I'm heading up the committee for the advancement of James Monroe. It's fun handing the coin to the store clerk who has never seen one. Her first expression is bewilderment -- but then as she looks closely it becomes that of delight -- "Oh, how fun -- this is new and special!"
Then she starts looking for a place in the money drawer to stash President Monroe and she is back at bewilderment.
The #1 reason why the dollar coin hasn't caught on? Perhaps not enough slots in the cash drawers?
4 comments:
If the US ever wants a dollar coin to catch on, they need to stop printing a paper dollar.
I wonder how much it costs to produce each coin. A recent story in the New Yorker reported that it costs nearly two cents to make every penny and 10 cents to make every nickel due to the cost of the zinc (pennies) and copper (nickels). Here's the link: www.newyorker.com/reporting/2008/03/31/080331fa_fact_owen
Stan rightly points out that the cost of producing a penny doesn't make it worth it. The nickel could still be functional -- probably necessary in some form. Remember, though, that the value of the coin is in its lifespan. Coins will circulate for years. But the lifespan of a paper bill is said to be about 18 months. With all the special paper and ink used -- they can't be cheap to print.
Michael is probably right -- consumers won't buy into dollar coins until the paper bill is retired.
It is probably time to retire not only the penny but also the US dollar bill.
Canada uses coinage for $1 and $2. Australia now does the same. Singapore has eliminated their $1 note -- relying on a coin. The smallest Euro note is a 5. They have 1 and 2 Euro coins.
It just makes sense.
You mean, "It just makes cents."
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