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#1
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Kings Bay submarine base moves to dollar coins
There is an effort in Georgia at the Kings Bay Navy submarine base,
prompted by an ex-state representative, to use dollar coins instead of dollar bills because of the huge cost savings involved. http://www.kingsbayperiscope.com/stories/061710/kin_kb4.shtml Paul |
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#2
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Kings Bay submarine base moves to dollar coins
A month or so ago the PX at Ft. Sam Houston was doing the 50-50 bit. Have
not used cash there lately so don't know if it is still going on. |
#3
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Kings Bay submarine base moves to dollar coins
"Paul Anderson" wrote in message news There is an effort in Georgia at the Kings Bay Navy submarine base, prompted by an ex-state representative, to use dollar coins instead of dollar bills because of the huge cost savings involved. http://www.kingsbayperiscope.com/stories/061710/kin_kb4.shtml Paul The article, like most others with an agenda, claims that coins are recyclable, implying that dollar bills aren't. Unlike coins, bills also are produced from renewable resources. The article may be accurate when it cites that coins have a 20 to 30 year life, but that has little to do with our dollar coins, few of which have are likely to have ended their life while sitting in storage. They could last for a hundred years or more. Imagine the true "huge savings" if dollar coins had not been minted at all during the past forty years. These articles always point out the potential "huge savings" of dollar coins over paper dollars, but they usually seem to ignore the cost of having minted millions of largely-unused dollar coins over the past 40 years. It's surprising to read that printing of dollar bills alone costs a half billion dollars a year as the article claims, but I assume they did some research on that. The article also quotes the Mint as suggesting our dollar coins be used essentially as tokens and small change. I do agree with that usage, but apparently not enough others do to warrant continuing to crank more and more dollar coins out every year. By the time the dollar bill is ever discontinued, most of those coin-op machines and toll booths will have long since switched to convenient electronic or plastic payment. Nonetheless, an interesting experiment at Kings Bay. I wonder if we'll ever see a report of the results. |
#4
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Kings Bay submarine base moves to dollar coins
On Jun 18, 6:24*pm, "Bruce Remick" wrote:
"Paul Anderson" wrote in message news There is an effort in Georgia at the Kings Bay Navy submarine base, prompted by an ex-state representative, to use dollar coins instead of dollar bills because of the huge cost savings involved. * *http://www.kingsbayperiscope.com/stories/061710/kin_kb4.shtml Paul The article, like most others with an agenda, claims that coins are recyclable, implying that dollar bills aren't. *Unlike coins, bills also are produced from renewable resources. *The article may be accurate when it cites that coins have a 20 to 30 year life, but that has little to do with our dollar coins, few of which have are likely to have ended their life while sitting in storage. *They could last for a hundred years or more. Imagine the true "huge savings" if dollar coins had not been minted at all during the past forty years. *These articles always point out the potential "huge savings" of dollar coins over paper dollars, but they usually seem to ignore the cost of having minted millions of largely-unused dollar coins over the past 40 years. *It's surprising to read that printing of dollar bills alone costs a half billion dollars a year as the article claims, but I assume they did some research on that. *The article also quotes the Mint as suggesting our dollar coins be used essentially as tokens and small change. I do agree with that usage, but apparently not enough others do to warrant continuing to crank more and more dollar coins out every year. *By the time the dollar bill is ever discontinued, most of those coin-op machines and toll booths will have long since switched to convenient electronic or plastic payment. Nonetheless, an interesting experiment at Kings Bay. *I wonder if we'll ever see a report of the results. You've seen this information in the past, when you have previously posted one of your anti-dollar coin messages, but here is some of the info again. The article incorrectly (as most articles/reporters do) reports on the 500,000,000 savings. it is not printing costs. This comes from the GAO report prepared many years ago. It is the savings to the treasury because issuing dollar bills requires borrowing to turn the paper "note" into a 'dollar'. Minting a coin creates a dollar without any borrowing, so there is a "profit" called seingoirage which is the difference between face value and mannufacturing cost. For dollar coins that is huge. Dolar coins are recyclabel because when they get worn, they are returned to be melted down and made into new dollar coins. They melt the clad coins, add the necessary metal to get the mix right for the outer cladding layers and produce new stock. Same as melting down the leftover bits of the sheets of clad metal that come off the giant rolls that they stamp the blanks from. As a coin collector and reader of coin related news, you should know these facts already. They also covered all this on the big TV show on how coins are made (from a few years ago, but not that long ago since it featured the Sacagawea dollars). I agree that it would be good to see a report and perhaps it will be part of the Mint annual report or the "barriers to circulation" report they are supposed to do every year. And YES, it would be nice to simply remove the one big giant barier: stop printing the rag dollar. |
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Kings Bay submarine base moves to dollar coins
"shreadvector" wrote in message ... On Jun 18, 6:24 pm, "Bruce Remick" wrote: "Paul Anderson" wrote in message news There is an effort in Georgia at the Kings Bay Navy submarine base, prompted by an ex-state representative, to use dollar coins instead of dollar bills because of the huge cost savings involved. http://www.kingsbayperiscope.com/stories/061710/kin_kb4.shtml Paul The article, like most others with an agenda, claims that coins are recyclable, implying that dollar bills aren't. Unlike coins, bills also are produced from renewable resources. The article may be accurate when it cites that coins have a 20 to 30 year life, but that has little to do with our dollar coins, few of which have are likely to have ended their life while sitting in storage. They could last for a hundred years or more. Imagine the true "huge savings" if dollar coins had not been minted at all during the past forty years. These articles always point out the potential "huge savings" of dollar coins over paper dollars, but they usually seem to ignore the cost of having minted millions of largely-unused dollar coins over the past 40 years. It's surprising to read that printing of dollar bills alone costs a half billion dollars a year as the article claims, but I assume they did some research on that. The article also quotes the Mint as suggesting our dollar coins be used essentially as tokens and small change. I do agree with that usage, but apparently not enough others do to warrant continuing to crank more and more dollar coins out every year. By the time the dollar bill is ever discontinued, most of those coin-op machines and toll booths will have long since switched to convenient electronic or plastic payment. Nonetheless, an interesting experiment at Kings Bay. I wonder if we'll ever see a report of the results. You've seen this information in the past, when you have previously posted one of your anti-dollar coin messages, but here is some of the info again. ============= As I have said in the past, I am not against the dollar coin per se, just skeptical of the way it has been promoted and produced while the dollar bill continues to prevail. ============= The article incorrectly (as most articles/reporters do) reports on the 500,000,000 savings. it is not printing costs. This comes from the GAO report prepared many years ago. It is the savings to the treasury because issuing dollar bills requires borrowing to turn the paper "note" into a 'dollar'. Minting a coin creates a dollar without any borrowing, so there is a "profit" called seingoirage which is the difference between face value and mannufacturing cost. For dollar coins that is huge. Dolar coins are recyclabel because when they get worn, they are returned to be melted down and made into new dollar coins. =========== When was the last time you ever handled a recent "worn" coin of any denomination, let alone a dollar coin? Your claim would be relevant if our dollar coins were wearing out at a rate that requires them to be replaced. They don't wear out in storage. Meanwhile, while millions sit waiting, the Mint(s) have continued to produce 1.5 billion or so more in the past two years alone. =========== They melt the clad coins, add the necessary metal to get the mix right for the outer cladding layers and produce new stock. Same as melting down the leftover bits of the sheets of clad metal that come off the giant rolls that they stamp the blanks from. As a coin collector and reader of coin related news, you should know these facts already. They also covered all this on the big TV show on how coins are made (from a few years ago, but not that long ago since it featured the Sacagawea dollars). I agree that it would be good to see a report and perhaps it will be part of the Mint annual report or the "barriers to circulation" report they are supposed to do every year. And YES, it would be nice to simply remove the one big giant barier: stop printing the rag dollar. ================= Maybe we'll see that one day. |
#6
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Kings Bay submarine base moves to dollar coins
On Jun 21, 7:19*am, "Bruce Remick" wrote:
"shreadvector" wrote in message ... On Jun 18, 6:24 pm, "Bruce Remick" wrote: "Paul Anderson" wrote in message news There is an effort in Georgia at the Kings Bay Navy submarine base, prompted by an ex-state representative, to use dollar coins instead of dollar bills because of the huge cost savings involved. http://www.kingsbayperiscope.com/stories/061710/kin_kb4.shtml Paul The article, like most others with an agenda, claims that coins are recyclable, implying that dollar bills aren't. Unlike coins, bills also are produced from renewable resources. The article may be accurate when it cites that coins have a 20 to 30 year life, but that has little to do with our dollar coins, few of which have are likely to have ended their life while sitting in storage. They could last for a hundred years or more. Imagine the true "huge savings" if dollar coins had not been minted at all during the past forty years. These articles always point out the potential "huge savings" of dollar coins over paper dollars, but they usually seem to ignore the cost of having minted millions of largely-unused dollar coins over the past 40 years. It's surprising to read that printing of dollar bills alone costs a half billion dollars a year as the article claims, but I assume they did some research on that. The article also quotes the Mint as suggesting our dollar coins be used essentially as tokens and small change. I do agree with that usage, but apparently not enough others do to warrant continuing to crank more and more dollar coins out every year. By the time the dollar bill is ever discontinued, most of those coin-op machines and toll booths will have long since switched to convenient electronic or plastic payment. Nonetheless, an interesting experiment at Kings Bay. I wonder if we'll ever see a report of the results. You've seen this information in the past, when you have previously posted one of your anti-dollar coin messages, but here is some of the info again. ============= As I have said in the past, I am not against the dollar coin per se, just skeptical of the way it has been promoted and produced while the dollar bill continues to prevail. ============= The article incorrectly (as most articles/reporters do) reports on the 500,000,000 savings. it is not printing costs. This comes from the GAO report prepared many years ago. It is the savings to the treasury because issuing dollar bills requires borrowing to turn the paper "note" into a 'dollar'. Minting a coin creates a dollar without any borrowing, so there is a "profit" called seingoirage which is the difference between face value and mannufacturing cost. For dollar coins that is huge. Dolar coins are recyclabel because when they get worn, they are returned to be melted down and made into new dollar coins. =========== When was the last time you ever handled a recent "worn" coin of any denomination, let alone a dollar coin? *Your claim would be relevant if our dollar coins were wearing out at a rate that requires them to be replaced.. They don't wear out in storage. *Meanwhile, while millions sit waiting, the Mint(s) have continued to produce 1.5 billion or so more in the past two years alone. =========== They melt the clad coins, add the necessary metal to get the mix right for the outer cladding layers and produce new stock. Same as melting down the leftover bits of the sheets of clad metal that come off the giant rolls that they stamp the blanks from. As a coin collector and reader of coin related news, you should know these facts already. They also covered all this on the big TV show on how coins are made (from a few years ago, but not that long ago since it featured the Sacagawea dollars). I agree that it would be good to see a report and perhaps it will be part of the Mint annual report or the "barriers to circulation" report they are supposed to do every year. And YES, it would be nice to simply remove the one big giant barier: stop printing the rag dollar. ================= Maybe we'll see that one day.- Hide quoted text - - Show quoted text - I do see worn coins. The eges are worn down from repeated machine use and the obverse and reverse show wear (i.e.they are 'worn down"). I have not weighed or measured them, but the coin processing equipment at coin depots and armored carriers will reject the undersized (by weight and size) coins. They then return them per the published procedures. They do not sit in storage as you claim. They circulate, hence the boxes of commingled dollar coin rolls. Buy a box a week from your bank and chart the mix of coins over time. |
#7
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Kings Bay submarine base moves to dollar coins
On Jun 21, 10:19*am, "Bruce Remick" wrote, in part:
============= As I have said in the past, I am not against the dollar coin per se, just skeptical of the way it has been promoted and produced while the dollar bill continues to prevail. ============= Preaching to the choir, sadly. The way the government promotes anything goes to prove how seriously incompetent they are. (Obligatory political rant... Vote all professional politicians out of a job. End rant.) Even though WE could get dollar coins circulating easily enough, politics always manages to interfere with progress. Forest, trees, etc. Jerry (Old joke) If the opposite of "pro" is "con," is the opposite of "progress," "CONGRESS?!" |
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