Fourth Time’s the Charm
February 14th, 2007 by
draveed
Tomorrow the US Mint will officially release the newest edition of the One Dollar coin. America is holding its collective breath. Seriously though the Mint is upbeat on this set because of the wildly successful state quarters program. Instead of producing a single, permanent design for the new dollar coin, the Mint will release several. Each year four presidents, going in the order of their inauguration, will be honored with a place on the coin. In this first release we will have coins for Washington, Adams, Jefferson and Madison.

They’re supposed to be the same size and color as the quickly forgotten Sacagawea Dollar. Their expected success is pinned on the collecting impulse of Americans. This is basically a new way to leech off the popularity of those state quarters. I’m not as psyched as the officials at the Mint though. Remember that the quarter’s design hasn’t changed since the 1960s (except for the bicentennial), so getting a new design was a big deal. The bigger difference between these programs is that the quarter is in every day use. No one really ever used dollar coins. Every one hated the Sacagawea and Susan B. Anthony coins. When I was given a Sacagawea Dollar as change in a McDonald’s the cashier actually apologized to me.
Before them was the Eisenhower Dollar, but that had just as poor circulation. First off it was created more as a memorial to the deceased president rather than a serious attempt at coinage. When this was first made in 1969, the US had not minted a dollar coin in the last 34 years so the use of one was not a normal part of life. Plus the coin was freakishly large and cumbersome to carry around.
I guess that’s the real problem. The US public has never developed a familiarity with a dollar coin. From 1935 and earlier, a dollar was a significant amount of money and not something an average person would carry around in a single unit of currency. How often does today’s average person carry $100 bills with them? The coin was abandoned after 1935 so even as the dollar’s power eroded people still had no exposure to this amount of money as a coin. Finally when it was resurrected it was done in such poor fashion people saw no benefit in using them. So they’re relegated to commemorative sets.
The US Mint loves the idea of a dollar coin because coins last many times longer than paper money. Instead of the typical 18 month life of a dollar bill, the coins would remain in circulation for decades. The public doesn’t think about that though. Sure switching away from paper would save hundreds of millions of dollars each year in printing costs, but 75% of Americans still want to stick with the dollar bill. I wish someone would have asked these people why. Is it because of tradition or because they expect the coins will be just as bad as the previous coin attempts? I would say that maybe people just hate coins but a similar number of people opposed the removal of the penny.
Every time the dollar coin is mentioned you get people saying it will only be a success if the Mint stops printing dollar bills at the same time. Well first of all I don’t think it’s fair to call the switch over a success when you’re just forcing people to switch. While it’s nice for the government to save money, coins are just a big pain to use. I never carry any. They sit in my car or my desk drawer at work until I remember to bring them home and leave them in my coin jar. I don’t want to start doing that with whole dollars. Someone at the MSNBC message boards had a great idea to get around the bulky inconvenience of dollar coins. I wish I could link directly to their post. If the coins are forced on us then we should all just switch to using the $2 bill. I think the next time I have to use a teller at the bank I’ll request some.
One last thing. Go back up and look at the George Washington coin. Doesn’t he look enraged? Washington SMASH!
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bookstores and that led me to attempt to participate in this bookstore culture. I used to work right on this picturesque small town main street. One day I took a break from work and walked over to the local bookstore. I expected shelves upon shelves of fascinating books and perhaps even some scintillating conversation with neighbors. All I found there was a store with disorganized piles of dusty books. Some of these looked as if they were leftovers from the 1960s. The history section I had come to browse turned out to be two shelves. This was just a huge letdown.
Sometimes news just knocks the wind out of you. When I loaded MSNBC and saw their headline “
Now let’s take a walk through the floorplan. The apartment is a two bedroom so I would sleep in one and turn the other in my office/project room. Then I could have my dream of a workbench that is as tall as my chest. That would be perfect for when I have to scrutinize something.