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



 
 
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  #1  
Old May 28th 05, 11:47 PM
Fred Shecter
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Default 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
remove zorch two places to reply
Current eBay auctions:
http://search.ebay.com/_W0QQgotopage...sortpropertyZ1


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  #2  
Old May 29th 05, 12:40 AM
Phil DeMayo
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Posts: n/a
Default

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.



  #3  
Old May 29th 05, 03:05 AM
Blaine
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Posts: n/a
Default

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:[email protected] 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.





  #4  
Old May 29th 05, 04:42 AM
Padraic Brown
external usenet poster
 
Posts: n/a
Default

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.
  #5  
Old May 29th 05, 04:47 AM
A.E. Gelat
external usenet poster
 
Posts: n/a
Default

This is incredible! If the presidential dollar coins are the size of the
golden dollars, they too will fail, and the dollar bill will survive. I am
all for eliminating the bill, but the replacement coin must be small,
perhaps even smaller than the quarter.

Tony

"Fred Shecter" wrote in message
ink.net...
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
remove zorch two places to reply
Current eBay auctions:
http://search.ebay.com/_W0QQgotopage...sortpropertyZ1





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  #6  
Old May 29th 05, 06:18 AM
Scott Stevenson
external usenet poster
 
Posts: n/a
Default

On Sat, 28 May 2005 22:47:34 -0500, "A.E. Gelat"
wrote:

This is incredible! If the presidential dollar coins are the size of the
golden dollars, they too will fail, and the dollar bill will survive. I am
all for eliminating the bill, but the replacement coin must be small,
perhaps even smaller than the quarter.

Tony


Why would it need to be smaller than a quarter? What is wrong with
the current size?

take care,
Scott
  #7  
Old May 29th 05, 06:23 AM
Scott Stevenson
external usenet poster
 
Posts: n/a
Default

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..."
  #8  
Old May 29th 05, 06:43 AM
Michael G. Koerner
external usenet poster
 
Posts: n/a
Default

Scott Stevenson wrote:

On Sat, 28 May 2005 22:47:34 -0500, "A.E. Gelat"
wrote:

This is incredible! If the presidential dollar coins are the size of the
golden dollars, they too will fail, and the dollar bill will survive. I am
all for eliminating the bill, but the replacement coin must be small,
perhaps even smaller than the quarter.

Tony


Why would it need to be smaller than a quarter? What is wrong with
the current size?


Seems to work fine at that size in Canuckistan.

--
___________________________________________ ____ _______________
Regards, | |\ ____
| | | | |\
Michael G. Koerner May they | | | | | | rise again!
Appleton, Wisconsin USA | | | | | |
___________________________________________ | | | | | | _______________
  #9  
Old May 29th 05, 11:55 AM
Bob Peterson
external usenet poster
 
Posts: n/a
Default

I can't imagine they would change the size again. That would just be too
confusing.

My guess is the only way people will accept the $1 coin is if the $1 bill
goes away. If there is a choice, the bill wins, and by a big margin.

"Scott Stevenson" wrote in message
...
On Sat, 28 May 2005 22:47:34 -0500, "A.E. Gelat"
wrote:

This is incredible! If the presidential dollar coins are the size of the
golden dollars, they too will fail, and the dollar bill will survive. I
am
all for eliminating the bill, but the replacement coin must be small,
perhaps even smaller than the quarter.

Tony


Why would it need to be smaller than a quarter? What is wrong with
the current size?

take care,
Scott



  #10  
Old May 29th 05, 02:28 PM
Edward McGrath
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Posts: n/a
Default

The dollar coin is and always will be a failure, people don't want them.
When will they smarten up and just give up on making $1 coins.

 




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