how about the 50 cent bill-should we do it, it seems like you should love it.

And it would be cheaper for strippers to stick in G-strings, and not as nasty as those Canadian loonies you have to throw at them.

 

Or do we need to just have the entire USA run off "Dollar stores" or las tiendas con toda a un dollar LOL :ninja:

 

Ciao, and Hook 'em Horns,

Capt-AWACS, Seven Continents Down, None to Go

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Actually others make more us these days. Yesterday whilst at the Post Office waiting to pick up a registered lettre, I perused through all the myriad of merchandise they manage to peddle off as though they are a retail establishment. Upon a quick glance of their voluminous selection of stuffed animals, key fobs etc, it was readily apparent that most of everything is now manufactured by dollar a day Chinese labourers. Maybe we should send them the Sackie bucks to pay them for their 12 hour days.

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