A really tough question

[johnniewalker]

Although plans are set in place (I read) to get rid of the penny, and even dime and nickel and print them on paper, why is the government increasingly making $1 coins?
If I sound like a fool-I can assure you at most things I'm not. Can someone confirm/deny the validity of my first claim and answer this question?

And if you want to know what I'm referring to:   

http://www.youtube.com/watch?v=7jggPpaLyKk

Thanks.

[1715359708]

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[creativex]

I believe the idea behind the $1 coins is to reduce the expense of having to print and subsequently destroy all the $1 bills in circulation regularly.

[johnniewalker]

I believe the idea behind the $1 coins is to reduce the expense of having to print and subsequently destroy all the $1 bills in circulation regularly.

First of all, no sarcasm here. I know they destroy old bills, but they replace them with new ones. It just doesn't make sense that instead of making a new bill (out of paper) they use metals with [at least] fractional value. Especially considering the notion of getting rid of the dime, nickel and penny.

[DannyHamilton]

Where did you read that they are getting rid of the dime, nickle, and penny?  This seems unlikely and I suspect your source is unreliable.

Coins last much longer, so it would be great if people would switch to a $1 coin instead of paper bills, but even though the United States has minted $1 coins at various times in the past, it never seems to catch on with the population.

Note, the video you linked to was from 2010.

[ElectricMucus]

Hey there!

Step away from the tinfoil hat!


Doesn't look increasing to me. Also look up the rest of the wikipedia entry.

[creativex]

Nearly everyone dislikes them. They just keep trying them over and over.

If they went back to issuing silver dollar coins that actually contained a dollar worth of silver I'd be delighted to use them. Instead they try to find the cheapest crud they can stamp into a coin and assign a $1 value to it. Presidential dollars and Sacagawea dollars have an appallingly low $.06 worth of metal in them. SBAs had a whopping $.07. Welcome to Rome.

[DannyHamilton]

. . .  If they went back to issuing silver dollar coins that actually contained a dollar worth of silver I'd be delighted to use them. Instead they try to find the cheapest crud they can stamp into a coin and assign a $1 value to it. Presidential dollars and Sacagawea dollars have an appallingly low $.06 worth of metal in them. SBAs had a whopping $.07. . .

And how does that compare to the value of the cotton used in the $1 "paper" currency?  If the value of the material was the issue, then people wouldn't use the "paper" money either.  Clearly, people are willing to use currency that is manufactured with materials that are far less valuable than the face value of the currency.  The aversion to the $1 coin must be something else.

[Stephen Gornick]

Where did you read that they are getting rid of the dime, nickle, and penny?  This seems unlikely and I suspect your source is unreliable.

Canada got rid of their penny, and Geithner back in May said that the U.S. penny and nickel were costing twice to produce versus their face value.

The claim that the U.S. was getting rid of them though was a fake report in November:
http://www.silverdoctors.com/penny-and-nickel-coins-to-be-phased-out-in-2013/

And the U.S. Treasury is looking at substituting the metal so as to be able to mint the penny and nickel without taking a loss.

[kentrolla]

  The aversion to the $1 coin must be something else.

its because everyone hates coins.

[DannyHamilton]

Where did you read that they are getting rid of the dime, nickle, and penny?  This seems unlikely and I suspect your source is unreliable.

Canada got rid of their penny, and Geithner back in May said that the U.S. penny and nickel were costing twice to produce versus their face value.

The claim that the U.S. was getting rid of them though was a fake report in November:
http://www.silverdoctors.com/penny-and-nickel-coins-to-be-phased-out-in-2013/

And the U.S. Treasury is looking at substituting the metal so as to be able to mint the penny and nickel without taking a loss.

I'm aware of all of this.  So there is no credible source for claims that the U.S. is planning on eliminating the Penny, Nickle, and/or Dime.  I wasn't sure if the OP has some other source beyond what you posted.  It sounds like you must have spoken with him and confirmed his source was that "fake report"?

[Anon136]

Where did you read that they are getting rid of the dime, nickle, and penny?  This seems unlikely and I suspect your source is unreliable.

Canada got rid of their penny, and Geithner back in May said that the U.S. penny and nickel were costing twice to produce versus their face value.

The claim that the U.S. was getting rid of them though was a fake report in November:
http://www.silverdoctors.com/penny-and-nickel-coins-to-be-phased-out-in-2013/

And the U.S. Treasury is looking at substituting the metal so as to be able to mint the penny and nickel without taking a loss.

I'm aware of all of this.  So there is no credible source for claims that the U.S. is planning on eliminating the Penny, Nickle, and/or Dime.  I wasn't sure if the OP has some other source beyond what you posted.  It sounds like you must have spoken with him and confirmed his source was that "fake report"?

http://www.silverdoctors.com/penny-and-nickel-coins-to-be-phased-out-in-2013/

[DannyHamilton]

Where did you read that they are getting rid of the dime, nickle, and penny?  This seems unlikely and I suspect your source is unreliable.

Canada got rid of their penny, and Geithner back in May said that the U.S. penny and nickel were costing twice to produce versus their face value.

The claim that the U.S. was getting rid of them though was a fake report in November:
http://www.silverdoctors.com/penny-and-nickel-coins-to-be-phased-out-in-2013/

And the U.S. Treasury is looking at substituting the metal so as to be able to mint the penny and nickel without taking a loss.

I'm aware of all of this.  So there is no credible source for claims that the U.S. is planning on eliminating the Penny, Nickle, and/or Dime.  I wasn't sure if the OP has some other source beyond what you posted.  It sounds like you must have spoken with him and confirmed his source was that "fake report"?

http://www.silverdoctors.com/penny-and-nickel-coins-to-be-phased-out-in-2013/

You do realize that you just posted the exact same link, right?  I asked about "some source beyond what [Mr. Gornick] posted"?

[Stephen Gornick]

You do realize that you just posted the exact same link, right?  I asked about "some source beyond what [Mr. Gornick] posted"?

That article includes a link to the source which made the original claim.  That author of that claim then posted:

Most of our regular readers understood that it was fiction, but some people did not. The story went viral and has been viewed by several hundred thousand people.

- http://www.sutori.com/phpbb/viewtopic.php?f=81&t=1719&p=2843#p2843

[johnniewalker]

I think this was the original source of the information I opened the thread with (ironically on this forum): https://bitcointalk.org/index.php?topic=128502.0;topicseen

I feel like kind of an idiot for not realizing that video was a couple years old, and they certainly aren't increasing the amount of $1 coins they make. But, they are still producing $1 coins.
This just seems interesting in the face of any talk that the penny/nickel/dime will disappear.
So, does that just mean that any talk of the aforementioned is just that; talk? Have there been any official comments regarding the end of the penny/nickel/dime?

[Gavin Andresen]

Planet Money has done some great podcasts on dollar coins. Start here:
  http://www.npr.org/blogs/money/2012/04/20/151052399/cage-match-coin-vs-bill

[payb.tc]

probably just mentioning what's already known, but Australia has been using $1 and $2 coins since 1988.

i don't remember hearing of any major protests over the transition. (oh, except that the $2 sounds like plastic when dropped).

[Transisto]

probably just mentioning what's already known, but Australia has been using $1 and $2 coins since 1988.

i don't remember hearing of any major protests over the transition. (oh, except that the $2 sounds like plastic when dropped).

Same for Canada, 1$ since 1987, 2$ in 1996.

With ~300 000 000$ worth of Toonie in circulation.

[Anon136]

Where did you read that they are getting rid of the dime, nickle, and penny?  This seems unlikely and I suspect your source is unreliable.

Canada got rid of their penny, and Geithner back in May said that the U.S. penny and nickel were costing twice to produce versus their face value.

The claim that the U.S. was getting rid of them though was a fake report in November:
http://www.silverdoctors.com/penny-and-nickel-coins-to-be-phased-out-in-2013/

And the U.S. Treasury is looking at substituting the metal so as to be able to mint the penny and nickel without taking a loss.

I'm aware of all of this.  So there is no credible source for claims that the U.S. is planning on eliminating the Penny, Nickle, and/or Dime.  I wasn't sure if the OP has some other source beyond what you posted.  It sounds like you must have spoken with him and confirmed his source was that "fake report"?

http://www.silverdoctors.com/penny-and-nickel-coins-to-be-phased-out-in-2013/

You do realize that you just posted the exact same link, right?  I asked about "some source beyond what [Mr. Gornick] posted"?

no i wasnt paying much attention

[SgtSpike]

Hey there!

Step away from the tinfoil hat!


Doesn't look increasing to me. Also look up the rest of the wikipedia entry.

I don't get it... the X axis of that graph is by president, not by time.  It is irrelevant to the discussion of number of coins produced over time.

Anyway, pennies are nearly useless to people now, because they are worth so little.  Larger coins, like dollars and quarters, are more useful.  Hence the reason they (may) phase out the penny in the future, while maintaining or increasing the production of dollar coins.

[DannyHamilton]

. . . I don't get it... the X axis of that graph is by president, not by time . . .

http://www.usmint.gov/mint_programs/$1coin/

The United States Mint is honoring our Nation's Presidents by issuing $1 coins featuring their images in the order they served in office.  The United States Mint issues four Presidential $1 Coins each year.

Emphasis added by me.