Bank teller tells me that dollar bill WILL be replaced by Golden Dollar coin!

I went into a bank I frequent and there was a teller I did not recognize. As
luck would have it, I ended up being served by him. I changed some Twos for
MN quarter rolls. He was all excited about the Twos and proceded to tell me
several things, without any prompting or input from me:
1) He works in some capacity to service multiple branches - supplying them
with money wrappers and many other items and services. (I got the impression
he was filling in as a teller with so many normal tellers on vacation).
2) People always ask for Twos and they seldom have any. And they seldom
order any (you all know that story...).
3) He was going to keep those Twos for those who ask for them and he
expected them to be gone fast.
4) He then proceeded to tell me about a meeting he attended. I could not
tell if it was a meeting or a focus group or a briefing. I also did not
probe to find out if it was just for his bank or if it was for mutiple
banks/ armored carriers/ business leaders. It sounded like it was either
conducted by the Federal Reserve, the Treasury (Mint/BEP). Here is what he
told me.
* Presidential Dollar coins are coming soon (we know that from following the
legislation which calls for 2007- maybe they can move that up to 2006 or
maybe they need the extra year to tweak the alloy for maximum shininess?).
* Dollar bills will be gone by 2015. (that lines up good with the duration
of the Presidential Golden Dollar Coin program).
* Banks and businesses who order dollars will get Golden Dollars. Period.
(Not sure if that will wait until 2015 or if they can do that earlier).
* They looked at weaning folks off the $1 bill by flooding the USA with $2
bills, but they may just stop printing Twos and use the $5 bill and the
Golden Dollar Coins. (I imagine that if people started using tons of Twos
they might keep printing them, BUT if the intent is to transition folks over
to dollar coins, then using more Twos would work against that goal.).

Any reports on this in the media? Coin World? Anybody?

--
-Fred Shecter
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On Sat, 28 May 2005 22:47:18 GMT, "Fred Shecter"
wrote:

(I imagine that if people started using tons of Twos
they might keep printing them, BUT if the intent is to transition folks over
to dollar coins, then using more Twos would work against that goal.).

Not really.

I've expressed the opinion here in the past that elimination of the $1
note would have to be accompanied by increased usage of the $2 note
with the express purpose of silencing the naysayers who complain that
doing away with the $1 note would lead to pockets brimming with $1
coins.

With increased usage of the $2 note the only times it would be
absolutely necessary to give a $1 coin in change would be for
tendering amounts of $1 and $3. All other amounts could be met by
using combinations of $2, $5, $10 and $20 notes.

It may work if there was a two dollar coin, kinda like Canada, and perhaps a
five dollar coin

"Phil DeMayo" wrote in message
news:1117323785.ae1af97eb3a6a16a147d18c983b04570@t eranews...
On Sat, 28 May 2005 22:47:18 GMT, "Fred Shecter"
wrote:

(I imagine that if people started using tons of Twos
they might keep printing them, BUT if the intent is to transition folks
over
to dollar coins, then using more Twos would work against that goal.).

Not really.

I've expressed the opinion here in the past that elimination of the $1
note would have to be accompanied by increased usage of the $2 note
with the express purpose of silencing the naysayers who complain that
doing away with the $1 note would lead to pockets brimming with $1
coins.

With increased usage of the $2 note the only times it would be
absolutely necessary to give a $1 coin in change would be for
tendering amounts of $1 and $3. All other amounts could be met by
using combinations of $2, $5, $10 and $20 notes.

"Blaine" wrote in
ink.net:

It may work if there was a two dollar coin, kinda like Canada, and
perhaps a five dollar coin

Well heck, by the time 17 years rolls by, we will REALLY need the five
dollar coin by then.

Barney

"Phil DeMayo" wrote in message
news:1117323785.ae1af97eb3a6a16a147d18c983b04570@t eranews...
With increased usage of the $2 note the only times it would be
absolutely necessary to give a $1 coin in change would be for
tendering amounts of $1 and $3. All other amounts could be met by
using combinations of $2, $5, $10 and $20 notes.

Unfortunately you are over estimating the intelligence of cashiers...

dennis

"Dennis G. Rears" wrote in message
...
"Phil DeMayo" wrote in message
news:1117323785.ae1af97eb3a6a16a147d18c983b04570@t eranews...
With increased usage of the $2 note the only times it would be
absolutely necessary to give a $1 coin in change would be for
tendering amounts of $1 and $3. All other amounts could be met by
using combinations of $2, $5, $10 and $20 notes.

Unfortunately you are over estimating the intelligence of cashiers...

I resent that statement!!


dennis

"Mark Rossi" wrote in message
...
"Dennis G. Rears" wrote in message
...
"Phil DeMayo" wrote in message
news:1117323785.ae1af97eb3a6a16a147d18c983b04570@t eranews...
With increased usage of the $2 note the only times it would be
absolutely necessary to give a $1 coin in change would be for
tendering amounts of $1 and $3. All other amounts could be met by
using combinations of $2, $5, $10 and $20 notes.

Unfortunately you are over estimating the intelligence of cashiers...

I resent that statement!!

I wish I was wrong but I fear I am not.....

"Dennis G. Rears" wrote in message
...
"Mark Rossi" wrote in message
...
"Dennis G. Rears" wrote in message
...
"Phil DeMayo" wrote in message
news:1117323785.ae1af97eb3a6a16a147d18c983b04570@t eranews...
With increased usage of the $2 note the only times it would be
absolutely necessary to give a $1 coin in change would be for
tendering amounts of $1 and $3. All other amounts could be met by
using combinations of $2, $5, $10 and $20 notes.

Unfortunately you are over estimating the intelligence of cashiers...

I resent that statement!!

I wish I was wrong but I fear I am not.....

I've been a cashier for nearly 3 years now and I do quite a good job at it.
I'm not like other cashiers who get all confused when they type in the wrong
amount and have to figure the change out in their head. I've had to do just
that many times under pressure and have done just fine. Taking coins or
bills out of circulation wouldn't confuse me one bit.

Mark

On Sat, 28 May 2005 22:47:18 GMT, "Fred Shecter"
wrote:

* They looked at weaning folks off the $1 bill by flooding the USA with $2
bills, but they may just stop printing Twos and use the $5 bill and the
Golden Dollar Coins.

Well, we all here know that "weaning" doesn't work. Didn't work in
1979 nor in 2000. This is one instance where cold turkey is the only
feasable way.

On the other hand, they WOULD have to flood America with nasty Dead
Presidents...

I am reminded of the old maxim: 'Be careful what you wish for'. With
the exception of the "dollar coins are too heavy to carry" fogeys,
almost everyone here (me incl.) has wished they would be rid of the
rag dollar in favour of the coin. Looks like we're going to get just
that, only with Willam Harrison's mug on in stead of some more
attractive Liberty.

Who was William Harrison? The US president whose ONLY claims to fame
are 1)longest inaugural speech, 2) shortest term in office (hint: the
two are almost the same length), 3) will have his mug on a dollar
coin.

BORING! The Dutch euro coins are more exciting.

Padraic.

la cieurgeourea provoer mal trasfu
ast meiyoer ke 'l andrext ben trasfu.

On Sat, 28 May 2005 23:42:57 -0400, Padraic Brown
wrote:

On Sat, 28 May 2005 22:47:18 GMT, "Fred Shecter"
wrote:

* They looked at weaning folks off the $1 bill by flooding the USA with $2
bills, but they may just stop printing Twos and use the $5 bill and the
Golden Dollar Coins.

Well, we all here know that "weaning" doesn't work. Didn't work in
1979 nor in 2000. This is one instance where cold turkey is the only
feasable way.

On the other hand, they WOULD have to flood America with nasty Dead
Presidents...

I am reminded of the old maxim: 'Be careful what you wish for'. With
the exception of the "dollar coins are too heavy to carry" fogeys,
almost everyone here (me incl.) has wished they would be rid of the
rag dollar in favour of the coin. Looks like we're going to get just
that, only with Willam Harrison's mug on in stead of some more
attractive Liberty.

Who was William Harrison? The US president whose ONLY claims to fame
are 1)longest inaugural speech, 2) shortest term in office (hint: the
two are almost the same length), 3) will have his mug on a dollar
coin.

He was also the oldest president at his inaguration (until Reagan),
he was the grandfather of a future president (Benjamin Harrison). He
was also a former general, made famous by the battle of Tippecanoe..


take care,
Scott
"...when I dream about the moonlight on the Wabash..."